A Common Money Mistake

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We know quite a few people who think this is a way to SAVE money for a vacation. Can I just tell you that you’d be so much better off taking the money and investing it, even in today’s economy, or paying off life-choking debt? Here a paragraph from an article you can click here to read for yourself.

Overpaying taxes: A big tax refund can be a source of much needed cash each year. But a tax refund is the result of having too much tax withheld from your paycheck, which gives the government an interest free loan with your money. Instead of letting the government hold on to your money for up to a year, adjust your withholdings so you can pocket your money now. The goal should be to match your withholdings as close as possible to your tax liability.

3 thoughts on “A Common Money Mistake

  1. I just love talking about how to handle money! People today do not understand the concept of “pay now/play later”, everyone wants things right now so they “play now and pay later” = putting themselves in a financial bind

  2. TQO my beautiful friend! Where have you been these days? I encourage you to write a guest blog helping people with money issues. It’s so needed!! Just email it to me and I’ll post it. Please forgive any typos I’m typing from my Blackberry! Big Hugs to you!

  3. Thanks TLC! I may be scarce, but I’m always thinking of you! I have been working lots of ot lately with this June 30th deadline for 1st home buyers, plus lots of weddings. I am hoping July brings free time 🙂 I look forward to writing a blog about handling money! That will take me some time, but I will get it to you when I can! Thanks for asking me! I am so excited!

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