Carnegie Investment Counsel Blog

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 of 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

When Should I Meet With a Financial Advisor and How Do I Set That Up?

Posted by Carnegie Investment Counsel on Aug 11, 2022 2:00:00 PM

Wherever you are on your financial journey, there are certain times you may want to meet with a financial advisor for their professional insight and recommendations. Working with a trusted fiduciary advisor can help you plan your future, manage investments and provide guidance on tax preparation, retirement planning, estate planning, insurance, and other important matters. See when and why you should meet with a financial advisor — and how to get started today.

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Topics: Financial Planning

Free Financial Planning Tools: 10 No-Cost Resources for You

Posted by Carnegie Investment Counsel on Aug 4, 2022 3:30:00 PM

Planning your finances doesn’t have to be overwhelming or stressful. Sure, there are a lot of key factors to consider, like saving for retirement and planning estimated budgets, but there are plenty of free financial planning tools that you can use as resources to feel more prepared. Here are just eight helpful tools and three financial apps you can access for free:

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Topics: Financial Planning

A Day in the Life of Bill Anderson

Posted by Carnegie Investment Counsel on Jul 14, 2022 2:00:00 PM

A wide breadth of experience and a grounding in practicality are what make Bill Anderson good at what he does as a Wealth Advisor and Portfolio Manager for Carnegie Investment Counsel. Bill handles all aspects of investment portfolio management and client relationships. He has experience in just about all aspects of the wealth management industry, but also in the wider world, including issues around elder care, employment transition and family dynamics. Bill has a long track record in the wealth management field in Cleveland, Ohio. He also spent 15 years with Progressive Insurance, specializing in financial institution crime and liability insurance.

He earned his bachelor’s degree in business administration in finance and real estate, as well as an MBA in finance from Kent State University. He held the distinction of being the youngest graduate of both programs for several years. Additionally, Bill held the Wall Street Journal Award for the highest GPA in finance.

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Topics: Financial Planning, Relationship Management

The Big Picture: Top Elements of a Financial Plan

Posted by Carnegie Investment Counsel on Jun 30, 2022 2:00:00 PM

The great thing about a financial plan is that it’s unique to you and your needs, but this is also what can make creating one so difficult. You’ll want to consider the key components to a strong financial plan, which will include such things as defining your goals and assessing your risk tolerance. While this part of your financial plan will be entirely unique, there are still some essential elements of a financial plan that should be addressed.

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Topics: Financial Planning

5 Ways to Build Wealth at Any Age or Stage

Posted by Carnegie Investment Counsel on Mar 8, 2022 1:30:00 PM

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.

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Topics: Financial Planning, Wealth Management

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