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Retirement plans, such as a 401k or IRA, offer pre-tax deductions, which could reduce one’s overall tax liability come April. Save Unexpected Income: Having an emergency fund is a great way to weather life’s storms. Whenever any unexpected income arrives, like a tax refund or inheritance, make sure to deposit a majority of that money into savings. Start Investing: Investing one’s money is a great way to build wealth. While there is some understandable caution one should exercise when it comes investing, starting to invest long-term in different types of investments can help increase one’s wealth and create a passive income source. Setting up and successfully executing a savings plan can be daunting.
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