Helping you achieve your personal vision based upon your individual needs, goals and risk tolerance..

Randy Carver Ranked #92 on Forbes’ 2025 List of America’s Top Wealth Advisors

April 8, 2025 – Randy Carver, President and Founder of Carver Financial Services, has been named to Forbes’ prestigious list of America’s Top Wealth Advisors for 2025, earning the #92 spot among the nation’s most respected financial professionals.

This marks another milestone in Carver’s three-decade career dedicated to helping clients achieve financial clarity, confidence, and freedom. With over $3 billion in assets under management as of March, 2025, Carver and his team continue to set a high standard in personalized wealth management, retirement planning, and comprehensive financial strategy.

“I’m incredibly honored to be recognized by Forbes alongside so many outstanding professionals,” said Randy Carver. “This recognition is a reflection of the incredible clients we serve and the dedication of our entire team. Our mission has always been to simplify financial planning and help people live the life they’ve imagined.”

The Forbes ranking, developed by SHOOK Research, is based on both quantitative and qualitative criteria including industry experience, assets under management, client retention, and a commitment to best practices.

With an unwavering focus on individualized client care and a commitment to community involvement, Carver Financial Services continues to grow while staying true to its local roots in Mentor, Ohio.

See the full list here.

The Forbes America’s Top Wealth Advisors 2025 ranking, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 6/30/2023 to 6/30/2024 and was released on 4/8/2025. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 48,944 nominations, 250 advisors received the award. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Compensation provided for using the rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit  https://www.forbes.com/top-wealth-advisors/ for more info.

Randy Carver Recognized as Ohio’s #2 Wealth Advisor on Forbes’ 2025 Best-In-State List

April 8, 2025 – Randy Carver, President and Founder of Carver Financial Services, is honored to announce his ranking as the #2 Wealth Advisor in Ohio on Forbes’ 2025 “Best-In-State Wealth Advisors” list. This esteemed recognition underscores his unwavering commitment to delivering exceptional financial advisory services and personalized client solutions.

Forbes, in collaboration with SHOOK Research, evaluates wealth advisors nationwide based on criteria such as industry experience, revenue trends, assets under management, compliance records, and client service best practices. The 2025 rankings reflect data from June 30, 2023, to June 30, 2024.​

Randy Carver expressed, “​Being recognized by Forbes as Ohio’s #2 wealth advisor is a profound honor. This achievement reflects the dedication of our entire team and the trust our clients place in us. We remain committed to providing personalized financial strategies that align with our clients’ unique goals and aspirations.”​

See the full list here.

The Forbes Top Wealth Advisors Best-in-State 2025 ranking, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 6/30/2023 to 6/30/2024 and was released on 4/8/2025. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weighs factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 48,944 nominations, roughly 9,722 advisors received the award. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Compensation provided for using the rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit https://www.forbes.com/best-in-state-wealth-advisors/ for more info.

Market Drops are Normal

Market drops can feel uncomfortable or even frightening, but they’re normal, temporary… and believe it or not—essential to long-term growth.

Good News for the Economy: Job Growth, Lower Inflation & More

Despite all the negative headlines, the real story is much brighter! Unemployment is at 3.9%, inflation is cooling down, and we’re seeing growth in job numbers, home sales, and manufacturing. Tariffs are a tool for fair trade, not a threat. In this video, we break down the positive economic trends and why focusing on the facts, not the fear, is key. Stay informed, stay confident, and let’s build a successful future together.

The Power of Starting Young

The Power of Starting Young: How to Build Wealth in Your 20s and 30s 

Ryan Bennett, CFP® RJFS Financial Advisor

Building wealth isn’t about luck. It’s about time, strategy, and discipline. The earlier you start, the more you can take advantage of compound growth, smart investing, and financial habits that set you up for long-term success.

Leverage the Power of Compound Interest

One of the biggest advantages of starting young is compound interest, which is when your money makes money. The longer your money stays invested, the more it grows exponentially. For example, investing $500 a month starting at age 25 can grow to over $1 million by retirement, assuming a 7% average return. Waiting until 35 to start could cut that amount in half.

Staying the Course

The stock market can be inconsistent in the short term. While it can greatly fluctuate from day to day, history has shown that it is one of the most consistent ways to build wealth over the long term. The key to successful investing is staying the course, even through market downturns.

Take Advantage of Employer-Sponsored Accounts

Start contributing to your employer-sponsored retirement account, especially if your employer offers a match. This is essentially free money and a simple way to get started with investing. The match boosts your savings, helping you build wealth faster. Over time, these contributions can compound significantly, especially when you start early.

Consider Tax-Advantaged Accounts and After-Tax Brokerage Accounts

In addition to employer-sponsored accounts, consider contributing to a Roth IRA or Traditional IRA. These accounts offer tax advantages, allowing your investments to grow either tax-deferred, in the case of a Traditional IRA, or tax-free with a Roth IRA.

If you’ve already maximized your contributions to retirement accounts and want to continue building wealth, consider using an after-tax brokerage account. While these accounts don’t offer the same tax advantages as IRAs or 401(k)s, they provide flexibility and allow you to invest beyond the contribution limits of tax-advantaged accounts. You can buy and sell investments without penalty and access the funds anytime, which can be helpful for shorter-term goals like buying a home.

Live Below Your Means and Avoid Lifestyle Inflation

Earning more does not automatically make you wealthy. Keeping more of what you earn does. As your income grows, it is natural to want to improve your standard of living, and it is okay to enjoy the rewards of your hard work. The key is to balance lifestyle upgrades with increasing your savings and investments. By making sure you are not just spending more but also saving more, you can enjoy a higher quality of life now while securing your future. Small, smart financial decisions today can pay off significantly in the future.

Eliminate High-Interest Debt

Debt can be a major obstacle to building wealth. Focus on paying off high-interest debt, such as credit cards, while managing low-interest debt, like student loans or a mortgage. Consider using the debt snowball method to pay off smaller debts first for motivation, or the debt avalanche method, which prioritizes the highest-interest debts to save money in the long run.

Automate Savings and Investing

Set up automatic contributions to your savings and investment accounts. A pay-yourself-first mindset ensures you prioritize financial growth before spending. A good rule of thumb is to save at least 20 percent of your income for investing and long-term goals. However, as with all rules of thumb, take this with a grain of salt—your savings rate may need to be adjusted based on your unique goals and financial situation. Automating this process helps you stay consistent and avoid the temptation to spend your savings.

Final Thoughts

The best time to start building wealth was yesterday. The second-best time is today. By investing early, managing your money wisely, and staying disciplined, you can set yourself up for a secure future. Small, consistent actions now can lead to financial independence later. Your future self will thank you. If you want to make sure your habits are aligned with your goals, don’t hesitate to reach out to an advisor at Carver Financial. We’re here to help you navigate your journey to financial security and retirement.

Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

401(k) plans are long-term retirement savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. Roth 401(k) plans are long-term retirement savings vehicles.

Contributions to a Roth 401(k) are never tax deductible, but if certain conditions are met, distributions will be completely income tax free. Unlike Roth IRAs, Roth 401(k) participants are subject to required minimum distributions at age 72 (70½ if you reach 70 ½ before January 1, 2020).

Matching contributions from your employer may be subject to a vesting schedule. Please consult with your financial advisor for more information.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Ryan Bennett, CFP® RJFS Financial Advisor and not necessarily those of Raymond James.

Why Market Volatility Can Be a Positive for Investors

The news continues to give alarming headlines warning about sharp market declines. It’s natural to feel uneasy about these swings, but what if volatility could actually benefit your portfolio and planning? The reality is, for those who take a long-term approach, volatility can create powerful opportunities.

At Carver Financial Services, we take a proactive and customized approach to managing wealth that can take advantage of short-term volatility.  We remain optimistic about the future of the markets and the broader economy. While short-term volatility may increase, we see this not as a threat but as an advantage for disciplined investors. Here’s why.

  1. Buying Strong Investments at Lower Prices

Market swings can drive fear-based selling, pushing even high-quality investments to lower prices. This creates a chance for patient investors to buy strong assets at a discount. For instance, during the COVID-19 downturn in early 2020, the S&P 500 dropped over 30% in just a few weeks. However, by the end of that year, the market had rebounded by more than 70%, rewarding investors who stayed the course or added to their positions.

Similarly, during the 2008 financial crisis, the S&P 500 lost over 50% of its value at its lowest point. Those who remained invested saw the market recover and eventually surpass pre-crisis highs within a few years.

  1. Portfolio Rebalancing for Long-Term Gains

Volatility can shift the balance of your investments. For example, if stock prices drop, your portfolio might become underweight in equities. Rebalancing during these periods—buying more stocks at lower prices—has been shown to enhance long-term returns.

Research from Vanguard has found that disciplined rebalancing during volatile periods can increase portfolio returns by up to 0.5% annually over time. By capitalizing on temporary price dips, you position yourself to benefit from future market recoveries.

  1. Tax-Loss Harvesting for Greater Efficiency

Periods of volatility offer opportunities to reduce taxable income through a strategy called tax-loss harvesting. By selling investments that have temporarily declined, investors can realize losses to offset other gains. These savings, especially for high-income investors, can significantly boost after-tax returns.

A study by Vanguard reported that tax-loss harvesting can add up to 1% in annualized after-tax returns for high-net-worth investors. Over the years, this can translate into substantial wealth accumulation.

  1. Reducing Risk from Over-Concentrated Positions

If you have a large portion of your portfolio tied up in a single investment, volatility may provide an opportunity to diversify. Selling during temporary price spikes can help reduce your risk without compromising your financial goals. This can protect your portfolio from the outsized impact of a single investment underperforming over time.

  1. Tax Planning Opportunities

For those with complex financial needs, market fluctuations present various tax management strategies:

  • Estate Planning and Gifting: Lower asset values during downturns allow for more tax-efficient wealth transfers to heirs.
  • Roth IRA Conversions: Converting traditional IRA assets to a Roth IRA during a market dip reduces taxes on the conversion. Once markets recover, these gains accumulate tax-free.
  • Capital Gains Management: Investors can manage gains during volatile times to benefit from lower tax rates or to strategically rebalance without incurring large tax consequences.

The Cost of Market Timing

Trying to time the market—moving in and out based on short-term movements—often leads to poor results. According to J.P. Morgan Asset Management, missing just the 10 best days of market performance over a 20-year period can reduce an investor’s total return by more than 50%. For example, if you had invested $10,000 in the S&P 500 from 2003 to 2023, you would have over $64,000 by staying fully invested. Missing only the 10 best days would have cut your total to just $29,708—a costly mistake.

Historical data also shows that many of the market’s best days occur soon after its worst days. By reacting emotionally and exiting the market during downturns, investors risk missing these critical recovery periods.

The Power of Long-Term Thinking

Short-term volatility can be unsettling, but history teaches us that the U.S. stock market tends to rise over time. Despite events such as the dot-com crash, the financial crisis, and the COVID-19 downturn, the S&P 500 has delivered an average annual return of about 10% over the past century.

It’s key to remember that you are not investing for the next few months but for the rest of your life.  The biggest risk is often inflation, not market volatility.  Investors who maintain a long-term perspective, remain invested, and follow a disciplined strategy are better positioned to achieve their financial goals.

Looking Ahead with Confidence

Despite near-term challenges like monetary policy shifts, geopolitical events, and fluctuating economic data, the long-term economic outlook remains strong. Innovation, corporate growth, and moderating inflation are all positive indicators for the future. We believe that volatility is not a risk to fear but a tool to leverage with the right strategy.

At Carver Financial Services, we emphasize staying invested and focused on your goals. With disciplined strategies like rebalancing, tax-efficient investing, and tailored portfolio management, we help clients turn market fluctuations into opportunities for success.

Key Takeaways

  • Volatility creates opportunities to buy high-quality investments at lower prices, rebalance portfolios, and implement tax-efficient strategies.
  • Tax-loss harvesting can increase annual after-tax returns by up to 1.0% (Vanguard).
  • Missing just the 10 best days of market performance over a 20-year period can reduce returns by more than 50% (J.P. Morgan).

In today’s fast-paced world, it’s natural to feel concerned amidst the constant media hype. At Carver Financial Services, we are committed to guiding you through these market conditions, tailoring strategies to meet your unique goals and needs. Our personalized approach to planning is designed to empower you, providing clarity and confidence in every step of your financial journey.

Whether you have questions, concerns, or are ready to discuss your aspirations, I invite you to reach out to me directly or connect with our team. There is no cost or obligation to meet—just an opportunity to align your financial plan with your vision for the future.

As we look ahead, market volatility and media noise are inevitable. The true opportunity lies in how you respond. Together, we can turn uncertainty into a pathway for growth and success.

Any opinions are those of Randy Carver and not necessarily those of Raymond James. 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.

The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the U.S. stock market. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor’s results will vary.

Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. Prospective investors should consult with their tax or legal advisor prior to engaging in any tax-loss harvesting strategy.

Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax- free withdrawals are permitted. Additionally, each converted amount may be subject to its own five-year holding period. Converting a traditional IRA into a Roth IRA has tax implications. Investors should consult a tax advisor before deciding to do a conversion.

Changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional.

Facts Not Fear – Perspective on the Markets & Economy

The media often paints an overly negative picture, stirring unease and influencing market sentiment. Recent market fluctuations are a case in point. Yet, beneath the headlines lies a powerful truth: the U.S. economy remains robust and resilient as we progress through 2025. The data—and even a casual glance at daily life—tells a story of strength and opportunity.

Restaurants are bustling, shopping centers are lively, and everyday activity reflects a thriving economy. Tune out the news or social media for a moment, and you’ll likely see it for yourself: things are going well. Our role is to help you cut through the noise, stay grounded in the facts, and pursue long-term financial success.

Key Highlights of the U.S. Economy in 2025

Strong Job Growth: The U.S. labor market continues to shine. The national unemployment rate dropped to 3.9% in February 2025, down from 4.1% in December 2024, according to the Bureau of Labor Statistics. February alone saw 151,000 new jobs added—exceeding forecasts and showcasing robust hiring across industries.

Inflation Cooling Off: Inflation continues its downward trend, easing pressures on consumers and businesses alike. The Consumer Price Index (CPI) rose by just 2.8% year-over-year in February 2025— the lowest since 2021—while core inflation (excluding food and energy) slowed to 3.1% (U.S. Bureau of Labor Statistics). This stability fosters a healthier cost environment.

Steady GDP Growth: The economy grew at an annualized rate of 2.3% in Q4 2024, fueled by vigorous consumer spending and business investment (Bureau of Economic Analysis). This momentum signals resilience amid global uncertainties.

Housing Market Stabilization: Home sales are rebounding, with existing home sales up 4.2% in February— the third straight month of gains (National Association of Realtors). Slightly lower mortgage rates have improved affordability, spurring buyer confidence.

Manufacturing and Business Expansion: U.S. manufacturing output rose 0.8% in February, buoyed by stronger demand and smoother supply chains (Federal Reserve). Meanwhile, small business optimism remains strong with the NFIB Small Business Optimism Index at 100.5 in February — that this is the fourth consecutive month above the 51-year average of 98 and is 4.4 points below its most recent peak of 105.1 in December

Tech Sector Boom: Analysts expect 2025 to be the biggest year for venture investing since the heady days of 2022, thanks to an overall optimistic view of the global economy. (Forbes.com 1/24/25)

These indicators paint a picture of a solid economic foundation with room for growth, investment, and prosperity as 2025 unfolds.

Many clients have expressed concerns about the potential impact of tariffs. Here’s my take: tariffs aren’t inherently negative. They’ve been a cornerstone of U.S. economic policy for over 50 years and will likely remain so. More often than not, they serve as a strategic tool rather than a fixed policy.

Historically, tariffs—or even the credible threat of them—have driven fairer trade deals. In the 1980s, tariffs on Japanese electronics paved the way for agreements that bolstered U.S. manufacturing. More recently, tariffs have pressured China to address trade imbalances and intellectual property issues.

Today’s proposals follow this playbook: they’re leverage, not an endgame.

Beyond negotiations, tariffs offer real benefits:

  • Protecting Domestic Industries: They shield American businesses from unfair foreign competition.
  • Boosting Jobs: By incentivizing production at home, tariffs spur hiring and investment in U.S. manufacturing.
  • Revenue Generation: Tariff proceeds fund critical areas like infrastructure, education, and workforce development.

Critics point to potential price hikes, but this overlooks the bigger picture. Tariffs can stabilize prices over time by fostering local production and insulating us from global supply shocks, a lesson learned during COVID-19. They’re not a silver bullet, but when used thoughtfully, tariffs strengthen trade fairness, national security, and economic independence.

It’s no wonder people are concerned given the negative media and polarized politics. However, 2025 isn’t a time to shrink back—it’s a time to lean in. Volatility will come; it always does. But for those who focus on the facts and the long game, this is a moment of opportunity. While there are certainly challenges facing the economy, we’re seeing growth, innovation, and a renewed sense of what’s possible. America isn’t just weathering the storm—it’s charting the course. Don’t let the media create unnecessary fear or worse, cause you to deviate from your financial plan.

Our entire team is here to help you make sense of it all. Together, we can turn uncertainty into action and build something lasting. Our entire team is here to help you seize these moments, answer your questions, and address any concerns.

Any opinions are those of the author and not necessarily those of Raymond James. This material is being provided for informational purposes only and is not a complete description, nor is it a recommendation. There is no guarantee that these statements, opinions or forecasts provided will prove to be correct. Investing involves risk and you may incur a profit or a loss regardless of strategy selected.

No investment strategy can guarantee your objectives will be met. Past performance is no guarantee of future results. Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment decision.

Why Insurance and Estate Planning Matter

Protecting Your Future: Why Insurance and Estate Planning Matter (Even If You’re Young)

Ryan Bennett, CFP® RJFS Financial Advisor

When you’re in your 20s or early 30s, life insurance and estate planning probably aren’t top of mind. You’re focused on building your career, growing your income, maybe buying a home, or starting a family. But financial planning isn’t just about investing and saving—it’s also about protecting what you’re building. If something unexpected happens, the right planning ensures that you (and your loved ones) don’t face unnecessary financial hardship.

Here’s why insurance and estate planning should be on your radar, even if you think you don’t need them yet.

1.   Life Insurance: Who Needs It and Why?

A lot of people assume life insurance is only for those with kids or a mortgage. While those are big reasons to have coverage, the reality is that life insurance can be a smart financial move even before those major life events.

  • If you have dependents: Whether it’s a spouse, children, or even parents who rely on you financially, life insurance ensures they’re taken care of if something happens to
  • If you have debt: Federal student loans may be forgiven if you pass away, but private loans often aren’t. If a parent or partner co-signed for a loan, they could be stuck with the
  • If you plan to have a family someday: Locking in a term life insurance policy while you’re young and healthy is significantly cheaper than waiting until your 40s or 50s when premiums skyrocket.

What Type of Life Insurance Should You Get?

We typically recommend term life insurance for young professionals because it provides the coverage you need at a much lower cost than permanent policies. Term insurance is simple, affordable, and designed to protect you for a set period—typically anywhere from 10 to 30 years—aligning with the years when financial obligations like a mortgage, student loans, or raising a family are at their peak.

Whole life and cash-value policies are often marketed as investment tools, but in most cases, they’re significantly more expensive and not the best way to build wealth. The premiums for these policies can be 5 to 10 times higher than a comparable term life insurance policy, which means you’re tying up a lot of money in insurance rather than using it for other financial priorities.

While they do accumulate cash value over time, the returns are often lower than what you could achieve by investing in a diversified portfolio through a 401(k), IRA, or brokerage account.

Additionally, accessing the cash value often comes with fees, loan interest, or restrictions that make it less flexible than traditional investments.

For most people, it makes sense to keep insurance and investing separate—use term life insurance to protect your loved ones at an affordable cost and invest the difference in tax- advantaged retirement accounts or other growth-focused assets. This approach ensures you’re getting the protection you need while maximizing long-term wealth-building opportunities.

At the end of the day, we actually hope term life insurance is the worst investment you ever make—because that means you lived a long, healthy life, and your family never had to use it. But if something unexpected happens, having it in place can make all the difference for those you leave behind.

2.   Disability Insurance: Your Biggest Asset is Your Income

Your ability to earn an income is your most valuable financial asset—more than your car, house, or even your investment portfolio at this stage. If you got sick or injured and couldn’t work for months (or years), what would you do?

Why You Need It:

  • The risk is real: According to the Social Security Administration, 1 in 4 people will experience a disability before retirement.
  • Employer coverage isn’t always enough: Some jobs offer short-term disability, but these benefits often last only a few months and replace just a portion of your salary.
  • Long-term protection: A private long-term disability policy can replace 50-70% of your income if you can’t work due to illness or injury.

Pre-Tax vs. After-Tax Disability Insurance Premiums

One important factor to consider with disability insurance is whether you’re paying your premiums with pre-tax or after-tax dollars—because it directly affects how much of your benefit you’ll actually receive if you ever need to claim it.

  • Pre-Tax Premiums (Employer-Paid or Payroll Deduction): If your employer provides disability insurance and pays the premiums (or if you pay through payroll deductions on a pre-tax basis), any benefits you receive will be taxable income. This means that if your policy replaces 60% of your income, taxes could reduce that amount significantly— potentially leaving you with closer to 40-50% of your actual take-home pay.
  • After-Tax Premiums (Individually Purchased or Payroll Deduction): If you pay for your own policy with after-tax dollars, any benefits you receive are tax-free. While this means you don’t get a tax break on the premiums now, the trade-off is that if you ever need to claim disability, you’ll receive the full benefit amount without deductions for

Which Option is Better?

If you’re relying on a long-term disability policy to replace income in the event of illness or injury, having tax-free benefits can make a huge difference. Many people opt for an individual policy paid with after-tax dollars for greater security, especially if employer coverage is limited or taxed.

The key takeaway? Make sure you understand how your policy is structured so you’re not caught off guard by unexpected taxes on your benefits when you need them most.

3.   Umbrella Insurance: Affordable Extra Protection for the Unexpected

Umbrella insurance is an affordable way to protect yourself from major financial setbacks. While your car, home, and renters insurance provide essential coverage, they each have limits. If you get into an accident or face a lawsuit where the damages exceed those limits, umbrella insurance can step in and cover the difference. Think of it as extra coverage that kicks in when your existing policies aren’t enough.

For example, if you’re involved in a serious car accident and the total damages and medical bills are $500,000, but your car insurance only covers $250,000, an umbrella policy could cover the remaining $250,000. It can also protect you in other situations, such as if someone is injured on your property.

What makes umbrella insurance especially appealing for people in their 30s is that it’s surprisingly affordable. You can typically get $1 million in coverage for as little as $150 to $300 per year. Given that you’re likely building your career, growing savings, and starting a family, the last thing you want is for a big accident or lawsuit to jeopardize everything you’ve worked for. Umbrella insurance helps shield your assets and future income from these unexpected events.

While you might not think you need it now, if you have assets (like a house or savings) or drive a car, umbrella insurance is a smart investment to ensure that the unexpected won’t derail your financial future. Plus, it’s much easier on your budget than you might think. For peace of mind and extra security, umbrella insurance is definitely worth considering.

4.   Basic Estate Documents Needed for Most People

Without a proper estate plan, your loved ones could face unnecessary complications. Here’s what you should consider having in place:

  • Will: Specifies who gets your assets and who will care for any
  • Durable Power of Attorney (DPOA): Grants someone the authority to manage your finances if you’re unable to do so due to incapacity.
  • Healthcare Power of Attorney: Designates someone to make medical decisions on your behalf if you’re unable to communicate or make them yourself.
  • Healthcare Directive (Living Will): Ensures your medical preferences are followed in the event of a severe illness or injury.
  • Beneficiary Designations: Keeps assets like retirement accounts and life insurance out of probate, making distribution easier and faster.

Having these documents in place makes things easier for your family, ensuring your wishes are followed when it matters most.

Final Thoughts: Plan Now, Avoid Regret Later

Nobody likes thinking about worst-case scenarios, but financial planning is about being prepared. The best time to put these protections in place is before you need them—because by the time you do, it’s often too late.

If you’re under 35, getting the right insurance and estate plan in place isn’t just for peace of mind—it’s a smart, responsible financial move that makes life easier for your loved ones. And the best part? Once you set it up, you don’t have to think about it again for years. However, we typically recommend reviewing your insurance and estate plan every 5-7 years, or whenever there’s a major life change—like buying a home or having children. This ensures that your coverage and documents stay aligned with your evolving needs. Additionally, law changes can impact your estate planning, so it’s important to stay updated and adjust your plan as needed.

At Carver Financial, we’re happy to help you put together recommendations based on your full financial picture, ensuring that your plan aligns with your long-term goals. Whether you need guidance on life or disability insurance, an estate plan, or simply want to make sure everything is structured properly, we’re here to help. We can also connect you with trusted professionals— such as estate attorneys and insurance specialists—when needed.

If you have questions or want to review your options, feel free to reach out. We’re always happy to have a conversation and help you put the right protections in place.