Three Things to Do with Your Tax Refund NOW
Some of you have a tax refund coming and before it hits your hot little hands, I want to give you three ideas of things to do with it…
I-Bonds - Inflation Bonds. I’ve mentioned it before, but there are savings bonds that are tied to inflation and as you know, inflation is out of control right now. Through April 30th, I-Bonds are paying 7% interest and after May 1, it’s expected that they will pay more than 9%. You can buy them in increments of $25, and you can purchase them regularly. They are a practically risk free way of earning money on savings AND you’re beating inflation. Check out this link for more info.
Hide Your Money. Some folks call this a sinking fund, some people call it “fun money” but if you’re not willing to tie your money up for a year in an I-Bond, at LEAST hide it from yourself. And I mean hide it. Put it in an online bank account that has no branches, some place where it will be too difficult to get to it. And leave it there for the vacation, the new bag, the thing you want to treat yourself to… Here’s a little more info on that: https://clark.com/personal-finance-credit/banks-banking/best-savings-accounts/
Invest it in a Traditional IRA - this is my favorite option. Y’all know how I feel about an IRA. But if you’re going to get tax money back, why not use it to set yourself up for next tax year? Traditional IRAs give you a break on your taxes AND save for retirement. Check out the Ice Cream video for more info: https://www.youtube.com/watch?v=b-H_1wmZuUU&t=11s
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