Fool.com: Will You Use Your Refund Foolishly? [Fribble] April 6, 2000

Fribble Will You Use Your Refund Foolishly?

By w_wooldridge@qlc.com (Wade R. Wooldridge)
April 6, 2000

I just heard an ad on the radio from a car manufacturer that made me want to gag. I paraphrase:

"The average American will get an IRS refund this year of $1500. What should you do with that money? Put it in the stock market? With the high-flying low returns of the tech stocks last week, who wants to go there!? Better you should put a down payment on a fine new model year 2000..."

I cannot help but feel sorry for the people who continue to think this way. This is just one of the many messages that people get every day to help steer them away from long-term wealth-building, and toward short-term conspicuous consumption.

Here we are in a period of unprecedented opportunity to grow wealth for anyone who wants to seize it. Meanwhile, there are also plenty of opportunities to get financing, credit cards, or a home equity loan to go buy more stuff.

So who wants to go there!? Well, if "there" is the place where I save my money and put it to work for me, letting it grow and compound upon itself, seeing it create the possibility of financial freedom, of paying off the house, of sending the kids to any college we choose...

I do.