Thanks to the Government, a check might be coming your way.
Now what buy another gadget? The government wants you to
spend this check to help stimulate the economy. There are
a couple things I might agree to spend this check on.
If you are a coffee or latte addict like me, the one thing
I would consider a good investment to use your rebate check
on, is a high-end latte machine. This could more then pay
for itself in 6 months. BUT, you have to use it and not
just let it sit on your counter! This is an example of an
investment that will actually SAVE you money in the long
run. This type of spending makes sense. Just make sure you
are not blowing your rebate on junk that will not pay you
back.
Ok, now onto the savings part of my article.
Here are 5 things to do with your rebate check that will
actually help you create more wealth.
1. Personal Education: As I have said before, I continue to
educate myself to keep me on top of my own business and
personal goals. Why not take your check and invest it in
your education? Hire a financial coach, take a course on
finances, or attend a seminar that you feel will bring you
value. Or, if you are employed, ask your employer if they
will help you pay for education that would further your
career. Then, you can take another course of your choice.
2. Emergency Fund: With our economy being shaky now, it is
a great time to start an emergency fund. Maintaining a
solid emergency fund is an important safety net, and while
the tax refund won't fully fund this emergency account,
it's a good beginning. You goal is to have at least 3
months of your monthly expenses in this account. Find a
high interest on-line savings account to transfer funds
into. This will make you feel so good just knowing you have
a back up plan, you will walk taller, I can guarantee that!
3. Retirement Fund: If you have not started a retirement
fund, this might be a good time to start one. If you
already have one, adding to it is also a good idea. Open
an IRA or Self Directed IRA to ensure you have a nice nest
egg when you retire!
4. Wealth Account: This account is different than your
emergency fund. If you have an emergency fund already,
then start a wealth account. This account is meant for
building wealth. Once you deposit your rebate check into
this account, set up an automatic 10% deposit from each
paycheck you receive to go directly into this same account.
Once you build up enough money in this account, invest it
into another high interest/low risk account. As you build
up your wealth account again, continue to invest over and
over again. You want to be sure that this money keeps
moving. Do not put this money in any account that you
cannot touch or move in a reasonable time frame. This is a
great way to skyrocket your net worth!
5. Debt Reduction: If you have credit card debt, I would
highly recommend that you pay it down. This will
supercharge your debt reduction plan. The key is to
remember that once the debt is paid off, you should keep it
off and not build up the credit card balance again.
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