Month: January 2025

Business Report: Goal Setting 2025

January 20, 2025

Rene A. Walrath is the president of Walrath Recruiting Inc.
Courtesy Walrath Recruiting Inc.

By Renee A. Walrath

Goal setting is crucial in 2025, as it helps individuals and organizations navigate an increasingly fast-paced, complex, and interconnected world. Here are several reasons why goal setting is especially important in 2025:

The world in 2025 is marked by rapid technological advancements, such as AI, automation, and Web3, as well as global challenges like climate change and geopolitical shifts. Setting goals With AI, robotics, and renewable energy innovations, staying competitive requires clear objectives to adapt and upskill. Goal setting ensures you’re not just reacting to change but The sheer volume of distractions, from social media to endless information streams, can derail focus. Setting specific, measurable, and time-bound goals (SMART goals) helps individuals and People increasingly prioritize personal well-being, mental health, and life balance. Goals aligned with values and passions promote self-improvement and a sense of purpose, helping individuals lead more fulfilling lives.

With sustainability being a key focus in 2025, goal setting allows individuals and businesses to take actionable steps toward reducing carbon footprints and conserving resources. The post-pandemic world and ongoing global uncertainties have underscored the importance of resilience. Setting goals fosters a growth mindset, encouraging people to overcome setbacks and keep moving forward.

Organizations and individuals must innovate to stay relevant in a competitive global economy. Goal setting fosters a culture of creativity encourages pushing boundaries to achieve Goals and provides benchmarks for tracking progress. This helps people and organizations stay accountable, adjust strategies, and celebrate achievements, boosting motivation and morale.

Collaborative goal-setting fosters teamwork and collective problem-solving. In 2025, when global challenges require shared solutions, setting goals together can unite communities and organizations around common purposes.

Business Report: How the Economy Affects Your Retirement Plan

January 20, 2025

David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.

By David Kopyc

Retirement planning is a critical aspect of ensuring financial security in later years. While individuals often focus on personal savings, investments, and pensions, the broader economy plays a pivotal role in shaping their retirement plans. Economic factors such as inflation, interest rates, stock market performance, and governmental policies profoundly influence how much individuals can save and how effectively they can manage their retirement funds.

Inflation is one of the most insidious economic factors affecting retirement planning. It represents the rate at which the general level of prices for goods and services rises, eroding purchasing power. For retirees, especially those relying on fixed income sources like pensions or Social Security, high inflation can severely diminish their standard of living.

When planning for retirement, individuals must consider the expected inflation rate over their retirement years. For example, if inflation averages 3% annually, a retirement nest egg needs to grow at a rate that at least matches inflation to maintain its real value. Investors often seek assets that tend to outpace inflation, such as stocks or real estate, but these come with their own risks. As a result, a sound retirement strategy must include a diversified investment portfolio that considers inflation risk.

Interest rates, determined largely by the economic environment and actions of central banks, directly influence the cost of borrowing and the return on savings. Low interest rates may seem appealing for borrowers; however, they can negatively affect savers and retirees who depend on interest yield from fixed-income investments for support.

When interest rates are low, the returns on savings accounts, bonds, and similar instruments decrease. This scenario forces retirees to seek riskier investments to secure adequate returns, which can increase the likelihood of losses during market downturns. Conversely, higher interest rates can benefit retirees; they encourage savings, increase yields on fixed income, and stabilize the economy. Therefore, understanding interest rate trends is essential for effective retirement planning.

Business Report: What is a Financial Advisor?

January 20, 2025

Matthew Burnell, CFP®, MBA, Financial Advisor, HK Wealth Management Group, Clifton Park.

By Matthew Burnell, CFP®, MBA

A question that is often asked to me in my line of work is what is a financial advisor? A financial advisor is a broad title and can go by many names, often depending on what a particular firm likes to use or may have meaning depending on the types of clients one works with or a specialty they may possess. A few names that can be interchangeable include financial planner, registered representative, financial consultant, wealth advisor, wealth manager, investment advisor representative, etc.

For this article we will use the term financial advisor. As Financial Advisors, one primary responsibility of ours is to understand the financial goals of our clients which can include businesses, organizations and/or individuals, and use that understanding to help develop a plan to reach those goals. This is often established early in the relationship and updated as needed. During this process, educating clients on the steps being taken to reach these goals is important.

The exact duties that we as financial advisors perform will vary from client to client and will depend on what, if any, area of finance the advisor specializes in. However, most financial advisors will perform some combination of the tasks below.

Investment management: Offer advice on or directly invest in assets based on the client’s risk tolerance and goals. Assets can include stocks, bonds, mutual funds, exchange-traded funds, annuities, real estate, private equity and many other options. While we may handle the investment needs of our clients, we like to educate our clients as to how any of the investments meet their goals.

Taxation: Depending on the advisor, they may prepare tax returns, create tax plans and scenarios, educate or answer questions for specific individuals needs which can cover anything from the tax implications associated with actions taken in their portfolios to tax planning on the sale of a business that works into investable assets. As an example, our Wealth Management practice and tax practice allow us to coordinate our tax and financial planning for clients.

Cannabis Products Are Becoming Popular For Both Medical And Recreational Use

January 20, 2025

The RISE Dispensary in Clifton Park, which opened in 2019, is one of 101 locations operated by Green Thumb Industries in 14 markets nationwide.
Courtesy of Green Thumb Industries

By Rod Bacon

For millennia the cannabis plant has been valued for its use for fiber and rope, food and medicine, and for its psychoactive properties for religious and recreational use. It has also gone through periods of being accepted and being banned by countries throughout the world.

Currently, cannabis use is legal in 24 U.S. states, Washington, D.C., and Guam for recreational use and in 39 states for medical use. It became legal for medical use in New York state in 2016 when the Medical Cannabis Program was implemented and for recreational use in 2021 when the Marihuana Regulation & Taxation Act (MRTA) was signed into law.

There are 285 adult-use cannabis dispensaries in New York state that recently surpassed $1 billion in retail sales generating nearly $150 million in tax, fee and fine revenue.

Chicago-based Green Thumb Industries, which operates 101 retail locations across 14 U.S. markets under the name RISE Dispensaries, opened its Clifton Park store in 2019. It initially offered only medical marijuana products but expanded to adult-use cannabis in June 2024 following a complete remodeling of the store.

“That was an exciting day, allowing us to meet and celebrate with the community,” said Commercial General Manager for New York Lincoln Campbell. “At RISE we believe cannabis can create more positivity — whether it’s creating jobs, generating tax revenue, or giving back through social impact initiatives.”

New Owners Continue 27-Year Legacy Of Saratoga Wine Exchange in Ballston Lake

January 20, 2025January 21, 2025

A longtime business in Ballston Lake, Saratoga Wine Exchange is continuing to offer a wide selection of quality wines and bourbons under its new ownership.

Article has been revised Jan 21, 2025

By Jill Nagy

JoAnn Swapp and her business partner, Matthew Swapp, are the new owners of Saratoga Wine Exchange in Ballston Lake. While they are new owners, it is an established business that was family-owned for 27 years, JoAnn said.

In addition to carrying a selection of 42,000 wines, the shop features a bourbon collection “from all over.” Not all of the wines are in stock, JoAnn noted, but they can be obtained within a day or two from distributors. The top sellers, however, are the bourbons. Many wine buyers favor French-style white wines.

In addition to sales at the brick-and-mortar store at 43 Round Lake Road, Saratoga Wine Exchange sells online at saratogawine.com.

Matthew worked at Saratoga Wine Exchange for 20 years. JoAnn served as an engineering officer in the U.S. Navy for 22 years, stationed in the Saratoga area. Together, they now supervise a crew of 25 employees.

Holy Moses Tavern Brings New Life To Gansevoort With A Rustic Vibe And Family-Run Charm

January 20, 2025January 29, 2025

Angela and Michael Moses, owners of Holy Moses Tavern in Gansevoort.

By Jill Nagy

McGregor’s Pub in Gansevoort reopened in July with new owners and a new name. Angela and Michael Moses, long-time McGregor’s patrons, own what is now the Holy Moses Tavern at 847 Saratoga Road.

Both owners have worked in the hospitality industry over the years but this is their first business venture. In the past Angela’s grandfather had a sub shop in Glens Falls and Michael’s aunt owned an inn in Corinth.

The new owners tried to keep the “rustic vibe” and “old school touches” of the former pub, according to Angela. Aside from some updates and clean-up, they made few changes, she said.

While the tavern is “primarily a beer and whiskey joint,” it offers a full menu of pub style food. One of the specialties is sausage, onion and peppers on a hoagie roll. The menu also includes some salads. Gluten-free options are also offered. The tavern kitchen is set up to be contamination-free, Angela said, and there are separate storage and cooking areas for gluten-free food preparation.

Aside from beer and whiskey, the tavern offers wines and ciders. Beer selections include a gluten-free beer. There are seven beers on tap, including artisanals. Whiskeys include products of local distilleries.

Halfmoon Awarded $85K Grant for Crescent Park Trailhead Improvements and Upgrades

January 20, 2025

The Town of Halfmoon today announced that it has been awarded an $85,000 grant as part of Round XIV of New York State’s Regional Economic Development Council (REDC) initiative. This funding, provided through a competitive selection process, will support the Town of Halfmoon’s Crescent Park Blue and Green Trailhead Improvement Project, which aims to enhance the functionality and beautification of areas surrounding the Canal and Canalway Trails.

The grant for the Crescent Park Blue and Green Trailhead Improvement Project will promote recreation, economic development, and tourism by investing in the park’s amenities and accessibility, creating a more vibrant and inviting space for residents and visitors alike.

As noted in REDC’s grant announcement, the Town of Halfmoon will utilize the funding to renovate an existing parking lot and trailhead adjacent to the Erie Canal in the town’s Crescent Park. The project includes the design and installation of a paved parking lot and extension of an existing paved shared use trail that connects to the Park’s kayak launch site. These renovations aim to help minimize maintenance needed to repair potholes and erosion from stormwater runoff and help preserve the structural integrity of the existing bulkhead by reducing bank erosion. The renovated parking lot will also allow for better access to the park’s facilities by creating more ADA-compliant pathways for pedestrians and bikers.

Halfmoon Town Supervisor Kevin Tollisen expressed his support for the town being awarded the valuable grant saying, “We are thrilled to receive this funding for the Crescent Park Blue and Green Trailhead Improvement Project. This grant will enable us to make significant enhancements that will benefit our community by improving access to the canal and creating a beautiful, welcoming environment for everyone to enjoy. The Regional Economic Development Council and the Canal Corporation’s support underscores the importance of preserving and enhancing our waterways for future generations, and we appreciate their recognition of our town’s efforts.”

Global Foundries-Town Of Malta Foundation Announces Grants For 14th Consecutive Year

January 20, 2025

For the 14th consecutive year, GlobalFoundries (Nasdaq: GFS) (GF) has announced that the GF-Town of Malta Foundation has awarded 37 grants totaling $161,650 to local organizations that support a variety of community needs and programs. With this year’s 2024 grants, the Foundation, formed by GF and the Town of Malta, has placed more than $2million into service in the Malta community since 2011.

The 2024 Malta grant awards were presented at the David R. Meager Malta Community Center at the annual awards ceremony.

“Supporting our community is at the heart of what we do at the GF-Town of Malta Foundation,” said Admar Semedo, president of the GF-Town of Malta Foundation. “This year’s grants highlight the incredible dedication and innovative spirit of local organizations that tirelessly work to improve the lives of Malta residents. We are proud to contribute to projects that foster growth, inclusivity and positive change in our community.”

This year’s grant recipients are:

Acadia Middle School – Shenendehowa: $1,400

Albany Can Code Inc.: $3,000

Ballston Spa Junior Baseball: $4,000

Ballston Spa CSD Partnership for Innovation in Education Fund: $10,000

Ballston Spa Elementary School PTAs: $5,000

Ballston Spa Friends of Music Inc: $2,000

Ballston Spa High School PTSA: $5,000

Ballston Spa Soccer Club: $2,000

Best Buddies New York: $2,000

Captain Community Human Services: $4,000

Chango Elementary School – Shenendehowa: $1,200

RPI And GlobalFoundries Partner On Semiconductor Workforce Development

January 20, 2025

Employees at GlobalFoundries can enhance their skills in semiconductor technology through a partnership with Rensselaer Polytechnic Institute.
Courtesy of GlobalFoundries

Building on several ongoing collaborations, Rensselaer Polytechnic Institute (RPI) and GlobalFoundries (GF) are working together to further grow and strengthen the semiconductor workforce in the region.

RPI has launched a partnership program with GF to provide their employees with opportunities to pursue degrees and enhance their skills in semiconductor technology. Through dedicated RPI scholarships and GF’s tuition assistance program, GF employees will be able to pursue a new Master of Science in Semiconductor Technology (MaST) degree and take part in other graduate programs including Rensselaer at Work certificates.

Under the expanded partnership, GF has pledged a gift totaling $150,000 over the next three years to sponsor RPI students who have a strong interest in the semiconductor industry, interwoven with an internship opportunity. The initiative aims to incentivize students to join the semiconductor industry.

“When industries and educational institutions seek ways to work together, great things happen,” said Rebecca Doerge, Ph.D., provost at RPI. “This advancement of our ongoing partnership with GF further solidifies the Capital Region’s preeminence as a hub of semiconductor research and manufacturing while addressing workforce development needs that are at the core of the CHIPS initiative.”