It’s that time of year….
Income tax returns will be in the mail or in our accounts very soon. Make sure to spend it wisely so that it can put you ahead in a few ways for the months and years to come. Below, I have listed 5 good ways to spend your upcoming income tax refund.
1. Start or add to your Emergency fund. We all need to put something away for a rainy day. Trust me, rainy days will come. It’s good to have funds available when an unexpected event arises, such as car or home repairs, or even the loss of a job.
2. Pay off debts. Especially high interest debt, such as credit cards or any high interest loans. Paying off high interest debt is extremely difficult when you are only making the minimum payment. This is because the majority of your payment is paying off interest and only a small percentage of it is actually paying down the principal payment.
3.Open Retirement Accounts. Open an IRA(individual retirement account) or add to an existing one. Max out on your annual contribution if possible. This will help keep you on track with your retirement goals.
4. Invest in the stock market. There is a wide variety of investments that you could invest in to grow your funds. Make sure to do plenty of research prior to investing.
5. Give! This is the most important tip. Give to your local church and/or organizations that speak to your heart. It is more blessed to give than to receive. Acts 20:35
When you receive your refund this year, implement 1,2 or all of the tips below. You will thank yourself later!
“Always plan ahead. It wasn’t raining when Noah built the ark.” ― Richard Cushing
I have a question for you…
Whatever your goal may be, whether it is to get in better shape or if it is to become debt free do you actually visualize yourself achieving that goal? If not, I would encourage you to start. When you do this, don’t make it a brief exercise, make it detailed and really become engrossed in your thoughts. For example, think about what would your body look like if you were in better shape? Would it be to have a body like Sylvester Stallone, Tyson Beckford, or Jillian Michaels? Maybe it would be seeing a certain number when you step on the scale or a certain number when you log in to check your bank account balance. Imagine the feeling that it would bring. What you you do once this particularly goal was achieved? “A study published in the Journal of Behavioral Medicine in 2011 found that people who saw themselves as the person they would like to become as a result of exercise burned more calories than did those who imagined themselves only working out or getting ready to do it. ”
Visualization is a powerful tool that has been utilized by athletes for a very long time. Science says that this technique works because neurons in our brains, those electrically excitable cells that transmit information, interpret imagery as equivalent to a real-life action. When we visualize something the brain fires an impulse that signal our neurons to perform that particular movement.
If you haven’t already, I encourage you to begin incorporating visualization as a tool to help you reach your goals. Try this out for a few week or even a few month. I would love to hear about your results.
We will leave you with these 3 things:
-Get clear on what you vision is.
-Be consistent and in depth when visualizing your goals.
-Execute, make sure that your actions are bringing you closer to obtaining your visualized goals.
Also, “Vision” just happens to be one of the strongest characters in the Marvel Universe. (We just wanted to throw in that bonus info..)