Here are some really SMART ways to spend your $1,200 Tax Rebate checks that are coming to most taxpayers in the Summer. It is important to spend these funds to maximize your total returns.
In order of priority, here they are:
1. Invest $250 in your child’s college fund or maybe even yourself.
Use the refund to fund your child’s college savings account, and perhaps you should consider opening a 529 College savings plan to jump start your child’s college savings funds. Start with a minimum of $250 and $25 monthly contribution plan.
2. Create a $250 minimum emergency fund.
Use the refund to create an emergency fund. In today’s world job security and unexpected expenses are constantly occurring. Therefore, having an emergency will help meet short term crisis.
3. Invest $250 in a Diversified Mutual Fund.
Choose a Moderately Aggressive fund to obtain a higher rate of return over a long period.
4. Invest $100 for an Evening Class in Beginning Finance and Taxation at your local Community college.
It is imperative that you understand some personal finance and have a good basic knowledge of taxation. It will save you a lot of monies in the long run.
5. Invest $100 in a Financial Budgeting Software.
This will allow you to keep a better track of your expenses and the cost of the software will pay for itself in a very short period of time. All unnecessary expenses will be clearly identified, and these can be eliminated immediately!
6. Invest $250 visiting a paid Financial Planner.
This is the most important professional when it comes to financial planning advise. Try and devise a long term retirement strategy. A financial planer is a must these days, and some CPA's perform financial plans, but I would advise you visit a paid financial planner professional who specializes in this area.
A Financial Plan will determine whether or not you are on track to accomplish all your financial objectives and retirement goals. Many gaps will be identified and this will provide you with an ample opportunity to rectify these! This will be the
BEST INVESTMENT you will have made in your life and
you can thank Uncle Sam for it!
Also check out the following article's related to the Fiscal Stimulus Rebates.
How Much Rebate will taxpayers get in 2008?
Which Taxpayers will not be getting a Tax Rebate check?
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