COVID-19 Finances: Binghamton financial advisor stresses preparing for the worst while hoping for the best

first_img(WBNG) — While the talk of the town may be the beginning of the reopening process, one Binghamton financial advisor is urging everyone to proceed with caution. Sydlansky stresses that many lenders understand the current situation and will be willing to work with borrowers to adjust their repayment plan. He says believe it or not, you and your lender actually have a common goal. Sydlansky says that since the crisis has meant people are staying at home more many are saving money on things like gas, trips to restaurants, and recreational activities. He says this is not only an opportunity to save money but to take a look at where you can make cuts. If you do end up with an excess amount of cash because you’re spending less money during the crisis, Sydlansky says resist the urge to spend or invest it. With recent talk of a possible second wave of the virus, Sydlansky says the best thing you can do to prepare for the remainder of the crisis is to create and maintain an emergency account. He says the goal should be to have funds to cover three to six months of expenses. If you are unable to set aside that extra cash and find yourself struggling due to the crisis, he says to take a look at ways to reduce your biggest expenses such as car payments, mortgage bills and student loans. “Refill your emergency account. there could be a second wave and we could be doing this all over again in three or four months where the service industry is shut down so I would say prepare for this to happen again,” he says. “Start with something even if it’s 5, 10, 20, dollars out of a paycheck, you’ve got to start somewhere” he says. “Once you get into the habit it will be a lot easier to keep that going.” “I would encourage people to see where their spending has been the last month or two and say ‘wow I’ve been without that cup of coffee and I’ve been without that trip to the movies if I needed to I can cut back on this.'” “You want to learn from a situation like this if you weren’t prepared this time learn what you can do differently in the future,” said Paul Sydlansky of Lake Road Advisors. “Reach out to some of your lenders and see if you can negotiate, see if you can get rates lowered and see if you can get payments skipped,” he says. “Ultimately they’re going to want to work with you to help you out in the short term because they don’t want you to default on that loan or have problems in the long term.”last_img read more

IEA: Coal Demand to Remain Flat to 2022

first_imgCalm seas seem to be ahead for coal carrier owners in the upcoming five years as global demand for coal should remain nearly flat between 2017 and 2022, according to the International Energy Agency’s annual coal market report.By 2022, global coal demand is expected to reach 5,530 Mtce, the same as the average of the last five-year period, and meaning that coal use will have had a decade-long period of stagnation, IEA said.Global coal consumption fell 1.9 percent to 5,357 million tonnes of coal equivalent (Mtce) last year, the second year of decline, because of lower gas prices, a surge in renewables and improvements in energy efficiency, according to Coal 2017.Coal demand is down 4.2 percent over the last two years, nearly matching the two-year decline in the early 1990s, which remains the biggest recorded drop since the IEA started compiling statistics more than 40 years ago.The share of coal in the global energy mix is forecast to decline to 26 percent in 2022, from 27 percent in 2016 because of sluggish demand compared with other fuels. Although coal-fired power generation increases by 1.2 percent per year through 2016-22, its share of the power mix falls to just below 36 percent by 2022, which would be the lowest level since IEA statistics began.“The energy system is evolving at a rapid pace all around us, with a more diversifying fuel mix, and the cost of technologies going down,” said Keisuke Sadamori, IEA’s director for energy markets and security. “But while everything else is changing, global coal demand remains the same.”Coal demand dropped in China, the United States and the European Union in 2016, but increased in India and across many parts of Southeast Asia, and shows no signs of slowing down.For instance, despite the rapid growth in renewables, Indian coal-fired power generation is expected to grow almost 4 pct a year through 2022.While India will be increasingly important to global coal markets, China will remain the key driver, according to the IEA.“The potential for coal demand growth in China is limited, but the country’s supply-side reforms will be critical factors for coal prices in the coming years. Meanwhile, the European Union, accounting today for just 6 pct of global demand, is set to become an increasingly marginal player,” the agency said.last_img read more

Local soccer teams advance to regional quarterfinals

first_imgELLSWORTH — An action-packed weekend of high school sports saw Hancock County’s four remaining volleyball teams eliminated from the playoffs, but five local soccer teams are still alive.The Ellsworth boys and Bucksport and George Stevens Academy girls advanced to Tuesday’s quarterfinals with wins in their respective preliminary games over the weekend. Those three will be joined there by the Bucksport and GSA boys, which received byes after finishing among the top-six teams in Class C North.Senior Jack Lee led the Ellsworth boys’ team (6-7-2) to victory by scoring all three goals in the No. 7 Eagles’ shutout win Saturday over No. 10 Old Town (4-10-1) in the Class B North prelims. Ellsworth’s No. 7 volleyball team (7-8) was beaten 3-0 in its road contest against second-seeded Yarmouth (14-1) in the Class B quarterfinals later that day.Bucksport’s volleyball team (7-8) fell to Woodland (14-1) 3-0 in the Class C quarterfinals at the University of Maine at Machias, but the school’s eighth-seeded girls’ soccer team won its prelim showdown with No. 9 Calais (7-6-2) 2-1 Friday. The Golden Bucks (7-6-2) will play their quarterfinal match on the road against prolific scorer Kolleen Bouchard and the top-seeded Houlton Shiretowners (13-1) on Tuesday, Oct. 24.This is placeholder textThis is placeholder textAll three Mount Desert Island teams in action were eliminated with losses Saturday afternoon. MDI’s boys’ and girls’ soccer teams lost prelim games by scores of 7-1 and 7-0 on the road against Winslow and John Bapst, respectively, and the school’s fourth-seeded volleyball team (9-6) fell to a 3-0 defeat at home against Greely (8-7) in the Class B quarterfinals.In volleyball, the No. 8 Sumner Tigers (3-12) marked their first playoff appearance with a 3-0 defeat against top-seeded Washington Academy (10-5) at UMaine-Machias. The ninth-seeded Sumner boys’ soccer team (9-5-1) saw an excellent season come to an end Saturday with a 2-0 road loss against No. 8 Piscataquis (8-6-1) in Guilford.In other Class C soccer action, the third-seeded George Stevens Academy (9-1-4) and sixth-seeded Bucksport (7-7) boys will face one another in the quarterfinals Wednesday, Oct. 25, in Blue Hill. GSA’s 10th-seeded girls’ team (4-8-3) recorded an upset over No. 7 Narraguagus (8-3-2) when it topped the Knights 5-2 in the prelims Friday in Harrington.Below are times and dates for soccer quarterfinal games to be played Tuesday and Wednesday. A list of semifinal soccer and quarterfinal football games will be posted Thursday, Oct. 26. Road teams are listed first.Tuesday, Oct. 24Boys’ soccer playoffs, Class B North: (7) Ellsworth vs. (2) Washington Academy, 5 p.m.Girls’ soccer playoffs, Class C North: (8) Bucksport vs. (1) Houlton, 4 p.m.Girls’ soccer playoffs, Class C North: (10) George Stevens Academy vs. (2) Dexter, 2 p.m.Wednesday, Oct. 25Boys’ soccer playoffs, Class C North: (6) Bucksport vs. (3) GSA, 2:30 p.m. Hospice volunteers help families navigate grief and find hope – September 12, 2020 Latest posts by Mike Mandell (see all) Mike MandellMike Mandell is the sports editor at The Ellsworth American and Mount Desert Islander. He began working for The American in August 2016. You can reach him via email at mmandell@ellsworthamerican.com. Biocenter_img Latest Posts Ellsworth runners compete in virtual Boston Marathon – September 16, 2020 MPA approves golf, XC, field hockey, soccer; football, volleyball moved to spring – September 10, 2020last_img read more