What to do will my tax return

luvagoodshot

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Had my taxes done the other day and found out that my wife and I are getting $1600 back. We have always split the amount that each of us gets, so my wife gets $800 of it and I get the other $800. Now what should I do with my share of the return? Should I buy a new driver? Use it towards a membership? Buy a laser sight and holster for my new Ruger American 9mm? Invest it in the stock market? Take a golf vacation? Buy something for the house?
So many options.
What would you do with $800?
 
We typically use any return money pay down debt (kids' student loans). But for the sake of answering more hypothetically..

Because I'm happy with my bag, I'd likely buy the new Sig P365 and a holster or two. Maybe a pair of golf shoes that I don't need also, to satisfy that side of things too.
 
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If be investing it or putting it towards my wife's car loan. But that's just me.



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Living in Los Angeles it goes straight to rent
 
Tough call. Driver, maybe some irons?

Nope!!!


THP event. Memories last forever (or at least a long time).
 
Tough call. Driver, maybe some irons?

Nope!!!


THP event. Memories last forever (or at least a long time).

That's what I've already told my wife this year, that I have to have a little nest egg just in case I'm lucky enough and I get selected into one this year.
 
We typically use any return money pay down debt (kids' student loans). But for the sake of answering more hypothetically..

Because I'm happy with my bag, I'd likely buy the new Sig P365 and a holster or two. Maybe a pair of golf shoes that I don't need also, to satisfy that side of things too.

When I bought my Ruger American, it was a choice between the Ruger, a Springfield XD, and the Sig Sauer P365. The reason I chose the Ruger was because it has a longer barrel than the other two which I believe will give me better accuracy. The P365 has a 3.10" barrel, whereas my Ruger barrel is 4.20" But the XD and Sig are also sweet
 
Lottery tickets.
 
Usually try and pay off daughters medical bills to allow for more $later in the year for golf....

If i had $800 and that was already done....i would snag a forged UT 18* and a Rogue 13.5 fairway...
 
When I bought my Ruger American, it was a choice between the Ruger, a Springfield XD, and the Sig Sauer P365. The reason I chose the Ruger was because it has a longer barrel than the other two which I believe will give me better accuracy. The P365 has a 3.10" barrel, whereas my Ruger barrel is 4.20" But the XD and Sig are also sweet

You made a great choice, Ruger makes fantastic firearms (I own two of their revolvers), I love the XD too.

I buy strictly for CC and the diminutive size, weight and easy conceal-ability of my Kahr PM9 and PM45 has forever spoiled me.

Once I learned about the P365's superior capacity yet still within nearly the exact dimensions of the PM9, I was hooked.

I'm still gonna wait some for all the kinks to get worked out but assuming they do, I'll own one.
 
i would either do a vacation (come to the gathering in orlando if you’re not already signed up), or get a wedge fitting.


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Watch the gold spot prices, then buy a little metal...
 
It would never make into my hands it would go into the black hole my wife calls savings lol


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To keep with the theme of the thread, I’d do one of three things.

Invest in my kids 529 account. He’s got >18 years and I want to be prepared for him to attend any school he wants.

HK P2000. Been eyeing this bang bang for awhile and I really want to bring ‘er home.

Rogue 3w & 5w. Absolute launchers and I will have them!

Hoping my accountant comes back with similar news! C’mon big money!
 
If the plan is to get a golf membership anyways and you are happy with your bag, I'd say use it to offset the membership.

Unfortunately my tax return is going towards the house this year. The furnace, air conditioner are original to the house (20 years) and this winter reminded us of that fact. So our returns are going towards replacing them.

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Save it for retirement or to pay off debt. I know that’s very boring but now that I’m retiring at age 52, I’m glad I learned to be a saver when I was in my 20’s.

If you invested a $1600 refund each year and got the long term average return of the market you would have a nice little next egg of $450,000 in 35 years.
 
Save it for retirement or to pay off debt. I know that’s very boring but now that I’m retiring at age 52, I’m glad I learned to be a saver when I was in my 20’s.

If you invested a $1600 refund each year and got the long term average return of the market you would have a nice little next egg of $450,000 in 35 years.

Who wants to wait 35 years...that's no fun! Haha I used to be a spender but now I'm starting to be a saver. At 45 a little late to the game but I have a plan and I WILL make it work!
 
Save it for retirement or to pay off debt. I know that’s very boring but now that I’m retiring at age 52, I’m glad I learned to be a saver when I was in my 20’s.

If you invested a $1600 refund each year and got the long term average return of the market you would have a nice little next egg of $450,000 in 35 years.
I like the way you think! We'll be paying car loan debt down with half of ours and investing the rest in our Roth's. Retirement at 50 sounds glorious....

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I like the way you think! We'll be paying car loan debt down with half of ours and investing the rest in our Roth's. Retirement at 50 sounds glorious....

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I was a finance major in college and my dad beat it into my thick skull when I graduated from college that I must save 10% initially and bump it to 15% as soon as I payed off my student loans, which I did at age 25. He also preached being debt and mortgage free by age 50. I thank him now. My wife and I made some sacrifices in our 20’s, 30’s, and early 40’s. Especially related to cars, clothing, not having any toys, and living in homes we could afford. Most of our California neighbors chose differently, especially when it came to cars and homes. Until we were age 48 we had owned only 2 new cars, a 2002 Audi that was $29k(we sold it for $16k 4 years later)and a 2008 Buick Enclave that my wife was reimbursed $8,000 per year for by her employer. Nearly all of neighbors had expensive cars and other toys such as boats, extra cars, motorcycles, or RV’s. Many of them are a bit envious now that I’m retiring at age 52 and my wife is only a couple years from her retirement. I’ve done the math and if we had been driving the same cars and boats that our next door neighbors have had these last 20 years, we’d have to delay retirement to age 60 or 61 to have the same nest egg we have at age 52.
 
My mortgage is my only debt at the moment, so a little extra like that would go for a splurge and something I really want. So, if I had that money for anything, it would be used for a THP event hands down.
 
I was a finance major in college and my dad beat it into my thick skull when I graduated from college that I must save 10% initially and bump it to 15% as soon as I payed off my student loans, which I did at age 25. He also preached being debt and mortgage free by age 50. I thank him now. My wife and I made some sacrifices in our 20’s, 30’s, and early 40’s. Especially related to cars, clothing, not having any toys, and living in homes we could afford. Most of our California neighbors chose differently, especially when it came to cars and homes. Until we were age 48 we had owned only 2 new cars, a 2002 Audi that was $29k(we sold it for $16k 4 years later)and a 2008 Buick Enclave that my wife was reimbursed $8,000 per year for by her employer. Nearly all of neighbors had expensive cars and other toys such as boats, extra cars, motorcycles, or RV’s. Many of them are a bit envious now that I’m retiring at age 52 and my wife is only a couple years from her retirement. I’ve done the math and if we had been driving the same cars and boats that our next door neighbors have had these last 20 years, we’d have to delay retirement to age 60 or 61 to have the same nest egg we have at age 52.

At 7% return (average normally used) wouldn't 1600 be more like 235k? Or are you factoring in really big dividends to double that?
Im trying to figure out why we are not getting there, despite huge returns in the market currently and putting in more than that each year haha
 
Had my taxes done the other day and found out that my wife and I are getting $1600 back. We have always split the amount that each of us gets, so my wife gets $800 of it and I get the other $800. Now what should I do with my share of the return? Should I buy a new driver? Use it towards a membership? Buy a laser sight and holster for my new Ruger American 9mm? Invest it in the stock market? Take a golf vacation? Buy something for the house?
So many options.
What would you do with $800?

What's a tax return? lol
 
I was a finance major in college and my dad beat it into my thick skull when I graduated from college that I must save 10% initially and bump it to 15% as soon as I payed off my student loans, which I did at age 25. He also preached being debt and mortgage free by age 50. I thank him now. My wife and I made some sacrifices in our 20’s, 30’s, and early 40’s. Especially related to cars, clothing, not having any toys, and living in homes we could afford. Most of our California neighbors chose differently, especially when it came to cars and homes. Until we were age 48 we had owned only 2 new cars, a 2002 Audi that was $29k(we sold it for $16k 4 years later)and a 2008 Buick Enclave that my wife was reimbursed $8,000 per year for by her employer. Nearly all of neighbors had expensive cars and other toys such as boats, extra cars, motorcycles, or RV’s. Many of them are a bit envious now that I’m retiring at age 52 and my wife is only a couple years from her retirement. I’ve done the math and if we had been driving the same cars and boats that our next door neighbors have had these last 20 years, we’d have to delay retirement to age 60 or 61 to have the same nest egg we have at age 52.
My wife and I are the same way. I made her save 20% right out of college (she was still my gf at the time) and she wasn't happy about it. She still saves the same to this day and is glad she started when she did. We also max out our Roth's each year.

We still enjoy life, but tend to spend on experiences/trips over things. We could afford a house 5 times the cost we have now, but we'll pay this one off in 5-7 years and that flexibility is worth more than any huge house with expensive utilities and other bills associated with it. We've got one car that's paid off and another with 3.5 years left on the loan, but the plan is to pay it off much sooner.

Debt free and doing what we want is so powerful in our minds.



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At 7% return (average normally used) wouldn't 1600 be more like 235k? Or are you factoring in really big dividends to double that?
"Im trying to figure out why we are not getting there, despite huge returns in the market currently and putting in more than that each year haha"

Might be because you are buying Gordon Gekko's cigars for him???
 
My wife and I are the same way. I made her save 20% right out of college (she was still my gf at the time) and she wasn't happy about it. She still saves the same to this day and is glad she started when she did. We also max out our Roth's each year.

We still enjoy life, but tend to spend on experiences/trips over things. We could afford a house 5 times the cost we have now, but we'll pay this one off in 5-7 years and that flexibility is worth more than any huge house with expensive utilities and other bills associated with it. We've got one car that's paid off and another with 3.5 years left on the loan, but the plan is to pay it off much sooner.

Debt free and doing what we want is so powerful in our minds.



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The long term average since 1928 is somewhere around 9.5% with dividends or about 7% after inflation. Over the last 30 years it is about 11% for the S&P 500. Of course taxes will cut into that a bit when you start withdrawing your money.

The compounding effect of interest is not understood by many. I told my son before he went off to college that a 4 year college degree often costs $125,000 and if we instead elected to invest that instead of spending it on his college, it would be worth $3,000,000 adjusted for inflation by the time he was 65. That is without adding a penny to it over the next 46 years. He was shocked.
 
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