Tax refunds are fun to receive but could they be eating away at your long term wealth building?
Do you depend on your tax refund as a forced savings strategy? You’re too likely to spend that money if it ends up in your bank account. So, you send it to the Internal Revenue Service knowing you’ll get it back. Maybe that refund money is how you get through the summer or save for vacation.
What if you could shift a couple things around so that you use a different forced savings strategy that benefits you more? How about if you could set aside that extra cash in a way that it’s still available? What if it was NOT as easily accessed as transferring from savings to checking with the click of a button?
While all the politicians debate over raising or lowering your taxes, learn how you can outsmart the system. It’s what your grandparents likely did.
It won’t “cost” you anything new. All you could do is switch those funds being sent to the Internal Revenue Service to being sent to your own account. Then, you earn all the growth.
If you don’t think you’re being patriotic enough, you can always give the growth back to your fellow Americans. Perhaps even more than you realize. 🇺🇸 🎆
For more research check out these links:
- We’ve Got a War to Pay For: Income Tax History – With a new war on COVID-19, does history reveal what’s likely to happen with taxes in the future?
- Taxes Going Up & What to Do About it NOW – Find out more about tax strategy that lets you pay less over the long term – not save for a few years and then pay extra for it for the rest of your life.