E24: This Will Make You Rethink Tax Refunds

Dollars and Nonsense

In this episode, we'll discuss the reasons why you shouldn't be so excited about your tax refund, and maybe what you should do instead.

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This episode is going to be a fun one. We hear all the time, even in our realm of business, "Maybe I'll get started when I get my tax refund." Or, "I'm looking forward to getting my tax refund, then I'll finally have money."

We have a different viewpoint on it. And we want to make sure everyone else understands, not only about the tax refund, but we also have some other things to say that you may want to implement.

When you think about a tax refund, it's your money you already gave the government to use for a period, or they had it. Whether it be an estimated tax, or by the time you file the taxes, you get the refund.

But, in reality, it was your money that you gave to the government to use, and then they just sent that money back to you. And they didn't send it back to you with interest payments. It's not the same dollars you sent them. It's different dollars, and yet we get excited because, "Yay, we get a refund."

~ Get resources and transcripts from this episode by visiting:

https://livingwealth.com/e24

Rethinking Tax Refunds Topics Discussed:

• Should you get excited about a refund
• Keeping your money in your control and working for you
• Ways of leveraging a policy to come out ahead
• Why Warren Buffet is rumored to differ paying his taxes for up to 7 years

Episode Takeaways:

I will say the IRS is the biggest robber of our wealth out there today.

Why do I want to give the IRS good dollars today for them to give me weaker dollars in the future?

Instead of giving that estimated tax over to the IRS, we've put it into a life insurance policy because the growth will pay any penalty.