Your tax refund is not a bonus check: Financial expert

Ramsey Solutions financial expert Chris Hogan on how to utilize your tax refund and parents’ efforts help save for their children’s college education.

Are you getting a tax refund?  One financial expert has some suggestions on what to do with it.

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“Everyday Millionaires" author Chris Hogan said the first step is to start an emergency fund.

"This refund is not a bonus check," Hogan told FOX Business’ Maria Bartiromo on Tuesday. "Put some money aside to be able to cushion yourself between life happening."

The next step is to “attack debt,”  he said.

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But if you're already out of debt, start to invest. Putting aside 15 percent of your household income will help you prepare for your financial future.

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Hogan said if you’ve already checked that box, enjoy your refund.

“You just don’t want to go crazy,” he said.