Most videos, no matter how much time and effort go into making them, won’t go viral, but some do. When a video goes viral, depending on the platform and how it’s monetized, it could earn anywhere from a few hundred dollars to a million or more. If your child makes a video that goes viral, they could end up with a hefty viral video paycheck. This is often unprecedented territory for even the most financially savvy parents. Here are a few tips on how to best handle the situation.
Carnegie Investment Counsel

Recent Posts
My Child Got a Viral Video Paycheck: What Now?
Topics: Technology
Financial Internet Safety for Teens (and Everyone)
Amid constant headlines of scams, identity theft, hackings and more, the internet can begin to feel like a scary place. As financial advisors, we work with many parents and grandparents of teens. Like a lot of our clients, you may find yourself worried for both yourself and your child or grandchild when it comes to financial internet safety. Avoiding the online world completely isn’t realistic. Your next best option is educating yourself and your teen. Keeping safe on the internet isn’t always easy, but these tips can help.
Topics: Technology
Getting a Grip on Income Taxes in Retirement
You’ve spent the last few decades toiling away at your job or running your own business. You’ve provided for your family and possibly created jobs for others at the same time. And you have certainly been paying income taxes over that same time frame, probably ever since your dad got you that summer job that paid you the minimum wage.
As your retirement years come into focus, it’s a good bet that you’re looking forward to stepping away from the everyday grind of your family business or profession. Maybe you also believe that you will be walking away from paying Uncle Sam his share of your retirement income. That popular misconception is certainly not the case.
While retired Americans generally pay less in income taxes than other age groups because of a reduction in income, the tax burden can still be a significant line item in their budget.
Many different income streams in retirement, including Social Security benefits, are subject to federal and possibly state income taxes. This discussion, though, will focus on tax liabilities at the federal level. The amount of tax you will be required to pay is at least partly a function of how much income you will receive once you stop working. Let’s explore the primary sources of retirement income and what tax burden they carry.
Topics: Retirement Planning, Taxes
A Day in the Life of a Wealth Manager: Meet Hank Spain
Henry “Hank” A. Spain, CLU®, ChFC® is a Senior Portfolio Advisor and Wealth Manager at Carnegie. With more than 40 years of experience in the industry, Hank Spain is a welcome addition to the Carnegie investment and wealth management team. His dedication to and appreciation for clients’ principles make him the embodiment of one of our core beliefs.
Topics: Wealth Management
New in ’22 – How the RMD Landscape has Changed
While not exactly front-page news, many of our readers should be aware of changes implemented for 2022 by the IRS for Required Minimum Distributions (RMDs). The primary change is related to updates to the life expectancy tables that the IRS uses to compute these RMDs.
For those new to this corner of the personal finance universe, an RMD is the minimum amount of money that a taxpayer must withdraw from a qualified retirement account each year in order to avoid adverse tax consequences. Virtually all defined contribution plans are affected, including traditional IRAs, (SEP) IRAs, and (SIMPLE) IRAs. Other accounts impacted include 401(k), 403(b), and 457 plan accounts. The date at which the RMD is triggered and the amount of the distribution are primarily determined by the age of the account holder.
In 2018 former President Trump directed the U.S. Treasury Department to better reflect increases to life expectancy for the American populace, since the existing tables had been in place for nearly twenty years.
This executive order brought about the changes that are taking place for 2022. Before we delve into this year’s differences, let’s review other relatively recent changes to RMDs.
Topics: Retirement Planning
5 Ways to Build Wealth at Any Age or Stage
Building wealth is an integral step in many major life goals: purchasing a home, limiting financial stress, supporting loved ones, enjoying retirement, the list goes on and on. But building wealth isn’t always straightforward. What if you’re early in your career and just barely managing to make ends meet? What if you’re nearing retirement but don’t feel you’ve saved enough? No matter your age or stage of life, here are five ways to help you build wealth now.
Topics: Financial Planning, Wealth Management
Selling Your Business: Investing to Make Your Payout Last a Lifetime
All your hard work over the years has finally paid off and you’re selling your business. This is an exciting time, but it’s also full of decisions that will impact you for the rest of your life. No matter how large your payout, making it last requires planning. Here’s what you need to know to make your funds last a lifetime.
Topics: Investing, Investment Management
Top Things to Know About Retirement Planning, Even If You’re Not Financially Savvy
The state of retirement planning in the United States is grim. More than a third of Americans surveyed believe they’ll never have the ability to retire, 59 percent plan to work longer and 41 percent said financial security in retirement would “take a miracle.” The good news is that saving for retirement doesn’t need to be overly complicated. Here are the top things to know about retirement planning strategies that even the least financially savvy can implement.
Topics: Retirement Planning
2022 Wealth and Taxes Webinar: Tips to Help Maximize Your Bottom Line
If taxes confuse you, rest assured that you are not alone. We often hear common questions from our clients around RMDs, 529 Plans, rules around charitable gifts, and more. To help demystify these topics, Carnegie Investment Counsel will host a free webinar on Wednesday, February 23rd, at noon.
Speakers:
- A. Christine Bretz, CPA, CFDA of Singer, Berger, Press & Co.
- Bryan R. Blackburn, CFP® of Carnegie Investment Counsel
Topics: Financial Planning, Wealth Management, Taxes
Making decisions today that are designed to take effect upon our eventual demise is hardly at the top of anyone’s pleasure list. When it comes to ensuring the financial well-being of your family though, making thoughtful preparations regarding the final disposition of your assets should be a priority. The creation of an estate plan allows you to control how your assets are transferred to your heirs when you die or become mentally or physically incapacitated.
An estate plan will have far-reaching consequences regarding how your financial assets are distributed. A properly designed plan can also make directives about your medical care if you become too ill to make those decisions yourself.
In the absence of an estate plan, a probate court may be making the decisions about your money when you pass away, rather than following your wishes. The lack of a plan may leave your family with an undue hardship, particularly if you have not made it clear to them how you want your affairs to be managed.
Consider the essential components of a proper estate plan:
Topics: Financial Planning, Wealth Management