Tax season is once again upon us, and financial expert Suze Orman stopped by The Grove to explain how you can improve on your tax situation by increasing exemptions on your W-4.
Orman said, "Hopefully, you're not getting a refund at all, and I'll tell you why. If you're getting a refund of $3,000, that's $250 a month -- you have credit card debt, wouldn't you rather be getting $250 extra every month and putting it right toward that?"
Suze also recommended opening an IRA, saying, "You can do an IRA rollover. Roll it over to any major discount brokerage firm out there." She also warned of a big mistake people often make, advising, "Never take a loan from your 401K."
What's the bottom line in these tough economic times? "You have to really get as much pleasure out of saving money as you did spending it."
Orman talked about her show, "America's Money Class," a weekly master class airing on OWN. She said, "Here's the scoop. February 13th is our sixth and final class. After the class is over, people will go to Oprah.com and take an exam. One person is going to win $50,000."
Cash in on Suze's valuable financial advice, Mondays on OWN.