Reddit stimulus check

Reddit stimulus check DEFAULT

Inside the Reddit army that's crushing Wall Street

 By lunchtime, the stock options Omar had bought were down around $7, from their peak.

 Omar knew he should probably sell the options before they became worthless. But he followed the mantra of the place where he'd first learned about options trading, the subreddit r/wallstreetbets, and held on.

"It was diamond hands," said Omar, using the site's term for holding an option even after incurring extreme losses or gains. "It was like, all or nothing."

 Within two days Omar had lost not only his gains but his entire initial investment. 

 Desperate to earn it back, Omar, 23 years old and the child of working-class immigrant parents, took the rest of the money he could scrounge up — cash from his tutoring gig, his stimulus check, a chunk of his freshly-deposited student loans that was supposed to pay for his living expenses (which were basically non-existent after he had moved home during the Covid outbreak) — and poured all of it, $22,, into his Robinhood account. Then he opened up WallStreetBets.

 "I was really scared," Omar told CNN Business in an interview in August. "All I wanted to do was just make my initial money back and pay it off."

 By the end of the week, he had lost it all again.

 Omar, who spoke on the condition that he be referred to using a pseudonym out of concern over the legality of trading with money from his student loans, said that he blames himself for his losses but regrets ever stumbling upon one of Reddit's most active communities.

 "I would not have traded options," Omar admitted, "if I had not found WallStreetBets."

This January, with WallStreetBets now an inescapable presence, Omar was back on the board. Back to trading.

Stock market meets internet fringe culture

This past week has been a banner one for Reddit's island of misfit investors.

WallStreetBets exploded into the mainstream, moving from the front page of Reddit to the front page of the New York Times and nearly every other major news site. The subreddit's short-squeeze of GameStop helped shoot up the price of the video game retailer's stock a mind-boggling 1,% from the beginning of January to Wednesday (before it fell again Thursday), captivating the minds and wallets of investors — both casual and institutional — and financial regulators.

But while millions are now discovering WallStreetBets for the first time, it has been building momentum throughout the pandemic. One can trace its epic rise to a perfect storm of favorable conditions: the exponential growth of the app Robinhood and its no-fee options trading, the extreme volatility Covid brought to the markets, the stimulus checks mailed to millions of Americans, the lack of televised sports for much of the year, and the unwanted free time stuck at home the pandemic has forced on many people.

Describing itself as if "4chan found a Bloomberg terminal," the forum's giddy nihilism, inscrutable language and memes fueled a war on a perceived corrupted mainstream.

And it's led WallStreetBets' evolution into an unprecedented force of retail-investing financial radicalism, offering the allure of get-rich-quick gains to a rapidly expanding audience of millions. (5, at last count).

Many celebrated WallStreetBets' war on GameStop short-sellers as a populist campaign against hedge-fund raiders looking to profit off the destruction of a well-known retail brand like GameStop. But unlike many other similar online communities, there is also a clear financial goal for the people in it.

"It's a means to an end," explained one of them, AJ Vanover.

At his retail job in a battery store in Missouri, Vanover makes around $35, a year. But on Wednesday, he found himself a paper millionaire. (His Robinhood account exceeded $1 million, according to screenshots he provided, but he hadn't cashed out yet). For months, Vanover had been following GameStop as a "value play," posting his thoughts on WallStreetBets along the way.

This Missouri dad makes $35k. Now his GameStop shares are worth over a million

This week, Vanover was off from work, quarantining after a coworker contracted Covid, but now thinks he won't return to his old job. "I know I'm going to do two-weeks' notice," he said with a nervous laugh. "So, I'll be nice about it.' Vanover said he plans help his parents with their mortgage, and he intends to keep investing in options.

 'These guys can move markets'

Enter WallStreetBets for the first time and you'll almost certainly be a bit lost.

The forum's language can be difficult to understand, even for someone who knows typical Wall Street jargon. The vocabulary specific to the subreddit is extensive, and it will almost never be explained to a newbie earnestly asking for a term's definition. Posters revel in their crudeness; homophobic epithets are tossed around as terms of affection.

The site is a chaotic mix of memes, screengrabs of wild losses and gains, the occasional "deep dive" into a stock, all unified under the guiding principle of betting as much money as you possibly can on the highest possible risks, generally short-term options trading. Trading individual stocks, as opposed to options, is generally taboo. There's r/investing for you right down the corner, thank you very much.

But fringe online movements have shown that internet culture can lead to extreme behaviors, making radical ideas palatable for people raised on memes and 4chan in a way that they likely wouldn't be, at least at first, if presented in a straightforward manner. In the case of WallStreetBets that extremism has a real financial impact.

"These guys can move markets," said Jeremy Blackburn, an assistant professor of computer science at Binghamton University who studies extremist communities on the web.

"That's a huge deal."

Lana Swartz, assistant professor of media studies at the University of Virginia, describes the subreddit's financial spin on the kind of nihilism seen on 4chan as the idea that its users should have a "relaxed" relationship with their money. She characterized the spirit this way: "Let it come. Let it go. Because the kind of secret that the elites know is that money is. B.S., and only by knowing that money is B.S. can you accumulate a lot of it, which should be your goal."

That ethos on WallStreetBets not only encourages risky trades, but also trading the entirety of your net worth or portfolio in a single risky trade — a financial move that would be sure to make any certified financial advisor bleed from their ears.  

"It's not even the ends that matter. It's the means. It's the fact that you're placing this bet, that's where the value in all this is. Sure, you may get money, or you may end up broke, but you played the game, and you did it in some crazy way," Blackburn said.

"It is a little bit scary, though, right? Because this is real money. And any time you are more interested in the game than the outcome, that can be incredibly dangerous."

4Chan meets a Bloomberg terminal

WallStreetBets has long described itself as "4chan with a Bloomberg terminal."

Look closer at communities like 4chan or 8kun, and WallStreetBets, and it's not just a shared use of memes that link them.

One key element to 4chan is its opposition to mainstream "normie" culture, an idea that has broad applicability. For many on 4chan, normie culture is the popular kids in your high school. For WallStreetBets, the normie culture it stands in opposition to is one of "safe" mainstream investing: focusing on long-term gains, maxing out your (k)s, buying index funds; Suze Orman "Boomer" advice, as users say.

On WallStreetBets, that's all depicted as a sucker's game.

"They don't want to wait 20 years for their bets to pay off," Blackburn said.

Swartz sees the cynicism surrounding long-term investment advice on WallStreetBets as an understandable reaction for a young generation that has witnessed two economic crises, the chaos of the Trump years, ever-growing inequality and the looming threat of catastrophic climate change.

"We're living in a time of absolutely unprecedented uncertainty," she said. "There really is no reason for anyone in their twenties to imagine that their (k) is going to pay off in 50, 60 years the way it did for their parents. And I'm not saying they shouldn't believe it. I'm just saying they have good reason not to."

The specter of the financial crisis, in particular, looms large over the community.

"I was in my early teens during the '08 crisis," wrote one user going by the handle ssauronn in a recent post celebrating the site's apparent (albeit potentially fleeting) victory over hedge fund Melvin Capital, which, according to CNBC, closed out its position in GameStop this week after taking a huge loss. "When that crisis hit our family, we were able to keep our little house, but we lived off of pancake mix, and powdered milk, and beans and rice for a year."

"Stop listening to the media that's making us out to be market destroyers, and start rooting for us, because we have a once in a lifetime opportunity to punish the sort of people who caused so much pain and stress a decade ago, and we're taking that opportunity."

You can also spot a shared nihilism between 4chan and WallStreetBets in their casual and ironic references to suicide. On WallStreetBets, longing "$ROPE" is an inside joke for suicide, one that is almost always posted under a disastrous loss.

4chan, 8kun and WallStreetBets exalt a cartoonish version of autism both ironically and sincerely — "autists" is a term of pride on both sites — as a superpower of persistence that allows one to fully commit to a worldview leagues apart from the stifling conventional wisdom of the mainstream.

For political extremists a so-called "autist's" powers can be a weapon to be deployed against enemies in destructive doxxing and harassment campaigns. At WallStreetBets, an "autist's" power is displayed by committing to a trade with "diamond hands," holding on and refusing to sell even after incurring extreme losses or gains with the goal of attaining ultimate profit.

However, there are key differences between WallStreetBets and sites like 4chan.

Unlike other fringe groups, WallStreetBets generally hasn't doxxed its enemies, or brigaded others (when one subreddit aggressively posts on a rival subreddit), and while it has a long-standing rivalry with the staid r/investing — a subreddit so committed to its ideals of modesty and risk avoidance that it shuns individual stock picks — StockJock-e, a moderator for r/investing, politely downplayed the beef, calling it "facetious and exaggerated" in a message to CNN Business.

To Blackburn, who has focused his studies on toxic internet behaviors ("a**holes are my expertise," he said), WallStreetBets is — by the low standards set by others — a relatively well-behaved online community. "It's kind of not a bad behaving sub," said Blackburn.

"Minus the fact that people are getting wrecked money-wise." 

Making the big kill

To understand how risky the trading strategies employed on WallStreetBets are, it's key to understand just how options trading works.

Instead of buying a stock, an options contract allows an investor to purchase the option of buying shares of a stock at a set price in the future. As the expiration date of the contact draws closer, the valuation of the contract can swing rapidly, as it will become worthless to the buyer if it doesn't hit its target price.

While options trading is risky — if you bet wrong you can be stuck with a literally worthless asset — it also allows for leveraged bets. The shorter the expiration date of an options contact, the riskier and more volatile it becomes.

"The nature of stock options convinces people to take a thousand dollars and turn it into a hundred thousand or in some cases, one million dollars," said Jaime Rogozinski, who founded WallStreetBets in but was removed from the site by Reddit in April (Reddit says he was removed for profiting off the WallStreetBets brand, a claim he denies.) "You don't feel bad for the person when they lose the thousand dollars."

WallStreetBets rise hasn't happened in a vacuum; it coincides with a broader boom in retail options trading.

"Retail option volumes are completely off the charts," said hedge funder Benn Eifert of QVR Advisors, who described the volume as being "multiples of any prior record that we've ever seen."

Aided by Robinhood, which revolutionized the ease and cost of trading options — and which reportedly profits more from them than regular stock trades — retail investors only have to answer a few short questions to gain access to a volatile world. (Although Robinhood makes this process easy, it cautions that options trading "entails significant risk and is not appropriate for all investors.")

But if options trading is risky, and short-term options ("F.D's," short for "F****ts Delight" in WallStreetBets' casually-flung homophobic lingo) are the single riskiest type of options, putting your entire life savings ("YOLOing") into a short-term option is, from any "rational" financial perspective, complete madness.

It's also so common on WallStreetBets that YOLOing has its own flair or tag, allowing you to search through the many, manypeople posting their life-savings-and-all trades.

"Generally, this kind of behavior tends to result in a loss of most or all of the money of the people involved," said Eifert.

But of course, high-risk trades come with the tantalizing possibility of high rewards — rewards that inevitably find themselves on the front page of WallStreetBets.

Minhajul, 22, is a college student and part-time pharmacist, born in Bangladesh and raised in Queens, New York, who decided to put his stimulus check into Robinhood after seeing what he described as "insane" and "crazy" gains posted on WallStreetBets. Buying weekly options trades and reinvesting the entirety of his gains with each successful trade, Minhajul managed to spin his initial $1, investment into $, in a delirious two-week period towards the end of July.

"I'm like, 'Holy sh** I'm rich,'" Minhajul, who did not want his full name printed, recalled in an interview.

On the night of July 30th, Minhajul couldn't sleep — the possibilities now afforded to him by his newfound riches kept swimming his head: a new car, even a new house. But the next morning Minhajul found himself exhausted and passed out for a mid-morning nap. When he woke up, his portfolio had bled $, By the end of the week, he was down to $8,

Minhajul said he was unfazed by the loss of his unrealized potential gains — to him he was playing with house money anyway — but others aren't so lucky.

Loss porn and other rituals

Click on WallStreetBets' extensive (and always expanding) "loss" section, and you'll witness each of the five stages of grief warped through a funhouse mirror of online ironic detachment.

"Loss porn" is a staple on the site, one with its own rituals. One is expected to post their losses (or gains) with their positions and then face the peanut gallery. 

Rubbing salt in the wounds is common ("Does your sell button not work?"), as are crude comments about one's "wife's boyfriend." Less prevalent, but still notable, are the genuine words of encouragement when one's despair appears profound enough. 

"Lot of people asking if I'm okay. Honestly, not really. It's going to take a long time to recover financially, and maybe even longer emotionally, knowing how much damage I've done to my own life in more ways than just the money," said one Reddit user who claimed to have lost $28, 

"Your d*** still worksYou'll feel like s**t for a while, rightfully so, but set yourself a small goal and go achieve it," counseled another. 

Scroll around Wallstreetbets long enough and you'll inevitably find those in the throes of what can only be seen as a possible gambling addiction. 

One Reddit user posted a screenshot of a $, loss titled "YOLO is a hell of a drug! Farewell boys," describing themselves as a healthcare worker who had gambled away years of savings on YOLO trades. In the comments on their farewell post, they described the mindset that led them from being a "rational investor" to gambling their life savings on options trades. 

"I just [wanted to] break even. If I break even I'll stop. And you never do. Overly aggressive, over margined YOLO plays after that. I study and stared at the charts every trading day in day trading grandeur, thinking my probability has increased that much more from my first big win Desperate option plays at the end."

"I went from a rational investor to some sick irrational desperate gambler."

Weeks after their "farewell," they were back on the site. 

"No emergency fund. No retirement," they wrote. "And lost my last check on a credit spread."

A massive new audience

WallStreetBets' burst into the mainstream has left it in uncharted territory.

There are the legal questions surrounding the site's collective push to boost GameStop's shares, with the SEC announcing in a statement that it is "aware of and actively monitoring" the volatility of the markets.

The White House and newly sworn-in Treasury Secretary Janet Yellen are "monitoring" GameStop's stock bonanza and WallStreetBets briefly went private on Wednesday, as the moderators made the site private to "ensure Reddit's content policy and the WSB rules are enforceable." On Thursday, Robinhood, the trading platform of choice on WallStreetBets, made a controversial move to limit trading on GameStop, AMC, Nokia and other stocks promoted on the subreddit.

Reddit said in a statement to CNN Business that its "site-wide policies prohibit posting illegal content or soliciting or facilitating illegal transactions. We will review and cooperate with valid law enforcement investigations or actions as needed." 

And even if the forum survives scrutiny — whether regulatory, legal or from Reddit — it will have another issue to contend with. When part of the draw of a place online is the community, the shared language and jokes and memes, what happens when new people unfamiliar with any of that come suddenly flooding in? 

With WallStreetBets' campaign against Melvin Capital now gracing the front pages of newspapers, those who have been burned by WallStreetBets' advice in the past are finding the allure of striking it rich on weekly options trades hasn't fully disappeared.

Omar, the pre-med student who lost tens of thousands of dollars on weekly options trades, told CNN Business that he is back on WallStreetBets, trying to recoup what he lost trading money from his student loans last year. He'd bought one GameStop option which shot up to $10, from $7, amid Wednesday's rally.

"There is a pandemic. There is nothing to do. I can't party. I can't go outside, and the prospect of making a little money sounds really good,"Omar reasoned. "What's not to like?"


Eligible families who selected to receive monthly payments will begin getting child tax credits Thursday due to a law Democrats passed in March.

The expanded child tax credit was passed into law as part of the American Rescue Plan, and similar to that bill’s stimulus checks, half of the enhanced benefits will be distributed to eligible parents as direct payments of up to $ per month per child for six months (with the other half awarded in ).

All told, the law increases the annual child tax credit from $2, to $3, for kids under 6 and from $2, to $3, for kids between the ages of 6 and Families have the option to accept the credit in monthly chunks — and it is entirely refundable, meaning even families that don’t make enough money to pay income tax will receive it.

The vast majority of children — about 88 percent, according to the IRS — are covered by the enhanced benefits, and by some estimates, the $ billion program, currently set to expire after one year, is expected to cut child poverty in half. There have been some efforts to extend the benefit, including a plan from Sen. Mitt Romney (R-UT) that fizzled out due to a lack of support from either party.

An expanded, more permanent child tax credit is included in the $ trillion Democratic infrastructure and budget reconciliation package, announced Tuesday, though specifics have not yet been released.

All told, the households of more than 65 million American children can expect to receive some of the American Rescue Plan’s $ billion. Here’s what you need to know about whether you’re eligible, and when to expect to see money.

Who qualifies for the enhanced child tax credit?

The short answer: almost every household with a child under

But it’s not quite that simple. Income limitations exist for single, joint, and head-of-household filers.

Married filers with an adjusted gross income (AGI) under $, will get the full credit. After that, the benefit phases out gradually, with the maximum income for partial benefits depending on how many children the household has.

For head-of-household filers, only those with an AGI less than $, can receive the maximum benefit, after which the benefit begins to phase out gradually.

For the small number of single parents or guardians without head-of-household status, only those with an AGI less than $75, can receive the maximum benefit.

If your income level means you don’t typically file taxes, you’ll receive the full benefit. (Note that you must file a tax return or otherwise prove to the IRS your eligibility for the credit through an online form.)

Eligible households are paid a separate child tax credit for every qualifying child. A single filer with three children under the age of 6 could receive $10, through next spring, assuming their reported income falls under the qualifying limit.

Is there anything I need to do to get my credit?

Payments will be based on a filer’s tax return. If that hasn’t been processed, the IRS will use tax returns as a substitute.

The IRS has set two online portals to reach low-income families who don’t usually pay taxes. The first is similar to the form used for stimulus payments in ; it will allow filers to submit their family and income information and then claim any stimulus payments they may have missed since the beginning of the pandemic.

The second IRS portal will allow filers to update key information such as their address, income, and family size — all important indicators regarding how much money one can expect from the expanded child credit.

Can I choose how often I receive the credit?

Yes. There are two ways to receive the credit: as a lump sum, to be distributed in after filing your tax return, or as six advance monthly payments from July to December and the remainder in Families can use an IRS tool to indicate which option they prefer.

Every family that qualifies for payments will receive at least part of the expanded credit in a lump sum early next year. But filers can choose to start getting half of that money as early as July, with payments coming in around the 15th of each month. Families that choose the monthly option will receive the remainder of their credit in , after filing their taxes. Those that go the other route will get the full amount in

For families with a child younger than 6, for example, that means they could receive either $ a month for six months (starting in July) and another $1, early next year, or the full $3, in Families with a child older than 6 but younger than 17 could get $ a month for six months and another $1, in

When will I receive my payment?

Most families opting to receive the credit in the form of monthly payments will get the first one from the IRS via direct deposit on or around July (If your direct deposit information is not on file with the IRS, you’ll receive either a paper check or a debit card, though they could arrive slightly later than the 15th.) Payments will continue to arrive mid-month, barring weekends and federal holidays, through December.

Correction, May An earlier version of this article misstated the dollar amount of the American Families Plan. It is $ trillion.

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bank of america third stimulus check reddit

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Residents whose third stimulus funds are sent to either a closed or the wrong bank account are expected to face delays as the IRS will be required to reissue the payment as a check … Our Financial Center and contact center associates will not have information on stimulus payment eligibility, timing or distribution. Your Coronavirus Check Is Coming. As part of the third coronavirus stimulus (the American Rescue Plan Act) recently passed by Congress, you may receive an Economic Impact Payment, or EIP (also known as a stimulus check), in the coming weeks. Dollar and frequency limits apply. If Get My Payment returns a message that says “Payment Status Not Available,” it means you either don’t qualify for the third stimulus or the IRS hasn’t yet processed your check. Skip Navigation Share on … You can check status of your payment, payment type (direct deposit or paper check) at. Check your bank’s website for details or scroll through this Reddit thread to see anecdotal data. Direct deposits are posted for open accounts on the effective date set by the Treasury. Opinions expressed on this site are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. Transfers require enrollment in the service and must be made from an eligible Bank of America consumer or business deposit account to a domestic bank account or consumer debit card. Here’s what you need to know. We have thousands of ATMs — use our ATM locator to, You can check your balance, send money to friends and family with Zelle®. Procrastinators, It's Not Too Late to Refinance Your Mortgage and Save Thousands, Making Over $65K Per Year? Visit the IRS Get My Payment website for more information. Visit the IRS website for more information. Current, another online-only bank, said it was “crediting payments as soon as we receive them for everyone.”. We may be compensated if you click this ad. 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r/AntiMLM - MLM's Want Your Stimulus Check! (Best Reddit Posts)

An 'awful lot' of US stimulus money was likely used for speculation during the recent Reddit-driven market mania, says billionaire investor Sam Zell

Sam Zell
  • Sam Zell told CNBC stimulus money was likely used for risky investments during the recent Reddit-driven market mania. 
  • He said many investors were probably using previous US stimulus money to "gamble." 
  • The investor said the next round of stimulus aid needs to be towards "people who really need help." 
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Billionaire investor Sam Zell told CNBC on Tuesday an "awful lot" of US stimulus money was probably used to speculate in markets during the recent Reddit-driven frenzy, and said he hopes the next round of stimulus aid is directed towards "people who really need help."

The Equity Group Investments founder said stimulus money that goes to "everybody," including households with incomes north of $, could lead to more speculation and risk-taking in the markets.

"What you're doing is you're just creating a whole bunch of surplus capital that's floating around and everybody's trying to figure out what to do with it, and isn't this a fun way to gamble?" Zell said.

"And since it's the government's money, you didn't have it before, you didn't need it, why not roll the dice and see what happens?" he added. 

Read more:An ex-Merrill Lynch ETF maven shares how to construct a portfolio that's perfect for today's market landscape - including 4 must-have sectors for sustainable returns

Zell also said that the market speculation that occurred as investors piled into heavily shorted stocks in recent weeks is "very negative for the stock market," and reminds him of the late 90s, when investor enthusiasm for highly speculative internet stocks eventually led to the dot-com bubble burst.

The investor said he hopes the next round of stimulus aid is directed towards  "people who really need help." Under President Joe Biden's $ trillion relief package, individual taxpayers making up to $75, and couples earning up $, would receive direct stimulus checks of $1, 

Zell added that outside of the transportation and hotel industries, the economy is in "great shape," and he's worried overstimulating the economy would result in the return of inflation.

The investor also voiced his concerns about over-exciting the US economy through issuing too much debt. A massive debt increase would dissipate the US dollar's reserve currency status, which he called his "single greatest nightmare."

Read the original article on Business Insider



Stimulus check reddit

If you&#;ve spent the better part of January wondering when your $ federal stimulus check will arrive, be warned: There&#;s no easy answer as to when you might get the money.

It could be slowly making its way through the U.S. postal system. Or you may have to wait until you file your tax returns, which the IRS won&#;t start processing until Feb.

&#;If it doesn’t show up, claim it on your return,&#; said Eric Smith, an IRS spokesman. &#;We don’t want people waiting to file if it hasn’t gotten there.&#;

Marc Hoffman, the self-employed owner of Rocky Mountain Bar League, which organizes games such as cornhole and bowling in bars, likely will have to claim it as a Rebate Recovery Credit on his federal tax return.

In April, when he didn&#;t receive the first pandemic stimulus payment, he was able to go on the IRS website and fill out a form to claim it. This time, that option is not available. It appears a check was never mailed because Hoffman doesn&#;t see any record of it on his IRS account &#; and even if it was, Hoffman has moved twice since the pandemic started.

If he is due a refund, the stimulus will be included in that total. If he owes money to the government, the $ will be applied toward that balance, according to the IRS website and tax professionals.

“Whether it&#;s $ in my hand or $ being taken off my potential tax bill, it’s $ either way,&#; Hoffman said. &#;It still feels like I’m not getting it to begin with.&#;

The payments are intended to inject a shot of adrenaline into an economy wrecked by the pandemic. The first round of stimulus sent payments to million Colorado residents beginning last April and funneled $ billion into the state&#;s economy, according to IRS data. The impact will be less on the second round because the payment amount was cut in half.

The IRS aimed to send the second round of money within days of the president&#;s Dec. 27 signature on the economic stimulus package approved by Congress. But the quick turnaround was complicated by the IRS&#;s annual preparations for tax season, during which the agency must update its computers and forms to reflect last-minute changes in tax laws.

The first official wave of payments went out the first week of January. Additional payments continue to roll out, Smith said.

“In general terms, we were trying very much to deliver as many payments as possible as quickly as possible,&#; he said. &#;We didn’t have much time to work on it.”

Last week, President Joe Biden signed an executive order that launched a widespread government effort to get the payments into as many hands as fast as possible. One of those requirements is for the U.S. Treasury Department to set up an online claims system for Americans who do not file tax returns, generally elderly and low-income people. The order also required more outreach to those who do not speak English, according to a Treasury Department fact sheet.

The rollout, though, has been clunky. While some people received the payments via direct deposit early in January, others are waiting because of a sluggish postal system. Some people who received direct deposits in April are now being sent checks for no explicable reason. And then there was an IRS error that delayed payments earlier this month for millions of TurboTax users.

&#;It&#;s a challenge,&#; Henry Grzes, the American Institute of Certified Public Accountants leader on tax practice and ethics, said. &#;I know people really need this and you want to get it to them as quickly as possible.&#;

When Congress wrote the rules for the most recent stimulus package, the income eligibility on the stimulus payment changed. So some people who reported annual earnings above $75, on their income taxes and got a check in may not get one in the second round. The AARP estimates individuals who earned more than $87, in , couples that made more than $,, and head of households who earned more than $, may not get payments in the second round, according to its website.

Rather than direct deposit or checks, some people will receive debit cards and there have been reports of people tossing them in the trash after mistaking them for unsolicited credit cards. Those Visa cards, issued by MetaBank, arrive in a white envelope with a U.S. Department of the Treasury seal, the Treasury&#;s website says.

Then there&#;s the issue with what information the IRS has on file for each taxpayer. If a person closed a bank account or moved since filing returns, then the money likely won&#;t be coming until its claimed on a tax form.

That is the case for Megan Ives,

She received her spring stimulus via direct deposit. This time, the IRS says it was mailed on Jan. 6 but to an old address. Attempts to track its whereabouts have been unsuccessful despite Ives&#; careful study of the IRS &#;Get My Payment Frequently Asked Questions&#; webpage.

“The first stimulus was a direct deposit to my bank account and I have no idea why this one would be a check in the mail,&#; she said.

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The IRS says some banks rejected the direct deposits because of incorrect routing numbers, although Ives said her account has not changed.

The check still could show up in Ives&#; mailbox. But if someone plucked it from the mail and cashed it, she could end up in a back-and-forth with the IRS to prove she never received the money, Grzes said.

Grzes said he would advise anyone who hasn&#;t received a check or debit card by the time they file taxes to claim the recovery rebate on their returns. This includes low-income and elderly people who typically don&#;t file taxes.

&#;This right now is the only avenue you have to claim this credit,&#; he said.

Ives is steadily employed as a policy analyst at a criminal justice reform nonprofit and isn&#;t relying on the money to pay bills. She even donated part of her first stimulus payment. But she understands the bubbling frustration from those who need the money.

“It’s just such a bummer,&#; Ives said. &#;I’m sure the people who really need the money right now don’t have the resources and time to easily navigate this.”

People Share How They Plan To Spend the COVID-19 $1200 Stimulus Check[r/AskReddit Top Posts]

Whether you&#;re looking for ways to save on vacation or trim your budget, you&#;ll find a wealth of information on Reddit. But how can you tell what&#;s legit and what&#;s a little less realistic?

See: The World&#;s Most In-Demand Jobs That Don&#;t Require a Degree

Related:This Is the Living Wage You Need in All 50 States

If you&#;re on Reddit sifting through threads to try and find the best tips to save money, look no further. GOBankingRates has compiled the best budgeting hacks users have offered so you don&#;t have to go searching for what has the most upvotes.

Cash Out: 45 Jobs That Can Make You a Millionaire Before Retirement

Advice: &#;Use the public library for books, ebooks, movies, audiobooks, online courses. Everyone knows about it but it seems like more could use it.&#;

Because of the internet, some of the advantages of libraries might have been forgotten &#; but they&#;re a free resource that offer so much. You don&#;t even have to go down to the library to benefit &#; just download an app like Libby to download ebooks directly to your phone or other reading device.

Many libraries also have subscriptions to publications so you can browse articles on their computers without don&#;t having to pay for them. Some libraries even offer technology like 3D printers for free that you would be costly to use elsewhere. And though you may associate libraries with the &#;shhhh!&#; sound, many offer classes and programs &#; from knitting to personal budgeting &#; that don&#;t require you to zip your lips upon arrival.

Generation Z: The Future of Finances

Learn More: Gen Z Has Strong Opinions on Capitalism &#; Do Experts Agree?

Advice: &#;The 72 hour rule&#; is pretty helpful. If you want something that is not a necessity, instead of buying it immediately, add it to a list or spreadsheet, then wait 72 hours. If after 72 hours, you still want it, then you can buy it. It seems that % of the time, after the 72 hours is up, I don&#;t end up buying the item I thought I wanted. The reason I like doing it with a spreadsheet is then I can at the end of the year how much money I DIDN&#;T impulsively spend.&#;

  • Submitted by: Icarus_Jones

This tip will help you stay safe from making purchases because of boredom or trendy ads on social media. Chances are, you won&#;t even remember some of the stuff you bookmarked 72 hours later, let alone want to buy it. Giving yourself some time before you hit &#;buy&#; ensures you&#;re purchasing things that really matter to you and are truly worth your money. Plus, if you choose to add items to your cart and then step away from it while online shopping and, some sites might give you a discount as an incentive to buy. So for the items you really want, you might get a good deal as well.

Watch Out: Don&#;t Fall Into the Instagram Money Trap &#; Here&#;s How To Get Rid of FOMO

Advice: &#;Don&#;t buy something that you normally wouldn&#;t buy just because you have a coupon.&#;

Just because something is a good deal doesn&#;t mean you need to own it. Consider if you would have bought the item even if it was full price. If the answer is yes, then the coupon just makes it better. If the answer is no, put the coupon away and save money for stuff you really want.

Check Out: 25 Biggest Companies You&#;ve Never Heard Of

Advice: &#;Instead of using Instacart, see if your local stores have pickup service. You still get to avoid going in so you are less susceptible to impulse buys, but you save huge dollars by not using the third party delivery.&#;

Delivery fees start at $ for orders that are $35 or more for Instacart, and go up depending on how quickly you need your shopping delivered. That $ might seem worth it for ease, but adds up over time, especially if you&#;re getting groceries delivered frequently. This hack allows you to avoid seeing something in the store and buying it simply because it looks good, and also eliminates the service fee of a delivery service.

Are Your Favorites Here? These 16 New Food Companies Are Changing the Way We Eat

Advice: &#;Lots of jobs have the option of auto deductions to savings accounts from your paycheck. Send $X or X% of every check to a savings account at a separate bank from your checking. Then, don&#;t have a debit card for the savings account: force yourself to go to the bank in person to withdraw cash.&#;

  • Submitted by: harrison_wintergreen

With this tip, savings is built into your paycheck without you having to think about it. This way, you can use your entire paycheck to pay bills and spend on things you need without having to budget for savings on top of it. This also ensures that a certain amount will be put into savings every month without the temptation to spend it.

Read More: Corn Flakes, Mountain Dew and 9 Other Beloved Brands With a Twisted History

Advice: &#;My husband and I only pay for things in cash other than bills. It takes a higher level of consciousness to shell out $ cash for fast food than just swiping a card.&#;

Whenever you get paid, consider withdrawing all of your spending money you&#;ve budgeted. Physically feeling and seeing the money suddenly gives it more value and most likely, you won&#;t make as many impulse purchases.

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Last updated: Oct.

This article originally appeared on The Best Reddit Hacks To Save Money


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It looks like cannabis stocks have entered the "meme" stock fray, as shares of Tilray Inc (NASDAQ:TLRY) were last seen up % at $ Tilray's CEO Irwin Simon is buzzing about the attention from retail investors, saying "We love having them as part of our shareholder base," as he believes their high level of knowledge about the company and its products makes them the perfect investors. In addition, the mini-rally has options traders flooding the cannabis concern, with speculation from both sides of the aisle.

More specifically, calls and puts are being traded at triple the average intraday amount, with , calls and 30, puts crossing the tape already today. Leading the charge are the weekly 6/11 and strike calls, with new positions are being opened at both. Buyers of these contracts are expecting more upside for Tilray stock by Friday, when the options expire.

This appetite for calls is nothing new, though. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) TLRY's Schaeffer's day call/put volume ratio of ranks in the 72nd percentile of its annual range. This suggests a much healthier appetite for calls over puts of late. However, considering that % of the stock's total available float is controlled by short sellers, it's possible some of that call buying could be shorts seeking an options hedge against any unexpected upside.

Now actually looks like a nice time to buy premium on the security, too. This is per the stock's Schaeffer's Volatility Index (SVI) of %, which ranks in the 15th annual percentile, hinting at low volatility expectations at the moment.

Though still a far cry away from its Feb, two-and-a-half year high of $67, Tilray stock boasts a % year-to-date lead. Today's positive price action also has the equity trading back above the day moving average, marking the first time TLRY is poised to close above the trendline since early April.

TLRY Chart June 9

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