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March 22, 2018

How NOT to spend your income tax refund... IF you receive a refund

"Gambling, investing in cryptocurrency or backing a friend's new venture are among the worst possible ways to spend a tax refund, writes Geoff Williams" in US News and World Report.See;

The 5 Worst Ways You Can Spend Your Tax Refund 

https://money.usnews.com/money/personal-finance/taxes/articles/2018-03-20/the-5-worst-ways-you-can-spend-your-tax-refund
 Much better options: pay down credit card debt, pay down other debts like car loans and student loans. Build up your emergency fund by buying I-bonds with your refund. If you've already received your refund, wait until May 1 (for higher rates) and buy I-bonds directly from the U.S Treasury. Check out: https://www.treasurydirect.gov/indiv/products/prod_ibonds_glance.htm
Current  rates: 2.58% for bonds issued November 2017 – April 2018. Starting May 1 rates are likely to be higher because the Federal Reserve Board is raising interest rates as the economy recovers from the Great Recession.
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2 comments:

  1. Saij ElleMarch 26, 2018 at 6:07 AM

    Thanks for giving ways that an individual may apply to spend their tax refund.
    Women Financial Empowerment

    ReplyDelete
  2. Steve C.April 13, 2018 at 4:41 PM

    You've got a point as to backing up a friend's venture, but investing in something more promising is quite an option. I liked how Richard Parker covers this topic. There are always ways to make it less risky and more likely to work out.

    ReplyDelete