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America’s Wealth Coach Deborah Owens joined Roland Martin on NewsOne Now to explain how you can make the most of your tax return and invest the money, rather than spend it frivolously.

Owens believes you should pay your tax refund forward to “insure and secure your financial future.”

According to the wealth guru, the average tax return is approximately $3,000 and can be used to pay off debt, start an emergency fund, pay a little extra on your mortgage, start a Roth IRA, or start a college tuition fund for your children.

Owens explained that 62 percent of Americans have less than $1,000 in an emergency fund and when something happens, if you don’t have enough funds to cover it, “you’re going to go to the credit card, which is literally how credit card debt creeps up on you.”

America’s Wealth Coach also discussed the benefits of investing in a Roth IRA. Owens explained if you qualify for a Roth IRA, invest in it, and it grows, when you take the money out, “you don’t owe any taxes.”

According to

A Roth IRA is a special retirement account where you pay taxes on money going into your account and then all future withdrawals are tax-free.

Like beauty, the benefit of a Roth IRA is in the eye of the beholder and it all depends on the beholder’s tax bracket–both now and when he or she retires.

Although there is no up-front tax deduction for Roth IRA contributions as there is with a traditional IRA, Roth distributions are tax-free when you follow the rules. And because every penny you stash in a Roth IRA is your money—not a tax-subsidized gift from Uncle Sam—you can tap your contributions (but not your earnings) any time tax-free and penalty-free.

Instead of blowing your tax refund on a pair of new Jordans or a want-inspired spending spree, why not take those funds and put them to good use, using some of the tips Owens explains in the video clip above?

Watch Roland Martin and Deborah Owens discuss the new financial normal, as well how to make the most out of your tax return so that you don’t blow it all in one place.

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