Tax refund Q
atarian
Posts: 3,116 ✭
Getting a nice $ back. Thinking what I should do with it.
a.) save it to get a place with the gf in 2012/13
b.) buy a 2nd classic car to drive every day
c.) buy something bigger than a sunfire for every day.
d.)buy the camera for my book ( im thinking to save it from my scratch off winnings and my pay checks to get it instead)
e.) buy coins ( which would you go for).
f.) get it all in pennies and roll around in them ( not naked but still)
g.) get the classic car repainted. (doesnt look bad right now but its the wrong shade to be correct for the model and year). the last repaint was a much lighter blue than it suppose to be.
a.) save it to get a place with the gf in 2012/13
b.) buy a 2nd classic car to drive every day
c.) buy something bigger than a sunfire for every day.
d.)buy the camera for my book ( im thinking to save it from my scratch off winnings and my pay checks to get it instead)
e.) buy coins ( which would you go for).
f.) get it all in pennies and roll around in them ( not naked but still)
g.) get the classic car repainted. (doesnt look bad right now but its the wrong shade to be correct for the model and year). the last repaint was a much lighter blue than it suppose to be.
Founder of the NDCCA. *WAM Count : 025. *NDCCA Database Count : 2,610. *You suck 6/24/10. 
In memory of Tiggar 5/21/1994 - 5/28/2010
In memory of Tiggar 5/21/1994 - 5/28/2010 0
Comments
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>You should hire an accountant to convince you to not have the withholding set so high. >>
<< <i>Getting a refund of a substantial amount is not good planning. Letting the government use your money interest free is wasteful. Always better to pay them a tiny amount and look back with satisfaction on how you invested the money during the year and the dividends reaped. Cheers, RickO >>
<< <i>You should hire an accountant to convince you to not have the withholding set so high. >>
Why would he do that when you just gave him the advice for free? Frankly, there are many who are not disciplined savers and if they get a slightly larger paycheck they would just piss away the extra money and end up with nothing to show for it. The amount lost in interest is miniscule. There are some who are actually better off getting a small lump sum once a year.
How you 'save' it is up to you.
Personally, I'd be buying mining stocks, both junior and large cap and a portion into bullion (perhaps platinum at this time is a good choice).
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
<< <i>
<< <i>You should hire an accountant to convince you to not have the withholding set so high. >>
<< <i>Getting a refund of a substantial amount is not good planning. Letting the government use your money interest free is wasteful. Always better to pay them a tiny amount and look back with satisfaction on how you invested the money during the year and the dividends reaped. Cheers, RickO >>
I have always used tax refunds as part of my planning. I always wanted the cash to come in March/April because all 3 car registrations and insurance were due. Granted this was a few k, and not 10's of k but still I like getting the refund to avoid dipping into savings. The interest on a few grand nowadays is almost nothing so better then tapping the CC and potentially having to pay interest.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Not of the other can hold you when you are feeling down and out!
<< <i>
<< <i>You should hire an accountant to convince you to not have the withholding set so high. >>
Why would he do that when you just gave him the advice for free? Frankly, there are many who are not disciplined savers and if they get a slightly larger paycheck they would just piss away the extra money and end up with nothing to show for it. The amount lost in interest is miniscule. There are some who are actually better off getting a small lump sum once a year. >>
That's surprisingly true. I've found myself in that same situation over the years. I like DE's suggestion of mining stocks, bullion, etc. Silver seems high today at $43/oz. It will seem
even more obscene when it's over $100 within the next 2-3 yrs. Food, energy, and precious metals are good places to be over the next few years as the growing world will be demanding them. I don't necessarily lump collector coins into that group.
As far as getting another classic car, that sounds like a questionable idea. The collector car market has taken a 40% hit across the board since the fall 2007 peak (same time stocks
peaked). But they are still about 2X the price that they were fetching at the last bottom in 1996. Still more room for consolidation. Of course should inflation take hold again
and the stock market roars back to 14,000 (entirely possible) then maybe cars will respond in kind. But I'm not sure classic cars have another 1996-2007 run in them as the world
is still deleveraging and deflating paper assets until 2014-2015. If times are tough around the nation, an extra rarely-driven classic car is not where the money will be parked. Instead I see investors sticking to stocks, art, antiques, small collectibles, commodities, precious metals, etc. Rising gas prices or even gas lines aren't going to be a plus for classic car ownership. But there are probably collector cars from the 1980's and even 1990's that might see interest as the youth from those periods start being able to afford those as 2nd or 3rd vehicles.
Unless you are confident of being awash in free cash over the next 5-10 yrs I'd hunker down and put that money to good use where it will outpace inflation. And that's not going to be in
a classic car unless you have insider knowledge on particular models that are currently way underpriced. On the investment scale extra homes and cars are rather cumbersome and illiquid objects unless priced at fire sale numbers. I think both have a few more years left of meandering slowly downward before getting a foot hold. If the paint on your car is the wrong shade for the year but still attractive and fully functional, I'd leave it be. Let the next owner down the road worry about it. They'd probably find fault with the old paint job or even a new paint job. Things don't have to be as perfect today as we desired them during the whacky years of 2004-2007 when reality was tossed aside. Girlfriends come and go. You only get once chance to start building that nest egg early on. Once we get past this deflationary spat, then being a little more loose with the spare change might be in order.
roadrunner
a) save it
f) roll around pennies (doesn't cost anything except perhaps a Coinstar fee)
d) camera, a camera is cheaper than most of the other options
The car hobby seems like a rat hole. Buying a second classic car would seem to increase the size of the hole. What is the point in that? Not listed, but buying a more practical, more reliable, less expensive to maintain non-classic car might be up there.
<< <i>I vote for taking care of GF first
Not of the other can hold you when you are feeling down and out! >>
Isnt that what you guys are for???
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RedTiger,
I didnt put that option up about buying a smaller more efficient car because my little sunfire is getting good gas mileage and doesnt have any issues.
i know i have to end up doing mostly A. cause if i dont the gf will not let me hear the end of it. that and i kinda know its the right thing to do .
This is good for wealth, mental health, and will also reduce your carbon footprint.
``https://ebay.us/m/KxolR5
I say take your tax refund, buy pennies, and halves and nickels and do wheat, silver, and early Jefferson searches. You don't lose any money on those "investments" and if you have a payout like I did a couple of weeks ago with my silver haul at the credit union you can reap a 1000% profit.
That being said...and to get to your question...I think you have to ask yourself a few questions. Is there something that you or your family NEEDS to do with the money? Does that classic car NEED to be repainted to prevent rust and damage or is it stored in a garage and is it just fine? A second classic car will likely be another money pit. If that is what you enjoy then that is fine. Buying something BIGGER than a sunfire for everyday use does not sound like a great plan with gas prices souring. It sounds like you already have a sound plan for the camera need which is good but you could possibly help that project along. If I were you, and from the options you provided....I would dedicate some of the funds towards the camera just so you can give that project a sooner end date and then put the rest in coins if that is the hobby of choice.
Classic cars are cool but they cost a lot of money...then they cost a lot of money each and every year that you own them (minimum upkeep and insurance can be enough to keep me away). Just another money pit that you will likely never get your money back out of...
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Get it pennies and have fun looking through them then put it in the bank and put it towards A.
I like getting money back........and I would spend it all on dimes I need!