DOGE dividend checks might happen. If so, you could get a $5,000 payday, as part of an effort to give 20% of government savings realized by Elon Musk’s department back to taxpayers.
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As of May 11, DOGE has uncovered an estimated $170 billion in savings, according to its website. This amounts to an estimated $1,055.90 per taxpayer.
Receiving a $5,000 check might feel like a hearty bonus, but it doesn’t have to stop there. Consider storing your newfound funds in one of the following seven places to make even more money.
To grow your $5,000 for short-term goals or an emergency fund, consider putting it in a high-yield savings fund, said Daniel E. Milks, CFP, founder at Fiduciary Organization and Woodmark Advisors, based in Greenville, South Carolina.
“These accounts are FDIC-insured and currently offer 4-5% APY, making them a safe and accessible option,” he said.
“If you want safety with a bit more yield than a savings account, T-Bills are a great option,” Milks said. “Backed by the U.S. government, they’re short-term, low-risk and currently offering competitive returns.”
You can buy treasury bills through a TreasuryDirect account — non-competitive bids only — or through a bank, broker or dealer — competitive and non-competitive bids. Offered in electronic form only, terms range from four weeks to 52 weeks.
If you want to turn your $5,000 into a long-term investment, Milks suggested an option like an S&P 500 index fund — offering growth through potential compounding. He said there’s a risk attached to it, but over time, it presents a higher upside.
Don’t get too excited — Milks didn’t advise spending the money on flashy purchases. However, he said using it to pay down high-interest debt or boost your education, skills or career can bring substantial value.
“It’s not flashy, but the ROI on self-improvement often beats the market,” he said.
It might not be a long-term solution, but while you’re deciding what to do with your $5,000, Noah Damsky, CFA, principal at Marina Wealth Advisors in Los Angeles, suggested parking it in a money market fund. He said interest rates are currently averaging over 4%, allowing you to earn more in interest than you would with a traditional low-rate bank account.
If you’re not currently saving for retirement — or want to put aside even more money — consider putting the $5,000 toward your golden years.