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It's a Refund!

Deciding What to Do with Your Tax Check

By Mark Stackpole

As a life insurance agent in El Monte, Calif., Randy Linch knows a little bit about the importance of financial security and wise investments. However, Randy also has an eye on the bigger family picture. "We should use our tax return and other resources to build closeness and strength in our families and maintain our own physical and emotional health," he says.

It is this perspective that led Linch and his wife, Jana, to use their tax check to fund a family getaway. "My daughter Kristin planned to transfer to a college in another area, so it seemed that 2004 might be our last opportunity to take an extended family vacation," Linch says. "AAA Travel helped us invest our tax refund on a Disney World vacation, and we have memories we will cherish forever. We will never regret having used that refund for a family vacation."

A lifelong motorcycle enthusiast, Linch once used a tax refund check to purchase a new motorcycle. "It was purely selfish, but Eva [Rosenberg] reminded me that focusing too shortsightedly on tomorrow's financial security does not build many happy memories to enjoy in retirement," he says.

Any refund is a good refund, and there are a great many ways to spend the money. Investing or contributing to financial accounts is a good idea, but it is certainly not the only one.

Rosenberg's final bit of advice? "Never forget that a family has to bond, too, not just budget," she says.