what do you plan to do with your tax return money?

[HomeAppraiser]

Originally posted by: alkohoLiK
a 40-46" Sony Bravia 1080p LCD TV (depending on how much of a return I get)

new windows for the house

payoff one of my credit cards

rest (if any) into savings

All that! How many $1,000 are you getting back!?!

 

[Triforceofcourage]

Originally posted by: alkohoLiK
a 40-46" Sony Bravia 1080p LCD TV (depending on how much of a return I get)

new windows for the house

payoff one of my credit cards

rest (if any) into savings

Skip the TV and payoff all of your credit cards

 

[boomerang]

Originally posted by: Insane3D

Originally posted by: boomerang
Why would you get a refund?

Why would you give the government an interest free loan?

Here we go...the interest free loan crap.

Yeah, because if you only get like under $1000 back, getting that spread out over the year is sooooooooooooooooooooo much better.

:roll:

I'm just trying to get people to think a little bit. $300, $600 a grand so what. I used to work with a guy that got between $7K and $9K back every year. So tell me, at what point does it start making a difference? Way before that I'd think.

And actually, I don't understand people who do not have the discipline to save their money and let the government do it for them. There is no logic to this thinking whatsoever. Especially because most of them are going to blow it on a big ticket item as soon as it gets into their hot little hands. A lot of these same people are going to get their refund check from their tax preparer (and pay a fee for the privilege) so they can get out there and spend that money right now! They just can't wait.

Now, if you're going to do as one poster said, and invest the money you've just taken the first step towards understanding how to manage your money. This country is awash in debt, both at the personal level and the governmental level. People in foreclosure and what not.

Yes, yes I know it's just an income tax refund we're talking about.

 

[BillyBatson]

pay some bills!

 

[spidey07]

Well said boomerang. If you like to throw away money then by all means get a big refund. But folks should understand that they are literally throwing 10s or even 100s of thousands of dollars away over the long run.

I used to get 4-5K back. Stopped that nonsense real quick. And with 20% returns, it adds up very fast.

 

[homercles337]

Thanks to the current admin, i wont be getting one.

 

[TangoJuliet]

Originally posted by: Triforceofcourage

Originally posted by: alkohoLiK
a 40-46" Sony Bravia 1080p LCD TV (depending on how much of a return I get)

new windows for the house

payoff one of my credit cards

rest (if any) into savings

Skip the TV and payoff all of your credit cards

shoulda worded that differently....meant to say pay off the only credit card that has a balance.

 

[Engineer]

Originally posted by: homercles337
Thanks to the current admin, i wont be getting one.

What did they do that caused you not to get one? As much as I dislike them for what they have done around the world (Bush sucks), they did cut, for the most part, tax rates across the board. Also cut tax rates on investments (long term capital gains). Curious...?

 

[ponyo]

Originally posted by: homercles337
Thanks to the current admin, i wont be getting one.

Last time I got a refund was when Bush Sr. was in power.

 

[Saint Nick]

saving for a trip to australia in about a year.

 

[RMSistight]

There ain't going to be any tax return money.

 

[Insane3D]

Originally posted by: boomerang

Originally posted by: Insane3D

Originally posted by: boomerang
Why would you get a refund?

Why would you give the government an interest free loan?

Here we go...the interest free loan crap.

Yeah, because if you only get like under $1000 back, getting that spread out over the year is sooooooooooooooooooooo much better.

:roll:

I'm just trying to get people to think a little bit. $300, $600 a grand so what. I used to work with a guy that got between $7K and $9K back every year. So tell me, at what point does it start making a difference? Way before that I'd think.

And actually, I don't understand people who do not have the discipline to save their money and let the government do it for them. There is no logic to this thinking whatsoever. Especially because most of them are going to blow it on a big ticket item as soon as it gets into their hot little hands. A lot of these same people are going to get their refund check from their tax preparer (and pay a fee for the privilege) so they can get out there and spend that money right now! They just can't wait.

Now, if you're going to do as one poster said, and invest the money you've just taken the first step towards understanding how to manage your money. This country is awash in debt, both at the personal level and the governmental level. People in foreclosure and what not.

Yes, yes I know it's just an income tax refund we're talking about.

And after that soap box post, you still don't get it. I specifically said $1000 or LESS. If someone is getting more than that, then maybe they do need to consider savings. As others have already said, but yet you seem to want to ignore, over the course of a year that is NOTHING. Even if you invested it you are talking about making $15 or so over the year.

Why is it so hard to understand, that for people who only get $1k or less, it's nicer to get a nice surprise at the end of the year. Who are you exactly to be telling people what's better for them? I have $0 credit card debt, I put money every two weeks into an ING account as well as my 401k, and I choose not to invest. The only debt I have is the car I just bought...that's it. So, please tell me since you seem to know what's best for everyone, how much money I'm losing getting my sub $1k refund every year?

 

[spidey07]

Originally posted by: Insane3D
Why is it so hard to understand, that for people who only get $1k or less, it's nicer to get a nice surprise at the end of the year. Who are you exactly to be telling people what's better for them? I have $0 credit card debt, I put money every two weeks into an ING account as well as my 401k, and I choose not to invest. The only debt I have is the car I just bought...that's it. So, please tell me since you seem to know what's best for everyone, how much money I'm losing getting my sub $1k refund every year?

If you run the numbers you'd see that you are throwing a TON of money away. If you're OK with that, then so be it.

 

[tbike06]

Invest

 

[Insane3D]

Originally posted by: spidey07

Originally posted by: Insane3D
Why is it so hard to understand, that for people who only get $1k or less, it's nicer to get a nice surprise at the end of the year. Who are you exactly to be telling people what's better for them? I have $0 credit card debt, I put money every two weeks into an ING account as well as my 401k, and I choose not to invest. The only debt I have is the car I just bought...that's it. So, please tell me since you seem to know what's best for everyone, how much money I'm losing getting my sub $1k refund every year?

If you run the numbers you'd see that you are throwing a TON of money away. If you're OK with that, then so be it.

Jesus f'in christ. The numbers have already been run in this thread. I'm talking about $1k or less refund per year. Spread that out over 12 months....

I swear with some of you people, money is everything...that's really sad.

Originally posted by: CTrain

Yup, lets say the average American get about $600 back.
Thats an extra $50 per month for you.
If you put that $50 into a 5% account evry month for a year you would have earned a whooping $13 for the year.
Yes, we're all drowning in debts because the governement get to earn the $13 instead of us.

If you take an average of $1000 insted of $600, thats an extra $19 for the year.

OMFG...I lost like $15 to $19 this year!!! DAMMIT!!

:roll:

 

[spidey07]

Insane3d. In an effort to help you....

You're probably young, that's why your return is so small. that is the number one reason why you should be investing now TIME is the greatest asset.

Hopefully you'll start to see the bigger picture instead of just this single year. Then you'll see what your money is worth if you just follow sound principles. See what those measely dollars turn into in 10 years.

I don't know about you, but I don't want to work when I'm 50. And like a dummy I didn't think wisely about money when I was younger and am now playing catch up. I only wish I knew now what I did back in my 20s. Probably wouldn't be working.

 

[FoBoT]

down payment on a car

 

[BigJelly]

Originally posted by: tbike06
Invest

Same here. Sad I finally get real money (now I pay more in taxes than I made while I was in college) and I never see it. In the last 4 months I've put away $2.3k in my 401k, $8k into my Roth IRA and $5k investing for a home ($5k more in 2 weeks--loaned to my sister to pay off her credit card). But when I'm fat, bald, and old I'll have so much money I won't know what to do with it (at least thats the goal).

Once you get money, you just look for ways of getting more. Well give a mouse a cookie, I guess.

 

[Insane3D]

Originally posted by: spidey07
Insane3d. In an effort to help you....

You're probably young, that's why your return is so small. that is the number one reason why you should be investing now TIME is the greatest asset.

Hopefully you'll start to see the bigger picture instead of just this single year. Then you'll see what your money is worth if you just follow sound principles. See what those measely dollars turn into in 10 years.

I don't know about you, but I don't want to work when I'm 50. And like a dummy I didn't think wisely about money when I was younger and am now playing catch up. I only wish I knew now what I did back in my 20s. Probably wouldn't be working.

No, I'm not young, and money is not as important to me as it is to you apparently. Please, don't try and come in here and patronize me ok spidey man?

The closest I get to investing is my 401k, and that will be it. I chose to not invest in the stock market...period. I put money in my 401k and ING, and that's fine for me.

So, in short, please keep your "I know best" smug attitude to yourself...k?

 

[waggy]

Originally posted by: spidey07
Insane3d. In an effort to help you....

You're probably young, that's why your return is so small. that is the number one reason why you should be investing now TIME is the greatest asset.

Hopefully you'll start to see the bigger picture instead of just this single year. Then you'll see what your money is worth if you just follow sound principles. See what those measely dollars turn into in 10 years.

I don't know about you, but I don't want to work when I'm 50. And like a dummy I didn't think wisely about money when I was younger and am now playing catch up. I only wish I knew now what I did back in my 20s. Probably wouldn't be working.

I agree. hell i was able to retire at 30 because instead of blowing money i invested it.


but i have to agree with what he is saying. 1k back? no big deal. its not anything in interest to worry about. Now if someone is getting back 4+ grand a year then yeah they need to re-work it so they get back a LOT less.

though this year i should bet back 2-4grand. we forgot to change the number of deductions for my sone born this year. usually we get back around $500 or so.

 

[Engineer]

Now that we've worked through the pros and cons of refunds and/or lack thereof, we'll get back to your regular scheduled "what do you plan to do with your tax return money?" thread, already in progress!

 

[BigJelly]

Originally posted by: spidey07
Insane3d. In an effort to help you....

You're probably young, that's why your return is so small. that is the number one reason why you should be investing now TIME is the greatest asset.

Hopefully you'll start to see the bigger picture instead of just this single year. Then you'll see what your money is worth if you just follow sound principles. See what those measely dollars turn into in 10 years.

I don't know about you, but I don't want to work when I'm 50. And like a dummy I didn't think wisely about money when I was younger and am now playing catch up. I only wish I knew now what I did back in my 20s. Probably wouldn't be working.

Best advice I've heard from ATOT. spidey07 at least im taking it. 23-years old and given average market gains of 11.4% (which is has been for the last 50+ years) I will have 3.16 million in my 401k and 1.60 million in my Roth (1.5 and .72 million in todays dollars) by the time I'm 55.

 

[Insane3D]

Originally posted by: waggy

Now if someone is getting back 4+ grand a year then yeah they need to re-work it so they get back a LOT less.

though this year i should bet back 2-4grand. we forgot to change the number of deductions for my sone born this year. usually we get back around $500 or so.

I agree with you 100%. Some people in this thread can't seem to grasp I was talking about $1k or less...

Originally posted by: Engineer
Now that we've worked through the pros and cons of refunds and/or lack thereof, we'll get back to your regular scheduled "what do you plan to do with your tax return money?" thread, already in progress!

Fine by me...

 

[spidey07]

Originally posted by: Insane3D
No, I'm not young, and money is not as important to me as it is to you apparently. Please, don't try and come in here and patronize me ok spidey man?

The closest I get to investing is my 401k, and that will be it. I chose to not invest in the stock market...period. I put money in my 401k and ING, and that's fine for me.

So, in short, please keep your "I know best" smug attitude to yourself...k?

Gotcha.

I was only trying to tell you what I wish so badly somebody had told me a long time ago.

whatever works for you.

 

[timswim78]

Putting mine into a mutual fund.