Ways to Avoid Reckless Holiday Spending that Could Wreck your Retirement

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While an enjoyable part of the holiday season is giving to others, those nearing retirement would be prudent to give something back to themselves as the year nears its end. That’s the advice from some retirement planners: Reduce holiday spending to provide more money for one’s retirement savings. But it’s a well-known fact that much of […]

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While an enjoyable part of the holiday season is giving to others, those nearing retirement would be prudent to give something back to themselves as the year nears its end.

That’s the advice from some retirement planners: Reduce holiday spending to provide more money for one’s retirement savings. But it’s a well-known fact that much of America wakes up with a credit-card hangover on New Year’s Day, and curtailing holiday expenses in favor of financial planning for one’s future requires more discipline and a stronger commitment.

It’s easy to overspend during the holidays and make too many emotional purchase decisions. That hurts your long-term financial goals.

The holiday shopping list may seem to get longer as you get older, but at some point you need to draw a line and balance your urge to give with the must of retirement considerations. It doesn’t mean you leave people out, but rather, you don’t go overboard and leave a little more for yourself. It can make a big difference in the long run.

Here are four tips on saving more for retirement during the holiday season.

Review your past expenses and plan for the big picture. The holidays are a good time to reflect on how you spent your earnings over the past year. Adjustments may be necessary to get your retirement savings on track. All through the year, money gets away from people a little bit at a time. That’s often because they don’t have a firm plan. Not dealing with your expenses correctly can be very costly to your retirement. The holidays are the right time to recalibrate for the future.

Make a holiday list, check it twice. People should approach their holiday season spending in a way that can help them get on track toward retirement goals. That starts with a budget and sticking to it, but many people overspend during the holidays and end up paying for it well into the new year. If you have a budget set for holiday shopping, you can prioritize and figure out how you will get it done within those boundaries. Look for deals to stretch your dollars. Setting a budget will help you avoid spending sprees that leak onto your credit cards. The carryover there is you may need to dedicate funds in the coming year to reduce that debt, which makes it harder to save for retirement.

Sock away gifts from the company. Getting extra money from your company is a reward that you can use wisely toward retirement. If you receive a nice bonus, don’t spend it. Put that extra cash into a 401(k). That lowers your taxable income and gives you a boost toward your savings goals. And if your company offers you a raise, set a healthy percentage of that raise aside for retirement savings in the coming year.

Make extra money. Holiday seasonal jobs are an excellent opportunity to put extra money away for retirement. Online positions allow someone to work from home, and pet sitting is another popular part-time job with more people traveling during the holidays.

It’s very tempting to spend this extra money, but if you have the big picture in mind, putting it in a long-term savings account is a great gift to yourself. With many Americans sinking further into debt during the holidays, it might be the right time for them to rethink how they spend and how it affects retirement.

Jay Sharifi, author of “Building a Better Legacy: Retirement Planning for Your Lifetime and Beyond,” is founder and investment advisor with Legacy Wealth Management (www.lwealthmanagement.com).

Albany, Syracuse firms take top two prizes in IDEA NY contest

Regional News, Small Business, Subscriber Only

ROME — Companies from Albany and Syracuse captured the top two prizes in the IDEA NY business-accelerator competition. PreVision Corp. from Syracuse won $100,000 as the runner-up, while United Aircraft Technologies (UAT) of Albany won the grand prize of $200,000 during the event held Nov. 13 at Griffiss Institute in Rome, Empire State Development (ESD)

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ROME — Companies from Albany and Syracuse captured the top two prizes in the IDEA NY business-accelerator competition.

PreVision Corp. from Syracuse won $100,000 as the runner-up, while United Aircraft Technologies (UAT) of Albany won the grand prize of $200,000 during the event held Nov. 13 at Griffiss Institute in Rome, Empire State Development (ESD) said in a news release.

PreVision focuses on real-time aerial 3D imaging technology, while United Aircraft Technologies is “modernizing the way aircraft wire maintenance is done through augmented reality and artificial intelligence,” as described in the ESD release.

Six teams from the current Air Force Research Laboratory (AFRL) Information Directorate Commercialization Academy participated in the competition. They pitched their startup ideas in cybersecurity, big data, information systems and unmanned aircraft systems for $300,000 in prize seed funding provided by IDEA NY.

ESD describes the AFRL Commercialization Academy as a “national leader for facilitating the transfer of military technologies into the commercial marketplace.”

UAT and PreVision will now participate in the yearlong IDEA NY accelerator program, which provides technical assistance to help grow their businesses. The Griffiss Institute will host the teams, which are required to reside in the Mohawk Valley for “at least one year,” ESD said.

The four remaining teams were awarded up to $8,000 in “consolation” prize money to reimburse expenses incurred during the incubation process.

About IDEA NY

The Innovation & Development Entrepreneurial Accelerator — known as IDEA NY Mohawk Valley — is a business-accelerator contest. It also involves a 12-month program that “incentivizes promising entrepreneurs to create and grow viable commercial businesses” in the Mohawk Valley region, ESD said.

IDEA NY Mohawk Valley will focus on the cybersecurity, big data, information systems and unmanned aircraft system (UAS), or drone, industries. It also builds on the Air Force Research Laboratory Commercialization Academy.

The accelerator program was made possible by a $2 million Upstate Revitalization Initiative grant from New York State, which was recommended by the Mohawk Valley Regional Economic Development Council.

The grant allows the Griffiss Institute to provide seed money to entrepreneurs and businesses over three years, with two groups of up to 10 teams per year competing for IDEA NY funding.

Fedor starts as Onondaga County Medical Society’s new president

Health Care, Subscriber Only

SYRACUSE, N.Y. — A family medicine physician with St. Joseph’s Physicians is the new president of the Onondaga County Medical Society. The installation of Dr. Justin Fedor as the organization’s 192nd president was part of its annual meeting held Nov. 7 at the Embassy Suites by Hilton Syracuse, Destiny USA. Fedor succeeds Dr. MaryAnn Millar

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SYRACUSE, N.Y. — A family medicine physician with St. Joseph’s Physicians is the new president of the Onondaga County Medical Society.

The installation of Dr. Justin Fedor as the organization’s 192nd president was part of its annual meeting held Nov. 7 at the Embassy Suites by Hilton Syracuse, Destiny USA.

Fedor succeeds Dr. MaryAnn Millar as president, the Onondaga County Medical Society said.

Besides Fedor, other executive council officers installed that evening include Dr. Joseph Spinale, president elect; Dr. Robert Dracker, VP; Dr. Michael Sheehan, treasurer; and Dr. Barry Rabin, secretary.

The Onondaga County Medical Society is a professional organization of more than 1,000 member physicians in the Syracuse area.

About Fedor

Fedor is a family medicine physician with St. Joseph’s Physicians and the medical director of the Fulton and Central Square urgent-care locations. He’s also the medical director for the North Syracuse Central School District.

Fedor graduated from the New York Institute of Technology College of Osteopathic Medicine. He completed his family medicine residency and internship at St. Joseph’s Hospital Health Center in Syracuse. He also chairs the Medical Society’s young physician committee.

Service awards

The Onondaga County Medical Society also recognized HealtheConnections with its distinguished service award — the Medical Society’s highest award — for distinguished service to physicians, hospitals, patients, and the community.

The Syracuse–based nonprofit HealtheConnections “provides health-information exchange services, population health improvement resources, and value-based solutions to 26 counties of the Central, Southern Tier, and Hudson Valley regions,” per its LinkedIn page.

In addition, the Medical Society honored Dracker with the Physician Service to the Medical Society award for “his contributions and decades of service” to the Onondaga County Medical Society and the Medical Society of the State of New York.

It also recognized Dr. Sunny Aslam with the Physician Service to the Community award for his “compassionate and dedicated care and outreach to the most vulnerable populations in Syracuse.”

Dr. Frederick Parker was honored with the Commendable Service by a Retired Physician award for his “ongoing efforts to promote excellence” in patient care at Upstate Medical University and “extensive” philanthropic efforts in the Syracuse community.

The Medical Society also recognized She Matters, a community outreach program at Upstate Cancer Center, with the Organization Service to Medical Care award. It was honored for its efforts in educating women in underserved areas of Syracuse about the importance of breast-cancer screenings and early detection.

In addition, the Jerry Hoffman Advocacy Award was presented to Zachary Visco — American Medical Association (AMA) medical student representative — for his advocacy on behalf of the AMA and the Medical Society.

2019 Innovation Resources Directory

Health Care, Small Business, Subscriber Only

CASE at Syracuse University 2-212 Center of Science & Technology Syracuse, NY 13244 – Phone: (315) 443-1060 – Website: case.syr.edu – Year Established: 1984 – Organization Type: incubator, funding source – Services/Resources Offered: forge university-industry research and development collaborations; engage students; deliver customized technology workshops and short-courses; host networking events; pursue funding opportunities; commercialize technology;

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KeyBank survey: Optimism Growing Among Women-Owned Small Businesses

Banks & Credit Unions, Small Business, Subscriber Only

Business is good, according to women small-business owners. A new Key4Women 2019 Financial Confidence Survey Report finds many women believe their business growth is set to continue and expand. The report, which surveyed 250 women small-business owners, finds 71 percent are highly optimistic of achieving their goals in the next 12 months, a 5 percent

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It’s That Time of the Year to Shop Small

Business Mentors, Small Business, Subscriber Only

In between the big-box holidays of Black Friday and Cyber Monday sits Small Business Saturday, celebrating its 10th anniversary this year — on Nov. 30. Created to help small businesses to capture a larger piece of the critical holiday season spending, this nationally recognized day celebrates the incredible contributions that small businesses make to their local

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Since 2011, the U.S. Small Business Administration (SBA) has been a formal co-sponsor of Small Business Saturday, which was founded by American Express the year prior. In 2018, an estimated 104 million U.S. consumers reported shopping or dining at local, independently owned businesses on Small Business Saturday. According to an NFIB survey, in 2018 U.S. consumers who said they shopped at independent retailers and restaurants on the day spent a record high of an estimated $17.8 billion.

It’s no secret that small businesses across upstate New York create two of every three net new jobs and are vital to the health of our local economy. Some of those owners are entering their very first holiday season and offer a new opportunity to shop small. Entrepreneur Amy Wilson used Onondaga Small Business Development Center (SBDC) counseling to open Mixed Methods in downtown Syracuse this fall, featuring artists’ work and handcrafted, unique gifts. Others like Jean-Pierre Lavigne are expanding just in time for the holidays, opening a new bicycle shop location in Potsdam with help from SBA microlender Adirondack Economic Development Corporation.

While many of you are making plans for your holiday shopping, I encourage you to make sure you include visiting local small businesses to find those perfect gifts for family and friends. Visit your favorite stores and even a few new ones too and be sure to show your support for small businesses on social media using #shopsmall. While you’re out shopping, choose to eat at a locally owned restaurant and to keep supporting your community. Entrepreneur Sarah Lukens made her dream a reality with SBA-backed financing from Berkshire Bank to purchase Tamarack Café this fall, choosing to invest in her future and her community of Inlet.

On Nov. 30, shoppers can join in by getting out and shopping small. Shoppers can show their love and support for the small shops and restaurants that are an important part of their local communities and that they can call their own. If you are a small-business owner, make sure you’re prepared for the holiday shopping season by checking out helpful advice at http://www.sba.gov/saturday. Supporting our small businesses on Small Business Saturday and throughout the year ensures their successes, as well as sustaining vibrant and thriving upstate New York communities for many years to come.

Bernard J. Paprocki is district director for the SBA’s Syracuse district office. He is responsible for the delivery of SBA’s financial programs and business-development services for a 34-county region in upstate New York.

Per capita personal income growth in CNY lags behind U.S. average

Employee Benefits & Human Resources, Subscriber Only

Per capita personal income increased 4.9 percent nationwide in 2018, but growth was slightly slower across Central New York’s metropolitan areas, according to new statistics released by the U.S. Bureau of Economic Analysis (BEA) on Nov. 14. The BEA defines per capita personal income as “an area’s personal income divided by its population.” The bureau

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Why Salespeople Don’t Make More Sales

Business Mentors, Subscriber Only

Things don’t go well for some salespeople. Simply put, they say they want to sell, but their numbers tell a different story. What’s missing? What needs to change? The answer may rest in how salespeople view their job. We can call it task tunnel vision. It’s common throughout business organizations, including sales departments. Here’s how

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Things don’t go well for some salespeople. Simply put, they say they want to sell, but their numbers tell a different story. What’s missing? What needs to change?

The answer may rest in how salespeople view their job. We can call it task tunnel vision. It’s common throughout business organizations, including sales departments. Here’s how to spot it: a salesperson says, “That’s not what I’m hired to do. I want to sell. Just leave me alone and let someone else do all that other stuff.”

Whether salespeople recognize it or not, they are like many others who are self-defining about their job. They put up an impenetrable mental wall that stops them from venturing outside their self-imposed prison. All they want to do is make sales. Ironically, their mindset has the opposite effect; they fail to get the order.

The way to break free from task tunnel vision is to focus on what customers look for in a salesperson. Here are three common customer expectations.

Customers expect a salesperson to be their advocate

The role of the salesperson is more necessary today than ever. It’s a fact. With everyone having incredibly instant access to information, it may seem counter-intuitive to suggest that salespeople are needed more than ever — except that it isn’t.

There is nothing worse than making a purchase only to discover that it’s not what we wanted, even though the promise of the internet is to make us better informed so consumers won’t make buying mistakes. The sheer volume of returns from online purchases alone puts that idea to rest.

Confusion and doubt make the salesperson’s role more critical than ever. With the complexity and plethora of today’s products and services, what customers need (and deserve) are advocates, those whose job it is to help them sort things out so they can make decisions that are in their best interest.

This isn’t to suggest that salespeople pretend they’re “consultants.” That’s not only fakery, it’s also what makes customers suspicious of salespeople and gives them a bad name.

Some may think that the role of customer advocate is too much to ask of those who sell — and it may be for some salespeople. It isn’t, however, for those who believe trust is the basis for earning the order. It’s an opportunity to be more than a huckster, a true professional.

Customers expect answers to their questions

Whatever else the internet may have done, it has made us more inquisitive. As one marketing director said, “People are always searching for answers. And whoever provides the best answers to the most questions at the end of the day will be the winner.”

If this is true, then why are so many salespeople in such a rush to launch their sales spiel? Are they just in a hurry or are they afraid that customers will start asking questions?

It’s time to drop the sales presentation and to turn it into a customer-focused FAQ session. It might start this way: “Here are some questions customers ask, along with my answers.” When you let customers know you value questions, it’s easy to shift into asking them for theirs. When this happens, sales presentations become interactive learning experiences that satisfy both the salesperson and the customer.

Customers expect to be offered choices

Researchers have long shown that too many choices lead to being overwhelmed. If you’ve gone to a paint store, no one needs to tell you about “choice paralysis.” After about five minutes looking at paint chips, you want to get out of there.

However, faced with too few options makes us want more before deciding. We may even feel we’re being forced into doing something we may come to regret. Yet, this is what happens when salespeople skew presentations so they lead straight to one conclusion. When this happens, customers don’t buy — they rebel.

So, ask yourself how many choices can you get your head around without getting overloaded. Some say about six or seven. But even with that number, the task is to narrow the field down further. This is when the salesperson’s job is to help the customer make an appropriate decision. The scenario might go something like this:

• Let’s go through the options. What are the advantages and disadvantages of each one?

• Would you eliminate any? OK, we have several left. Let’s discuss and make a choice.

• Are you comfortable going with this choice?

This is a quick way to narrow down the options to two or three so customers can settle on the one that’s best for them.

While making sales is the goal, how you get there may be the most important part of the journey.

John Graham of GrahamComm is a marketing and sales strategy consultant and business writer. He is the creator of “Magnet Marketing,” and publishes a free monthly eBulletin, “No Nonsense Marketing & Sales Ideas.” Contact him at jgraham@grahamcomm.com or johnrgraham.com

GGH’s New Vision Medical Careers program announces 2020 class

Health Care, Subscriber Only

GENEVA — Finger Lakes Technical & Career Center’s (FLTCC) New Vision Medical Careers program has announced its class of 2020. This year marks the 25th anniversary for New Vision Medical Careers, an educational partnership with Wayne-Finger Lakes BOCES and Finger Lakes Health, parent of Geneva General Hospital. Finger Lakes Health employees will spend more than

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GENEVA — Finger Lakes Technical & Career Center’s (FLTCC) New Vision Medical Careers program has announced its class of 2020.

This year marks the 25th anniversary for New Vision Medical Careers, an educational partnership with Wayne-Finger Lakes BOCES and Finger Lakes Health, parent of Geneva General Hospital.

Finger Lakes Health employees will spend more than 2,000 hours mentoring the 17 students in the New Vision Medical Careers program this year, according to a Finger Lakes Health news release.

Located on the campus of Geneva General Hospital (GGH), this program blends academic, experimental learning, and career education. It offers high-school seniors from surrounding districts an interdisciplinary classroom approach that allows students to study anatomy, pathophysiology, ethics, medical terminology, economics, and English concurrently, gain college credit, and apply practice-based learning in a multidisciplinary professional environment.

Each year, 17 students are chosen for the one-year, “academically rigorous” program for college-bound seniors planning on majoring in pre-medicine, nursing, laboratory science, physician assistant, chemistry, biology, physical therapy, or other allied health fields, the release stated. Applicants come from FLTCC’s 15 component schools and selection is “highly competitive.”

The program allows students to explore a full array of medical careers in 24 different departments, while gaining 125 hours of clinical experience and nine college credits. Rotation sites are in four, six-week blocks of analogous units: acute care, diagnostics, surgical, and unique populations to enhance students’ understanding of patient/resident care, increase retention of clinical knowledge, and master system-based practices. On average, each student will have 95 mentors and will interact with more than 100 patients and residents throughout the school year, Finger Lakes Health said.

The New Vision Class of 2020, led by instructor Laura Van Niel, includes students representing the following school districts: Canandaigua Academy — Reilly Reber, Madison Ryan, Alena VonRhedey, and Sarah Weinel; Geneva High School — Camryn Bailey, Mitchell Burrall, Joel DeVries, Paige O’Brien, and Grace Whiteleather; Honeoye Central School District — Jacob Slocum; Marcus Whitman High School — Jacob Nemitz; Mynderse Academy — Margaux Eller and Michael Eller; Naples Central School District — Shaylyn McGory; Victor Senior High School — Renee Merriman; and Waterloo High School — Sean Bronson and Sennett Turner.

“Watching the patient’s attitude change due to my mentor’s encouragement proved the important role nurses play in patients’ compliance,” Camryn Bailey, a Geneva High School senior, said after a recent clinical rotation at GGH.

Closing the Skilled-Labor Gaps with Apprenticeship Programs

Opinion, Subscriber Only

With an estimated 10,000 baby boomers turning age 65 each day and approaching retirement, there is a growing need to find qualified individuals to fill jobs across many employment sectors. One tool that is helping businesses fill these skilled-labor gaps are apprenticeship programs. The recent National Apprenticeship Week helped draw attention to these important state-managed

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With an estimated 10,000 baby boomers turning age 65 each day and approaching retirement, there is a growing need to find qualified individuals to fill jobs across many employment sectors.

One tool that is helping businesses fill these skilled-labor gaps are apprenticeship programs. The recent National Apprenticeship Week helped draw attention to these important state-managed programs that allow people to be paid while obtaining technical certificates and other credentials that lead to successful careers.

Apprentices work full time under the supervision of a skilled worker and commit to taking related classroom instruction at night or on weekends. Apprenticeship positions can be offered by an employer, groups of employers, or jointly by employers and unions. In each case, the employer(s) or a union works in conjunction with the New York State Department of Labor to register the position with the apprenticeship program. The apprenticeship opportunities are then listed by region in a special section of the Department of Labor’s site. Central New York and the North Country currently have opportunities available in construction, health care, carpentry, electrical engineering, and masonry.

There are several advantages to obtaining an apprenticeship position. One advantage is that the job-placement rate is high. According to the U.S. Department of Labor, nearly nine of 10 apprentices are employed after completing their apprenticeship. Another benefit is the competitive salaries associated with skilled labor. The average starting annual salary for a skilled laborer is $60,000. In New York state, apprenticeship opportunities have increased in part thanks to a $4.2 million grant that the state received from the U.S. Department of Labor in 2017 and other recruitment efforts. In December 2017, there were 16,717 apprentices and in August 2018, there were 18,334.

Apprenticeship programs have long served as an excellent alternative for high-school graduates who choose not to attend a four-year college. Depending on their interest, an apprentice can learn skills relating to a variety of fields. In fact, the additional funding recently provided by the U.S. Department of Labor is designed to help develop apprenticeship opportunities in emerging fields such as advanced manufacturing, health care, and information technology, as well as other in-demand occupations.

Employers, local unions, business organizations, nonprofit organizations, or groups of employers may apply for an apprenticeship through the State Department of Labor. For each apprenticeship, a contract is established between the apprentice and the employer and registered with the Department of Labor. Each apprenticeship has its own standard training outline, which details the on-the-job training and classroom instruction requirements. Classes and training materials are typically paid for by the program. The length of each apprenticeship varies anywhere from one to six years. Typically, those interested in joining an apprenticeship program have their high-school diploma, but some apprenticeships can start earlier as long as the applicant is 16 years old and meets other qualifications outlined by the sponsor.

Classroom-related instruction is fulfilled through a trade school, local college, or through a BOCES program. At the successful completion of the apprenticeship program, the Department of Labor awards the apprentice with a “Certificate of Completion.” To learn more about apprenticeship programs and about local jobs and apprenticeship programs, please visit: www.labor.ny.gov/formsdocs/factsheets/pdfs/P535.pdf. You can also visit a list of active sponsors who are advertising apprenticeships at https://labor.ny.gov/apprenticeship/appindex.shtm.

To read more about National Apprenticeship Week, visit https://www.apprenticeship.gov/national-apprenticeship-week.

William (Will) A. Barclay is the Republican representative of the 120th New York Assembly District, which encompasses most of Oswego County, including the cities of Oswego and Fulton, as well as the town of Lysander in Onondaga County and town of Ellisburg in Jefferson County. Contact him at barclaw@assembly.state.ny.us or (315) 598-5185.

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