Andrew Harmon



Wise Money Decisions

That time of the year has come for some of you – Income Tax Refund Check time. Usually right after the New Year we all start to feel the euphoria of the back-to-back holidays as over and done with. Now, we are financial stagnant and need a quick financial fix to recover. The thought of what has been taken all year long to arrive is back and starts to burn holes in your pockets with the first sight of your W2 and rightfully so, it’s your money – earned it.

This is when many will start to get antsy about filing out their tax forms for that rapid return. However, the huge mistake many will make is once that money is received they’ll run through it so fast and have absolutely nothing to show for it. So I am proposing a plan for your money so that all of your hard doesn’t blow away with the winter winds. This fundamental strategy for your income tax refund is broken down into short-term money goals and Long-term money goals.

Short term money goals defined as:

  • Set up an emergency fund – never know when you will need cash on hand

  • Pay off highest interest rate credit cards – will save money spent later & boost credit

  • Introduce your children on how to manage money by opening up youth bank accounts

  • Pay a chunk of your car note’s principal amount or pay it off – will eliminate a monthly payment

  • Enroll in a certificate program – will boost your resume making you more marketable

  • Start the foundation for a small business – will fulfill a dream you’ve been having

  • Plan a family vacation – paying for it in advance gives you time save up for spending money

  • Purchase a computer – will keep you up-to-date on the world and great for networking

Long term money goals defined as:

  • Pay interest payments on student loans – will shorten your payments over the loans course

  • Start a savings for a car or house – will fulfill a dream you’ve been having

  • Pre-pay mortgage payments – will reduce the interest charged over the life of the loan

I am sure many things are swirling around in your head even more so as to what to do with this lump sum of money now that I have provided you with more options. Start thinking about it now, grab a tablet and a pen and begin writing down all those things you need and all of those things you want, weight the two and decide what is best for you. Being prepared is the difference between being a survivor and a statistic. With all the information I have provided, I am confident you are well prepared to make the decision that best meets your needs and the needs of your family without feeling insecurities of what you did NOT do with all of your hard earned paid taxes.


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