Donell Edwards, Blogger
About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service. He is also a professional speaker, freelance writer, and entrepreneur.
To book Mr. Edwards to speak at your next event, contact:
Donell Edwards Enterprises
13111 W. Markham St.
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DLEdwards@DonellEdwardsEnterprises.com
We’re Celebrating Financial Literacy Month
Know Your Money
Thursday – April 16, 2015
Financial Literacy Month 2015
Why Most Money Management Experts Say Getting A Tax Refund Is Bad
By Donell Edwards
About 75% of U.S. taxpayers get a tax refund each year, and the average tax refund is $3,000. Most people see their tax refunds as “free money,” or at least a cause for celebration – but most financial experts say that if you’re getting a big tax refund, that’s not entirely a good thing.
The quote above is from Bemjamin Gran in his article, Is Getting A Tax Refund A “Bad Thing?” on Quizzle.com. Mr. Gran is among the majority who hold the view that getting a tax refund is not wise money management. Although this is the opinion of most money managers and there is overwhelming support for following this advice, there are some who feel that getting a tax refund is not such a bad thing.
To provide you with information from both sides of this issue, in addition to providing you with articles supporting our position in today’s blog, we are also providing you with articles from some writers who are in favor of getting a tax refund. We will explain in tomorrow’s blog why these arguments are not valid.
Rather than writing more about our position, we have provide the titles and links to articles for and against getting a tax refund below, and we strongly suggest that you read all of them as well as doing your own research.
The Pros of Getting A Tax Refund:
Five reasons why a big tax refund can be a good idea
http://usatoday30.usatoday.com/money/perfi/taxes/story/2012-03-31/tax-refunds-withholding/53887648/1
Everything You Know About Getting a Tax Refund Is Wrong
http://www.dailyfinance.com/2014/02/11/tax-refund-myths/
The Cons of Getting A Tax Refund:
Getting a tax refund? You’re doing it wrong
This article also includes guidance from HLN money expert Clark Howard on handling your tax refund.
http://www.hlntv.com/article/2013/04/08/taxes-getting-refund-doing-it-wrong
Why Getting a Large Tax Refund is Bad
http://freefrombroke.com/why-getting-a-large-tax-refund-is-bad/
Admit It—A Refund Feels Good
http://online.wsj.com/news/articles/SB10001424052702303772904577334051286775814
Here is today’s step to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International:
Step 14 – Expect the Unexpected
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Disclaimer: I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.
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