An important age to remember is 59 1/2 years in regard to your IRA.

Why? Because, if you haven't yet reached that magic age and you withdraw IRA monies, the IRS will charge you a 10% penalty on the amount you withdraw in addition to income taxes on the withdrawn amount. However, in certain circumstances, you can withdraw IRA funds early without a penalty.

Exceptions to the Withdrawal Penalty Rule

1. Active military reservists. Active military reservists can withdraw from their Traditional IRAs without penalty at any age. There are specific conditions to be met under this exception, including that you must be serving active duty at the time you make the withdrawal.
   
2. Education costs. If you're paying for education-related costs for yourself, your children, grandchildren, or spouse, you can withdraw your traditional IRA funds early without penalty.
   

• Ensure that you check the IRS's rules about this exception, as the school attended must meet their...

Co-parenting children with your “ex” can be a difficult process. Your relationship has ended, but you still have a responsibility to take care of your kids. This is why it’s crucial that you learn to do whatever is best for the children. You can be successful in this endeavor by taking action to move forward.   

Why Co-Parenting Is Better For Kids

Children love both of their parents, so they benefit from a united front:  

• Research shows that kids thrive in positive co-parenting environments.

• They feel more secure and enjoy a consistent parenting style. They’re able to handle issues easier. Kids know they have both parents to rely on in tough situations.

• They also have a good example to follow for their own future relationships.

Try these strategies for successful co-parenting:

1. Separate your feelings from the kids. You’re probably dealing with a great amount of pain, anger, and...

Running your own home-based business is not for everyone, but most people at some point in their life have given the idea some consideration. It provides many things that a regular job cannot, and if you run the business alongside your regular job, you can have the best of both worlds.

The biggest challenge in running your own business is not in the actual running of it. Where most people struggle is in choosing what kind of business to run!

With that being said, there are still important aspects of any business that need to be dealt with effectively in order for your business to become successful.

Take care of these things to help create the success you want for your business:

 1. Enjoy what you do. If you find yourself NOT enjoying what you do, find out what it is you don’t enjoy and either fix it, forget it, change it, or get someone else to do it.

•  If you don’t enjoy what you do, it’s just a matter of time before you quit....

“A woman with a voice is by definition a strong woman

 But the search to find that voice can be remarkably difficult.”

- Melinda Gates

Starting a business can be an exciting, yet challenging, journey. People start businesses for different reasons - to solve challenges, to challenge themselves, or to build financial freedom.

The number of new women-owned businesses is growing twice as fast as their male counterparts, according to Kauffman Foundation. But what challenges do women face when starting a business?

In short: a big part of the challenges that women face is themselves.

Studies by the US Small Business Administration show that 21% of women are less optimistic when it comes to sales growth and business performance. Similar studies have found that women in business doubt their decisions more often and are more likely to criticize themselves.

Women are also less likely to ask for financing over the lifespan of their business. And...

Most of us are not financially fit. We are not completely aware of how our money is being spent. We have too much debt and spend money on the wrong things. While it can be challenging to turn things around, it’s well within your reach.

There is no single, correct path to financial prosperity. Different solutions work for different people.

While there are multiple paths, there are some steps that are critical, regardless of the path followed:

1. Know where your money is being spent. Many people only have a vague idea about how much money they make and where it goes. The first step to financial fitness is know exactly how much you’re taking home and where it’s being spent.

• Websites such as Mint.com make it easy to track how every penny is being spent each month. There are other, similar, services.

2. Set short-term and long-term goals. Set a few goals that will cover the next month, year, and five years. How are you...

Whether you are saving for a house deposit, or perhaps something a little smaller, there are things that you can do at home to save money.

Try these tips and watch your savings grow:

 1. Make a shopping list. How many times have you gone to the grocery store and ended up buying things you think you wanted rather than the things you actually needed?

•  If you use a magnetic whiteboard and put it on your fridge, you can keep it updated with the items you actually need. Only stick to these items and avoid buying anything you don’t currently need.

2. Eat more fresh produce. You may think that buying fresh food is expensive, but this is not the case.

•  You can even prep meals to get them ready for those days where you know you are going to be busy. Therefore, you are also eating healthier too, rather than opting for junk food and ready meals.

 3. Stick to drinking water. Rather than opting for a soda, tea, or other beverage, choose...

Perhaps you, like many others, believe that once your will has been drawn up, that is the end of the process. While wills have never been anyone's idea of fun, it’s important to review your will on a regular basis. There are many reasons to pull out your will and give it a thorough review.

Let's examine the most common reasons:

1. New family members. In general, if a will is worded properly, any children that are born after the will has been signed will be entitled to the same share of the estate as the pre-existing children. Even so, if you have a new child, check with your attorney just to be sure everything is worded according to your wishes.

• Also consider how your wishes might change based on other new people in your life. What if you re-connect with a family member? What if you make a new best friend? Maybe one of them would be the person to take good care of your boat when you're gone. Consider all new people who've entered your life since you...

Adopting a step-child is an extremely special decision a step-parent can make. This decision shouldn't be made lightly, though. The financial responsibilities that come with adopting a child should be taken into consideration and planned out before jumping in.

Keep these points in mind about your financial responsibilities if you decide to adopt:

• It’s always best to talk to an attorney in these matters. State laws dominate family law. Be sure to contact an attorney in your state.
• You’re legally obligated to provide for that child. As a general rule, an adopted child becomes just as much your responsibility as your own biological child would be. This one tip is really all you have to keep in mind, as it covers everything else.
• In the event of a divorce, you would still have to provide for the child. In most cases, this would mean child support. On the positive side, you would also get certain rights, including visitation, should the relationship end with your...

 Debt collectors are like mosquitos. They can be annoying and they’re hard to dissuade. Fortunately, there isn’t a whole lot a debt collector can do besides call you and send you mail. The Fair Debt Collection Practices Act (FDCPA) spells out the actions that a debt collector may and may not undertake in the process of collecting a debt.

Your state has additional laws that may limit debt collectors even further. It’s worth investigating these laws, so you understand the rules and can play the game accordingly.

What Debt Collectors can do:

1. Call you directly between the hours of 8 am and 9 pm. However, you have the right to request not to be contacted by phone again in the future. This request must be done in writing. You can also insist that the debt collector only contact your attorney instead.

2. Contact you via mail. However, it can’t be obvious to someone looking at your mail that the correspondence is from a debt...

Odds are that you’re not pleased with your ex. The last thing you want to do is leave your ex-spouse your money if you die. But it happens all the time. And it’s not just your most recent ex, you could end up leaving money to your first wife or your second husband. It’s enough to make any adult shudder.

It’s quite easy to assure that this doesn’t happen:

1. Review your will or trust. If you haven’t rewritten your will or trust since your last divorce, it will be necessary to make some changes. Sit down with your attorney and create a new will or trust. You can even make your own will if your finances aren’t too complicated.

• Be sure to destroy all copies of your previous will and let the appropriate people know the location of your current will. Of course, your attorney will have a copy. Ensure your family knows the name of your attorney.

2. An up-to-date will isn’t sufficient. A will can decide who...