Many factors go into making a business a success, but one of the most challenging areas -- particularly for young entrepreneurs -- is financial management. Whether it's securing capital, separating personal finances from business finances or managing cash-flow, there are a number of pitfalls that lay in the way of even the most prepared entrepreneur. Here are some tips from the U.S. Small Business Administration (SBA) for avoiding the most common financial mistakes that young entrepreneurs make.

A happy, fulfilling retirement can mean different things for different people, but it's important for everyone to get there financially. The American Association of Retired Persons (AARP) offers the following tips.

1. Define your retirement. Write your goals; be practical about expenses.
2. Take stock of assets. List money you have and hobbies/skills that may be income streams.
3. Evaluate your health -- now. Schedule checkups, eat healthy, exercise, get enough sleep and stay sharp mentally.
4. Decide when to collect Social Security. To help you determine your optimum age, AARP launched a new calculator at www.aarp.org/SocialSecurityBenefits.  
5. Network. Join or start a book club, a group at a local café or Facebook.
6. Decide how much to work. Weigh the pros and cons of working, including hours per week.
7. Make a retirement budget. List expenses and income.
8. Find ways to cut expenses. Saving more now makes you more prepared later.
9. Prepare for the unexpected. Know how you'll pay for repairs, serious illness or trips. Evaluate your insurance policies.

For more retirement guidelines, visit www.aarp.org/ReadyforRetirement

With housing prices and mortgage interest rates at record lows, now is a good time to explore buying a home. Today, there are more obstacles to getting a mortgage, including higher credit score standards and closer reviews of applications. Preparation is key to navigating today's market. In honor of June being National Homeownership Month, here are tips to help you prepare for buying a home.

Review your finances. A detailed analysis of your financial situation is central to the decision to buy. Calculate all of your monthly expenses, in addition to your potential mortgage payment, homeowner's insurance and taxes. Factor in other obligations such as car payments, credit card debt and living expenses. Budget for home maintenance costs as well. Aim to keep the mortgage payment and all other obligations below 40 percent of your monthly income, and stay within your budget when considering homes.

Check your credit score. Your credit history is an important factor when applying for a loan. Most lenders rely on the Fair Isaac Corporation (FICO) credit score when reviewing your loan application. The score reflects how well you manage your debt and is calculated using data from your credit report. A lower credit score will result in a higher interest rate on your loan. If your score is too low, you may not be approved for a loan at that time. There are a number of steps you can take to improve your credit score, including paying your bills on time, only opening lines of credit you need and keeping your credit card balances below half of your available credit. To learn more and get information about improving your credit score, visit www.myfico.com.

Organize your finances before you go to the bank. Getting a loan requires a few different documents including, but not limited to, pay stubs, tax returns and financial statements that are less than 60 days old. Provide copies of additional monthly payments, such as car loans, credit cards and student loans. You should also bring any additional information you think will help your banker positively evaluate your financial situation.

Factor in closing costs. Once you have found a home within your budget and agreed on a purchase price, there will be costs associated with closing the sale. These costs can vary and will depend on the purchase price and whether a real estate attorney or title/escrow company will be involved in the transaction. By law, lenders are required to give you a written estimate of closing costs within three days of accepting your loan application.

More resources

Iowa Bankers Mortgage Corp. President Dan Vessely was recently featured in a KDSM Fox 17 video in which he provided tips for first-time home buyers. To view the video, go to www.kdsm17.com/newsroom/features/home_sweet_home/videos/vid_5.shtml.

The American Bankers Association also offers interactive calculators to help potential buyers estimate the cost of a mortgage. Access the calculator and other resources at www.aba.com/aba/static/calculators.htm. Additional homeownership information is available at http://forms.aba.com/ABAEF/NationalHomeownershipMonth.htm

Although June 20 officially marks the first day of summer, perhaps your children are already running out of things to do. The good news is summer fun doesn't have to cost a fortune, and often the simplest things are the most enjoyable. Here are some ideas for your family to consider this summer.

Look for local events. From concerts to festivals, there are many ways to have fun without going great distances for it. Keep an eye out for ads, and check your local newspaper often for events in your own town and surrounding areas. Local attractions may include county fairs, museums, parks, zoos, historical sites, drive-in movie theaters and special events at local libraries.

Have fun with food. A cookout is a great way to enjoy a summer evening. Eating a meal outside on a porch or in your yard can feel like a great adventure for a child. You can also take a picnic to a park, organize yard games or relays, make homemade ice cream for dessert or even eat watermelon and have a seed-spitting contest.

Explore the outdoors. From firefly-catching to star-gazing, your own backyard can be a great place for children to explore and have fun. If you're feeling especially adventurous, pitch a tent in your backyard and camp together. Other enjoyable and inexpensive activities include fishing, exploring hiking trails, visiting a state park or going on a family bike ride.

Visit local farms and orchards. Picking your own fruits and veggies is a great way to have local family fun, and it's probably the freshest, most affordable produce you'll get all year. If you have a nearby farmer's market, take advantage of all it has to offer for the whole family.

Do a home project. Summer is a great time for home fix-up projects, and your kids can help out. Adapt an old to belt to fit your child and, depending on his or her age, provide plastic or mini tools. Then ask your assistant to help by handing you tools, doing light sanding, polishing surfaces with a rag and picking up spilled screws or tools.

Get wet. A true crowd pleaser for most families on hot summer days is to go for a swim. Visit a community pool, water park or nearby lake. Other ideas you can use at home include having a water balloon toss, splashing in the sprinkler or washing the car together -- expecting to get soaked.

Spend time together. As you consider the various ways to have fun this summer, don't overlook the impact of just being together as a family. Designate a time each week for family activities such as a board game night or a movie night. Build a fort together, learn a new craft or hobby or have a family-only slumber party in your living room.