Treat your refund check with as much respect as your weekly or monthly paycheck. Give the money a purpose. Think about your long-term financial goals, and use your tax refund to help you reach them faster. That could mean paying down high-interest debt, putting the money in a retirement account or H.S.A., beefing up your emergency fund, or buying life insurance.
Are you getting a tax refund this year? What do you plan to do with it? For these pandemic times we also suggest considering the following:
2. Enhancing your professional skills. Enroll in classes, get that extra certification that will give you a bump in salary, or learn something new like another language. Or do something fun like taking cooking classes.
3. Increase your income. Use your refund to launch a side gig or turn a hobby into the business idea you’ve been dreaming of.
4. Last but not least – since many of us are working from home – make it a more pleasant experience by using your refund to spruce up your home office. It will make you look good on Zoom.
CONTACT US: Every dollar comes with a decision – but don’t spend it or save it without a plan. While it may be tempting to go on a shopping spree, whether new flat screen TV or new Manolo’s, that virtually guarantees your windfall won’t last. Consider your options for saving, paying down debt and spending the money on things or experiences that could yield a physical, emotional or professional benefit. Then make a plan and commit so that when your refund arrives, you’ll know exactly how to put it to work. Feel free to contact me, Cory Lyon, directly at 561-209-1120, if you need to reexamine your financial strategy because your goals have changed. At TFG Financial, we believe in customized investment portfolio design and personalized asset management. I act as a fiduciary for all my clients.
TFG Financial Advisors, LLC is a registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results. Investments involve risk and are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.
