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Mind of a Millionaire: How Should You Spend Your Tax Refund?

Mind of a Millionaire: How Should You Spend Your Tax Refund?

March 04, 2019
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Welcome to another episode of the Mind of a Millionaire podcast. This week, Zak answers some listener questions regrading tax refunds, building credit, starting a business, and short-term goals.

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How can you build credit? [0:26]

Disclaimer: this question is only in reference to making major purchases – like a home – where the bank requires a credit score for a mortgage.

“I’m going to get the best credit score I can with no consumer debt.” [2:06]

What three steps can you take? [3:54]

Is it worse to have no credit than bad credit? [4:23]

What should I do with my tax refund? [6:26]

“Windfalls always go to pay down debt or increase net worth.” [7:00]

“I’m quitting my job and starting a business. How much do I need for this?”[9:04]

Never go all it [11:12]

Should you separate your business and personal emergency funds? [12:00]

What other businesses has Zak started? [14:02]

What are some more creative ways to get involved with charity work?[15:46]

What are some difference between investing for short-term goals vs. long-term goal? [19:33]


As always, thank you for tuning in. If you have questions of your own, lets us know! We are happy to answer all questions. Give us a call or leave a message for us on the website.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

No strategy assures success or protects against loss.

Certificates of Deposit are FDIC insured and offer a fixed rate of return if held to maturity. Brokered CDs sold prior to maturity in the secondary market may result in loss of principal due to fluctuations in the interest rate or lack of liquidity. Brokered CDs are registered with the Depository Trust Corp. (“DTC”). Brokered CDs with step-down and/or call provisions may be less favorable than traditional CDs without these features.

Government bonds and Treasury bills are guaranteed by the US government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.