Getting a huge tax refund isn’t always a good thing??!!
If you’re getting a really big tax refund this year, we’re not trying to crush your joy. But here’s why it ISN’T always a good thing…
When you get a big refund, it’s usually because you had too much money withheld from your paychecks. Maybe because you filled something out wrong on your W-4. And it IS nice to get that big chunk of money.
But a lot of people end up using their refund to pay down credit cards, which rack up interest all year. And if you had a little more money in your pocket, maybe you wouldn’t have NEEDED to use your credit card.
Or that extra money could have automatically been deposited into a retirement account.
If your 401K or IRA made 6% a year, you’d actually end up with about a HUNDRED-THOUSAND dollars after 30 years.
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