Archive | February, 2011

$$ Your first Tax Return & How to Blow it$$

26 Feb

I know what you’re all thinking, I did the college thing- four years ( maybe more in some cases) of hard partying, managed to make it to a few classes, miraculously earned a degree,  joined the work force – now what right?  It’s funny how our entire adolescence we were raised according to a giant check list- got to school, make good grades, earn a college degree and get a job.  But no one braced us for the decisions to come once we’ve marked off the various “To-dos” on our list.  So where do we go from here? Get a place of our own, check.  Land an entry level job, check.  Buy a new car, check.  But what about the important questions- like filing your taxes or better yet what to do with your first tax return?

This is the predicament I currently find myself in- living from pay check to pay check and now, for the first time in what seems like forever, having some extra cash burning a massive hole in my pocket….

As I pondered the long list of fabulous commodities I desire that will take me years to afford I decided- why not prioritize and pick one thing to totally splurge on? ( I must confess here that this is admittedly the best idea I’ve had yet).

So after days of intense brain storming and weighing some seriously heavy pros and cons I have narrowed down my long, pricey list to a feeble 5, and here they are- and  in no particular order:

1. Your 1st BIG kid Vacation

I speak not only for myself but most of the members of my generation when I say the majority of us where extremely fortunate to have a hefty list of opportunities growing up because of our parents, one being the ability to study abroad and travel.  I mean come on guys- not everyone got to spend a semester overseas to “find themselves” or to travel Europe just because we can ( Thanks dad!).  But once we were off our parents dime and out from under their roofs the luxury of family vacations and world travel came to a screeching halt, at least for me.  So this brings me to my first splurge- Exotic Vacation.  There is no better time than the present to hit up that country you’ve had on your list for years especially while the airline industry is still taking a hit.  So my advice, just DO it!  Reuqest time off, book it and bounce baby! What do you have to loose?

2. Designer Bag

If you have a bag fetish like myself, now is the one acceptable time of the year to just impulse buy.  So what if that purse you drool over every time you go shopping cost as much as a down payment on a car, just buy it already.  Just remember to look at it as an investment- years from now that bag will hit vintage status and be worth 3 times what your originally paid for itcase closed.

3. Rock a pair of Louboutins

So what if your job doesn’t require you to wear heels everyday, give yourself an excuse to go out and look fabulous every now and then.  Every girl deserves to have at least one pair of Louboutin pumps in her closet, in fact if I were President I would make it illegal not to own at least one pair!  In all seriousness, a good pair of black pumps is a necessity for a working girl ( and no I’m not talking about that kind of working girl).  Quit staring at them through the window and go in, sip a glass of champagne and try those babies on!

4. Buy an iPad

Who cares if you still have a perfectly good laptop your parents bought you while you were still in college. We live in the 21st century people, we are the computer generation.  You can try and disagree with me but we all emerged from the womb as early adopters.  Each and everyone of use craves the newest, coolest and fastest technology.  Our world is now dominated by electronic devices.  And whether they are saving our lives or simply bringing us our daily news by means of a wickedly crisp & vivid retina displaywe rely on them.  Besides I bet you $10 bucks you can write them off as a business expense.

5. Pay down your student loans

Yes, believe it or not I didn’t forget about you practical people.  It’s true, I do actually have some sense or responsibility, although sometimes that sense has a tendency to shrink, a lot.  But my faults aside, take that extra dough and put it were it truly belongs.  You’ve worked hard to get to where you are and now you can finally start to enjoy the fruits of your labor.  Now don’t get ahead of yourself- you still have a LONG way to go but at least this can be one last payment to worry about right?