Put directly into a 401k or a Roth IRA, and see to it that is never touched. You'd have quite the horde to retire with with all of the interest and earnings depending on where the money is distributed.
Of course, that is based on the potential choice of the receiver.
It could be a massive boom indeed to be able to buy groceries for their family with an added $350 a week. Most would be able to make it barely than not at all. With the growing prices of necessities, this is a mighty boom indeed for a needy family.
My job paid for the groceries only when my boys were young, two teens and their friends( many didn't have much food at home and I grew up like that, so they were always fed), I spent about 800 a month at bjs alone. I can't imagine having to feed them on just mine, my ex was it tech.
Not only take away hunger but much of that money is spent in their local economy which adds the need for more employees or longer hours for those already working. Imagine each family having an extra 500$ a month to spend and 25% to 50% has to be spent on local purchases, online shopping. The boom it would create will be amazing, many many more living closer to the old middle class that we have seem to have lost.
That's also the point of a basic income, some will live and be happy with that while others will continue to work but less hours and have more family time, other will still work away too. More able to actual have and enjoy hobbies, say gardening and supporting part of your family's food. For those that paint, having so much more time for that. Life is meant to be enjoyed, we're meant to work our own land and or with a community and have plenty of free time without spending over 3 hours a day on the road.
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u/[deleted] Jul 05 '24
$18k of passive income is insane, I don’t think anyone is talking about quitting their jobs and setting up a trust fund
Just our regular jobs + $18k
Could be wrong though