Did you know that March is Asset Management Awareness Month?
Let me put that for you in plain English: Asset is a fancy word for your
stuff, and management means taking control of your stuff. Here’s a
practical opportunity to try asset management: What should you do with your tax
refund this year? Let’s look at four ways to make the most of it. {{more}}
Adjust
your withholdings
Sure, it’s fun to get a big chunk of change all
at once, but tax refunds don’t come from Santa Claus! A refund means that you’ve
been overpaying the government all year. If you’re getting a big tax refund, I
want you to adjust your withholdings in the coming year. You could have been
using that money, saving it on your own, or investing it all year long! Talk with a tax advisor about how you can have a
bigger paycheck and stop giving the government an interest-free loan.
Pay
off debt
Debt is a thief. It will steal your ability to
build wealth—and your peace of mind too. If you have consumer debt from credit cards,
big purchases, or student loans, I want you to attack it with all the energy
you have. So, why not use your tax refund? If you don’t have any consumer debt
but you do have a mortgage, then throw this money toward the mortgage. Move
yourself one step closer to total debt freedom.
Invest
it
If you’re out of debt, and you’ve built up an
emergency fund that can cover three to six months of living expenses, you need
to invest 15% of your gross income in retirement. You can just sweep that tax
refund into an investment fund or your Roth IRA. And if you don’t have a Roth
IRA, now’s a great time to get one!
Splurge
a little
It’s okay to have fun with the extra cash, as
long as you’re debt-free with that emergency fund in place. If you’re married,
you could use your tax refund to go out for a special date night. Or maybe you
could buy tickets to an event for your whole family. Take time to pause,
breathe in, and enjoy the people in your life!
Your refund is an opportunity to make a greatfinancial decision, not just a good one. And remember: Progress doesn’t
happen by accident. It’s not the big, one-time choices that will determine your
financial future. It’s the habits you form and live out every day!
About Chris Hogan
Chris
Hogan is a two-time #1 national best-selling author, financial expert and host
of The Chris Hogan Show. For more than a decade, Hogan has
served at Ramsey Solutions, equipping and challenging people to take control of
their money and reach their financial goals. His second book, Everyday
Millionaires: How Ordinary People Built Extraordinary Wealth—And How You Can,
Too, released inJanuary 2019. You
can follow Chris Hogan on Twitter and Instagram at @ChrisHogan360and online atchrishogan360.com or facebook.com/chrishogan360.
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