Personal Finance

Want to 10X Your Tax Refund? Here’s How. | Smart Change: Personal Finance

If you invest that $2,300 in an S&P 500 ETF and leave it alone for 23 years, you’ll end up with about $23,000, assuming the 10.5% average annual return we just talked about. That money could then help you meet a future goal, whether it’s retiring a few months early or taking your dream around-the-world vacation.

Make the most of that refund

You might look at a tax refund as free money, but in reality, it’s money you earned but waited to collect. And so it pays to put that money to good use rather than spend it on a whim.

Even if you don’t know a thing about investing, it’s possible to turn your refund into 10 times its original sum by relying on the power of the broad market. Doing so could be one of the savviest financial moves you’ll make in your lifetime.

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