Find Your Hidden or Unclaimed Money

In these tough times, banks are charging customers for services and penalties than ever. Banks need to boost their bottom lines and customers should be on the look out for hidden fees or service charges. If you have been hit by a fee or penalty at your bank, it may be time to review all the potential fees and penalties that could cost you more money in the future.

The 3 most common fees include:
1. Overdraft Fees and Insufficient-funds Charges - Check into overdraft protection, some banks charge you for this service only if you use it and the fees are generally lower than the overdraft charge and any returned check penalties. Talk your bank manager to see if he or she can waive the fee, if you are a good customer and this is a first time. You can also discuss an overdraft line of credit if you need more help.
2. Monthly Maintenance fee - check into fee checking or savings accounts at other banks.
3. ATM fees - Look into maintaining an account at a bank that does not charge fee for out of network ATM transactions or has a large ATM network.

Remember you are the customer and you have choices on where to do your banking.

If you have a traditional IRA and absolutely need cash now, there are several ways to get cash from your IRA before the age of 59 ½. While most financial advisors do not recommend these options because the money in an IRA is tax advantaged, meaning you can potentially earn a return on the entire lump of cash before taxes. This taxed advantage can be a substantial return over time.

But if you have run out of options to raise cash from other sources, tapping into your IRA may be an option. Here are 7 potential ways to get money from your IRA before age 59 ½:

1. Use SEPP rules - (substantially equal periodic payments) rules or the 72(t) rules. This allows IRA owners a way to withdraw a fixed amount of cash for a minimum of 5 years or to the age of 59 ½. While you have to pay ordinary income taxes on the distributions, you do not have to pay the penalty. Be aware that this option is somewhat complicated to apply for and obtain.
2. Medical expenses - You can withdraw money to pay for medical expenses if they exceed 7.5% of you adjusted gross income. Penalty free.
3. Total or permanent Disability - If you become totally or permanently disable, you can apply to get distributions. Penalty free.
4. Education expenses - You can withdraw money to pay for educational expenses for you, your spouse or your children or grandkids. You must make sure the eligible student attends an IRS-approved institution. Penalty free.
5. First Home Exemption - You can potential use $10,000 single or $20,000 if married, it purchase home for the first time. Penalty free.
6. Military Exemption - Members of the military can receive early IRA distributions without penalty if they meet certain criteria.
7. Straight withdrawal - As a last resort, you can withdraw money from your IRA for any reason but will be required to pay a 10% penalty and ordinary income tax on the amount withdrawn.

For more information, check out the IRS publication 590

*Please consult your financial or tax professional to review you options and confirm eligibility.

If you own real estate and pay real estate taxes, be sure to file for a homestead exemption. Many states reduce real estate taxes if you file and qualify for a homestead exemption. The savings can be a couple hundred dollars a year. In addition, filing a homestead can potentially protect your home from certain legal actions.

Check out these links for more information:
1 - Wikipedia - Homestead Exemption
2 - LawCheck.net - List of Homestead Information by State

In addition, each homeowner should look into real estate tax exemptions, abatements or rebates offered by their individual state. For example, New York state offers tax reductions on the following:
1 - Cooperative or Condo Tax abatement to reduce the tax disparity between some properties.
2 - Disabled Crime Victim and Good Samaritan Exemption
3 - Military Request for Relief
4 - Senior owners of rent controlled property

Here are links to a couple state and city websites:
1 - New York City Finance - Tax Reduction & Rebate Programs.
2 - California Franchise Tax Board - Homeowner & Renter Assistance
3 - Florida Department of Revenue - Exemptions
4 - Dallas Central Appraisal District - Property Exemptions
5 - NJ Income Tax - Property Tax Deduction/Credit

Check your individual state for tax rebate and abatement programs.

Only a millionaire can truly tell anyone how to become a millionaire. So I have developed a list highlighting the best ways past millionaires have made their fortunes. I've tried to list only proven ways and filter out the "get rich quick" schemes.

The Millionaire List:
1 - Real Estate Investing - Historically, real estate has been on of the best ways to accumulate wealth. The use of leverage or using others people's money gives an investor the opportunity to multiple his wealth over time. Check out this video from Donald Trump about real estate investing.

2 - Living Within or Below Your Means - This is a tough one for most people but being dollar-wise with your money and saving works. If you use the power of interest rate compounding to grow your savings, your nest egg can grow to a sizable asset. Use this Millionaire Calculator from BankRate.com to calculate what you need to save to become a millionaire.

3 - Stock Market Investing - Historically, the stock market has made thousands of millionaires. Long term investing in fundamentally sound companies, many who pay dividends, allows you to leverage compounding again. Check out this power of compounding article from Fool.com - Want to Be a Millionaire? You Can

4 - The Corporate Route - Many millionaires come from the corporate America by either earning a high salary for years or being lucky enough to get stocks or stock options in quickly growing firms.

5 - Own a Business - This is the America dream of running your own business and becoming a millionaire. Check out this article from Entrepreneur.com - Young Millionaires

6 Inventions - The right invention can make you a millionaire. Check out these articles from Entrepreneur.com - Inventions

While there are many other ways to become a millionaire, this list gives the ways with the highest probably for success.

Also, check out these personal stories and articles:
Quicken.com - Hidden Millionaires
MSN.com - Millionaire Stories
LegalZoom.com - Millionaire Moms

Going Green can save you money and help you reduce your carbon footprint.

Go to Greenrati.com for some of the best green living, products and ideas.

Do you know saving water also saves energy? It is called the Water Energy Nexus. Go Green by saving water.

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