10 Things to Do With Your Tax Refund
It's almost April 15 and tax day. If you file your taxes and have a refund due to you, after you adjust your withholding so you don't have as much of a refund next year, here are some ideas for what to do with the refund (other than spending it):
Pay off high interest rate credit cards - this is an easy way to make a great 18% - 25% return on your money with no risk
Pay down your car loan - paying off your car loan early gets rid of a car payment and helps you save more money for other things
Pay down student loans - same as car loan, but lower priority since interest rate is likely the lowest of the three
Contribute to your IRA for 2019 - start up a new IRA if you don't already have one or contribute for next year early and grow your money tax deferred (or tax free with a Roth)!
Open up a high interest savings account - put the money to work earning interest
Apply to your 2019 estimated tax payment - if you have to make an estimated tax payment for the first quarter, this is an easy way to do it
Buy music royalties - get some nice yields from your favorite artists
Buy some gold or silver coins - a nice way to hedge against inflation
Buy reliable dividend stocks - earn a yield that is tax-efficient and use the dividends to reinvest and buy more shares to compound your investment
Donate to charity - give something back to the community!
If you are interested in other investing ideas, please check out my books here.
Disclaimer: I use affiliate links where I get paid a small amount if you buy the service or product. This helps support my blog.