Carnegie Wealth Management Blog


An Easy Way to Give Back

Posted by Raz Pounardjian on Dec 7, 2016 4:31:27 PM

About five years ago, “Giving Tuesday” was created and is celebrated the first Tuesday after Thanksgiving. This day celebrates and encourages giving in both monetary and non-monetary ways. Just on that day alone, approximately $117 million was raised online for charities. The increased awareness for charitable giving is a testament to the
good hearted and selfless nature of many individuals and corporations.

We here at Carnegie recently spent an afternoon cooking lunch for those in residence at the Ronald McDonald House in Cleveland. Sometimes it’s best to get away from the grind of “every day” life and give back to those in need and less fortunate. As someone who spends the majority of his days in the office, I really enjoyed preparing a meal together for those in need with my fellow co-workers. 

One of the ways we have helped encourage charitable giving is through the use of Donor Advised Funds.

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Topics: Giving

Giving Tuesday Advice: Give Your Income Taxes to Charity

Posted by Donald L Haisman, CFP® on Nov 29, 2016 4:35:16 PM

Is it true?  Can I really?  There must be some catch?

These are some of the questions I received recently to my suggestion of giving taxes to charity.  My answer is a frank, ‘yes’. You can give some of your taxes to any qualified public charity.  The “giving” I am talking about is called Qualified Charitable Deduction (QCD). 

Recent History

Last December Congress made a permanent provision in the tax code.  Please note, there are two catches.  First, you must be age 70 ½ or older, and second, you must make the donation only from an Individual Retirement Account (IRA). 

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Topics: Giving, Taxes

President Trump…Surprise? Not necessarily. 6 Things to Consider Now...

Posted by Carnegie Investment Counsel on Nov 9, 2016 12:25:45 PM

There is no denying the worldwide wave of populism hit America last night.  The push-back from the common man against the establishment is real.  There is evident global frustration with those in the political class who are viewed to be out of touch with the average person.  It started in the Philippines in May, continued in the United Kingdom in June and now the ultimate insider candidate of Hillary Clinton has been deposed by a candidate never to have held elective office previously, Donald Trump. 

These are political waves though, not economic waves and the lessons learned in the Brexit vote are quite applicable to our own markets. 

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Topics: Election, Trump, Surprise

A Rainbow's End for the "King"

Posted by Gary Wagner on Sep 30, 2016 12:07:42 PM

The world lost a great man this week with the passing of Arnold Palmer...

We have several connections to the “King” in our firm, not the least of which is our very own Chad Warmbein who had the honor of playing in the Palmer Cup at Latrobe Country Club the past two years. It’s hard to imagine the world without Arnold Palmer; he was such a permanent figure, not only in golf, but as a person and all of the good that he did outside of the game. It is only in Arnie’s style that he would pass on the eve of the Ryder Cup, an event he cherished and is the person who still holds the title of the most match wins at 22. Never one to seek the limelight, he wouldn’t have wanted to disrupt the event.

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Topics: Arnold Palmer, Remembrance

Brady's Leap and Your Financial Plan

Posted by Gary Wagner on Sep 2, 2016 2:00:06 PM

Many of you from Northeast Ohio area are familiar with “Brady’s Leap,” if only from the eponymous Ohio Turnpike service plaza at mile marker 197. For those of you who are not native to the area or simply need a refresher of this legend, gather round. 

Captain Samuel Brady

Captain Samuel Brady came from a notorious family of American Revolutionary soldiers and fought alongside George Washington with his father and brother. Throughout the Revolution, the Bradys fought in every major battle. By 1778, the Bradys were deployed to man the frontier, then located in Central Pennsylvania as most of the country anywhere West of that was occupied by Indians.

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Topics: Financial Planning, Brady

The Importance of Being Communicative

Posted by Raz Pounardjian on Jul 1, 2016 9:58:34 AM

While the recent market headlines have focused on Britain’s decision to leave the European Union, or “Brexit” as it has been dubbed, I came across an interesting news article last weekend. The article from the Wall Street Journal described how a certain robo-advisor froze all trading activity on their platform for two and a half hours after the market opened on June 24th (the first day of trading after the Brexit results were known). Even worse, they did not even communicate this in a simple email to their users. What would you do in this situation?

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Topics: Commincation

Who is Driving Your Retirement Plan?

Posted by Scott R. Inglis on May 31, 2016 2:25:23 PM

We live in an age of amazing technological promise. One where machines and software programs are developing at an astonishing rate, and where the possibility of encountering real-life robots - like the fantasy versions from 1970’s TV shows and film, such as B-9 from “Lost in Space” or C3PO from “Star Wars” - doesn’t seem so other-worldly anymore.  Today companies as different as Google, General Motors and Tesla are vying to develop self-driving cars, and Virtually Reality, or “VR” for short, is for Real.   With self-driving cars literally just around the corner, perhaps it is time to consider the question: are you ready to hand over the keys to your car and trust your life to an Uber machine? 

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Topics: Retirement, Target Date Funds

The DOL’s Incredible Shrinking Fiduciary Rule

Posted by William Anderson on Apr 8, 2016 2:02:33 PM

As a follow up to our previous post "Fiduciary Rules? Or April Fools...", The Department of Labor’s regulations, aimed at curbing abusive fee practices in regards to the management of IRA, 401(k) and HSA accounts, was finally released on April 5th.  The draft regulations released for comment earlier in the year were tough, substantive and had teeth.

However, the final regulations, just released, are virtually meaningless as a consumer protection and may even be softened. 

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Topics: Fiduciary, DOL

Fiduciary Rules? Or April Fools…

Posted by Gary Wagner on Apr 1, 2016 2:56:37 PM

This coming Wednesday:  “Hump Day” or “Wacky Wednesday”?

The U.S. Department of Labor has an opportunity to make an historic ruling that will benefit everyone saving for retirement. The final version of the highly anticipated “Fiduciary Rule” is to be announced on Wednesday, April 6.

Why is this important? The fiduciary standard that Registered Investment Advisers (like Carnegie) live by will be forced upon any adviser providing investment guidance to retirement plan accounts. In other words, advisers that are currently permitted to recommend only products that earn them the most commissions will finally be forced to come clean.

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Topics: Fiduciary

Be Prepared: 5 Key Components to a Strong Financial Plan

Posted by Bob Carroll on Feb 2, 2016 12:00:00 PM

Since 1907, “Be Prepared” has been the motto for millions of Boy and Girl Scouts around the world. The expression represents the constant readiness and willingness in both mind and body to do the right thing at the right moment.   But what goes unspoken is “What exactly are we preparing for?”  That is a great question, but you do not have to be a Scout to understand the motto applies to all of us.  After all, life has a way of throwing us curves and the only way we navigate these treacherous waters is to be prepared.

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Topics: Financial Planning