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Use Your Tax Refund to Plan for a Better Tomorrow!

Anne | 2/3/2010, 12:32 p.m.

Anne-Jennell Burke Courtesy Photo
Well, the New Year is in full swing and it is the start of Tax Season! For those of us who will be fortunate enough to be getting a tax refund, we have a lot of goals for that money. Some are short term goals such as: paying off credit card debt; paying medical bills; paying off car notes or using the money as a down payment on a new car; paying the invoice for those Redskin tickets (this applies to you Redskin season ticket holders) and replenishing our savings accounts. Some are mid-term such as: stashing away money for that summer vacation we want to take this summer; summer camp for the kids; or a down payment on a new home. Some are long-term such as: putting money aside for the kids or grandkids college education; saving for retirement; or building an inheritance to leave to our children and grandchildren. Regardless of what you plan to do with your tax refund, it is important to have a plan in place.

The first step in any financial plan is to find out where you stand financially and see how close or how far away you are from reaching the goals you have set. The second step is to put an action plan in place to help you get to where you want to be. Your tax refund could help you reach the financial goals you have set!

To get you started, I want you to answer the following questions honestly. This exercise will help to start you with your action plan.

Are you planning to contribute to your children or grandchildren€s college education?

Have you thought about leaving an inheritance to your loved ones you hold dear to your heart?

Do you receive the majority of your income from taxable investments and want to minimize the amount of taxes you pay each year?

Are you tired of watching your investments go up and down and looking for something with a guaranteed interest rate?

Are your social security benefits giving you the income you need for your active lifestyle?

Are you concerned about the future of the Social Security Program?

Are you worried that you€ll need to save more money for your retirement than the IRS allows in some retirement plans?

Are you concerned about what will happen to you if you become sick or disabled and could not work? Especially if you are a small business owner, entrepreneur, or single; how will you get paid or stay in business?

Have you ever had to take care of a disabled, chronically, critically or terminally ill loved one and the incurring debt almost did (or did) put you in financial ruin and you do not want to do that to your children or grand children who you would be relying on to take care of you?

If you are a stay at home parent or homemaker, have you ever thought about how you (and your family) would continue to survive if you lost your working spouses€ or working partner€s income?

There are many more questions I could include but, this a start. Please take the time to honestly answer these questions. There are many solutions to these concerns and needs. It€s up to you to put an action plan in place. Your tax refund can help get you started!

For questions or comments about this article, or to have a free financial needs analysis done, contact: Anne-Jennell Burke of Burke Financial Services at 301-324-1346, by email at BurkeFinancial@gmail.com, or visit website: www.Burke1Enterprises.com. Mrs. Burke is a licensed and contracted agent with New York Life Insurance Company.