Carnegie Investment Counsel Blog

Carnegie Investment Counsel

Carnegie Investment Counsel
Carnegie Investment Counsel is an Registered Investment Adviser (RIA) providing personalized financial guidance to help you preserve and grow your wealth, so you are freer to enjoy your life. As your fiduciary, we are obligated to place your investing success ahead of our returns.
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Recent Posts

You Can’t Take It With You Part 3: Living Well With Wealth

Posted by Carnegie Investment Counsel on Jan 13, 2022 1:30:00 PM

Congratulations! You’ve made it to the finish line of your career, and now you’re ready to enjoy the rewards of your hard work and savvy financial planning. Nowadays, retirement looks a little different from previous generations: many retirees are now active and busy, completing their bucket lists and staying excited about tomorrow’s possibilities. You, too, can experience the enrichment of this new chapter.

Retirement looks different for everybody. It’s a great time to think of what goals you made for yourself when you were younger. What have you always wanted to do but never had the chance? Did you want to travel somewhere specific? Master a certain craft, give back to the community, or start a new hobby? Now may be the right time to say yes to all of those opportunities.

In our previous posts in this series, we discussed gifting money to family and charitable giving. In this post, we take a deep dive into enjoying your nest egg. Here are some categories.

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Topics: Financial Planning, Retirement Planning

Kids and Money: How to Teach Money Habits and Investing Concepts

Posted by Carnegie Investment Counsel on Dec 21, 2021 1:30:00 PM

You’ve spent a lifetime developing an investing style and compiling ideas about how to wisely manage your personal finances. Wouldn’t it be a great idea to pass along some of that wisdom to your family? Here are a few ideas on how to teach money habits to young people. 

Part of any practical education for your children and possibly your grandchildren should be how to effectively manage their finances.  

Don't assume your kids are too young to start this process. If you wait until they are college age, you will likely miss a golden opportunity to create an enduring set of guidelines for financial management.

Another assumption that you can readily discount is that these lessons will be taught in school. According to the Council for Economic Education, only 21 states require a course in personal finance for high school graduation.

You may be doing a great disservice to your children by failing to give them an explanation of how the primary aspects of personal finance work. Here are some suggestions:

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Topics: Financial Planning

Financial Planning for People With Disabilities: Understanding ABLE Accounts

Posted by Carnegie Investment Counsel on Dec 14, 2021 1:30:00 PM

ABLE Act accounts started with a parent. It was Stephen E. Beck, Jr., vice chairman of the National Down Syndrome Society and the Down Syndrome Association of Northern Virginia Board of Directors who proposed a plan to help his daughter, who has Down syndrome, save money. His plan is what became the basis for the Achieving a Better Life Experience (ABLE) Act.

In 2014, the ABLE Act was signed into law by President Obama and in June 2016, ABLE programs were launched in Ohio, Tennessee and Nebraska. In Ohio, for example, these accounts are called STABLE accounts.  

If you’re a parent raising a child with special needs, you know there are unique circumstances when it comes to managing your family’s finances. In a previous blog post, we outlined eight simple steps for parents to take to establish financial stability for their child. This blog takes a closer and more in-depth look at ABLE Act accounts and answers some frequently asked questions.

By definition, ABLE accounts are investment accounts for eligible individuals with disabilities that allow them to save and invest money while retaining eligibility for public benefits programs (like Medicaid, SSI for example). These accounts share similarities with regular bank accounts, but they function more like 529 college savings accounts.

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Topics: Financial Planning

A Day in the Life of a Retirement Services Principal: Meet Kim Gannis and Learn Just How Personalized Corporate Retirement Plans Can Be

Posted by Carnegie Investment Counsel on Dec 7, 2021 1:30:00 PM

Kim Gannis, AIF®, is a Principal at Carnegie and Director of Retirement Plan Services and works in Carnegie’s Pittsburgh office. She has been with the firm for six years. Kim earned her Bachelor of Science in mathematics from the University of Pittsburgh; she is also a designated Accredited Investment Fiduciary®. 

“With my degree, I thought I was going to be a teacher coming out of school,” Kim recalls. “I soon realized that I would rather poke my eyes out than be a teacher.” She landed at Mercer as an analyst, then continued with positions at PNC Bank and American Century Investments. Her desire to understand the real side of money led to her move to Carnegie. She has been doing financial work all her life and plans to continue for the rest of her career. 

Let’s take a look at a day in the life of a principal and director of retirement plan services.

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Topics: Relationship Management, Retirement Planning

5 Steps to Make the Greatest Impact as a Donor on Giving Tuesday

Posted by Carnegie Investment Counsel on Nov 3, 2021 9:25:57 AM

Giving Tuesday is a global day of giving with a goal to unleash the power of radical generosity. According to Giving Tuesday Inc, $2.47 billion was donated on December 1, 2020, by 34.8 million people, just in the United States alone. Many of our clients have been giving generously to their beloved charities for years. However, if you know someone looking to make a difference or newly in a position to be philanthropic, consider sharing this step-by-step article with them. There are many ways to get involved this Giving Tuesday - here are some ideas!

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Topics: Giving, Nonprofits

Timeless Investment Tips to Help Prepare for Good Times or Pandemics

Posted by Carnegie Investment Counsel on Oct 14, 2021 1:30:00 PM

In their most recent study about stress in America, the American Psychological Association found that 72 percent of people felt stressed about money. Finances can be a constant stressor for some, no matter what significant events influence it. Still, it’s no secret that the pandemic transformed the workforce rapidly and wreaked long-term havoc on the economy in 2020. Many people experienced food insecurity due to the unexpected impact of financial loss, and according to a survey published in November, 2020, about 63 percent of Americans had been living paycheck to paycheck since the start of the pandemic.

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Topics: Investing, Financial Planning, Investment Management

Practical Options for Sources of Retirement Income

Posted by Carnegie Investment Counsel on Oct 7, 2021 2:04:26 PM

We’ve always been told that the only certainty in our lives will be death and taxes. Fair enough. But many of us would like to see a greater degree of certainty when it comes to our retirement, specifically as it relates to retirement income.

However, although there are tools to help determine our income after our work life, it really is a “best guess” and is not guaranteed. Add to that, the amount of time one will need that income is also speculation.

But there are steps we can take to augment traditional income sources. First, let’s define those typical ways of paying for our retirement.

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Topics: Financial Planning, Economy, health insurance

You Can’t Take It with You Part 2: Philanthropy

Posted by Carnegie Investment Counsel on Sep 17, 2021 4:00:00 PM

Did you know that 90 percent of high net-worth households give to charity according to the National Philanthropic Trust? It’s an impactful way to ensure your wealth goes to good use. Nonprofit and charitable organizations are fueled by individuals who support their services. Currently, there are about 1.54 million charitable organizations in the U.S., and in 2019, 69 percent of charitable giving came from individuals.

In our first post in this series on living with wealth, we discussed giving to family. [Link to blog when posted] In this post, we concentrate on charitable giving. Outside of playing a pivotal role in helping a nonprofit organization thrive, charitable giving boasts a number of benefits for donors. Making a donation to a qualified 501(c)(3) makes you eligible for tax deductions, and giving a considerable amount can benefit your overall estate planning.

Take a closer look at how you can position yourself for sustainable charitable giving and, in addition, leave an enduring legacy after your death.

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Topics: Giving, Financial Planning, Wealth Management, Nonprofits

The Four Missions: How Financial Advisors for Nonprofits Can Help

Posted by Carnegie Investment Counsel on Sep 2, 2021 1:30:00 PM

Nonprofit organizations rely on the generosity of donors for their sustainability, allowing them to solve real-world problems for those who need help. They often receive financial support from the government, private entities and philanthropic organizations, but the majority of giving comes from individual donors. Donating to these organizations allows people to pay their wealth forward. To make them even more successful in serving one of the four basic missions, financial advisors for nonprofits, like Carnegie Investment Counsel, can help.

A podcast episode of Business Made Simple (titled “Vik Harrison -- What You Really Need to Grow Your Nonprofit”) breaks down the four different categories of nonprofits, based on their mission. Hosts Koula Callahan and Dr. J.J. Peterson discusses how nonprofit organizations should approach their development the same way for-profit companies do via marketing and messaging. Vik Harrison, founder of Charity Water, advises how nonprofits can shift their thinking this way. Both Peterson and Callahan are part of StoryBrand, a marketing consultant company that helps brands and businesses clarify and transform their messaging. 

In the Business Made Simple episode, Peterson and Callahan use the following quote as a frame of reference for describing the four different nonprofits: “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.” Here’s how each of those organizations differs from one another.

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Topics: nonprofit financial advisors, Nonprofits

Video: Behind the Numbers, Demystifying Noise in the Market Place

Posted by Carnegie Investment Counsel on Aug 25, 2021 9:21:19 AM

Recently, Carnegie Investment Counsel Portfolio Manager/Regional Director Scott Inglis was a guest of Behind the Numbers, which is a podcast about the “real stories” behind business performance and valuation. Inglis talked with the host, valuation expert and bestselling author Dave Bookbinder. Scott provided detailed insights around demystifying noise in the market place”. Here’s an overview of the conversation.

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Topics: Financial Planning, Stocks, Market, Economy, Investment Management

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