Carnegie Investment Counsel Blog

Successful Financial Planning During Divorce: Building a Secure Future

Posted by Carnegie Investment Counsel on Oct 18, 2023 9:30:00 AM

Divorce can be emotionally and financially challenging, but with careful financial planning during divorce, you can navigate this difficult phase with confidence. Here are the financial strategies you need to get through this arduous time and build a secure future.

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Topics: Financial Planning

Are You Raising Financially Responsible Children? 6 Tips to Empower the Next Generation

Posted by Carnegie Investment Counsel on Oct 4, 2023 10:00:00 AM

As a parent, you want to prepare your children to navigate the world confidently, and that includes the world of money. Instilling healthy financial habits from an early age will help set them on the path to being financially responsible children. But how do you know if you’re instilling those essential habits? Here are six tips: 

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Topics: Financial Planning

Silicon Valley and Its Near-Term Implications

Posted by Shams Afzal, AIF® on Mar 23, 2023 9:00:00 AM

While many outlets have reported on the failures of Silicon Valley Bank and more news will continue to trickle in, it is our understanding that these episodes do not reflect the systemic risks experienced during the financial crisis of ’08-’09. The Treasury and the Federal Reserve are providing full backing for customers’ deposits in banks of all sizes. Affected customers are being made whole from a pool of emergency cash that receives its funding from a 2010-era banking legislation (Dodd-Frank) that mandated special fees on banks.

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Topics: Financial Planning, Investment Management

Seniors: Should You Add a Trusted Contact?

Posted by Carnegie Investment Counsel on Mar 21, 2023 2:00:00 PM

No one likes to think about falling victim to a scam or suffering a medical emergency, but the sobering truth is that these situations do occur. If this type of trouble arises, you may need someone to advocate for you or serve as your liaison. Having a trusted contact is extremely important when it pertains to the management and protection of your finances. 

Here’s how to begin the process of adding a trusted contact to your financial advisor account to prevent any disconnect.

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Topics: Financial Planning, Investment Management, Retirement Planning

How to Store Important Documents: At Home and Online

Posted by Carnegie Investment Counsel on Mar 14, 2023 2:00:00 PM

Storing important documents, like financial statements from your financial advisor, isn’t just a matter of organization: It’s key to keeping your information safe and limiting the risk of identity theft. Here’s everything you need to know about storing important documents at home or online.

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Topics: Financial Planning, Investment Management

What Is the Role of a Trustee?

Posted by Carnegie Investment Counsel on Jan 12, 2023 2:00:00 PM

When you’re looking at your overall financial picture, the role of trustee is an important position that comes with a lot of responsibility, but what exactly does the position entail?

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Topics: Financial Planning, Fiduciary

Financial Planning for Women: 3 Pitfalls to Avoid

Posted by Carnegie Investment Counsel on Dec 15, 2022 2:00:00 PM

Fifty years ago, a woman couldn’t open a credit card without her husband co-signing. While we’ve come a long way since then, women still face certain financial challenges. Financial planning for women must account for these challenges in order to avoid the issues they might create. Here are three of the biggest pitfalls women must consider when creating their financial plan and tips for how to avoid them.

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Topics: Financial Planning

Survey Says...What's Your Take on Financial Wellness Programs?

Posted by Carnegie Investment Counsel on Sep 8, 2022 2:00:00 PM

Recently, the Teachers Insurance and Annuity Association (TIAA) performed a comprehensive survey about employees’ participation in financial wellnessplans through their employers. Perceptions about such plans may be helpful to sponsors who have a financial wellness plan in place for their employees, or to those who are considering implementing them. The survey was conducted online from October 22 to November 3, 2021 and collected responses from 3,000+ Americans ages 18 and older on a broad range of financial management issues and topics.

Results from the survey indicate varying definitions of “financial wellness” from employees. Responses included:

  • Having the means to take care of your family and others (53 percent).
  • Not worrying about money or debts (51 percent).
  • Feeling protected financially from life’s unexpected events (51 percent).
  • Retirement financial security (36 percent).

When asked about their current priorities for securing financial wellness, their responses included:

  • Having a reliable source of income (38 percent).
  • The ability to pay monthly bills without difficulty (38 percent).
  • Being on track with retirement savings (16 percent).
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Topics: Financial Planning

Creating Your Roadmap: What Is the Importance of a Financial Plan?

Posted by Carnegie Investment Counsel on Sep 1, 2022 2:00:00 PM

A financial plan is a personalized roadmap to help you meet your financial goals. While there’s a long list of reasons why a financial plan is so important these are the top five.

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Topics: Financial Planning

Millennials: Start Saving Now!

Posted by Carnegie Investment Counsel on Aug 18, 2022 3:24:24 PM

A study from the National Institute on Retirement Security found that 66 percent of millennials haven’t saved any money for retirement – and 66 percent haven’t started saving. With living expenses, student debt, rent or house payments and other daily expenses, saving for retirement is typically not a priority for younger people. But that will make it considerably more difficult for them to have a secure retirement later in life.

The biggest obstacle for millennials’ retirement savings is time itself. Compounding interest allows funds to grow and allows those with even modest savings to establish a large nest egg for later use. If you saved $50 each month in a retirement account that earns 6.5% annually and compounded monthly, you would generate a savings of $226,781 over 50 years. Alternatively, a millennial who starts saving the same amount 30 years later (which would have only 20 years’ worth of compound growth) would net only $24,525. Compounding plays a critical role in retirement savings. Even a little savings every month, like $50, can make a considerable impact.

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Topics: Financial Planning

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