You could DOUBLE your $1,400 stimulus check with a simple step – but you'll have to be patient

You could DOUBLE your $1,400 stimulus check with a simple step – but you'll have to be patient

THIS is how you could double your $1,400 stimulus check with a simple step – but you'll have to be patient.

A third stimulus check may be on its way soon and Americans who choose wisely might be able to multiply the relief money within the next ten years.

In order for someone to double their $1,400, they would need to invest it in a fund that "tracks the S&P 500 index (SNPINDEX: ^GSPC)," according to Channel3000.

The relief money – which could come as early as mid-March or the beginning of April – could be turned into $2,800 in 7.27 years, the report explains.

This is possible if the average 10.9 percent is earned with the S&P 500 investment.

The S&P 500 has remained one of the most popular index funds. 

The news outlet explained: "Over the past 50 years, the S&P 500 has provided a 10.9 percent average annualized return.

"And anyone who invested in it and left their money alone for at least 20 years has made a profit, regardless of when they first put their money in."

For anyone that has the patience to wait a total of 20 years, the $1,400 stimulus could turn into $11,000 with a 10.9 percent annualized return.

Meanwhile, the proposed $1,400 stimulus checks could be further delayed because of a stumbling block in President Joe Biden's $1.9trillion relief package.

In addition to another round of checks for eligible Americans, the package also includes a provision to raise the federal minimum wage to $15 an hour.

Members of Congress have signaled that they are ready to re-focus on Biden's stimulus plan now that the second impeachment trial for former President Donald Trump ended in acquittal.

However, the minimum wage hike may spell trouble when it comes to getting Republican support for the package.

A few Democrats have also suggested that they do not believe the provision belongs in a Covid relief package as well.

Last week, Iowa Sen Joni Ernst passed a proposal that would ban a minimum wage increase during the pandemic.

At least two Democratic Senators – Joe Manchin and Krysten Sinema – have said they will not back the wage increase, according to Bloomberg.

Failing to have complete Democratic support means that the bill will not likely pass the Senate, which is split 50-50 down the party line.

The House Budget Committee is preparing to assemble bills approved in committee to prepare a stimulus package for a vote on the House Floor during the week of February 22.

Both the House and the Senate are on recess this week.

House Speaker Nancy Pelosi said that she will send the bill to the Senate as soon as it passes the House, and that she is hopeful that a package will arrived on Biden's desk for approval by the end of February.

Senate Majority Leader Chuck Schumer is reportedly looking for ways to speed up the approval process once the bill reaches the Senate.

Democrats have expressed urgency to pass a new package before federal unemployment benefits expire on March 14.

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