We almost completed two months into the new year, and I’ve been asked a lot this year, what is a good investment for my tax refund. 68% of all refunds are used for vanity purchases, such as a new tv, car, jewelry, and/or luxury named retail (Louis Vuitton purses).
While these purchases can make you feel happy for a moment they typical don’t have a long term impact on your well being. While having a new purse is great to have, but wouldn’t you rather setup an estate? Purchase your own home? Setup a retirement fund?
Without knowing the specifics of your financial situation to make a blanket statement that you should invest in something would be foolish. I would encourage you to schedule an appointment with an agent at so we can find the right investment that makes financial sense for you.
When I recommended to some of my clients that an Annuity would be a good safe investment to get them started for an example. I typically hear, “My refund won’t cover that” Most investment funnels can be started with as little as one hundred dollars! (some cases even less) While most agents will tell you, you need $5,000 to $10,000 to get an account open, that simply is not true.
Can you invest and still use some of your refund for a vanity purchase? Absolutely!!! While investing is important to secure your future and your retirement, you should be able to enjoy the fruits of your labor now. Working with one of our agents at Forever Young we will help you fine a plan, and investments that fit your budget as well as fit your need to enjoy your life today as well.