Welcome to Part 3 of the latest series on www.JosephSangl.com – "Best Utilize Your Tax Refund"
Step 1 Before You Spend It, Plan It
It is exceedingly important to have a plan for the refund money BEFORE you ever receive the money!
Step 2 Purchase Financial Freedom
Your options include Giving, Saving, and Spending. First, one needs an Emergency Buffer Fund. Second, save for Known, Upcoming Non-Monthly Expenses. Third, eliminate debt!
Step 3 Fulfill Some Of Your Dreams!
If you already have an Emergency Buffer Fund, have saved for all of your Known, Upcoming Non-Monthly Expenses, AND your are debt-free it is time to use your tax refund to fulfill your dreams!
It is now time to GIVE, INVEST, and SPEND!!!
I LOVE giving. There is nothing more satisfying than giving to a worthy person or cause.
Consider investing some of your refund. Assuming you meet income guidelines, you can invest in a 2007 IRA until April 15, 2008 AND deduct it from your taxes! That is a great deal!
And, of course, another option is to spend some of it on a really nice purchase! It's OK! Just make sure you negotiate a really great deal!
The series ends next time with a discussion of whether or not one should be giving the government a really big no-interest loan all year long!
