Material Things Depreciate
I know the new Jordan's are out. I know the new Gucci perfume is out. I know the new Prada bags are coming in February. And yes, I know the new Tesla's just lowered there prices. But, material items depreciate over time. They are not good investments. The shiny objects in the windows are a bad investment. Try investing in items that appreciate, like watches, property, gold and the stock market.
Hit the Casino$$$$$
You get your return. You say to yourself, Self, we received more money than I thought we were going to obtain this year. Didn't they just build a new casino in Boston? Road trip! The casino can be tempted and so can the lottery. You have to resist the Temptations, unless its the group. "Dum, Dum, Dum, Dum, Dum, Dum!" You were thinking that tempo, don't like Craig. LOL! But put the BREAKS on the casino please. The odds are stacked against you. Gambling has zero guaranteed rate of return. If you do win, my routing number is?
Don't Let It Collect Dust In Your Account
I would always recommend you to save money in your bank accounts that have the highest interest rates. Cash is good! You need cash for emergencies as well, so save for that rainy day. Banks are also a safe place for your money. Very understandable. But, I also recommend that you have another place for that large refund as well. If not the stock market, real estate or something that accumulates funds. Some people leave it in their accounts and then spend it slowly. Some people use it to pay off debt. I just recommend you use the money to make money. And if you don't know where to start, look for free assistance online or in your community. If you can afford it, I'd advise you get a Financial Adviser.
KIDS! What kids?
We know you want to be the best parents in the world. We know little James is asking for the new Samsung 10 or I Phone29. We know Kim is asking to go shopping. Once they receive those material items, they will crave more and more. If you really want to spend money on your kids, help them start investing in the stock market early. Start off with the Acorn app. Or even the Robinhood app where you don't need a broker. Or you can set up a 529 College Savings Account for them. Trust me, they will thank you later.
Babe, did you see the NEW BLAH, BLAH car commercial?
There are thousands of car commercials during the holidays and especially during tax refund season. They are like crows flying around waiting to get your seeds (money). Buying your dream car is tempting every year. I still go by the saying, "If you cannot purchase two, you cannot afford one." The rich people purchase assets that make them money and then buy their dream cars.
If you have a heavy hand on your wallet/purse, then make sure there is money coming in that balance that. Now that everyone is sharing the secrets on getting money and staying wealthy online and in books, there shouldn't be any excuses. YouTube and the web can change your life, if your searching on the right channels. Buying a used car is okay. Buy a refurbished car. Using cash is a must. It eliminates large purchases usually.
Don't Pay off, to Spend On!
Some people pay off those credit cards and then start the cycle over again. If you do decide to pay off your credit cards, which is a great idea, don't start burning that plastic. Put the cards down. Not to say don't use your credit cards, but just make sure you don't go over 30% of your availability. If your credit limit is 100 dollars, then don't spend over 30 dollars on your credit cards. Simple math equals simple dollars.
You promise me this year a vacation honey buns!
You can still vacation. I actually enjoy traveling. I just returned from London and Amsterdam. I'm saying plan your vacation and find savings. Find discounts. Find programs that pay you to vacation. You'd be surprise on how you can travel for free. Comment below and share people. Exchange programs. Maybe your job even. Believe me, I've seen and heard it all. Plan, Save and have Fun!
Marquis, what should we do with our refunds?
Well, my cashapp and venmo is? Just kidding. But you can support my daughter's or significant other's clothing lines below. Thanks in advance.
Whatever you do with your refund, it should be to help your future. To help your love ones futures. So pay off debt or build an emergency fund. Putting the money to your kids education is key as well. Let's not forget about the stock market or your retirement funds. Max out your 401K's and 403B's yearly. There may not be any social security when you retire.
Just plan with your money. Make sure you don't regret it. Find the best ways to invest in yourself as well. Maybe go back and get a degree. Maybe write that book you always wanted to do. Do you miss doing art? Get a canvas and express yourself. The whole reason I do blogs, YouTube videos or other social media is to share information only. I believe we are put on this planet to help ourselves and then help others. It's like the instructions of a plane crash, you are instructed to take care of yourself first with the oxygen mask and then your kids.
Once again, thanks for taking the time to read my blog. I really appreciate you.
Please add comments below. Share my platforms and help me create better content. Subscribe to my YouTube channel, support my Daughter's clothing line and I'll continue to share information. I'll share anyway, I love to read, write and express myself artistically.
Marquis J. Walker
Blogger/Financial Learner/Music Critic
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