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Smart Uses of Your 2019 Tax Return | Michael Ralby

Getting your tax refund can prompt indulgent purchases that you might otherwise avoid making. Treating yourself is acceptable and often deserved, however, there are other alternative uses of your tax refund that can serve to benefit you more in the long run.

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Smart Uses of Your 2019 Tax Return | Michael Ralby

  1. 1. SMART USES O F Y O U R 2 0 1 9 T A X R E T U R N M I C H A E L R A L B Y
  2. 2. GETTING YOUR TAX RETURN Getting your tax refund can prompt indulgent purchases that you might otherwise avoid making. Treating yourself is acceptable and often deserved, however, there are other alternative uses of your tax refund that can serve to benefit you more in the long run.
  3. 3. PAY OFF DEBT One of the best applications of your tax refund, regardless of the amount, is putting it toward any debt you have acquired. Whether you have some credit card debt or you took out a loan to pay for a vehicle, putting your tax refund toward such expenses can help you limit accrued interest and pay off your debts sooner. The path to financial freedom can be difficult, but taking small steps to achieve it when you can is beneficial.
  4. 4. CONTRIBUTE TO AN EMERGENCY FUND When you come into extra money, a smart move is to put at least some of it into an emergency fund. It is important to anticipate and plan for car or home repairs, health emergencies, or other unplanned events that could cost you.
  5. 5. MAKE YOURSELF MORE MARKETABLE Regardless of where you are in your professional life, improving your skillset or advancing your industry knowledge can be an excellent application of your tax refund. You can enroll in classes, secure a membership for a professional organization, or pay to attend a relevant conference. These options can help you gain more knowledge, and the resulting experience can be used to provide better job stability and higher paychecks.
  6. 6. INVEST Putting some of your refund into your retirement plan as a one-time contribution or setting aside an amount to invest over time can help you better prepare for your future. With your tax refund, you stand to make a larger profit provided you’re willing to invest for a substantial amount of time.
  7. 7. Applying your tax refund in a wise fashion can help you better your financial situation. You may also find that the way you use your tax return can ultimately benefit you financially.
  8. 8. FOR MORE INFORMATION, PLEASE VISIT: MichaelRalby.com

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