Most people know that they can invest in stocks, bonds, and mutual funds through an Individual Retirement Account (IRA). What many are unaware of is that one can invest in other types of assets if their IRA is set up to be truly self-directed. By self-directed I mean that one can invest in just about every investment asset class except for insurance products, collectibles and precious gems. This also allows an IRA investor the opportunity to invest in real estate and other high yielding investments, not just securities.

In order to invest in other high yielding assets one needs to have those IRA assets held with a custodian that specializes in doing the paperwork and compliance work necessary to have a successful self-directed IRA. There are number of prominent custodians in the U.S. that specialize in custodial work for self-directed IRAs. Here are a few of these custodians: Pensco Trust Company, Entrust, Sterling Trust Company, American Church Trust Company and Fiserv Investment Support Services.

What are the better types of investments that would be most advantageous for a self-directed IRA? Investments that have high cash flow, short-term appreciation and little tax shelter would be best for a self-directed IRA. These types of investments would include options on real property, notes secured by real estate at a discounted rate, pre-construction purchase of resort or high demand housing projects, real estate tax certificates, real estate investments that have high cash flow and low tax deferral components like a self storage facility.

Assuming you meet the AGI and other requirements, this discussion regarding self-directed IRAs can be extended to Roth IRAs as well. The advantage to the Roth IRA is the avoidance of tax at withdrawal.

A self-directed IRA should only be considered by those who understand completely the types of investments that may be chosen to be held. Growing savings for retirement may be enhanced by those who understand the risks. As always, be sure to keep your tax advisor (such as Rodman & Rodman) informed of your plans. The tax rules surrounding IRAs are complex, so communication between yourself, your investment advisor and your tax advisor is essential.

Joe Mendola, CCIM, is a Senior Vice-President at NAI Norwood Group, a commercial real estate services firm in Bedford, NH where he has been for over 25 years. Joe can reached by phone at 603-668-7000 or by email at joe@nainorwoodgroup.com

Are you concerned about how you are going to pay for your child's college education? Have you set aside any money for your child's college education? If you haven't you should be. The cost of a state college today is about $19,000 per year. The cost of a medium range private college is about $35,000 per year. The cost of some elite private colleges is over $50,000 per year. These costs are increasing at the rate of 6% per year. Multiply that by 4 years, if you are lucky, times the number of children. The numbers are staggering. So what is a parent to do? Set up a college savings plan. The most popular today is the 529 college savings plan. Almost every state has one and each plan has different rules and regulations. You are not limited to using your state's 529 plan. You should find one that fits your needs.

529 college savings plans allow choosing any qualified educational institution (unlike prepaid plans that are generally intended for public colleges and universities or for specific colleges). States contract with an investment firm or mutual fund company to market and manage their program. Most plans encourage out-of-state residents to participate. Families choosing which state's plan is best for them should check the availability and amount of any tax breaks that may be given by their own state for 529 investments. Other factors may be more important than state tax. Considerations include sales charges, account maintenance fees, quality of investment management, choices of investments, and convenience of automatic withdrawals.

Choosing a 529 plan is not an easy task. There are various plans to choose from, each one a little different than the other. You have to know what you want to accomplish with the plan. When the child is due to enter college will be a factor in determining what plan to invest in. College costs are increasing at a rate that is twice the rate of inflation. If this continues, the cost of college will double in ten years. If a student is in the first grade today they will expect to graduate high school in the year 2018. The projected cost for UMass Amherst is $39,700. The projected cost for Harvard is $93,500 annually. Parents who plan earliest stand the best chance of overcoming the high cost of higher education. 529 plans provide an excellent vehicle to help overcome this rising burden.

Stan Ezekial is a Principal with The College Planning Group (CPG). CPG assists parents and students with the complexities associated with obtaining the resources necessary to fund a college education. Experts in the financial aid process, CPG assists its clients in assuring that the student receives all the financial aid he or she is qualified for. Stan can be reached at (781)828-1114 or by email at stan@thecollegeplanninggroup.com.

QuickBooks has some excellent short cuts available using the keyboard. This month, I will focus on keyboard shortcuts involving the date field. Below is a list of letters or symbols that when typed while the cursor is in the date field can dramatically shorten the amount of time you spend typing in date information. Here is the list:

• y - First day of displayed calendar year
• r - Last day of displayed calendar year
• m - First day of displayed month
• h - Last day of displayed month
• t - Today
• w - First day of displayed week
• k - Last day of displayed week
• + - Next day
• - - Previous day

Try these shortcuts out. The more you use them and get comfortable, you will find your efficiency in entering data will increase, along with accuracy.

Words are just that, words, right? Maybe, but sometimes a person puts a thought out there that resonates. It stays with you and in some cases helps guide you in your life. I thought it might be fun to give you a list of five of my favorite quotes that apply to business. Not surprisingly, some of these quotes serve people in their everyday life as well. My hope is that this list inspires you to think about the things you have read or heard that have special meaning to you. I encourage you to find a way to make them a part of your life. Write them down and place them where you will see them often. Frame it if it really matters. With all the clutter in this world, sometimes having a defining thought or statement to look at when you really need it can make all the difference. In any event, here are five of my favorite business quotes:

1. It is your attitude, not your aptitude, that determines your altitude. - Zig Ziglar
2. Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world. - Joel Barker
3. Genius is 1% inspiration and 99% perspiration. Accordingly a genius is often merely a talented person who has done all of his or her homework. - Thomas Edison
4. Managers are people who do things right, and leaders are people who do the right things. - Warren Bennis
5. A computer once beat me at chess, but it was no match for me at kick boxing. - Emo Phillips