Tax refunds have been rolling out, putting much needed money in American's pockets. With some tips on how to make that money last is Kelly Ryan, head of independent wealth management at State Street Global Advisors.
This year the average refund is just shy of $3,000. Over half of those who have received a refund plan on saving or investing, according to a recent study.
Ryan says the first thing you should think about is what your goals are for this money. Is it a short-term goal like replenishing a savings account you had to dip into, or a long-term goal like saving for retirement. If it's a long-term goal, investing in the market is a great option.
There are costs associated with investing. If you have a financial advisor, there will be fees tied to that. Sometimes there are management fees, but these are usually very inexpensive.
Even if you only want to invest a small amount of your tax return, you can still make a great gain from it. This will be a baby step toward setting up bigger investments.
