Terry Selb is a tax professional with years of experience who can help struggling individuals pay off their debts. He has been particularly significant in helping people learn how to handle their tax returns and use them to make sense of their needs. The following suggestions are among the best ways to use your return every year, he says.
Got Debt? Terry Selb Says: Pay It Off!
Over the years, Terry Selb has seen many of his clients mistake throwing their tax return around like it was free money. That’s not the case — that is money that you earned and that you deserve, he says. And you need to treat it like you would any cash that you make — by using it wisely to make your life better and more stable for years to come.
The best way to achieve that goal, Terry Selb says, is to pay off any existing debt that you may have on your name. Identify smaller debt accounts and close them off, if possible. This step immediately improves your credit and should make it easier for you to qualify for loans and other sources of income. And it also decreases your monthly payments, Terry Selb says.
As a result, you should be able to save more money and create a happier life for yourself. Sadly, Terry Selb says that many people don’t go this route because they don’t think about it or have other ideas about their tax return. If paying off your debts doesn’t sound exciting enough for you, Terry Selb has a few other suggestions that he thinks make great sense for your tax return.
Terry Selb Suggests Investing In Yourself
Does your home have any problems that need to be fixed? Terry Selb suggests spending some or all of your return on these enhancements. Doing so improves the quality of your life and makes your home easier to sell later on down the road. Even a return as small as $1,000 can be used to add new items to your home to make it worth more money.
However, Terry Selb also suggests other methods that you can use to enhance your life. For example, you can put your yearly tax return into a retirement fund. If you get $2,000 per year in tax returns, put them in a good 401(k) for 30 years, you’ll have over 80–100 thousand dollars by the time you retire.
You can also invest in your children’s future with a trust fund — placing that tax return into such a fund can build it up to significant levels by the time they are 18. Terry Selb suggests this approach if you have children who you want to send to college debt-free or if you don’t have the kind of money needed to pay their tuition and their book fees as they go to school.
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