Your tax return isn’t due until April, but if you’re expecting a tax refund, you might not want to wait that long. You may be able to get some of that cash sooner from a tax refund advance loan.
A tax refund advance is a short-term loan offered by either the company that prepares your tax return or a third-party lender. This article will help you figure out if a tax refund advance loan is right for you.
Adrianne Yamaki, a certified financial planner and founder of Strategic Wealth Capital in San Francisco, saw this with her mother, who preferred cash in the bank over stocks.
But cash doesn’t keep up with inflation.
“Even if you have the same dollar, it buys you less and less and less. And over a decade or two decades, you’re really decreasing your purchasing power,” says Yamaki.
It’s never too late to start investing, but that doesn’t mean you’ll have the same investment strategy as your 22 year-old niece. Younger folks have more time to ride out the highs and lows of the stock market over time.
People who are near retirement, or who are already retired, may want to take a different tack.