Tax season is around the corner and every financial professional wants to tell you what to do with your tax return. Not that it’s not important to dispel such advice. Every year, 77 percent of Americans receive a refund. That’s a high portion of people receiving money back from their hard-earned money. So, what you do with it can either help or hinder your own finances and the economy at large.
The common wisdom out there is that you should save that refund, although it may not always be in the sense of placing it all in a savings account. We’re being told to pay off our debts, open a retirement fund, or just leave it tucked away in an interest bearing account somewhere. That’s sound advice, especially since many Americans are overwhelmed with debt (no, you’re not alone).
I believe it’s a personal decision. I have a problem with unsolicited advice that offers a one-size-fits-all solution to everyone’s problems. Of course, the wise thing to do if you’re in debt is to pay it off. It’ll give you the opportunity to finally clean up your finances and Read More→