I got my tax cut. Not bad annually! What did you get?

[Jackson]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

How did you do, if you don't mind me asking?

 

[Ricky LIbtardo]

You should donate it to Nancy Pelosi to help her pay for her increase in property taxes.

 

[Jackson]

You should donate it to Nancy Pelosi to help her pay for her increase in property taxes.

She could use it for her psych meds.

 

[NightFox]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Depends...

Are you carrying any high interest debt? (i.e. credit cards, personal loans, etc..,), if so you're probably better paying that off first and then investing the rest per your risk tolerance.

IMHO Just figure out your average rate of return on savings (adjusted for inflation and including risk) vs. the real rate of interest you're paying on debt(s) and the question pretty much answers itself.

Off course another alternative is to invest in your own human capital, i.e. spending some/all of the additional money on furthering your education and increasing your market value.

 

[Jackson]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Depends...

Are you carrying any high interest debt? (i.e. credit cards, personal loans, etc..,), if so you're probably better paying that off first and then investing the rest per your risk tolerance.

IMHO Just figure out your average rate of return on savings (adjusted for inflation and including risk) vs. the real rate of interest you're paying on debt(s) and the question pretty much answers itself.

Off course another alternative is to invest in your own human capital, i.e. spending some/all of the additional money on furthering your education and increasing your market value.

Thank you for the information. I'm lucky enough to have no debt except a care loan and I'm too old to go back to school. Life is decent.

 

[Harpy Eagle]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

How did you do, if you don't mind me asking?

Not sure how much the tax cut helped as I got a promotion worth 12 grand a year the same paycheck that the tax cut kicked in. Have not really done the math to see how much was saved in taxes as it is rather inconsequential.

 

[LordBrownTrout]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

How did you do, if you don't mind me asking?

Not sure how much the tax cut helped as I got a promotion worth 12 grand a year the same paycheck that the tax cut kicked in. Have not really done the math to see how much was saved in taxes as it is rather inconsequential.

Congrats on the promotion.

 

[NightFox]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Depends...

Are you carrying any high interest debt? (i.e. credit cards, personal loans, etc..,), if so you're probably better paying that off first and then investing the rest per your risk tolerance.

IMHO Just figure out your average rate of return on savings (adjusted for inflation and including risk) vs. the real rate of interest you're paying on debt(s) and the question pretty much answers itself.

Off course another alternative is to invest in your own human capital, i.e. spending some/all of the additional money on furthering your education and increasing your market value.

Thank you for the information. I'm lucky enough to have no debt except a care loan and I'm too old to go back to school. Life is decent.

Awesome! then it looks like you have three choices, increase savings, increase consumption (including charitable) or some combination of the two, in other words you have the ultimate flexibility with respect to how you use the extra dough (good position to be in), IMHO all depends on whether you value more consumption now over increased consumption in the future.

I've often found it an interesting proposition for "found money" (i.e. money you didn't expect to get) to consider increasing your risk profile for additional savings, in other words partitioning off a portion of it for more speculative investments, but that's just me.

 

[Jackson]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Depends...

Are you carrying any high interest debt? (i.e. credit cards, personal loans, etc..,), if so you're probably better paying that off first and then investing the rest per your risk tolerance.

IMHO Just figure out your average rate of return on savings (adjusted for inflation and including risk) vs. the real rate of interest you're paying on debt(s) and the question pretty much answers itself.

Off course another alternative is to invest in your own human capital, i.e. spending some/all of the additional money on furthering your education and increasing your market value.

Thank you for the information. I'm lucky enough to have no debt except a care loan and I'm too old to go back to school. Life is decent.

Awesome! then it looks like you have three choices, increase savings, increase consumption (including charitable) or some combination of the two, in other words you have the ultimate flexibility with respect to how you use the extra dough (good position to be in), IMHO all depends on whether you value more consumption now over increased consumption in the future.

I've often found it an interesting proposition for "found money" (i.e. money you didn't expect to get) to consider increasing your risk profile for additional savings, in other words partitioning off a portion of it for more speculative investments, but that's just me.

I got burned when the Nasdaq Bubble erupted. My investments are very secure now. It hurts when I see what the stock market has done since November, though.

 

[Harpy Eagle]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

How did you do, if you don't mind me asking?

Not sure how much the tax cut helped as I got a promotion worth 12 grand a year the same paycheck that the tax cut kicked in. Have not really done the math to see how much was saved in taxes as it is rather inconsequential.

Congrats on the promotion.

Thanks, it was a very nice way to start the new year.

 

[NightFox]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Depends...

Are you carrying any high interest debt? (i.e. credit cards, personal loans, etc..,), if so you're probably better paying that off first and then investing the rest per your risk tolerance.

IMHO Just figure out your average rate of return on savings (adjusted for inflation and including risk) vs. the real rate of interest you're paying on debt(s) and the question pretty much answers itself.

Off course another alternative is to invest in your own human capital, i.e. spending some/all of the additional money on furthering your education and increasing your market value.

Thank you for the information. I'm lucky enough to have no debt except a care loan and I'm too old to go back to school. Life is decent.

Awesome! then it looks like you have three choices, increase savings, increase consumption (including charitable) or some combination of the two, in other words you have the ultimate flexibility with respect to how you use the extra dough (good position to be in), IMHO all depends on whether you value more consumption now over increased consumption in the future.

I've often found it an interesting proposition for "found money" (i.e. money you didn't expect to get) to consider increasing your risk profile for additional savings, in other words partitioning off a portion of it for more speculative investments, but that's just me.

I got burned when the Nasdaq Bubble erupted. My investments are very secure now. It hurts when I see what the stock market has done since November, though.

IMHO Shouldn't "hurt" if you're comfortable with your risk vs. reward (i.e. it's based on rational calculation), it only "hurts" when greed and/or fear (including FOMO) takes over (irrational calculation), it sounds like you learned that lesson the hard way during the .com bubble (along with A LOT of other people).

 

[Dschrute3]

Folks can spend their hard earned money far more responsibly than Government can. So let them keep more of it. Good on Trump.

 

[Thinker101]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Depends...

Are you carrying any high interest debt? (i.e. credit cards, personal loans, etc..,), if so you're probably better paying that off first and then investing the rest per your risk tolerance.

IMHO Just figure out your average rate of return on savings (adjusted for inflation and including risk) vs. the real rate of interest you're paying on debt(s) and the question pretty much answers itself.

Off course another alternative is to invest in your own human capital, i.e. spending some/all of the additional money on furthering your education and increasing your market value.

Thank you for the information. I'm lucky enough to have no debt except a care loan and I'm too old to go back to school. Life is decent.

Under the circumstances, I'd suggest splurging on dinner, a trip...on something you've always wanted. First year maybe save 10%-20% and save next years bounty.

 

[peach174]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Yes that would be wise.
Not enough Americans are putting their money into savings.

 

[Dschrute3]

I received my tax cut yesterday. Over $1900 annually. If I was smart, I would sock 2 grand in my savngs, right?

Yes that would be wise.
Not enough Americans are putting their money into savings.

Americans are conditioned from early childhood on 'Shop till you Drop.' Most Americans are compulsive shoppers. They feel compelled to buy more stuff they don't need. But hopefully some can snap out of that brainwashed behavior, and decide to save.