Are you looking forward to getting your tax refund soon?
What are you going to do with your extra money?
Go on a beach trip?
Take an amazing family vacation?
Or maybe more of a stay-caytion...
80% of Americans get a tax refund and are exciting to see that check, but wouldn't you want more money coming in year round?
8 Out Of 10 Americans Are Missing Out! You Should Get Access To Your Money All Year Long
All a tax refund means is that you're getting your money back from the IRS. You are giving the IRS your extra money and letting them babysit it.
FIRST OFF: The federal government isn't the best example in how to save money.
Plus, If You're Getting A Tax Refund There's A BIG Opportunity To Make Even More Money
In most cases if you are getting a tax Refund, we can give you the tools to grow your wallet.
Before I share the strategy to adjust your withholdings and invest the extra, most of you wouldn't trust yourselves with extra money on your paychecks. This isn't a problem, but a reality we have to accept.
Listen To This Financial Experiment Performed By The Wall Street Journal
The Wall Street Journal did a fascinating study that we can replicate by asking you to choose one of three options to this scenario.
Let's assume you have $1,000 dollars to put into an account for one year. You have to choose the account you believe will help you have the most money at the end of the year.
All three accounts make the same return.
Which Would You Choose?
1. A fully liquid account (you can pull out your money whenever you want).
2. An account that carries a 10% penalty to pull out your money.
3. Or an account that offers no access to your money at all.
Which account would you choose if you wanted the most money at the end of the year?
Account #3 Was The Most Popular
Surprisingly, the majority of people who responded chose the account with no access. Because they didn't trust themselves.
Boundaries to protect your money growth is wise. It's healthy to create boundaries and not have your money always easily accessible, but not a great idea to place that money with the IRS.
... Time for the good news!
Here's How Make Your Money Work For You - It's Easy & You Definitely Don't Have To Trust The IRS
Today, I can listen to your situation. And quickly let you know what opportunity there is to change your withholdings and identify the best place to reinvest this extra monthly cash.
Here's What We Want To Do For You:
1. We'll take a free look at your situation and see if this strategy makes sense. (It most likely will, but sometimes it isn't a fit.)
2. You'll have more money come in on your monthly paychecks.
3. You'll decide what to do with your extra monthly money and put it in a place to grow for the future... (We can coach you on our suggestions and how to do it automatically if you don't trust yourself.)
This will compound the growth of your money and put it to work for you.
Please stop giving away your money! And celebrating it as a "refund." You can do better.
This can and will help you grow your money over time and help you earn major benefits. Contact the More Than Money team if you want help.