Comments on: Personal Finances: Are You Planning Ahead?

By: Budget Mentality Versus Net Worth Mentality (GP) | Moolanomy

Budget Mentality Versus Net Worth Mentality (GP) | Moolanomy — Thu, 15 May 2008 13:01:25 +0000

[...] goes beyond simply managing your resources month in and month out. Instead, you focus on a plan for building long-term wealth. Sure, with a budget you can set aside money for savings. But with a net worth mentality, you look [...]

By: miranda

miranda — Tue, 06 May 2008 18:33:08 +0000

Thanks for sharing, Bob! You’re right about education as being one of the exceptions to the early withdrawal penalty fro an IRA. I’m glad things are working out. And, hopefully, you’ve paid the money back to the IRA…

By: Bob Turek

Bob Turek — Tue, 06 May 2008 18:09:43 +0000

Miranda- this issue is near and dear to my heart. I was on a great track to fund college educations for my three daughers when the tech bust hit. It was a very difficult period that drained our funding pretty quickly. Fortunately I made a good move to pay down the house note by a large amount the previous year which saved us thousands in interest for the next few years. Also there is a little know IRS caveat that allows you to take money out of an IRA without penalty if the money is used to pay tuition. So, everything worked out pretty well.