Getting a Tax Refund? This Warren Buffett Stock Is a Great Way to Put It to Work
In 2024, Americans are set to get an average tax refund of $1,741, according to the Internal Revenue Service. If you're one of the lucky ones who doesn't need to use that money to pay off credit card debt, one smart way to use that money is to build up your stock portfolio.
That said, it's also important to bear in mind that you shouldn't buy stocks without understanding that this type of investing requires a minimum of a five-year horizon. If you know you're going to need that money in less than five years, it's arguably better to consider a safer and more tax-friendly vehicle like a certificate of deposit or a money market account.
Image source: Getty Images.
Source Fool.com
