What to do with tax refund???

[RikaKazak]

Well...my accountant just emailed me about my tax situation, and thankfully this year I don't owe a sh*t ton (like I did last year ) In fact, I actually get money back w00t w00t!!!

But I'm not sure what to do with it. Here are my thoughts and I was curious what you guys think I should do. (fwiw I'm getting $21K back...so I can do a few things)

1.) Put $12,000 in a savings account for when my pickup dies. My pickup was made in 1992 and is worth ~$2,000 with 172,000 miles. It runs great right now, but tbh it could die tomorrow, or in 5 years, I have no idea. The downside to this is 1.) I won't buya new pickup till my current pickup dies...so the money will just sit earning nothing for potentially years 2.) I don't really want a pickup THAT expensive

2.) Put money in a savings account for my trip to hawaii. My brother in law is getting married, I have $1K saved already for it, but the total cost will be like $7K (trip to china too for his reception)...I could add $6K and just "finish off" that planned saving. So far I think I "will" do this one for sure?

3.) Pay extra on the house? I just hate how the money will be "trapped" u know. I mean...I could pay a little extra, but I do always pay $1K+ a month extra so my mortgage "should" be paid off fairly soon anyways.

4.) Invest in real estate. I could always save up some more money and buy another property. And tbh I could get some pretty good deals right now. But I just don't have the time. (and the ones I have keep me PLENTY busy....not too into "buying mood" right now)

5.) Start a hobby store with debt? I mean, $20K is more then most start a store with (most stores in the area are "worth" $80K...so financing the rest wouldn't be hard) but I hate debt. tbh, I kind of want to start a store with all cash, would just be easier/less stress and less downside risk.

6.) Buy silver. I mean, I'm SUPER mega bearish on the dollar, but silver at $17 could be overpriced, underpriced....I don't know. I'm a bull on silver for sure, but it could hit $50 an ounce or $6 an ounce...really depends on if the dollar stays propped up imo..which could go either way.

7.) Buy VTI. I know it's boring, but VTI is just the ETF that tracks the U.S. market. The stock market is "meh whatever" right now...not a great buy but not horrible...I could do that? (with $20K should I dollar cost average in or do a lump sum?....kind of thinking like $5K a month to dc average in)

8.) Pick 5 companies and invest $4K in? I mean, I'm pretty bullish on a few companies and think they're pretty +EV...I could do that.




I'm not sure guys, I guess half this post is just me trying to "write out" my thoughts and stuff, but any help would be appreciated.

[RikaKazak]

Right now I have

$6K wedding trip (that'd finish my saving towards it, and I'm 100% sure I'll be going so gotta save sometime)

$5K pickup (that way if mine dies tomorrow, I could always pick up another truck for $5K and no worries)

$5K stock market....going to pick up companies I'm bullish on...specifically walmart ;)

$2K extra on the house...might as well pay a little off?

$2K cash....that way I'll just cash out a little less from poker bankrolls to live off of day to day

$1K silver....this I'd consider my "frivolous/fun" part...after all it's not "super stupid"...and I like collecting coins and bullion and stuff ;) hehe


What do you think?

[Blotkis]

Put it all on blank imo ldo. Double up and ship the hobby store, definitely the most plus ev move in the world.

Hehe, seriously though. Sounds like a well-thought out and rounded plan , I wish I had u management skillz

[Reef]

I like your plan - def agree on finishing the wedding $. I like that you put in a little bit for "fun" type stuff.

[RikaKazak]

Ok...I modified my plan a little...but I think this might be a little better.

$6K wedding trip

$5K add to my real estate business (specifically to do a few things that will add value, like add in air conditioners in a building)

$4K stock market ($2K walmart, $2K another company...haven't decided wether qualcomm when/if it pulls back or maybe like mcdonalds or something)

$3K business savings....more money into real estate, but this will go to just add as extra reserve and maybe buy new wash machine/dryers for a building ($3K won't cover it all, but cashflow from that building for like 3 months + this money will)

$2K retirement savings (probably something boring like VTI)

$1K silver




Silver = fun...picking a few stocks = fun...and the business will be given a little "boost" plus save save save The only big downside is no pickup monies...but tbh I think my pickup will last 1+ year min, and I've been saving $89 a week to replace it.