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Here's What Happens When You Invest Your Tax Refund

The Motley Fool

16, 2024, the IRS had issued 20,883,000 tax refunds totaling $66.980 billion. These refunds are for taxes overpaid in 2023. RELATED: The Ascent's Complete Guide to Taxes Read more: we researched free tax software and put together a list of the best options here That is a lot of money to get in a lump sum.

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Is Your Health Insurance Deductible Too High for an HSA? Here's What to Do

The Motley Fool

Image source: Getty Images Getting a health savings account (HSA) is one of the best ways to pay for healthcare and invest for your future, while increasing your tax deductions. That means my family doesn't get to pay for healthcare costs with tax-deductible dollars in 2024.

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Getting a Tax Refund This Year? 5 Smart Ways to Use the Money

The Motley Fool

16, the average tax refund so far is $3,207. RELATED: Best Tax Software Read more: we researched free tax software and put together a list of the best options here Here are a few ideas for what to do with your tax refund this year. So why not use it to open a brand-new high-yield savings account ?

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Adding Money to a Savings Account Is a Huge Mistake in These 3 Situations

The Motley Fool

Image source: The Motley Fool/Unsplash Savings accounts can be a great place to keep your cash. The best high-yield savings accounts are currently offering yields around 4.00% while keeping your money safe, so you can grow your wealth effortlessly without any real risk.

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See Why Americans Moved $1 Trillion Into This Unique Type of Savings Account Last Year

The Motley Fool

But that doesn't mean your options are limited just to a typical bank savings account. Along with the best savings accounts, which pay 5.00% APY or higher today, there's another type of safe, liquid, short-term savings vehicle where you can earn similarly high yields: it's called a money market fund.

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Here's the Net Worth That Puts You in the Top 5% of American Households

The Motley Fool

To calculate your net worth , you add up all of your financial assets -- cash savings, retirement accounts, other investments, your home value, and any other property -- and subtract any liabilities -- your mortgage balance, student loans, credit card balances, and any other debt you might owe.

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Here's the Average American's Net Worth by Age in 2024

The Motley Fool

With interest rates often in the mid-20% range or higher, it's much harder to find a better return on investment than paying off your credit cards. Investing in the stock market is one of the simplest ways to grow your net worth. Saving consistently in your retirement accounts is a great way to boost your net worth.

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