How To Use Your Tax Refund Wisely.

Mindset

You probably already have or are still waiting to receive your tax refund.  What are your plans with the money you get back?  Are you going to save it or spend it?

Most of the time people are going to spend it on a TV or something that will depreciate.  I don't want that for you, the fact that you are reading this means you think different, you want more out of your tax refund.  However it is going to require some work on your part.

This is in no way easier than going and blowing you refund on something right now.  What can happen if you do what I am going to share with you today is that you may have the chance to multiply your tax refund!  Like I said, it will take work and it isn't easy, but will be worth it in the end.

The Process 

When you receive your tax refund instead of looking at what you can spend money on look at what you can invest in.  Start to look at how you can use that money for leverage in your life instead of "extra money" that will soon be spent on some junk you don't even need.

Although I cannot tell you what is right for you to invest the money in I can give you some pointers, but you are the only one who knows the right way to leverage your money.  The things I would consider are investing in yourself (books, audiobooks, courses etc.) and flipping items (retail arbitrage, garage sales etc).

For example, I decided to invest some more money (about $100) into retail arbitrage through Amazon FBA, this allowed me to put the rest of the money in the bank and let that $100 (hopefully) work for me over the next couple weeks.  If it does end up making a profit that will leave me with $20-40 extra, which will be re-invested back into more items to flip, and the process will continue.  

Imagine if you did this yourself.  Sure you wouldn't be able to buy a new TV or computer right away, which is a bummer, but after a while you will have more money to buy something even better as long as everything works out (nothing is guaranteed) but worse case you are going to be out a couple hundred dollars and gain the experience of trying something new.

Maybe you would rather invest in yourself instead.  The benefits of this are that you have something that will always be there to help and guide you.  However, I would only recommend investing in yourself if you are going to take action on it.  From firsthand experience I have spent an insane amount of money on books in 2015 but I read so many of them without taking too much action which  really just made reading those books a waste of time.

Once again, for investing in yourself don't spend all of your money on it, focus on one or two books or programs that are going to benefit your life.  This way it is easier for you to focus on one thing instead of a bunch of books or programs to the point where you rush through them and don't even learn anything.

Some books/audiobooks I would recommend are Awaken The Giant Within, The 10x Rule, The Millionaire Fastlane, The Power of Now, and The One Thing. (Links to all of these books below.)



 

Closing thoughts

Is investing your tax return something that sounds worth while to you? If so leave a comment below on how you will invest your tax return to give yourself and your loved ones a better life!

Thank you so much for reading, as always,
Make the best of today,

Brian