Well my mother turns 50 this year so my wife and I are throwing her a huge suprise party. After that my wife and I will split whatever is left.
I'm waiting until I get my bonus so combined I will have around $10k or so to spend. I have so many projects and ideas to spend the money on but I haven't really decided which ones I will spend it on yet. I need to put up gutter guards on the house, we are putting a small (12x24 small) cabin on my property (splitting cost with brother in law), I would like to put hard wood floors in the kitchen, wife is pregnant with #2 so eventually we will need to buy another bedroom set for the additional baby room but we can save for that. I also would like a new scope for my AR15 and eventually I will need new tires for the truck too. So many options...
Yep...that's pretty nice. Ill be saving my returns...new kids on the way so not sure how much they will break my bank.
Picked up an Armalite M15 with my state refund as well as paid of my layaway on my new Mission Balistic. Will be getting an HR slug gun and all the trimmings when the federal return finally gets here.
I take the kids to Florida and pay off some debt. This year any that is left will go into savings for a new house.
Same here. Except I bought my wifes second! I got a new benelli out of it though. The rest went to savings. Sent from my SAMSUNG-SGH-I537 using Tapatalk
People act like getting a large refund at the end of the year is a bad thing... Psh. I'm still young so I love it. Getting the most I've ever got back this year. Paying for my mount. Paying off 2 credit cards (not much). Paying a good chunk on student loans. Rest goes into savings.
I hate tax time..... it drives me crazy that my low life, loser, waste of air sister who has 3 kids, and is on every government assistance program available, and only works as a pizza delivery driver under the table 20 hours a week...gets 10 grand back a year!!!!! and then there is me and my wife, we both work 50 plus hours a week, own 2 properties and do everything the right way as one should...we have to pay $1200 in this year. (there goes my cannon XA-20 until august) BUT...I would rather have everything I own, making what we make and living our lives the way we do, than to base my year's purchases on a one time a year handout. I feel better now
I don't really look down on folks for getting a refund in general, I guess if it makes their day once a year then good for them. Most people put it to far better use than the government. I just think it's egregious to have to get it back at all, never felt it was fair to have to pay any in to the government as if it's their "right" to claim a portion of what I bled and sweated for. I feel no-one should have to pay it in or get a refund but things are what they are. Now the ones that didn't pay anything in and get a refund....I feel differently about...that's just charity. Lots of do nothing fat lazy welfare slobs around here that get 5-10K back per year...how the #$ck does that work?
Why would you put it in a bank savings account? That's just as dumb. I made 24% last year. Put it all in mutual funds if nothing else and you will be way ahead of letting the government use it for zero. The power of compounding interest escapes a lot of people. Put a pencil to it and you will see why not one financial advisor or CPA in the country will recommend overpaying taxes, ever. That very same money can be direct deposited into an investment account every pay period rather than into the hands of the IRS. If you do the math, you will see how much money some guys are pissing away over their lifetime. It can easily be hundreds of thousands of dollars.
Can you explain a bit more? I have never researched or dealt with any kind of mutual fund, etc and am interested. You sound like you know your stuff. As it stands, I claim 0 on my taxes and get a good chunk back at the end of every year... You are saying that is a bad thing and that we should throw it into a mutual fund every paycheck? I also get a decent quarterly bonus... So this is starting to make me think I should look into this now while I'm young. Any information you can give on mutual funds, etc would be greatly appreciated! Thanks!
You can just put your refund into your mutual fund when you get it. You are not going to lose that much money.
Ill also add I put 10% in my 401k which my company matches. Again, this is my spending acct, not my life savings. Retirement is great, but its also great to have something to look forward to each year. Makes working a little easier.
Yes, you really are. Its a basic principal of compounding interest and dividends. Over a career of earnings, its A LOT of money.
Just get with a trusted financial advisor like an Edward Jones rep. or an independent advisor that can work with you on this. Claim the fewest exemptions you can so that you are not overpaying on your taxes and start a systematic monthly financial plan. That way, you are dollar cost averaging and taking advantage of growth opportunity and dividends all year long. You don't have to make a lot of money to end up with a lot of money. Anyone can amass a large amount of wealth if they start early and systematically stay disciplined to their plan. Its your money, learn about your options to use it wisely. It does not take a large amount each month to end up with a very comfortable early retirement if you start EARLY. Use a good CPA for taxes and a good financial planner but take the time to learn about financial vehicles and market opportunities. There are an infinite number of ways to make serious wealth without having a huge salary. Most guys spend more time mapping out their next deer season than they do mapping out their financial future. I guess I have just never quite understood that. I mean, I love to deer hunt as much as the next guy, but wouldn't you like to be able to do it "full-time" by age 50? You can, if you plan and start early.
Yep. Year after year after year. Believe me, it does make a big difference. And, once you start to see it grow and understand the power it gives you to make choices later in life, you are less likely to just go blow it on "fun" things each year. Trust me, I followed this same advice when I was 22 years old and it was a life changer. BIG TIME.
