What to do with your Tax Rebate!!

Now this is very hard for me to say living financial conservatism and me with my beating Accountant heart:

Spend it all!

The key is spending it wisely.

Option 1: If you have crippling debt, please pay off your credit cards or student loans. Dragging around interest is a burden to you and your family (if you have one!). I encourage everyone I know to be as interest free as you can be. Take myself. I do have a mortgage, as much as I'd love to pay off my house it just isn't feasible right now, and I have to live with this interest. Mortgage interest is a way of life, and if this is the only interest you have than feel free to choose another option. Though this option won't stimulate the economy as intended, it will reap far greater and far reaching implications on your personal financial future and in turn, the economy. It just won't have that immediate boost as the rebate intends.

Option 2: Put the money in savings. Now normally this would be my option of choice. Because I'm a true believe that you should always have your money working for you. If I have fifty dollars in the bank drawing interest and you have fifty dollars in your wallet, then my money is working harder than yours. Simply put, interest builds and if it isn't working against you (in the form of debt) it can work for you in the form of savings! If you are living paycheck to paycheck or have very little savings, then this option is for you!

Option 3: This is the option that I'm going to be following. The rebate was originally intended to be a way to stimulate a receding economy. The more things we buy the more things are manufactured and the more jobs that are created and the more things we buy. This is a very simple look at the principle. If you feel so inclined, I would also suggest that you participate in Option 3, as long as you don't fit Option 1 and you're okay skipping Option 2.

Option 3 is also really good if you've been saving up for a specific item, use your rebate to buy it now (or when your check comes in) and keep your savings for something else.

Another hint is that I've received my Income tax refund and I've decided to treat it as I would my rebate. So, I'm spending now! But, when my rebate comes in it is going in the bank. You can do the same if you have similar refund/rebate coming your way.

Things to spend it on
1. Personally, I would say American made products. This way has the greatest and fastest impact on the national economy.

2. Services. This has a big impact on your local community.

3. That item you have been saving for. If the rebate covers the item, buy it and use your savings for something in the future. Or if you have to combine part or all of your savings for the item and your rebate, I think that would be ok as well. Remember always have enough savings to support yourself for 3 months in case of job loss.

4. Splurge item. Maybe you haven't been saving for anything. Maybe you haven't been saving financially, but you may have been saving it mentally. Every time you see it in the store or on tv you think that you may like to have it. Again, as long as you are secure in your personal savings, just do it. You weren't expecting this money, so use it as it is intended.

5. Charity! The income you receive from this rebate is taxable on your '08 income taxes, but one way to help alleviate some of that is to give the money away. This is especially good for those of you who itemize. But, remember, that charity is great even if you don't get to count it on your taxes. (If you are wondering, I do include my charitable giving on my taxes simply because that may mean a bigger refund, which can then be used for charity again!) Uncle Sam appreciates your charity.

6. Travel. You may say you are not very materialistic. Then go somewhere! That costs money too! I'm saving some of my rebate for a trip later in the fall. Just remember that the airlines are starting to charge more for your second checked bag!!

Well, I hope you have fun with your rebate...fun responsibly!! If you have any questions, let me know. I hope this helps!

OKC Adventures into the future...

Oklahoma City's future looks bright!

Let me start of by saying that I love my city. Oklahoma City is like no other city in the world. And for a long time, the world has seen Oklahoma City as a "non-player" on the national scene. Outside of the heart and soul of that shone so brightly in Oklahoma in 1995, no one really knows much else about Oklahoma City.

But, is OKC in the Major Leagues? Some of the charm of my city is the small town feel that has intertwined itself with big city life, here in America's heartland. But, I really do have to hand it to city council and leaders (including those of the Shawnee tribe) for bringing this capitol city of a one hundred year old state to the precipice of the future. OKC's centennial slogan was capitol city of the next century. And though OKC is not going to pass up any time soon the likes of L.A., Chicago, New York City, or other major players, it definitely is not going to sit on its laurels and fade into the background like other cities.

This brings me to the Shawnee Tribe that has announced plans for a major resort in the Adventure District in North Oklahoma City. I know how some feel about Casinos and gambling in Oklahoma, and outsiders see us as a little behind the times....I mean we were the 50th State in the Union to legalize Tattooing. I'm not going to argue gambling here. This isn't just a new Casino...Oklahoma has plenty, so gambling is already a part of the culture, like it or not. This is a resort, with shopping (see retail), a bowling alley, a proposed cinema, a theater, and an 18 story hotel with conference spaces and a spa. Oklahoma City would benefit tremendously from all of these things, and if a casino is a part of the deal, then so be it. This won't be the last Casino. This area along with the steadily growing Bricktown area and the future Core to Shore and I-40 relocation projects, OKC is definitely shaping itself into a tourism based city for the next Century, while at the same time opening up entertainment and revenue for its residents.

If that weren't enough to propel us a few notches up the progressive cities of the US ladder, than the addition of a possible NBA Franchise is definitely icing on the cake. Now, me being a sooner and all, I know that Oklahoma Football is king, but having a home team major league sports franchise is something that many cities can only dream about. NBA Commissioner Daniel Stern said this week that there is an "inevitability" for a move for the Seattle Supersonics. But what Oklahoma City Residents need to know that a vote in the March 4th sales tax vote is key. Without voting yes to improve the Ford Center to NBA standards, the Sonics could move elsewhere. One thing to understand that this vote would not raise the sales tax in OKC, but only extend an expiring tax. I say vote yes!

Who doesn't like the sound of the OKLAHOMA CITY SUPERSONICS, besides those who live in the Emerald City?? Watch out Seattle, Oklahoma City is becoming more of a destination, and not only because we stole your ball.

I like Mike!

So, here I am blogging again, who would have thought? And who knows how long it will last?

I think I want to talk about Mike Huckabee. And his fortitude of staying in the race. Now, I don't agree with every single thing that Mike Huckabee stands for, but a large majority of it I do. I really do think that he is the quote/unquote conservative voice in this election. Some people claim that Mike staying in the race is divisive to the Republican Party as a whole, but I disagree. The Republican party as a whole is not united under Huckabee, nor is it united under McCain. I think this should be a call to both candidates that middle ground and compromise should be prominent in the Republican Party.

Another point I would like to make is that Huckabee made a commitment to his supporters that he would stay in the race until the end. If this is a smart political move or stubbornness I can't say. But, I want my candidate to stay true to his word and to his goals. This shows me that Mike Huckabee believes in what he is doing and is committed to his supporters and America. I admire him for that. And as a show of support, I too will support Huckabee until the end. If Huckabee comes up short, of course I'll support McCain, but I'm not done supporting Huckabee, until he is done fighting for what I believe in.

At this point in the game, I'm confident that McCain (or by a miracle, Huckabee) could defeat the democratic candidate no matter who that person is. And, my final two cents is that a McCain/Huckabee ticket could be a powerhouse in Novemeber....Just a thought!

To Learn more about Mike Huckabee, click here!
To Learn more about John McCain, Click here!

If you agree with me or not, I think the most important thing you can do is vote in November!