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Millennials: Plan For Retirement Now or Pay the Price Later
Millennials are a stressed-out generation. A study by the American Psychological Association reported that the group of Americans in their early 20s to late 30s came in at a 5.4 stress level on a scale of 1-10, higher than the average American at 4.9. Among the things keeping them up at night are the predictions […]
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Millennials are a stressed-out generation.
A study by the American Psychological Association reported that the group of Americans in their early 20s to late 30s came in at a 5.4 stress level on a scale of 1-10, higher than the average American at 4.9.
Among the things keeping them up at night are the predictions of being the first generation that will be less well-off than their parents — and that includes retirements that potentially will be less secure. No longer do millennials have the pensions to look forward to in retirement like their parents and grandparents before them, and no longer do they have the confidence that Social Security will help at least supplement some of their retirement income.
Every generation has had its own set of trials and tribulations to conquer. However, today’s generation of young adults faces a uniquely challenging environment. And saving money for retirement is a luxury that many just can’t afford. Sometimes millennials have to struggle for a while in order to acquire a sound financial foundation for the future. Here are some tips to millennials for improving the odds their retirements will be a little more stress free.
Start saving and investing early
If it’s true that the early bird catches the worm, it’s certainly true that the early investor catches a sound retirement. If you start investing $2,000 a year for seven years in an IRA (individual retirement account) at the age of 19, you could be a millionaire by age 65. While it might not be practical for most 19-year-olds to invest $2,000 a year, the point is that making sacrifices and saving or investing money early makes life much easier down the road.
Be patient, it’s a long road ahead
Patience isn’t always the word that comes to mind when we think about millennials. However, if you’re working your first or second full-time job, and beginning to put money into investment accounts, you need to remember that retirement is a long way down the road. Stock-market volatility can make investors very emotional. But the worst move one can make in the middle of such turbulence is to bail. Many investors abandon long-term strategies for the presumed safety of cash. But millennials have time on their side to be patient with their investments.
Don’t be your own worst enemy
Obtaining guidance from a financial advisor can help millennials live the life they imagined during their working years and once they retire. The economy will go through ups and downs during your lifetime, but having a financial professional to guide you can improve your financial future and keep you from making some common, costly mistakes.
There is no greater value than peace of mind when it comes to your investments. The time for millennials to start thinking long term is now — before they get too far along in their career and realize they are going to have to start playing catch-up.
David Rosell (www.DavidRosell.com) is a financial professional and author of “Keep Climbing: A Millennial’s Guide to Financial Planning.”

Cycling Through History: The story of E.C. Stearns and the ‘Yellow Fellow’
During the ‘Gay Nineties’ (1890 – 1899), between the horse and the advent of the ‘horseless carriage’ many Syracuse residents took up the national hobby of bike riding. Eventually, this city became known as one of the primary bicycle manufacturing centers in the country with E. C. Stearns Co. leading the way. Edward C. Stearns
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During the ‘Gay Nineties’ (1890 – 1899), between the horse and the advent of the ‘horseless carriage’ many Syracuse residents took up the national hobby of bike riding. Eventually, this city became known as one of the primary bicycle manufacturing centers in the country with E. C. Stearns Co. leading the way.
Edward C. Stearns inherited his entrepreneurial ability from his father, George, who unfortunately died when Edward was only 15 years old. George ran a small, but highly successful hardware business. Utilizing the skills taught by his father, E. C. quickly expanded the business. When the bicycling craze seriously began in the late 1880s, Stearns quickly recognized that manufacturing bicycles would be profitable. He downsized his hardware business and geared up to manufacture bicycles.
The E. C. Stearns Company became the national forerunner of all the major bicycle manufacturers at that time. Its business, in turn, greatly benefitted the city of Syracuse. The company employed, at its peak, almost 1,000 people, and was located on four acres of land occupied by nine buildings housing the various workings of the factory. The factory faced Oneida Street and extended all the way back to Onondaga Street. Every part of the bicycle, with perhaps the exception of the tires and the handlebar grips, was manufactured by the E. C. Stearns Company and began with exacting workmanship using the highest quality materials. Once completed, the resulting bike was subjected to numerous tests before it was made available for sale to the public.

The company developed its buildings with efficiency in mind. In the main building, the basement housed the stockroom and storehouse. This was also the location of the fireproof vault that held the finished bikes before they were shipped out for sale. The bike frame was constructed on the third floor where 200 employees measured parts, polished steel tubing, and filled joints before sending the frame upstairs. All the steel used in the tubing was rolled and cut in another building. The enameling department was located on the top floor. All parts of the bike were polished further with pumice before most of the bikes received several coats of bright yellow enamel paint. Other colors offered included black, blue, and carmine. The frame was then placed in very hot ovens that baked on the enamel for a long-lasting and durable finish. The company enameled 275 bike frames a day when it was at its manufacturing height. The bicycle wheels were constructed with an interchangeable process. There were four weights of wheels depending on the size of the rider and whether the rider chose to use the bike for racing or pleasure. All the wheel rims were yellow-orange (earning the Stearns bicycles the nickname of Yellow Fellow). The saddles and pedals were produced on yet another floor. Once finished, the bike included a tool bag and pamphlet that gave illustrations, the number and price of each part, together with directions for adjusting and repairing the bike and how to care properly for the tires.
Stearns did not just produce single-rider bicycles. Eventually eight styles of bikes were made — all with the distinctive orange rims. Also manufactured were tandem, triplet, and six and seven-man bikes. The company experimented with different styles of bikes to appeal to a variety of riders (i.e., bikes with sails and those with a leather hammock for more comfortable riding). The sextet bike was most famous for having raced a train locally and beaten it. The course was laid out just east of Solvay and the race occurred in 1896 when the company was in its heyday. Stearns shipped its bikes all over the world and eventually opened factories in Buffalo, San Francisco, Paris, Toronto, and Berlin. The company sponsored popular bike races all over the country, some of them transcontinental races.
It should be mentioned that although Stearns was most well-known for its bicycles, the company never forgot its roots and continued to locally manufacture a variety of hardware items such as sliding door hangars, window screen frames, door locks, lawn mowers, and stable fixtures —along with many other related fixtures.
Unfortunately, as the 1890s progressed, the bicycling craze regressed. In 1900, the American Bicycle Company formed. Known as ‘the trust’, it began buying up many of the country’s bicycle manufacturers (initially 42 with over 70 ultimately being absorbed). This came about in an effort to lessen competition and exert more controls over supply and pricing. Succumbing to pressure, E. C. Stearns, one of the largest manufacturers at the time, sold its rights to manufacture bicycles to the American Bicycle Co. in 1900. It is worth noting, that after several iterations, the American Bicycle Company eventually evolved into today’s Columbia Bicycle Manufacturing Co.
E. C. Stearns continued its hardware manufacturing through the mid-1950s. Edward Stearns himself died of a heart attack in 1929 after leading a remarkable manufacturing career.
Karen Y. Cooney is support services administrator at the Onondaga Historical Association in Syracuse.
Report: Oneida County visitor spending rose nearly 9 percent to surpass $1.4 billion in 2016
UTICA — Tourism is on the rise in the Mohawk Valley. A recent study released by Empire State Development and the I Love NY, Division of Travel & Tourism reports that visitor spending in Oneida County increased by 8.8 percent to more than $1.4 billion in 2016. Oneida County represents 64 percent of the Central
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UTICA — Tourism is on the rise in the Mohawk Valley. A recent study released by Empire State Development and the I Love NY, Division of Travel & Tourism reports that visitor spending in Oneida County increased by 8.8 percent to more than $1.4 billion in 2016.
Oneida County represents 64 percent of the Central New York vacation region’s travel and tourism sales. The Central New York vacation region is comprised of Oneida, Otsego, Schoharie, Broome, Chenango, southern Herkimer, Madison, and Montgomery counties.
Visitor spending across the Central New York vacation region totaled $2.2 billion in 2016, supporting 35,609 jobs. Traveler spending in the 7 1/2 county region rose 6.4 percent in 2016, representing the largest regional growth reported for New York state, per the study.
Tourism supported 19,214 direct and indirect jobs in Oneida County in 2016 —generating $810 million in household wages. Travel and tourism sustains 18.5 percent of all jobs in Oneida County. State tax coffers gained $79 million while local tax revenues reached $87.7 million in 2016 from tourism-generated spending in Oneida County.
“We were thrilled to see the growth reflected in the 2016 research. An 8.8 percent increase in visitor spending is remarkable growth across the industry sustaining jobs, sales tax receipts and household wages in Oneida County,” Kelly Blazosky, president of Oneida County Tourism, said in a news release. “Tourism is economic development. Recent investments in new lodging facilities, restaurants, expansion at the AUD, coupled with successful regional campaigns like BrewCentralNY.com and BikeThruHistory.com will continue to position Oneida County a rising destination and a leader in the state’s travel industry.”
In Oneida County, all industry sectors realized an increase and generated the following visitor spending in 2016: Lodging $411 million, Recreation $375 million, Food & Beverage
$253 million, Retail & Service $316 million, Transportation $42 million, and Second Homes $21 million.
The “Economic Impact Study of Tourism in New York” for 2016 was conducted by Tourism Economics, an Oxford Economics Company of Oxford, United Kingdom with U.S. offices in Wayne, Pennsylvania.
NYSAR: New York home sales dip almost 3 percent in June
New York realtors sold more than 12,600 previously owned homes during June, down 3 percent from the year-ago period when nearly 13,000 homes changed hands. That’s according to a housing-market report that the New York State Association of Realtors (NYSAR) issued recently. The trade group blamed the sales decline on a drop in the number
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New York realtors sold more than 12,600 previously owned homes during June, down 3 percent from the year-ago period when nearly 13,000 homes changed hands.
That’s according to a housing-market report that the New York State Association of Realtors (NYSAR) issued recently. The trade group blamed the sales decline on a drop in the number of homes available for sale and contends there remains strong buyer interest.
Despite the slight decline, the June data was part of a “record high” for second quarter home sales, reaching a total of 32,444 homes sold, NYSAR boasted.
“Homebuyers, buoyed by a healthy economy and still low mortgage rates, have set sales records for two consecutive quarters in 2017,” Duncan MacKenzie, CEO of NYSAR, said in a news release. “Exceptionally strong buyer demand throughout the first half of 2017 has driven a nearly 3-percent growth in home sales compared to the first six months of 2016,” he said.
“As we look ahead to the second half of the year, we continue to closely monitor the ongoing decline in the number of homes listed for sale,” said MacKenzie. “If the trend continues, we expect an impact on home sales and selling prices.”
Sales data
A decline in the number of homes for sale, coupled with robust buyer interest, pushed the statewide median sales price up more than 9 percent to $264,000 compared to a year ago.
Pending sales during June rose 4.5 percent from a year ago to reach 14,388.
The months’ supply of homes for sale dropped 17.1 percent at the end of June to 6.3 months of supply. It stood at 7.6 months at the end of June 2016.
NYSAR considers a 6 month to 6.5 month supply a balanced market. Inventory stood at 71,064, a decrease of 14.8 percent compared to June 2016.
Southern Tier data
Realtors in Broome County sold 187 existing homes in June, up 28 percent from 146 a year ago, according to the NYSAR report. The median sales price rose over 10 percent to nearly $112,000 from more than $101,000 a year ago.
In Chemung County, 80 homes changed hands in June, unchanged from a year earlier. The median sales price fell almost 20 percent to nearly $112,000 from $139,000.
Realtors in Chenango County sold 49 existing homes in June, up 26 percent from 39 a year prior. The median sales price jumped 43 percent to $103,000 from nearly $72,000 a year ago.
NYSAR also reports that realtors sold 25 homes in Tioga County in June, down nearly 17 percent from the 30 homes sold during June 2016. The median sales price rose 17 percent to $130,000 from over $111,000 a year ago.
In Tompkins County, realtors closed on 108 homes in June, up 7 percent from 101 a year before, and the median sales price increased nearly 12 percent to almost $254,000 from $227,000 in June 2016, according to the NYSAR data.
All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
Onondaga County hotel occupancy rate falls 7.5 percent in May
Hotels in Onondaga County were emptier in June than the year-ago period, according to a recent report. The county’s occupancy rate slipped 7.5 percent to 64 percent in June from 69.1 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. Onondaga County’s occupancy rate has now declined in
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Hotels in Onondaga County were emptier in June than the year-ago period, according to a recent report.
The county’s occupancy rate slipped 7.5 percent to 64 percent in June from 69.1 percent in the year-ago month, according to STR, a Tennessee–based hotel market data and analytics company. Onondaga County’s occupancy rate has now declined in nine of the last 11 months.
Revenue per available room (RevPar), an important industry gauge that measures how much money hotels are bringing in per available room, fell 8.8 percent to $62.81 this June from $68.88 in June 2016. RevPar in the county has also dropped in nine of the past 11 months, per STR.
Average daily rate (or ADR), which represents the average rental rate for a sold room, dipped 1.5 percent to $98.17 in June, from $99.63 a year earlier.
A trend that may be playing a role in Syracuse’s slumping occupancy rate and RevPar statistics is the increase in supply of hotel rooms in the market in the last year with two key projects adding nearly 400 rooms, alone. That includes the opening of the 134-room Aloft Syracuse Inner Harbor hotel last July and the reopening of the former Hotel Syracuse as the 261-room Marriott Syracuse Downtown last August. A number of other hotels have also opened in the county in the past three years.
Transit Priorities Need to be Put in a New Light
There are countless reasons why I feel fortunate to live Upstate. The “Summer of Hell” New York City commuters are facing is now among them. The deterioration of the city’s mass transit system has resulted in daily subway delays, overcrowded stations, riders trapped on trains, and ongoing chaotic events. The situation is adversely affecting the quality
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There are countless reasons why I feel fortunate to live Upstate. The “Summer of Hell” New York City commuters are facing is now among them.
The deterioration of the city’s mass transit system has resulted in daily subway delays, overcrowded stations, riders trapped on trains, and ongoing chaotic events. The situation is adversely affecting the quality of life for millions of New Yorkers on a regular basis.
Yet as problems continue to plague riders, and commuters demand action from the Metropolitan Transportation Authority (MTA), Gov. Andrew Cuomo has diverted responsibility and resources away from the problem at hand.
Another questionable project without many answers
The MTA’s seven bridges and two tunnels are being fitted with decorative lighting displays, capable of offering choreographed light shows. And the yet-to-be disclosed cost of the project isn’t cheap. In what has become standard operating procedure for the governor, there is no clarity on the exact price (estimates range from $200 million to $350 million), or precisely what agency (or agencies) will fund the project.
Despite the lack of specifics, a few things are crystal clear. At the end of the day, taxpayers will be picking up the tab. And as the city’s mass transit system continues to crumble, a $200 million lightshow is hardly the best use of state resources.
The governor’s devotion to this lighting project screams government waste and turns a blind eye to his obligation to the residents and visitors to our great state. People who ride the subway system need to get to work, doctors’ appointments, and their children to school and daycare. Fancy bridge lights won’t get people to their destinations on time.
Complete absence of accountability
In the midst of the crisis, the governor has completely sidestepped responsibility. His office went so far as to blame New York City Mayor Bill de Blasio, saying that the city “owns the subway and is solely responsible for funding its capital plan.” In fact, it’s the MTA, an entity effectively under the governor’s control, which runs New York’s expansive transportation system.
Accountability has never been a hallmark of this governor’s administration. The budget process remains shrouded in secrecy and is conducted almost entirely behind closed doors. The governor’s own aides were arrested for corrupting state economic-development programs, yet transparency in those programs is still sorely lacking. Construction to build the new $4 billion Tappan Zee Bridge began in 2013, but there is still no public spending plan on how all the costs will be covered.
The nearly 6 million New Yorkers who ride the subway every weekday are getting a firsthand look at how Albany handles a crisis. They surely are not impressed. As transit issues mount, it’s long past time to tackle the issue head-on, devise solutions in an open manner, and put the public on top of the priority list.
Brian M. Kolb (R,I,C–Canandaigua), a former small-business owner, is the New York Assembly Minority Leader and represents the 131st Assembly District, which encompasses all of Ontario County and parts of Seneca County. Contact him at kolbb@nyassembly.gov
A full repeal of Obamacare would make real solutions possible
The U.S. Senate on July 25 voted down a partial repeal of Obamacare, then an attempt at a “skinny repeal” failed in the early hours of July 28. Even though the American people voted into office many politicians who promised a full and complete repeal, many of those same lawmakers, perhaps for political reasons, are
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The U.S. Senate on July 25 voted down a partial repeal of Obamacare, then an attempt at a “skinny repeal” failed in the early hours of July 28.
Even though the American people voted into office many politicians who promised a full and complete repeal, many of those same lawmakers, perhaps for political reasons, are too afraid of what real repeal would mean.
Only a full repeal will restore freedoms that the Affordable Care Act snatched from the American people.
Government health care is about force. Americans are forced under the thumb of thousands of pages of regulations, compelled to pay taxes and penalties, forced into narrow networks, and required to share their private and personal medical information with numerous entities. An Obamacare repeal wouldn’t come with more problems, as many claim, but instead would pave the way back to freedom — back to real and affordable solutions.
Among those solutions, are:
1. Catastrophic coverage
2. Self-pay / third party-free payment
3. Health-care sharing
4. Charity
First, a full repeal of Obamacare would give way to the return of catastrophic coverage, which is what insurance is meant to be: affordable financial protection against insurable conditions, not payment for routine and minor care.
Second, “cash-pay,” “self-pay” or “third party-free” practices allow patients and doctors to be free from the costly and intrusive shackles of insurance, regulations and government programs. The Citizens’ Council for Health Freedom (CCHF) aims to restore health freedom, for both patients and doctors, through the innovative initiative “The Wedge of Health Freedom” (www.JointheWedge.com). Today, more than 200 medical practices in 44 states around the country have joined The Wedge, which is using third-party-free direct payment to transform the entire health-care system back to freedom and restore simplicity, affordability, and confidentiality.
Third, with repeal, some patients would be free to make health-care decisions without interference in a supportive community through health-care sharing ministries, the four largest of which are: Christian Healthcare Ministries, Liberty HealthShare, Medi-Share, and Samaritan Ministries.
CCHF issued a report in January 2010 on health-care sharing before the passage of the Affordable Care Act (ACA). Because health-care sharing members are exempt from ACA mandates, the membership of these groups has climbed steadily each year. Health-care sharing can be a wonderful way to avoid enrolling in costly and intrusive Obamacare coverage. And the stories of those impacted by health-care sharing are uplifting — much different than the horror stories of government health care.
And fourth, being free from government health care would allow doctors to engage in charity again, as they were free to do years ago when health care was truly about care rather than coverage.
Twila Brase, RN, is president and co-founder of CCHF (www.cchfreedom.org), which says it is a nonprofit, patient-centered, national health-freedom organization based in St. Paul, Minnesota that exists to protect health-care choices, individualized patient care, and medical and genetic privacy rights. This opinion piece is drawn from a news release that CCHF issued on July 31.
Earlville Opera House appoints Connelly as new executive director
EARLVILLE, N.Y. — The Earlville Opera House announced it has named Michelle Connelly of Norwich as it new executive director. Connelly replaces former executive director

Madison County manufacturers need workers, offer free training
CAZENOVIA, N.Y. — Madison County manufacturers in need of skilled labor are working with Onondaga Community College (OCC) to provide free training for workers. OCC’s
The Arc Oneida-Lewis Chapter announces board members, officers
UTICA, N.Y. — The Arc Oneida-Lewis Chapter has announced the officers and board members who will be serving on its board of directors for the
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