Here's How Much You Can Retire With by Investing Just $2,827 Every Year
The average refund for the 2020 tax year was $2,827. While many people treat those refunds as windfalls to be spent on splurges such as vacations or large purchases, paying down debt -- particularly high-interest rate debt -- is a better option. But if you don't have any high-interest rate debt (and you do have sufficient money set aside in an emergency fund), the smartest option for putting your tax refund to good use may be investing it.
Below, I'll look at how much your annual investments of $2,827 could grow over the long term, using a growth stock like Pfizer (NYSE: PFE) as an example.
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Source Fool.com
