Picture this — it’s June 2, 2023, and the United States just voted to suspend the debt ceiling for two years. Suddenly, the Treasury Department goes on a borrowing spree and racks up a jaw- dropping $1.1 trillion in just two months! This nudges the total debt from a hefty $31.5 trillion to a formidable $32.6 trillion.

It’s like a kid in a candy shop with an unlimited gift voucher — only the candy is borrowed money, and the kid is the U.S. government.

Government Spending Is Out of Control

You might be wondering, “Why on Earth is Uncle Sam borrowing so much?”

The answer to this trillion-dollar question is a tale of two halves — shrinking tax revenue and skyrocketing spending. In the first nine months of fiscal year 2023, revenue shrank by 11 percent, compared to the same period in FY2022. Meanwhile, spending ballooned by 10.5 percent. It’s like watching your bank balance dwindle while your shopping habits spiral out of control. The result? A whopping deficit of $1.39 trillion by June, surpassing the full-year deficit of

$1.37 trillion in 2022. With July, August and September still to come, it’s estimated that the

deficit in FY2023 will reach around $1.8 trillion. While it could be even higher, the Supreme Court struck down President Biden’s college-loan relief plan, artificially keeping the deficit lower.

Here’s a twist in the tale. During the COVID-19 pandemic, businesses and workers were forced into lockdowns, which many argued against. Compensating them for the economic damage that ensued was deemed necessary. Essentially, the government increased its revenue by taxing the very money it borrowed and distributed. This is why revenues are collapsing now that the taxable handouts are over.

Meanwhile, the spending spree continues unabated. It seems that once the government gets a taste for spending, it’s like a kid let loose in a toy store. The emergency spending during the pandemic now looks like it’s here to stay, much like what happened after the 2008–09 financial crisis. At this rate, we might have to start calling it “permanent spending.”

After the June 2, 2023, vote to suspend the debt ceiling for two years, the U.S. Treasury borrowed a staggering $1.1 trillion in just two months. This pushed the total debt from $31.5 trillion to $32.6 trillion. Why has the government borrowed so much?

On the other side of the equation, once the government starts spending more, it rarely cuts back on its budgets. Emergency spending often becomes permanent spending. This was evident after the 2008–09 financial panic, and it seems to be happening again today. While the White House celebrated bringing the deficit down last year, this year it is moving in the opposite direction.

Currently, the federal government is spending a staggering 25 percent of GDP. Throughout history, regardless of tax rates, the budget has never been balanced when spending exceeds

19.5 percent of GDP. It’s a simple equation — the larger the government becomes, the harder it is to grow, which in turn reduces tax receipts. With spending at such high levels, budget deficits have become a permanent feature, and this will only worsen as entitlements for seniors, such as Social Security and Medicare, consume an increasing portion of our GDP in the years ahead.

Things have gotten so bad that on August 1^st, Fitch, a bond rating firm, downgraded the U.S. Treasury debt from AAA to AA+. Why? The reasons cited were massive deficits, fiscal deterioration and erosion of governance. This downgrade, similar to the one by Standard & Poor’s in 2011, has created political heat. We can only hope it leads to action.

Of the 14 countries that Fitch has rated AA or above, the United States has the highest estimated 2023 deficit as a percentage of GDP (6.5 percent) and the second-highest interest expense as a percentage of revenues. At over 8 percent for the United States, only the United Kingdom is higher (10 percent-plus), and Canada is the only other country whose interest expense is greater than 4 percent of revenues.

The Unsustainable Fiscal Path and Its Consequences

So, what does this all mean? Politicians understand our fiscal path is unsustainable, yet they continue to spend so they can win over voters. And what’s worse? Voters support them. Yes, you may have paid into entitlement programs, but your taxes were used to pay the previous generation of retirees.

These programs have significant consequences. They distort our decisions and behaviors. Why save carefully for retirement when the government has promised to take care of us? People end up spending more and saving less. As a result, economic growth is hindered, and living standards grow at a slower pace. It’s a vicious circle, and the recent Fitch ratings cut is a clear indication of the severity of the situation.

Both political parties share the responsibility for this dire state of affairs. And to fix it, both parties need to be actively involved. We can complain about governance all we want, but it’s the politicians who use every tool at their disposal to reduce spending who are at least attempting to rectify the situation. Fixing our budget fiasco will require more than just luck. It’s time to consider all options, including cutting spending, before it’s too late.

The Only Solution Is to Cut Entitlement Programs

The challenge is what to cut. Right now, entitlements such as Social Security, Medicare and welfare account for 61 percent of the budget; interest in the debt accounts for about 10 percent and defense spending is about 13 percent. We will have to reduce entitlement spending. This might take the form of means testing or other measures to reduce what goes out. Cutting entitlements has been called “the third rail of politics” because any politician who broaches the subject dies.

In 1981, Ronald Reagan proposed to limit future cost-of-living increases championed by Republican Budget Committee Chairman Senator Pete Domenici, which was backed by 11 Republicans and five Democrats. Reagan told the senators he could not break his campaign promise.

At the same time, administration officials, faced with the prospect of ballooning budget deficits and runaway Social Security costs, considered a variety of measures to save the system, which was facing immediate funding shortfalls in certain programs. David Stockman, the budget chief, generally opted for severe proposals, while Health and Human Services Secretary Richard Schweiker favored more modest changes (some of which had been embraced by the Ford and Carter administrations). The goal was to cut costs by at least $75 billion over five years. At a meeting with the president in May 1981, officials settled on a mixed plan that netted some $80 billion in cuts by reducing aid to students of retired workers, cutting disability payments by tightening eligibility requirements (saving $21.9 billion over five years) and reducing early retirement benefits (saving $17.6 billion over five years).

President Reagan was led to believe that the proposal would sail through Congress. This proved to be a gross miscalculation. On May 20, the Senate voted 96 to 0 in favor of a resolution promising not to “precipitously and unfairly reduce early retirees’ benefits.” The House shortly thereafter voted down cuts in minimum benefits that were part of the package.

In 1985, Republicans in the Senate proposed temporarily freezing the Social Security COLA to help stem the red ink in which the government now found itself drowning. The measure passed only with the vote of Vice President George H. W. Bush’s tie-breaking vote. Ironically, the House, with Trent Lott leading the way, voted it down. In 1986, the Republicans lost control of the Senate. A Republican Senate staff member noted that the message was unmistakable and was seared into the consciousness of the Republican Party, stating, “Social Security is the one area of spending that you must not touch, no matter what.”

How the Federal Deficit Harms Americans

So, why should the average American care about the staggering federal deficit? Because it threatens our economic future.

The U.S. government paid $476 billion just on the interest on its debt in 2022, and that number is expected to rise to $1.4 trillion by 2033. In 2023, the government is spending more on net interest costs than on Medicaid and income security programs!

This runaway spending reduces opportunities for business investment, slows economic growth and increases expectations of higher inflation rates and erosion of confidence in the U.S. dollar. The debt puts us at greater risk of a fiscal crisis, and it leaves our most vulnerable citizens at risk of potentially seeing reduced benefits in Medicaid and Social Security in the future.

What You Can Do

As individual Americans, there’s not much we can do about the federal deficit. What we can do is prepare well for the future. The worse things get at the federal level, the more important it is for you to protect your hard-earned wealth for your future and that of your family.

For three decades, our team at Carver Financial Services has been leading our clients to establish, and then focus, on their own personal vision for the future — regardless of, or in spite of, what’s happening with the economy.

Please contact us at (440) 974-0808 or randy.carver@raymondjames.com to discuss your goals and objectives. There is neither a cost nor any obligation. We look forward to helping you preserve your wealth for generations to come.

 

Randy Carver, CRPC®, CDFA®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Carver Financial Services, Inc.,was established in 1990 with the vision of making people’s lives better — clients, team and community. With this mission, Carver Financial Services has grown to be one of the largest independent financial services offices in the country, managing $2.3 billion in assets for clients globally, as of March 2023. You can reach Randy directly at randy.carver@raymondjames.com and in the office at (440) 974-0808.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

Ratings provided by nationally recognized statistical rating organizations, also called ratings agencies, are appraisals of a particular issuer’s creditworthiness, including the possibility that the issuer will not be able to pay interest or repay principal. Ratings are not recommendations to buy, sell or hold a security, nor do ratings remove market risk. A credit ratings is subject to review, revision, suspension, reduction or withdrawal at any time, and a rating agency may place an issuer under review or credit watch. More about ratings is available at and fitchratings.com.

 

 

After a lifetime of successful earning, it all comes down to the family legacy you’ll leave behind. How are you preserving yours?

You may have heard the old Chinese adage, “Wealth never survives three generations.” Like many Chinese proverbs, this is as true today as it was a thousand years ago. According to The Williams Group wealth consultancy, 70 percent of wealthy families lose their wealth by the second generation and a stunning 90 percent by the third.

Moreover, many people don’t feel the next generation is prepared to handle their inheritance. “Looking at the numbers, 78 percent feel the next generation is not financially responsible enough to handle inheritance,” says Chris Heilmann, U.S. Trust’s chief fiduciary executive.

At Carver Financial Services Inc., we believe you can enjoy your wealth today while also providing for future generations. As part of our Personal Vision Planning^®, our team pays particular attention to preserving your family legacy because, when managed correctly, wealth should help you invest forward — not disintegrate over time.

The most common reasons we fail to pass on our wealth often stem from a lack of meaningful communication, lack of a shared vision, a disregard for intangible wealth assets, and an erosion of trust. Wrapped into these dynamics are family discord and the destructive mentality of entitlement. We can help you overcome these challenges. We believe intergenerational wealth preservation is about more than simply transferring assets. It’s about transferring the values and legacy that accumulated that wealth in the first place. But unhealthy family dynamics often prevent an effective transfer of those assets, values and legacies.

Four Reasons Families Lose Their Legacies and Wealth

Let’s look at four reasons why people lose their family legacy and wealth.

1.  Lack of Meaningful Communication

It’s easy to get swept up in money talk. Engaging in structured, productive dialogue about the components of a lasting family legacy, however, requires more planning and preparation than most people expect. At Carver Financial Services Inc., we encourage conversations about the intangible values of family legacy. We typically guide conversations in our office by inviting multiple generations to the table at one time.

2.  Lack of a Shared Vision

Unless you establish a shared vision for your wealth, it’s likely each family member will spend the money according to his or her own plan. Yet that kind of aimless spending could lead to the deterioration of family legacy and wealth over time.

In our practice, we help each family member understand the purpose of his or her wealth so the family can arrive at decisions together — and protect them together.

3.  Disregard for Intangible Wealth Assets

Most families fail to focus on the intangible assets — such as philanthropy, higher education, community involvement, a perspective of gratitude and impactful life experiences — because they can’t easily measure the contribution of these assets with numbers. At Carver Financial Services, we believe that intangible assets are a key part of your family legacy planning.

4.  Erosion of Trust

When there’s wealth to be shared, there’s often trust to be lost. Communication and transparency are crucial in creating the kind of trust that binds a family together — rather than the secrecy that tears a family apart. While that doesn’t mean you need to disclose everything immediately, these conversations help family members feel like they can trust your plan for the future, so they are much more likely to honor it.

We are happy to work with your entire family without disclosing any personal information you do not want disseminated. These discussions can help communicate what is important to you and get future generations involved in planning for your family’s future.

Start Protecting Your Family’s Legacy and Wealth

If your family is struggling with communication, trust and the transfer of values, our team at Carver Financial Services Inc. can help you start a new dialogue and establish a framework that protects these powerful conversations for generations to come.

Please contact us at (440) 974-0808 or randy.carver@raymondjames.com to discuss your goals and objectives. There is neither a cost nor any obligation. We look forward to helping you preserve your wealth, and your family values, for generations to come.

 

 

 

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Randy Carver and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

 

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Carver Financial Services, Inc., was established in 1990 with the vision of making people’s lives better — clients, team and community. With this mission, Carver Financial Services has grown to be one of the largest independent financial services offices in the country, managing $2.3 billion in assets for clients globally, as of March 2023. You can reach Randy directly at randy.carver@raymondjames.com and in the office at (440) 974-0808.

 

 

 

 

 

Just when you thought there was nothing left to tax, some states are now beginning to implement a tax on people who do not have long-term care insurance.

Whether it is to address the issue of people failing to prepare for the possibility of needing long-term care or just a way to raise funds; 13 states are currently considering taxing those without a long-term care insurance policy. Those states are Alaska, California, Colorado, Hawaii, Illinois, Michigan, Minnesota, Missouri, North Carolina, New York, Oregon, Pennsylvania and Utah.

Seniors aged 65 have a nearly 70 percent chance of requiring long-term care services in the future, and on average, the stay will be for three years. The cost of this service today can easily exceed $300,000! Yet only about 7 percent of Americans own a private long-term care policy. That represents a significant gap in care for those who need it most.

Many people think they will just rely on Medicaid if they end up needing long-term care. However, you must have little to no income and assets to qualify for Medicaid. In most states, the monthly income limit is $2,382 for individuals or $4,764 for spouses. Your countable resources must be less than $2,500. Income and resources that count toward the limit include your wages, Social Security benefits, pensions, veteran benefits, bank accounts, stocks and bonds, trusts and annuities, and property and life insurance.

Medicare generally doesn’t cover long-term care stays in a nursing home or extended home care.

How We Got Here

In 1965, Medicaid was established as a joint federal and state program to provide health care to low-income individuals. While Medicaid was primarily designed to provide medical care to children and pregnant women, it also covered long-term care for the elderly and disabled.

However, Medicaid was not intended to be the primary source of funding for long-term care, and as the population aged, the strain on the program increased. We view the new tax as a way for states to try to prop up this system.

Despite the government’s involvement in funding long-term care, there is still a significant gap between the need for care and the available resources. In 2021, the median annual cost of a private room in a nursing home was more than $100,000, and the average cost of in-home care was more than $50,000 per year.

As the demand for long-term care continues to grow, many states are considering implementing a long-term care tax to help bridge this gap. This tax would be levied on all workers and would be used to fund programs that provide long-term care services to those in need. Proponents of the tax argue that it would provide a stable source of funding for these programs and would help ensure that all individuals have access to the care they need.

Washington State Led the Way

In Washington state, those who do not have a private long-term care policy are now subject to an income tax, even though Washington does not have a regular state income tax!

In Washington, where the mandate has already passed, residents were given a grace period to purchase a long-term care insurance policy to avoid the payroll tax of 58 cents on every $100 earned. Known as the Washington Cares Fund, this legislation, signed into law in 2019, provides access to a lifetime benefit amount that can be used on a wide range of long-term services and supports. W-2 workers are expected to begin contributing to the fund in July 2023 with the first benefits available in July 2026.

The launch of this program was originally planned for January 2022, but it has been delayed. Critics have cited problems with the payroll deductions for the program, which was then pushed back to July 2023, with benefits only becoming available in July 2026.

A key aim of the program is to provide relief for middle-class families that are forced to spend their life savings to receive long-term care through Medicaid. In reality, the benefit of the Washington program appears minimal.

Over time, nearly all Washington state residents will contribute premiums via a mandatory payroll tax, and the benefit is universal. Starting in 2026, participating residents will be able to claim a benefit if they have a demonstrated need for assistance with three or more activities of daily living. The maximum lifetime benefit of $36,500 will be adjusted annually for inflation; it is geared to cover about one year of care at home. Ten years of contributions are required to qualify to receive the benefit, but near-retirees will be able to receive a partial benefit starting in 2026 geared to the number of years that they have contributed.

What happens if someone doesn’t have a long-term care insurance policy? Such individuals may qualify for the state-supplied benefit, which allocates $36,500 for lifetime extended-care needs. This is just a token amount — not nearly enough to cover the full costs of long-term care needs, especially in places with a higher cost of living, like Washington, where the average cost of in-home care is around $6,700 per month. Also, the cost of nursing homes is expected to rise from $12,000 a month to an average of $23,000 per month by 2050. This is hardly enough even cover a few months of long-term care.

 

The Tax Is a New Way to Fund Medicaid

The new long-term care tax is intended to fund the Medicaid program, the country’s primary payor of long-term health-care expenses. For this reason, other states hope that introducing the new tax will relieve some of the financial pressure on the government-run Medicaid program and provide sufficient long-term care support and services to low-income citizens.

Frankly, this is just another way for states to raise money, and we expect this trend to become more widespread.

One key question is whether states give their residents enough advance notice to obtain long- term care insurance to avoid the tax. For those who are eligible, it can take approximately six to eight weeks to apply and get approved for long-term care coverage. In Washington, many residents ran out of time to obtain long-term care insurance because they were given only a short amount of time to apply.

Another concern is that the tax is based on a resident’s earned income and does not come with a cap. This means that the more money someone earns, the more tax they pay, leaving mid-to- high-income earners worried about the high tax they will need to pay.

We Will Help You Find a Suitable Solution for You

We believe long-term care insurance can be a very valuable tool for protecting both your assets and your lifestyle. While some people may have enough money to self-insure, the potential expense can be huge.

We view long-term care insurance as a way to avoid going to a nursing home or facility and have a way to pay to stay at home. The problem is that in many states, including Ohio, the availability of Long-Term Care insurance is limited and may be expensive.

There are options, though, and our team has extensive experience in finding the ideal long-term care solution to meet each client’s individual needs. For example, in addition to traditional long- term care insurance, there are so-called “hybrid policies,” which are annuities or life insurance policies that provide home health care and long-term care benefits.

Our experienced team will work with you to determine what long-term care asset-protection strategy may make sense for you. There is a myriad of long-term care insurance policies to help protect your assets — and more importantly, your lifestyle. What, if any, type of policy makes sense for you will depend on your personal circumstances. We are happy to review options that may make the most sense for you at any time.

We are monitoring the legislative changes, and how they may impact our clients.

The issue of long-term care funding is complex and multifaceted, and there are no easy solutions. While implementing a long-term care tax may help address some of the funding gaps, it is not a panacea.

We will work with you help that you have suitable protection so you can ensure the best quality of life possible, now and into the future.

Please note we are hosting a free public event on September 19^th to discussing how to help preserve your wealth. This will be held at 7 pm at The Everly (Mentor OH). See more information at https://carverfinancialservices.com/9-19-23-a-caregivers-guide-to-planning-for-those-with-dementia/

 

 

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Randy Carver and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members.

The cost and availability of Long-Term Care or Asset Based Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased and may not be suitable for all investors. As with most financial decisions, there are expenses associated with the purchase of Long-Term Care insurance. Guarantees are based on the claims paying ability of the insurance company.

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Carver Financial Services, Inc., was established in 1990 with the vision of making people’s lives better — clients, team and community. With this mission, Carver Financial Services has grown to be one of the largest independent financial services offices in the country, managing $2.3 billion in assets for clients globally, as of March 2023. You can reach Randy directly at randy.carver@raymondjames.com and in the office at (440) 974-0808.

 

 

 

 

The economic outlook is grim, according to the media — as usual. Here are just a few gloomy and foreboding headlines from published articles over the years that reflect this pessimistic outlook:

• “Bank Failures, Unemployment and Economic Collapse”
• “The Death of Equities” – Cover of Businessweek magazine,
• “The Great Stock Illusion: Why the Stock Market Has Peaked” – Forbes

These headlines are nothing new; they have been the norm for more than a century. The first article listed above, titled “Bank Failures, Unemployment and Economic Collapse,” appeared in the media in 1857 — more than 150 years ago! The ‘Death of Equities was on the cover of Businessweek magazine in August 1979) and the last headline was in Forbes in 1982!

It’s no wonder the public is perpetually concerned about the economy and that people resist investing or move funds out of markets. And it’s no wonder that Americans are pessimistic about their futures.

In a March 2023 Wall Street Journal–NORC Poll, a majority of Americans showed pervasive pessimism about the U.S.’s current financial state — and growing skepticism that things will improve in the future. Four out of five people surveyed said the economy is doing “not so good” or “poor.” Nearly half, according to The Wall Street Journal, expect it will get worse in the next year. Most of these answers were recorded even before the second-largest bank collapse in U.S. history.

What About “Balanced” Journalism?

Now, I’m not saying that negative events never happen; they do, but often, the media paints only the worst-case scenario and leaves out the best-case scenario.

For example, since 1979, when the second headline listed above appeared on the cover of Businessweek, the Dow Jones Industrial Average has moved from 885 to just over 33,000 — that’s a return of 3,654 percent. An amount of $10,000 invested in 1979 would be worth just over $3.8 million today! That reality certainly isn’t congruent with the doomsday economic picture the media paints for us.

One interesting fact to note about the gloom-and-doom articles the media publish is that the challenges they discuss seem to remain the same, ranging from pandemics to bank failures. It’s difficult to maintain perspective during a crisis anyway, and it’s even more difficult when we are inundated with prognosticators who tell us the sky is falling. The barrage of negative media has only escalated now that we have instant media and social media.

Practical Tips for Weathering Economic Storms

Another topic we see discussed often is inflation. And yes, inflation is quite real and quite detrimental to our financial well-being. Yet the articles published about inflation tend to do nothing more than present alarming statistics about how inflation is eating away our money. Most of these articles fail to offer strategies for navigating inflation.

For example, as prices continue to go up, it’s critical to maintain your standard of living in accordance with your income and portfolio, to at least keep pace with inflation. Our experienced team of advisors guides our clients through economic storms like inflation. We keep your personal vision in sight at all times while using your tailored financial plan to guide you through each situation.

Here are some additional strategies you can employ to potentially increase your chances of long-term success, despite what’s going on around us:

1. Have enough cash on hand to ride out any temporary volatility
2. Maintain a diversified
3. If you can and if appropriate, add to quality investments when prices
4. Have a plan and stick with
5. Keep in touch with your advisory team as we evaluate and update your plan
6. Work with experienced professionals who can help provide guidance

Crises will happen, and markets will be volatile. There have always been — and most likely always will be — reasons to panic and or avoid investing. Yet with a disciplined approach, not only can you manage these situations, but you can likely benefit from them. There are potential pitfalls in building wealth today, although we believe there are also tremendous opportunities.

And, while the specific events change over time, the ideal reactions to them are typically the same, as are the opportunities. (For example, history has proven that it is often detrimental to long-term success, to pull out of the market when the stock market experiences a downturn. When appropriate, we typically tell clients to avoid knee-jerk reactions to market fluctuations.)

We recognize that, although this is simple in theory, it is difficult in practice. That’s why we are here for you.

Our team has more than 250 years of combined experience with all kinds of market and economic conditions. We will guide you through whatever comes your way. Please reach out if you have questions or concerns or if we can otherwise be of service. Your vision is our priority, and your financial well-being is our passion. We look forward to connecting with you.

 

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Carver Financial Services, Inc., was established in 1990 with the vision of making people’s lives better — clients, team and community. With this mission, Carver Financial Services has grown to be one of the largest independent financial services offices in the country, managing $2.3 billion in assets for clients globally, as of March 2023. You can reach Randy directly at randy.carver@raymondjames.com and in the office at (440) 974-0808.

 

The information contained in this blog does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Carver Financial Services and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Holding stocks for the long-term does not ensure a profitable outcome. Investing involves risk and you may incur a profit or loss regardless of strategy selected, including asset allocation and diversification. The hypothetical example is for illustration purposes only and does not represent an actual investment. Actual investor results will vary. Past performance does not guarantee future results.