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So when son Gavin was born in December, Strickland made sure to open up an account to save for his child’s college education. “I keep telling my clients to do it,” he said. “So I thought I should do it myself.”

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Most high school graduates are pretty much on their own when it comes to furthering their education, since parents are not able to help due to the increased cost of living throughout the United States. This was usually the case until just recently, when many different programs were developed for aspiring college students to make their dreams come true. Because not all students qualify for financial aid and other programs, they are left to cover the entire cost of their education, including books, lab fees, and living costs.

One program that was recently developed is the Education IRA, which works just like a retirement IRA. IRAs are meant to help people save up for a certain event in their life, like retirement or college education. The Education IRA is meant to help students save up for their college education, unlike other programs, which only offer tax incentives for high education expenses.

An Education IRA is a tax-advantaged saving account program that was created in 1997 by the Taxpayer Relief Act. Anyone is able to contribute to an Education IRA, whether related to the account beneficiary or not. There is a $2,000 maximum limit to an Education IRA, as long as the parent�s earned income is under $190,000. Families with smaller incomes are able to make smaller contributions to the account, and individual filers are also granted the same option for contribution.

An Education IRA is very similar to a Roth IRA, since after-tax money is sheltered in an account to save up for a certain event. The money in the account will remain tax-free as long as all the money will go to education costs only. By setting a savings account up for education costs, a great amount of money can be made by the time a child is ready to continue their education. Education IRAs are best when they are started when the child is young, so they will have many years of built up interest to use for the child�s education.

An Education IRA is a very effective method when trying to get money to put a child through college, since it is earned money rather than a loan. Because all of the money earned on an Education IRA is actually earned and not loaned, there will be no payments to pay back any costs of education. Education loans carry high interest rates and can take years to pay off, but Education IRAs can cover all of the costs without having to pay anything back.

Setting up an education IRA for children is very important, because it gives them a chance to go to college and pursue any dream they wish. With the costs of college education rising, it is important to have a plan to put a child through school while they are still young, until waiting until the last minute and having to take out loans or refinancing homes.

It is not necessary to contribute the entire $2,000 each year for each student, and you actually can choose not to make any contributions in a given year. You can contribute to the account each year until the child reaches eighteen years of age, with the exception of special needs children who can receive contributions after their eighteenth birthday. If funds remain in the Education IRA account after the school is paid for, it is subject to taxes and penalties that are determined by the bank. Unlike most other IRA accounts, Education IRA accounts allow you to withdraw money at any time. It is up to the account holder to make sure the funds are going toward education only, since this is what is outlined in an Education IRA.

You can contact your local bank or financial institution for more information on Education IRA or any other type of IRA accounts.

The 6 Stages of Modern Career … Michelle L. Casto, … Life Coach, Speaker, and Author Career experts say that people will change careers (not jobs) 5-7 times in a … This be

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The 6 Stages of Modern Career Development
By Michelle L. Casto, M.Ed.
Whole Life Coach, Speaker, and Author

Career experts say that people will change careers (not jobs) 5-7 times in a lifetime. This being true, career management is an important life skill to develop and cultivate. There are six stages of modern career development: Assessment, Investigation, Preparation, Commitment, Retention, and Transition. Learning the characteristics of each stage will empower you to navigate through each stage easily and with more confidence.

In the Assessment Stage, you are getting ready for your life’s work. This stage is characterized by unawareness, in that you are not sure what your values, strengths, and weaknesses are. You start to feel like you want to know more about yourself and make a conscious effort to get in touch with who you really are.
Key characteristics:
§Taking assessment instruments
§Working with a career counselor or career coach

In the Investigation Stage, you are researching what work exists in the world. This stage is characterized by feelings of confusion, in that you are not sure what career options exist for you. You may feel overwhelmed with all of the different jobs and opportunities that exist as you begin the process of researching the modern world of work. But if you approach this stage with a positive frame of mind, you will find that you will learn about many possibilities you may have never considered.
Key characteristics:
§Researching the world of work
§Conducting informational interviews with people in your chosen field

In the Preparation Stage, you are still getting ready to do your life’s work. This stage is characterized by feelings of excitement, as you think of how wonderful it will be to perform meaningful work. However, there is still much work to be done, and in order to be successful, you have to be prepared.
Key characteristics:
§Gaining knowledge and experience
§Setting goals and adopting a success-oriented mind-set

In the Commitment Stage, you will feel confident, in that you have figured out what you are meant to do. Sometimes people have known all along what they were meant to do, but were not able to commit to the process of making it happen, for whatever reason. At this stage, more than ever, you must focus your energy and keep your eye on the target.
Key characteristics:
§Conducting a job search
§Negotiating and accepting a job offer

In the Retention Stage, you will feel comfortable in your career field, as you will now have figured out how things work in your industry. You will want to remain committed to your career by continually updating your skill set and staying current with industry standards.
Key characteristics:
§Providing first-class customer service skills
§Building a professional network

The Transition Stage is characterized by feelings of discomfort, in that you are unsure of what you will be doing next (and/or if you will be happy). In this stage, you will learn to make conscious changes in your career direction.
Key characteristics:
§Making career changes
§Developing resiliency

No matter what career stage you find yourself in now, you can be sure that you will enter and re-enter through these six stages many times though out your lifetime.