It is 2018 and it a year of new challenges. Time to get some of our tax dollars back. You can spend it on pleasure or business. Will it be YOLO (You Only Live Once) or “Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor.” (Dr. Zoidberg, Futurama). Here are our Best 13 Ways to use Your Tax Refund?
1. Buy Stuff
What do you need, a new watch? Do any of you still wear a watch? How about those jet Skis, video game system, movies, big screen TV, a giant collection of Legos, diamond earrings, or whatever else it can afford. There is plenty of stores that would love to take your hard earn money.
There is a lot of talk about experiences over things and how that is better. How about a vacation to somewhere you never been? Hawaii, a foreign country, or a few mini trips.
3. New Hobby
Have you been bowling in years? Ice skating? Yoga? A dance, singing, or acting class. How about a 3d printer or other CNC machines? A lot of hobbies cost money and there is a fresh pile of money to spend. And a hobby can lead into our next item on our list.
4. Start a Business
“Find something you love to do and you’ll never have to work a day in your life” (Harvey MacKay) What better way to do this is to turn a hobby into a business. This could be the seed money you need to get started.
5. Pay Down Debt
Pay down your debt. If you can eliminate a whole loan, you will have more money every month. Plus, your net worth will also increase. Being debt free is a great goal to have.
6. Invest It
We love to invest in dividend paying stocks. But there is lots of ways to invest. There is CD’s, bonds, non-dividend paying stocks, other notes, real estate, and many other choices. How do you grow your money?
7. Emergency Fund
Life throws many unexpected challenges your way. “If you have a problem money can solve, then you don’t have a problem “(I cannot find who said this) Having money does not buy happiness, but it buys security. Do you have enough security?
Self-Improvement is the name of the game here. Do you need another class to get a promotion or a new job? Some classes just to make your current job easier or keep your degree certified? If you are not growing, you are dying. Same applies to education.
9. Buy Something You Need
Need a new refrigerator, new brakes for your car, a lawnmower, dishwasher, and the many other items that eventually break. With the extra cash, this is a great time to get it, instead of going into credit card debt.
As in most thing, nothing is always a choose. You can get the money and just leave it in your checking account. Take your time. Even though money often burns a hole in people’s pocket, that does not mean it needs to burn a hole in yours.
What good causes do you believe in? Now can be a great time to give a little bit extra to what you believe in.
12. Give it Back
The government is more than happy to take the money back. Now you can just donate it to the general fun. Or you can have a little bit of fun with it. Let’s buy hundreds of scratch off tickets. That could provide hours of fun. And, if you win a little bit of money, you can buy more scratch off tickets. And keep the cycle going until the money is gone. The local gas station, the lottery, and the government will be happy with you.
13. Give it to Me
You are at this step and still do not know what to do with your refund. Not a problem. I am running a special and I haver a great solution for you. You can give me the money and I will happily remove that burden from you. I do not want you to be stress out. “Mo Money Mo Problems.” (The Notorious B.I.G.)
Best 13 Ways to use Your Tax Refund
Out of our Best 13 Ways to use Your Tax Refund, what will you be choosing? Will it be business, pleasure, a bit of both?
We are going to choose to do both. For the business portion, we are going to use it to pay off one of our student loans. And for pleasure, because we do not have that loan payment anymore, we will have a little bit more cash every month for fun.