In high school physics class, I learned that energy cannot be created nor destroyed, it can only be transformed. Within investments, the same principle applies to risk. To start, risk is a tricky thing to define. The financial world has settled on a measure of volatility called standard deviation. Although imperfect for a variety of reasons, standard deviation gives a quantifiable measure of how bumpy the ride has been which is a reasonable approximation for how it will be moving forward. Unfortunately, volatility is usually equated with losses. What about the opportunity cost of missed gains?

As a society, we have been conditioned to think that financial risk is checking our monthly statement and seeing a lower number than the month before. That type of downside risk is intuitive and easy to understand – money, which was once yours, no longer appears to be so. Upside risk is much more abstract in an alternate universe type of mental exercise – we have no way of accurately quantifying what might have been. Our desire to hold onto what is already ours will sometimes cause us to make short-term decisions with long-term money because the pain of losing money is greater than the satisfaction of making money.

In finance textbooks, the risk-free rate of return is typically the return on a government issued bond. This is somewhat of a misnomer for an individual investor with a “cash under the mattress” mentality. Inflation is a silent killer of financial plans for those who “don’t want any risk.” Unaccounted for, it gradually eats away at the spending power of your money which technically leaves you with less money than you had before. Mentally, it is the easiest risk to cope with because we trick ourselves into saying that we still have the same amount of nominal dollars as we did before. Inflation risk doesn’t even compare to the upside risk we spoke about before. I have talked to plenty of people who have been sitting in cash for years just waiting for things to calm down to get back into the market. This type of second-guessing is a paralyzing fear. Afraid to make a misstep, investors instead do nothing and jeopardize their growth potential. Like inflation, upside risk is invisible, but potentially catastrophic for a financial plan. To tie this back to physics class, moving money into cash is not de-risking the portfolio, it is merely a transformation of the risks that one is bearing.

In the short-term, cash is the safest investment and stocks are one of the riskiest. As one zooms out, those roles become reversed. The problem for many is that when downside risk rears its head, focus shifts to the short-term. “It’s just for now. I’ll re-invest when things calm down,” we tell ourselves. The coast is never completely clear, and the invisible losses incurred by sitting in cash for too long have a negative compounding effect on future plans. Investors are always searching for the optimal portfolio or investment strategy. The solution is clear: whichever strategy you can stick with. As always, it helps to have an objective voice on your side to help see the big picture.

For more information, visit www.contwealth.com.

David Rath, CFA is the Director of Portfolio Strategies at Continuum Wealth Advisors in Saratoga Springs.

SARATOGA SPRINGS — Network Saratoga LLC has launched their new website, Network Wedding Guide at www.NetworkWeddingGuide.com. The new website is a member-based virtual showcase of venues and wedding professionals in the Saratoga, Adirondack, and Capital Region areas with exclusive offers just for members. 

Network Saratoga LLC owner, Fran Dingeman, has been creating and coordinating wedding shows in the Saratoga region for over 20 years. 

“When the pandemic hit, one of the many industries that was drastically impacted was the wedding and event industry,” said Dingeman. “As a company that produced nine events in Saratoga in 2019, having to reduce to two in 2020 was a significant decrease. As many businesses did over that time, we focused more on virtual and digital endeavors.” 

The creation of Network Wedding Guide was funded through a Saratoga County grant offered to help local businesses who demonstrated a need due to COVID. 

“We created Network WeddingGuide.com to help as many local businesses as possible,” said Dingeman. “A select group of local wedding professionals are featured with business descriptions, photos, and an exclusive offer that is only available through the Network Wedding Guide website. Engaged couples are invited to enter the site for a nominal fee. Once on the site, they will be entitled to savings offered by each vendor when they purchase their services through the designated site portal.” 

Network Wedding Guide premiered in August with 34 wedding industry participants representing 18 vendor categories. Once engaged couples pay for access to the site, they check back as often as they like. 

Network Saratoga LLC plans to host in-person wedding shows again in 2022, beginning with the Longfellows Wedding Show on Feb. 27, now in its 21st year.

“The landscape looks positive for the wedding industry right now, with many 2020 weddings and events rescheduled for 2021 and 2022,” said Dingeman. “The majority of professionals we work with are extremely busy and are hopeful about next year as well!”

 For more information, email info@networkweddingguide.com or call 518-365-3459. 

SARATOGA SPRINGS — Movement Disorder Specialist, Dr. Kathrin LaFaver, has joined Saratoga Hospital Medical Group – Neurology, bringing significant expertise in treating patients with Parkinson’s disease, essential tremor, dystonia, ataxia, and other movement-related neurological conditions. 

LaFaver joins Saratoga Hospital from Northwestern University Feinberg School of Medicine in Chicago, where she was an associate professor of neurology. Previously, she was the director of the movement disorders clinic as well as the Raymond Lee Lebby Chair in Parkinson’s Disease Research at the University of Louisville in Kentucky.

LaFaver see patients at Saratoga Medical Hospital Medical Group – Neurology at 6 Care Lane, Saratoga Springs. For an appointment, call 518-693-4629.

By now most of you have heard of Bitcoin, the ‘new’ currency revolutionizing finance. Some of you may actually own a little, and a very few of you may be mining it. But what is Bitcoin and why is it important to understand this new currency? 

Simply put, Bitcoin is digital money. The concept of ‘digital’ may seem bizarre to us because we’re used to tangible assets. I can hold a dollar bill in my hand, place a gold coin in my pocket, or hang a valuable painting on the wall. 

Read the full story on Saratoga Business Report – www.saratogabusinessreport.com 

BALLSTON SPA — Back after a one-year hiatus, the triumphant return of the popular Saratoga Balloon and BBQ Festival, the Festival will occupy the Saratoga County Fairgrounds August 27-29 for three days of family fun. Due to covid-19 concerns, the Festival organizers moved from the traditional Father’s Day weekend to the new dates in late August when the event was more likely to happen without restrictions. 

Once again, the schedule is jam packed with highlights: Friday features the Dare Devil Trained Dog Show, balloon launches at about 6:30 p.m., the Brent McCoy Comedy Juggling Act, and the Balloon Glow at dusk. Saturday is the longest day with more dog shows, another day with Brent McCoy, tethered balloon rides, helicopter rides, and the evening balloon launch. On Sunday there are two new additions, The Car Show with 100 cars from 11 to 3 and the New York Steak Cook Off with dozens of teams competing for the prizes and fame and bragging rights. Meet the grill masters and watch their expert techniques to hone your own skills the next time you grill at home.

Every day, every minute of the Festival, the Kids Zone is in full swing with bounce houses, pony rides, a petting farm, face painting, a designated magician, Shawn, a balloon twister, and games. There is live music daily in the Music Barn next to the Beer Garden serving craft beer, wines, and wine slushies.  There is a wide choice of food including four BBQ rigs, some local and an award-winning pit master from Ohio, the Smoke Shack, plus Jamaican Jerk Chicken, brick oven wood fired pizza, turkey legs, burgers, and more.  With all that, then there’s the Marketplace to do a little shopping: artists, artisans, specialty food makers, eclectic household items like massage guns populate the space along NY Wine and Distilled Spirits.

The Saratoga County Fairgrounds are located at 162 Prospect Street in Ballston Spa. Festival hours are Friday 3 to dusk after the Balloon Glow; Saturday 11 to 8; and Sunday 11 to 5. It is a rain or shine event. Adult admission is $12 and children under 16 $5 at the gate. There is a special price on Sunday, adults are only $8 and children the same $5.  For the adventurous you can book a balloon ride on the Festival website www.balloonandbbq.com. For balloon launch updates check the website and www.facebook.com/saratogaballoonandbbq. 

According to the US Census, Saratoga County’s population increased by 7.2 percent from 2010 to 2020. 

This rise in our county’s population continues a five-decade-long trend. During these fifty years, the county’s population has increased 53 percent. This compares favorably with surrounding counties, like Albany County which saw a 10 percent increase during this same time, or Rensselaer at six percent, or Schenectady at five percent.

When something increased 53 percent, it sounds like a lot. But over fifty years, it averages out to just about 1 percent growth per year. In raw numbers, the growth means about 1,600 more people a year are added to our population. 

During the last 10 years, the Towns of Ballston, Halfmoon, and Malta experienced the highest percentages of growth. In prior decades, it was Wilton, Milton, Moreau and Clifton Park that often led the way. In many respects, it is the Northway corridor where our growth has been concentrated because of the infrastructure — roads, water, and sewer — that is available in those areas.

In the City of Saratoga Springs, our population is now 28,586, up just a little more than 7 percent from ten years ago. The City added about 190 people per year during the last decade. This means we’ve experienced a .70 percent annual growth rate. 

We need this type of reasonable growth to continue if we want to sustain our economic success and quality of life. We also must simultaneously plan for our future growth. Our planning must include efforts to preserve our local farms, open spaces, and historical properties. We need to continue the many local and county efforts to integrate and expand our trail systems. We need more workforce housing so more people can live near where they work. We need expanded public transportation as well.

Our five decades of growth is no accident. But it is unique. Two-thirds of all counties in New York State saw a decrease in their population in the last ten years. We are fortunate to have tremendous amenities that make living here attractive. The list of these attractions includes but is NOT limited to: SPAC and our arts and cultural attractions; the Track, Casino, and Fasig Tipton; the Great Sacandaga, Saratoga Lake, the Hudson River, and our canal system; three beautiful state parks and the Saratoga National Historical Park; as well as an abundance of locally-owned small businesses in every City, Town and Village across the county. 

Our k-12 schools are among the top performing in the state. They are constantly innovating. In many cases, the people moving here went to school here themselves years before. As they start to have families, they come back knowing this is a great place to raise their children too. At the Chamber, we call these people “rebounders.” They come back with trailing spouses making them highly sought after by local employers growing their local operations.

The Chamber is working to grow our population because we need more people to fill the local jobs we now have. Our Healthy Saratoga campaign is part of our talent recruitment effort. More so now than perhaps ever before, we expect people will want to live in healthy communities going forward. The work of our Veterans Business Council helps to promote Saratoga County as a great place for Veterans and their families to live and work. Our work to promote Saratoga County as a great place to visit has also helped us convince people to live here. 

Thinking of the success and growth we’ve seen in the last fifty years, I am reminded of the quote often used in the investment community. “Past performance is no guarantee of future results.” We cannot be complacent. Where we can do better, we should. That’s what those leaders before us did over the last fifty years. Let’s make them proud by continuing this tradition for the next fifty years.

Dental care is one of the most difficult aspects of being on Medicare. Original Medicare does not cover dental services and most supplemental plans do not either. In fact, two-thirds of all people on Medicare do not have dental coverage, according to the Kaiser Family Foundation. In terms of cost, Medicare recipients who used dental services spent $874 on average in 2018, and one-fifth spent more than $1,000, according to the foundation.

Figures like these can be enough to frighten many people. However, with proper guidance seniors can limit their dental costs and obtain needed procedures at an affordable price. The good news is that most Medicare Advantage plans available in the Capital Region include some dental coverage. However, copays and coverage limitations vary widely from plan to plan. For example, one plan may cover only preventative cleanings and x-rays, while another is more comprehensive in providing coverage for crowns, bridges and dentures.

When comparing dental plans, the challenge is to find one that meets your needs and allows you to visit the dentist you wish to see. Some plans have provider networks in which dentists must be contracted and others offer reimbursement programs where you can see any dentist you wish. In these arrangements, you pay the dentist upfront and the plan reimburses you for your costs, up to a maximum amount. Reimbursement plans offer more flexibility than a traditional provider network and are especially helpful if your dentist is reluctant to accept certain insurances.

Most Medicare beneficiaries will find that the key to obtaining dental services at an affordable price is being enrolled in the Medicare Advantage plan that best suits their needs. Working with a knowledgeable health insurance broker to select a Medicare Advantage plan can help you receive dental services for a great value. To see if there is a plan that can help you get the dental care you need, please call Bruce or Logan at BlueChip in Saratoga at 518-584-8057 or visit our website at www.1bluechip.com. 

SARATOGA SPRINGS — Tailgate and Party has had a successful summer at their new location on Phila Street. 

Tailgate and Party on 33 Phila Street, diagonal to Ben & Jerry’s is your go-to, one-stop-shop for all things celebration. The store has an assortment of merchandise that you might not find elsewhere, from track necessities to hostess gifts and milestone birthday supplies, including helium balloons. As the seasons change, owner Kirsten Lambert said some of the merchandise in the fall will transition to represent that, with more coolers, NFL gear, and tailgate-related items – true to the store’s name. However, a bestseller throughout the seasons has been their adult drinking games. Lambert said that customers who come into the store and see the display always have a story to tell or a memory to share. 

“It is a very happy store,” said Lambert. “Everyone is always laughing as they go through and look around at what we have.” 

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Tailgate and Party fills a need for Saratoga, which Lambert realized when she had a hard time finding supplies for her mom’s 80th birthday. 

Lambert had always said she wanted to be three things in life – a hairdresser, a teacher (which she was for 25 years), and to work in a store. So, she opened Tailgate and Party, and found out that much like teaching, there is a planning aspect to owning a party store. 

This summer has been quite successful since the move from the corner of Henry and Caroline Street to Phila Street. Traffic is heavy in the morning, as customers wait for brunch downtown or the track to open. But as she has learned from other local Saratoga business owners, there is never a “method to the madness”. 

“When I was on Henry and Caroline Street during the pandemic, I got to meet and talk to the locals. I learned so much about Saratoga,” said Lambert. “It was great preparation going into this new location. We want to keep evolving, changing, and moving forward.” 

To view Tailgate and Party’s featured products, balloon inventory, and more, visit their website at www.tailgateandparty.com, or reach the store by phone at 518-886-9015. 

MANCHESTER, NH and SARTOGA SPRINGS — Forcivity has been named one of the fastest-growing private companies in America, breaking the top 400 on the Inc. 5000 list for the second year in a row. 

This exciting news is announced in tandem with Forcivity unveiling a new logo and branding, capping off the merger with Jolt Consulting Group out of Saratoga Springs that was announced in March 2021.

Forcivity worked with Pennsylvania-based marketing agency Uncommon Marketing Works to put together the
new branding. 

“We knew we needed a new look to celebrate the joining of these two powerful companies with storied histories,” said Molly McGee, Director of Marketing for Forcivity. 

The new brand incorporated elements from each company’s original identities, but with a modern 2021 twist. 

“We are excited for the change not just because of the visual aspects, but because of what the new brand represents for our future,” said Steve Baines, Forcivity President and Chief Growth Officer. “We have been able to deliver so much more for our customers and employees since merging, and this evolution signifies our ongoing commitment to that. We’ve got a lot planned for our future growth and opportunity at our company.” 

SCOTIA — 1st National Bank of Scotia has announced the addition of William Faubion, Senior Vice President and Commercial Loan Officer, and Laura Siracuse, Vice President and Commercial Loan Officer. As members of the Commercial Lending Team, they will play an inte-gral role in cultivating new business and serving the bank’s existing commercial customers. 

Faubion, formerly a Senior Lender at NBT Bank, brings 41 years of commercial lending, cash management, and wealth management experience to the bank. 

Siracuse has 29 years of banking experience and previously served as a Senior Relation-ship Manager at M&T Bank. She specializes in relationship management, commercial lending, fi-nancial management and staff development, and played an integral role during the pandemic help-ing businesses obtain financing through the Small Business Administration’s Paycheck Protection Program and Economic Industry Disaster Loan.