Tax Refund? What are you going to do with it?

We have some suggestions if you want to create a feeling of financial freedom.

(1) Pay debts – Use the refund to pay debts that are from consumption or non-appreciating assets like credit card debt, student loans, car loans, medical debts, etc.

(2) Fund expected and unexpected expense saving accounts – Creating these reserves to draw from when necessary can avoid you from creating debt when life events occur.

(3) Invest it – There are so many opportunities to grow your money. We generally suggest the stock market, real estate, or businesses.

(4) Create a fun fund – If you have all your debts paid off, fully funded expected and unexpected saving accounts, and you are investing consistently a percentage of your income regularly, it is time to have some fun! You can save it up for something big or use it for some special occasions.

If your refund is large, you may want to look at adjusting your withholding or your estimated tax payments.

Above all else, always consider using your refund to improve your financial situation.

Time is Money! Keep more of it. Podcast

 

Time is Money! Keep more of it.

Some people are born poor, others rich. Some with great parents, others have no parents at all. Some people are born with perfect health or special abilities and others with daunting challenges.
Life can be unfair in so many ways. But there is one area where we all have a level playing field and that area is time. We all have 24 hours in a day and it’s what we do with that 24 hours that determines our destiny. It’s time you started utilizing you time.