Well, April 15th is now gone, and if you are lucky enough to have some of your hard-earned money back in your hands, how do you plan on using it? Without a good financial analysis, you may not even know how to answer the question.
Turbo Tax has a pretty cool info-graphic to see how you fit into the different scenarios. Eliminating debt is a great way to spend that refund check, and knowing which account to put it towards is the evidence of a good money manager, but if you don't know which debt to put that refund check towards, obtaining a financial statement analysis today is a great way to find out. Feel free to ask me what I did with my $6,800 tax refund.
Info-graphic curteous of TurboTax http://blog.turbotax.intuit.com/
So, for the last 4 months, we have been trying to sell our Toyota Highlander. When we purchased our van, we were offered a small amount as a trade-in, but we didn't want to settle for less money so we decided to try and sell it on our own. The process has been long and grueling, but worth it. Of course, we spent about $700 during those 4 months in vehicle payments on the car before selling it.
We owed $6,800 on the vehicle at time it was sold, but we were trying to sell it for $10,500 and didn't get any real serious inquiries. After we listed it for under $9,000, we started getting serious inquiries. I think that the value of the vehicle dropped at the beginning of 2015 because it hit 10 years old in 2015 and was only 9 years old in 2014.
We ended up getting $9,700, paying off $6,800 that was due on a loan, and then keeping $2,900 in equity, which we are using to pay off some of our other debts.
What's really awesome about the the Money Max Account is that it'll now tell me exactly how much and to which account I should put that equity towards. Before we sold the vehicle, the Money Max Account has us being debt free in 1.8 years. After eliminating the car payment, and insurance payment, and having a little bit of equity $$ to spend, the program is now showing we only have 1.3 years left to pay off our debts with only $30k in principle payments remaining. We are getting more and more excited to be debt free and it will become a reality soon! Check out the screenshots from my actual program so you can see how this program is working for me!
Shane D. Sorensen, MBA
Hi. Thanks for checking out my blog! I decided to blog my experience with the Money Max Account while offering other helpful, financial advice. I hope what I share proves useful.