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Perpetual Futures Redefine Cryptocurrency Investments

Bitcoin, the world’s leading cryptocurrency, represents a significant investment channel for many traders, as well as for those seeking an alternative asset in which to park funds. One increasingly popular way of trading Bitcoin involves the use of perpetual futures (perps). Speculative in nature, these provide extreme leverage for bets on the price of cryptocurrencies such as Bitcoin and Ethereum, without requiring that one purchase or own the underlying asset.

Perps accomplish this through mirroring the asset’s spot price, or immediate price at which it is bought and sold. A funding rate mechanism, or small periodic payment made by traders on one contract side to the traders on the other side, keeps this in balance. For example, when perpetual futures have a price higher than the spot price (meaning demand is higher for long positions), traders holding such positions balance this by paying out a funding fee to those with short positions.

Conversely, a negative funding rate means the perp prices are lower than the spot price. In this case, those traders with short positions pay a fee to traders with long positions. Funding rates change as market conditions do, which keeps the perp and coin spot prices as close together as possible.

Consider this example of trading Bitcoin perpetual futures. Jim begins by investing $500 in margin, with his long position providing access to Bitcoin valued at around $5,000. Jim takes a long position, as he expects a rise in Bitcoin value. A 5 percent rise in Bitcoin value will yield $250, or a 50 percent return on investment. A 5 percent fall in Bitcoin value will result in Jim losing $250, or half his original investment. Beyond this, Jim must pay a periodic funding rate so long as the asset remains positive.

While traditional futures contracts have expiration dates, perpetual futures do not, which means that investors can hold their positions indefinitely, so long as the required margin is maintained. This provides flexibility, as traders do not have to concern themselves with rollovers or expiration-related costs.

The appeal of perpetual futures reflects the significant leverage investors can access, with returns often 10 to 20 times the initial investment. By the same token, highly leveraged losses may be magnified.

Popular on the global stage, perps were integral to an extended rally that boosted Bitcoin prices by 70 percent through late September 2025. In the United States, perps were not available until recently on regulated venues. Some observers point to their emergence as a sign of increased risk appetite, allowing for ever-larger bets on an asset that often outpaces traditional stock indexes.

According to the Wall Street Journal, individual perpetual futures traders are behind sizable gains in shares of holdings such as the penny meme stock Opendoor Technologies, which attained a $10 valuation in just weeks. Perp traders have also helped boost Strategy, Bitmine Immersion Technologies, and other speculative crypto-buying platforms. Perps now make up nearly 70 percent of total Bitcoin trading volume. Perpetual futures are prevalent on brokerage sites such as Robinhood, where options and crypto trading drives far greater transaction-based revenue than stocks (which only make up 12 percent of revenues). This seems to indicate that perps are here to stay.

#Chris Conover Hudson Valley

https://chrisconover.mystrikingly.com/blog/how-consumers-and-finance-leaders-feel-about-ai

Financial planning professionals provide clients with a wide range of services and specialties. A financial planner or wealth manager may w

Financial planning is a complex process that involves considering a variety of factors, including current assets and debts, as well as long

J.J. Spaun Wins 2025 U.S. Open at Oakmont

Recovering from a disappointing playoff loss to Rory McIlroy earlier in the 2025 PGA Tour season, J.J. Spaun memorably won his first major championship at the 125th U.S. Open at Oakmont Country Club on June 15. Playing in challenging elements during the final round, Spaun approached the 18th hole with a one-stroke lead over Robert MacIntyre, who was the clubhouse leader after shooting a final round 68 to finish one-over par for the tournament. He hit his approach to the green about 64 feet to the hole and, needing just a two-putt to secure the title, made the lengthy birdie putt.

Spaun, who had just one career victory on the PGA Tour before 2025, was the only golfer to finish under par at Oakmont, shooting a one-under 279 through four rounds. He won $4.3 million for his first-place result, while MacIntyre, aiming to become the first left-handed player to win the U.S. Open, earned $2.32 million. Norway's Viktor Hovland finished in third with a two-over 282 and won $1.46 million, while Tyrrell Hatton, Carlos Ortiz, and Cameron Young finished tied for fourth at three-over 283 and won $878,815 each.

It was a whirlwind final round for Spaun. The 34-year-old American started Sunday one stroke behind fellow American Sam Burns, who led after 36 and 54 holes. However, he bogeyed each of his first three holes and shot five-over par on the front nine, falling down the leaderboard before a 96-minute weather delay that he said "was the key for me to winning this tournament."

Spaun steadied himself on the back nine and was the outright leader after making a birdie on the par-4 17th hole. He hit a 309-yard drive to reach the green and just missed an 18-foot eagle putt. With another birdie on 18, he became just the fifth U.S. Open winner to close out his round with consecutive birdies. Spaun is also the first champion to begin their final round with at least three holes in a row over par.

Spaun's only other win before the 2025 U.S. Open was at the Valero Texas Open in 2022. However, he came into the major championship playing the best golf of his career. He began the season with a T3 finish at the Sony Open in Hawaii in January and was runner-up at the Cognizant Classic in The Palm Beaches in early March. Two weeks later, he was again runner-up to McIlroy at THE PLAYERS Championship, where he squandered any hopes of winning by hitting into the water on the island par-3 17th, settling for a triple bogey.

In addition to the first-place prize and a replica of the U.S. Open trophy, Spaun received the Jack Nicklaus Medal, automatic entry into the next 10 U.S. Opens, exemptions to the next five editions of the other three majors (Masters Tournament, PGA Championship, and Open Championship), 750 FedEx Cup points, and 100 Official World Golf Ranking points, putting him among the top-10 players in the world for the first time. His name will also be inscribed into a bronze panel in the Hall of Champions, located in the Arnold Palmer Center for Golf History at the United States Golf Association museum in New Jersey.

#Chris Conover Hudson Valley

How Financial Professionals Are Using AI

In recent years, artificial intelligence (AI) has transformed virtually every American industry, including financial planning. Financial professionals can use AI in a myriad of ways, and continued advances will only expand its use, though regulations on machine learning may influence the field.

Based on research from AI leader NVIDIA, some nine in 10 financial-services businesses either use AI or are considering how best to integrate it with existing infrastructure and technology. Major financial brands that have fully adopted AI include Capital One and Morgan Stanley.

Apart from financial industry-specific uses, AI is a core aspect of efficient workflow and technological operations. It is widely used in related industries, including banking and insurance, making it critically important for financial companies to adopt, at minimum, basic AI infrastructure.

When it comes to financial advisors, AI provides a range of predictive tools and deep-learning models that greatly streamline operations and allow for enhanced decision-making. PulseFolio, Datamaran, and SigFig are just a few of the popular AI toolkits available.

Financial planning professionals often use AI tools, programs, and algorithms to analyze large sets of data for trends and patterns. Predictive-analysis AI draws on historical data and powerful machine learning capabilities to develop statistical models that provide advisors with insightful financial forecasts. Using AI to comb through data saves considerable time, and in many cases, clues advisors into patterns that would be impossible for humans to recognize.

AI is not limited to data when it comes to predicting market trends and patterns. The technology can also be used to track keywords in real-time, such as a spike in Internet searches and trending online topics, which may suggest immediate market changes.

Beyond financial information, AI tools can assess customer behavior, trading patterns, and much more, all in real time. Advisors who utilize AI data analysis tools to the fullest extent excel at the development of customer-specific portfolio strategies. As an example, Morgan Stanley introduced an internal AI script in 2023 that allowed all in-house advisors to search through decades of proprietary research and documents for information on any financial topic or question the advisor may have.

Of course, financial planners can use AI tools and services to improve their core offering: portfolio management. Automated investment platforms and AI-powered portfolio-optimization tools are just two examples of how advisors use AI to manage client investments.

Not all AI tools are internal. Financial corporations have implemented a variety of client-facing AI services, many of which allow for on-demand, 24-hour customer service. Several of the examples, such as chatbots, are so commonplace that clients may take for granted that they are engaging in an AI financial transaction. Financial institutions have been using AI customer assistant technologies for nearly a decade.

Financial planners and high-ranking executives can use AI to ensure compliance, which is critical in such a highly regulated industry. AI security systems can be developed to guard against regulatory violations or alert advisors to costly mistakes before they are made.

AI is a rapidly developing field. A few of the trends set to influence AI in finance throughout 2025 and beyond include an increased demand for improved AI reasoning, using cloud migrations as revenue opportunities, and more options for hyper-personalized financial services.

#Chris Conover Hudson Valley

Conducting a Youth Sports Practice

According to Project Play, a collaboration between the Aspen Institute and the Sports and Society Program, 54 percent of American youth from the ages of six to 17 engaged in team sports or took part in sports lessons in 2022. Youth sports provide children with a range of benefits, from improved health to increased opportunities for socialization. Local youth sports programming relies on the support of adults serving in various roles, including youth sports coaches.

Youth sports coaches maintain several responsibilities, such as scheduling and running practices. Before outlining their intentions for a practice session, first-time youth coaches must understand their two key objectives: first and foremost, to ensure the health and safety of all youth athletes, and second, to help athletes develop foundational skills and basic strategies that lead to success in the chosen sport. Practice is a critical tool when serving both of these objectives.

Regardless of the specific sport in question, coaches rarely have time to have lengthy discussions with athletes about tactics or form during a game. Whether it is a football game or a track meet, live competitions are highly structured, sometimes stressful events during which coaches should do all that they can to keep players focused, while at the same time having fun. Practice, on the other hand, is a more controlled environment in which coaches and members of their staff can talk to individual players about very specific topics.

In youth baseball, for instance, coaches can use practices as opportunities to run batting practice (BP). During a game, a player might only go up to bat three times and see just a handful of pitches, whereas coaches can utilize BP to hone a batter's skills over dozens of pitches. Coaches can enhance BP by using a batting cage, a structure specifically designed to protect pitchers and keep balls from traveling too far while working on a player's offense.

Practice also allows coaches to better look after the health and safety of their players. Accidents and injuries can occur at any time and coaches, along with officials and on-site medical personnel, must be prepared to respond. First aid kits should be accessible during both games and practices. That said, coaches can use practices to increase player stamina and fitness, reducing the chances of fatigue-related injuries. Similarly, practices afford coaches the stress-free environment needed to focus on and correct minor issues with a player's form, such as a softball player's pitching form, which can also cause discomfort or injury.

If a player is recovering from an injury, practices are a good time to determine if they are physically fit enough to return to competition. Finally, coaches can use practice time to check their player's equipment and make sure everything is functional and properly fitted, further reducing the likelihood of injury.

In some ways, scheduling and organizing a youth sports practice can be more challenging than games and tournaments. Coaches must often schedule and find a location for the practice without the league's assistance, nor do they have an opposing coaching staff to work with. Coaches usually recruit a few parents to function as assistant coaches and help run practices, which may involve multiple groups of players working on different objectives at different times. Coaches should consider beginning each practice with a group warm-up and ending with a cool-down workout, which serves player health and helps mitigate injury risk.

#Chris Conover Hudson Valley

AI Trends to Watch in 2025 and Beyond

Artificial intelligence (AI) is more prevalent than ever in the United States. AI-powered technologies and software are used in virtually every industry. According to a Pew Research Center survey, nearly three out of every 10 American citizens engage with AI multiple times each day, while an additional 28 percent interact with AI about once per day. However, a separate Pew survey found that 52 percent of Americans are more likely to describe their feelings about AI as "concerned" rather than "excited." In 2025 and beyond, Americans will have many new AI products and strategies to engage with and assess.

A major AI trend heading into 2025 involves e-commerce. Several AI products and tools have completely transformed the e-commerce industry in recent years. The latest trends involve personalizing each customer's shopping experience and optimizing operational efficiency.

Specific examples include recommendation engines, AI-powered data filtering devices that use machine learning algorithms to present users with the most relevant content possible. Amazon's AI system sources data not just from a customer's purchase history, but also their browser history and general preferences, allowing the website to make accurate recommendations and boost sales. E-commerce leaders have further increased sales and customer satisfaction by embracing the benefits of AI-powered chatbots for customer care.

Various AI applications are used in the world of education. AI technology has been developed to help educators reach their students and to help students maximize their academic potential. AI education tools often draw on adaptive learning principles, yielding a highly personalized educational experience that has been tailored to meet the unique needs of each student, accounting for any combination of strengths, weaknesses, and preferred methods of learning.

AI automation will play an increasingly significant role across many industries, including education. By automating various administrative tasks, AI tools free teachers to devote more time to their students. An Education Week report found that teachers in 2023 spent less than half of their 57-hour work week instructing students, with the remainder of their time committed to various meetings and planning efforts, much of which can be truncated or eliminated via AI automation.

Simplilearn is one example of the many emerging AI education platforms. The platform consists of algorithms that interpret many aspects of the educational experience. The platform can recommend appropriate courses to students, offer individualized feedback regarding performance, and generally optimize the learning experience for each student.

Considering the widespread use of AI in America, it should come as no surprise that many emerging AI trends and technologies have been used to create lifestyle products. Personal assistants such as Siri and Alexa are perhaps the most obvious example of how AI influences daily living in the US, helping Americans to lead more comfortable and efficient lives. An estimated 86.5 million people in America alone have used Siri, while Alexa supports a global user base of more than 77 million. These and other lifestyle products have been designed to streamline routine tasks, such as managing daily schedules.

Outside of personal assistants, AI systems are used to power various smart technologies, such as thermostats. The Nest thermostat catalogs a user's temperature preferences over the day and will begin to independently replicate those patterns, making adjustments as needed.

These are only a few of the areas in which AI is expected to expand in 2025 and beyond. Other industries to monitor include robotics, natural language processing, and facial recognition technology.

#Chris Conover Hudson Valley

Youth Sports Trends in America

Sports are an extremely important aspect of American culture, a sentiment supported by 81 percent of the country. The retail sports industry generates upwards of $5.5 billion annually and an estimated 242 million citizens, or close to 80 percent of every American over the age of six, engage in a sport or fitness activity at least once per year. Sports are popular among younger Americans - youth sports participation is around 60 million children and teenagers, according to the National Council of Youth Sports. Several trends are shaping the direction of youth sports in the US.

Youth sports is a diverse field encompassing many athletic activities. Youth soccer ranks among the most popular fitness activities for children in the country, with over 3 million registered players, not including participation at school or home. The sport should remain popular for years to come thanks to a yearly growth rate of 4 percent since 2014. Soccer is also popular due to its accessible nature and minimal need for equipment.

Soccer is one of several youth sports in America with at least 1 million registered participants. The national youth athlete population includes roughly 2.6 million basketball players, about 2.5 million baseball players, over 1.5 million football players, and around 1.1 million softball players. Other popular youth sports in the US include ice hockey and volleyball, while niche sports range from fencing to parkour. However, various trends may shift which sports remain popular in the future.

Although four out of five American youth participate in sports to some degree, sports management service provider Jersey Watch reports that participation is declining among younger age groups. The percentage of youth from the ages of six to 12 who regularly played sports dropped from 38 percent in 2019 to 27 percent in 2021. While COVID undoubtedly had an impact on these numbers, participation levels have yet to recover to pre-pandemic numbers, and participation is down significantly from 45 percent in 2008.

Adding concern is the fact that younger Americans are giving sports a try but are not staying involved. An estimated seven out of 10 child athletes will quit sports by the time they turn 13. Fortunately, children are not quitting out of a lack of interest. On the contrary, many children suffer from burnout caused by overly competitive families. Unqualified coaches can also compel children to prematurely end their youth sports careers. Communities or families interested in improving local participation rates should strive to create an atmosphere that is fun, challenging, and safe for children.

Participation among the 13 to 17-year-old age group remains stable. The accessibility of school programs is a key factor, with 54 percent of high school students playing at least one team sport. Accessibility is not always an issue - an Aspen Institute study found that families with more money are less likely to engage in organized sports. Children from households making between $25,000 and $49,999 comprised 22.3 percent of the youth athlete population, compared to 17.9 percent from families with incomes between $75,000 and $99,999.

Finally, statistics suggest that local communities can take their futures into their own hands when it comes to improving youth sports participation. More than half of Americans believe that public funding can have a positive impact on youth sports and school athletic programs. Without public support, families may have to spend up to $1,000 for each child who wants to play a sport.

#Chris Conover Hudson Valley

Current and Future Uses of AI in Finance

Citigroup Inc. is a provider of financial services operating with a focus on economic growth and progress. The organization shares a depth of data with members of the financial industry, as well as the public, including insights into how artificial intelligence (AI) is impacting the modern financial landscape.

The financial industry has embraced the potential of AI for more than a decade. Some of the earliest uses of AI included fraud detection tools and automated credit scoring. As the years progressed, financial institutions began using AI for more nuanced operations, such as engaging with consumers as chatbots or supporting financial professionals as virtual assistants.

When correctly implemented, AI-powered financial tools can boost organizational efficiency and improve the overall banking experience for financial professionals and customers alike. However, the rates at which AI and related technologies have advanced has far outpaced regulatory oversight, resulting in many potential pitfalls and hazards.

Before understanding the function of AI in America's financial industry, it can be helpful to learn a few key phrases. While any machine or software designed to imitate human intelligence or problem-solving skills can be referred to as AI, there are several different types of AI. Generative AI, for instance, uses deep learning algorithms to create new content, such as text or images. Predictive AI, meanwhile, can be used by financial professionals to create complex data-driven models that forecast industry patterns and financial trends.

Generative AI is particularly popular among financial professionals. Nearly three out of five organizations use generative AI to improve employee productivity, with common tasks including AI-written emails and AI-powered presentations. A comparable number of banking leaders utilize generative AI to develop new marketing campaigns and to write software and app code. Generative AI is so popular, in fact, that 40 percent of companies use it to augment predictive modeling processes.

Properly managing AI processes can improve a financial institution's profitability by as much as 93 percent in just five years, mainly in the form of productivity gains. This is higher than AI-related boosts observed in other industries. On the other hand, mismanaged AI programs can reduce profits by almost 10 percent over the same period.

Looking to the future, AI will play a key role in bridging two very different trends in finance - scalability and personalization. Scalability refers to an organization's ability to expand services and increase production without encountering structural challenges or being hindered by resource availability. Scalability has become a tricky proposition for business leaders, who must now cater to the needs of a consumer base that desires hyper-personalized services and recommendations.

In the past, it simply was not possible to maintain scalability while providing customers with this level of personalization. Today, financial companies implement machine learning algorithms and artificial neural networks capable of recognizing and resolving problems without the need for human intervention. These algorithms can account for each potential customer's financial objectives and risk profiles when rendering services, as opposed to presenting consumers with a one-size-fits-all solution. The more personalized services are, the more loyalty financial professionals can create with customers.

Another AI trend to monitor in the future involves AI that can provide consumers with financial advice. These advanced apps will have the ability to assess an individual's financial situation and provide accurate, tailored insight. AI technology has not yet reached this level, but experts believe AI-powered financial advisors will be common as early as 2030.

#Chris Conover

Understanding the Digital Currency Ecosystem

The rise of digital payment and accounting systems means that traditional currencies are no longer the only transactional method available in contemporary finance and banking. While there are many types of digital currencies, they are all only accessible in electronic form, via computer or device. There is no associated physical asset, as with paper currency or coins. Since traditional institutional intermediaries are not involved, these digital currencies tend to have lower costs associated with them.

Digital currencies are either decentralized or centralized. Centralized currencies have traditionally included fiat currencies, which are physically issued by central banks of sovereign nations. On the other hand, many cryptocurrencies, such as Ethereum and Bitcoin, are decentralized and not tied to any one country or government agency.

The power of decentralized finance (DeFi) is that it eliminates banks, governments, and other intermediaries, and allows the democratization of financial services. Peer-to-peer transactions backed by a transparent public blockchain facilitate lending and borrowing, regardless of geographical location. Uniquely identifiable through cryptographic keys and asset tokenization, cryptocurrencies take forms that extend to any type of digital asset, such as non-fungible tokens (NFTs), which can be a branded icon, work of art, or video clip.

While the decentralization and anonymity of digital currencies offer distinct advantages since there are no central authorities overseeing transactions, this brings risks, as well. They can be extremely volatile, operating on participant supply and demand, and they lack the backing of a government and its insurance capabilities. Without regulatory oversight, they are also vulnerable to price manipulation.

Countries are now developing central bank digital currencies (CBDCs) that offer a crypto alternative backed and regulated by the state. More than 130 countries are in some stage of experimentation with CBDCs, with core aims of ensuring financial inclusivity and boosting the efficiency of transactions.

Another risk mitigation strategy centers on stablecoins, which aim to provide constant value, similar to other established investment assets and currencies. These are backed by underlying assets with proven and consistent market performance. Ideally, these assets are fiat currency, with deposits of equivalent amounts of hard currency used for redeeming tokens. Tether and other stablecoin issuers, however, back their coins with more speculative investments.

A fourth type of digital currency is the virtual currency employed within online gaming environments or virtual worlds. These unregulated currencies allow the purchase of an array of virtual goods and weapons, which are traded or used within the virtual ecosystem. The game or world developers (or an affiliated founding organization) usually control the supply of the virtual currencies. While transactions are seamless within the ecosystem, there is a risk of scams and fraud among users.

One additional way people categorize digital currency is as closed or open. This reflects the underlying operating system and whether it’s open to everyone for cross-currency trading purposes, or to only a select number of users. Most gaming system currencies are closed, as they are only usable in the virtual gaming environment. Airline miles rewards are also closed, in the sense that they have value only within the system when applied to air miles. Credit card reward points can be converted into reward items or cash that can be deposited into one’s account, and thus have closed and open elements. Further confusing boundaries, a number of blockchain-based games offer in-game currencies for sale using cryptocurrency.

Open digital currencies, such as Ethereum and Bitcoin, are convertible into various other cryptocurrencies, and also into certain fiat currencies. They thus have more importance for the broader economy and financial systems supporting it.

#Chris Conover

A Look at Bitcoin's Most Substantial Price Swings

Bitcoin and other cryptocurrencies are investment vehicles that can pay big dividends, but are also prone to volatility. Bitcoin's price, for example, can increase or decrease by as much as 10 percent in a single day due to a myriad of factors, including economic performance, interest rates, world events, and regulatory actions. Cryptocurrency is also a relatively new asset class for which traditional valuation methods do not apply, as it has no cash flow or the ability to pay dividends.

Highlighting its rapid rise and volatility, Bitcoin was traded at one-tenth of one cent when it debuted in late 2009 and reached a peak price of $73,844 on March 15, 2024. That's a massive increase of 7,384,400 percent, although it hasn't been a linear rise, rather one that has had dramatic swings in price, both increases and decreases.

The price of Bitcoin exceeded $1 in February 2011 and, by June, one coin was worth more than $30. However, it finished 2011 with a value of $4.70, down more than 90 percent from the all-time high it achieved earlier in the year. This was due in large part to Mt. Gox, a Bitcoin exchange that filed for bankruptcy in 2014, revealing hackers had stolen millions of dollars worth of the crypto from hundreds of accounts.

Bitcoin's price started climbing again in 2013 due to several factors, including the advent of Bitcoin ATMs that allowed people to exchange fiat money for crypto. It reached $230 in value in April 2013 and peaked for the year at $1,200 before experiencing declines due to Mt. Gox's bankruptcy and China banning financial institutions from using the cryptocurrency.

The period of 2014-16 was relatively uneventful for Bitcoin, but was an important one for decentralized finance, with widespread adoption of smart contracts and the shift to proof-of-stake from proof-of-work, a more labor-intensive transaction processing known as mining.

On December 17, 2017, Bitcoin's price reached a new high of $19,497.40, due to a combination of factors, including greater visibility and trading accessibility and the crypto's third halving in late 2016. Halving is a process in which the rate at which additional coins are generated is reduced, lowering the number of new coins entering the market, which in turn generally increases price and demand for the coins.

The massive price increase didn't alter Bitcoin's volatility. It declined 84 percent year-over-year by December 2018 due to hacks in Japan and South Korea, with both countries also threatening to ban the cryptocurrency. Bitcoin also lost half its value in just two days in the early stages of the pandemic, and declined from more than $10,000 in February to less than $4,000 in March. However, the pandemic and the worldwide shutdown ultimately helped Bitcoin, giving people increased confidence in the feasibility of decentralized finance, particularly Bitcoin.

By the end of 2020, Bitcoin's price had reached $29,000. In April of the following year, it surpassed $60,000 due to an increase in interest among institutional investors and Coinbase, a secure exchange with more than 250 cryptocurrencies going public. However, its price dropped by 53 percent the next month due to new regulations in China, concerns about the environmental impact of mining, and Elon Musk rescinding his promise to allow people to purchase Tesla cars with Bitcoin.

In 2022, Bitcoin's price fell below $16,000, but it has risen significantly in the last year or two in large part due to the SEC allowing investors to trade Bitcoin in exchange-traded funds (ETFs).

#Chris Conover Hudson Valley

Some of the Best Golf Courses in New York

New York may be predominantly known for cultural landmarks and institutions like the Statue of Liberty, Broadway, and Madison Square Garden, but it is also a popular destination for golfers, with dozens of acclaimed courses throughout the state. Long Island, in particular, is regarded as one of the best golfing areas in the United States due to a combination of its early golf architectural features, ocean proximity, and sandy soil. New York had 17 courses included on Golf Digest's America's 100 Greatest/Second 100 Greatest 2023-24 rankings, second only to California.

Both Golf Digest and Top 100 Golf Courses list Shinnecock Hills Golf Club in Southampton as the best course in the state. Designed by Willie Davis in the late 19th century, with updates by renowned architects Seth Raynor and Charles Macdonald, the private club is notable for a number of reasons. It stands as one of the first links courses in the United States; was one of the United States Golf Association's five founding members; and is home to one of the country's first specifically designed clubhouses, a white columned building that overlooks the 300-acre course below.

Shinnecock, which also overlooks the Peconic Bay, is known for its tough prevailing winds and rolling terrain, which prompted Charles Price, in the New World Atlas of Golf, to compare it to "British seaside links." It hosted the US Open for the first time in 1896 and again in 1986, 1995, 2004, and 2018. It is set to host the major championship in 2026.

National Golf Links of America, also located in Southampton, adjacent to Shinnecock, is widely regarded as the second-best course in the state. Raynor and Macdonald also collaborated on this private course, which incorporates design features from historic British golf holes. Many holes are directly inspired by iconic holes at UK golf courses, including No. 2, "Sahara," which is similar to No. 3 at Royal St. George's, and No. 4, "Redan," which emulates the angled No. 15 green at North Berwick.

The 6,935-yard course opened in 1911 and was ranked seventh in Golf Digest's list of America’s 100 Greatest Courses for 2023-24. Situated on more than 250 acres of rolling landscape, with varied topography and massive challenging greens, it hosted the inaugural Walker Cup in 1922 and again in 2013.

Golf Digest and Top 100 Golf Courses both rank Fishers Island, Winged Foot (West), and Friar's Head as the next three best courses in New York, although in different orders. Another Raynor design, Fishers Island opened in 1926, just after Raynor passed away. The course offers panoramic views of the Long Island Sound and Atlantic Ocean. Golf Digest has listed it as a top-five course in the state in all of its rankings since 2005 and had it as the ninth-best course in the country for 2023-24.

Friar's Head, meanwhile, is also located near Shinnecock. A more modern course designed by Ben Crenshaw and Bill Coore, it opened on 350 acres of rugged landscape in 2003. It is unique in that it doesn't have yardage markers, and players must use caddies at all times. Greens vary from 3,000 to 18,000 square feet, and some are protected by massive bearded bunkers.

The West course at Winged Foot Golf Club, ranked No. 4 in New York by Golf Digest, is known for its impressive green contours and open fairways. It has 10 par-4s that are longer than 400 yards and a fairly difficult final six holes, including a 210-yard par-3. Bryson DeChambeau won the 2020 US Open at the West course.

#Chris Conover Hudson Valley

Financial Plans Make Achieving Financial Goals Easier

A financial plan is a structured road map that guides a person to move from their current financial position to a point where they can achieve their financial goals. Once the plan is in place, a person will find it easier to cover their immediate financial needs while saving for future priorities.

People can create financial plans for a wide variety of goals. These could be short-term goals that they intend to achieve in the next five years, medium-term goals that they want to achieve in five to 10 years, and long-term goals that extend beyond 10 years. Examples of these goals include saving for retirement, a child’s college education, the down payment for a house, a wedding, or even a family trip.

Anyone can build a financial plan with the help of a financial planner. There isn’t a right time to do it and all people can benefit from it, regardless of their income level or financial goals. In fact, a plan increases the likelihood of anyone achieving their goals given their income and time constraints.

The first step to building a financial plan is to decide what the financial goals are. As noted, they can be short-, medium-, or long-term. A person must have a clear goal in mind, know how much it will cost, and have a deadline for saving the money. For example, if the goal is to clear student debt, it must be clear how much the outstanding debt is and then create a payment plan that will clear the debt by the date they decide.

Once a person has identified their goals, the next part is assessing their current financial position. This is the starting point from which they will be building their savings. They should start by determining their net worth. This is simply their assets minus any liabilities. Assets include cash in the bank, real estate, cars, and retirement savings. Liabilities are the money they owe. These include mortgages, auto loans, student debt, and outstanding bills.

Next, their personal cash flow should be calculated. This is how much of their monthly income they have left after living expenses.

To accumulate the funds to meet their goals, the person will have to build their net worth through investments, so they must set aside funds from their income monthly for investing. They need to have adequate cash flow to do this. If they don’t have this already, they should consult a financial planner to review their monthly cash flow and identify opportunities to save money. The planner will help them create a realistic monthly budget, one that allows them to save enough money to first build an emergency fund and then invest.

Often, financial planners include building emergency funds as part of financial plans. An emergency fund is a savings account that would cover at least three months of living expenses. Financial advisors recommend this to provide a safety net in case of unforeseen life events like job loss. Having this fund ensures they will not liquidate their investments immediately if an emergency arises, compromising their financial plan. It also ensures they don’t resort to expensive loans, diminishing their ability to save. Once that fund has three months’ worth of expenses saved, then they can begin investing for their financial goals. The financial planner will recommend appropriate investments to allocate the funds to.

It’s important to note that a financial plan needs to be routinely updated. A person’s financial circumstances will change over time. They may get a new job with a higher salary or start a family, requiring allocating more funds to daily expenses. Routinely monitoring the financial plan ensures it aligns with a person’s changing circumstances and goals.

#Chris Conover

When Should Children Start Playing Sports?

According to the National Survey of Children’s Health (NSCH), nearly 54 percent of American youth from the ages of 6 to 17 play a sport or take lessons in an athletic discipline each year. In 2022, this translated to almost 27 million youth athletes in 2022. About 23 million young people did not participate in organized sports that year, though the NSCH survey did not analyze recreational sports participation or related athletic activities, such as cycling. Families interested in helping a child get started in youth sports should conduct research and answer many questions, including at which age it is appropriate for a child to start playing sports.

Before answering this question, families should understand the many physical and psychological benefits provided by youth sports. Physically, athletics help children improve strength, stamina, and cardiovascular performance, all while reducing their risk of developing obesity and various related health conditions. Sports can also help children develop their balance and coordination, though the motor skills needed to participate in a sport represent one of several factors families must consider regarding when a child is ready to start playing. Psychological benefits, meanwhile, range from elevated self-confidence to opportunities to make friends with similar interests. Families can maximize these and other benefits by starting children in youth sports at the correct age.

To begin, there is no correct or singular answer to the question of when children can begin playing sports. Some children mature physically or mentally faster than others, both of which play a huge role in athletic ability and aptitude. A child’s size is especially prevalent when it comes to contact sports, during which impact injuries are more common. It bears repeating that families must also consider a child’s motor skills and overall potential aptitude for a specific sport - if they start playing a sport but have difficulty developing the fundamental skills, they may become frustrated and grow disinterested in youth sports altogether.

According to the National Library of Medicine, most children acquire the skills they need to participate in athletic disciplines between the ages of 3 and 5. These skills include running, throwing, and jumping. Children must subsequently learn to manage all of these skills at once, which generally does not occur until 6 years or older.

Several related decisions can help inform when a child is ready for a sport, such as the availability of specialized equipment. If a child expresses interest in playing tennis, for example, families can purchase a youth-sized racket. However, if this racket is still too large, the child is likely too small or young to begin playing the sport.

Baseball is a unique sport in that it has a widely recognized “youth version” of the game in t-ball, also known as tee-ball. As the name implies, t-ball does not feature a pitcher but rather involves placing a large, soft baseball on a tee. The tee can be adjusted in height, making it easier for players to hit the ball. T-ball teams usually do not have a fielder on the pitcher’s mound, where players require quick reflexes to react to hits. Like baseball, t-ball features many different positions, from catcher to outfielder, and youth athletes can move around the field depending on their skill and interest.

Unsurprisingly, tee-ball is one of the most popular outdoor activities for young children in the United States. More than 2.2 million children play the sport, with players ranging from 4 to 7 years old.

Four Types of Cryptocurrency

Cryptocurrency is a form of exchange with a few key traits. All forms of cryptocurrency, or crypto, are digital, encrypted, and decentralized. Unlike the American dollar, no central bank or government supports the value of crypto. Crypto can be used to purchase normal goods and services, though digital currencies are more frequently used as investment tools. Cryptocurrency can be broken down into four broad categories.

Many mainstream cryptocurrencies, including Bitcoin, can be classified as payment cryptocurrencies. Unlike more niche forms of crypto, payment crypto is specifically designed as a peer-to-peer electronic payment system. According to the Federal Reserve, about 18 million Americans used cryptocurrency to complete transactions in 2023, while about 106 million people owned Bitcoin around the globe. As a general-purpose currency, payment crypto is powered by a dedicated blockchain that only exists to support the crypto.

Blockchain is an important aspect of all types of cryptocurrencies. Blockchain technology helps encrypt transactions made with digital currency so that the transactions are virtually impossible to fake or manipulate. Dedicated blockchain crypto networks do not support smart contracts, stored digital contracts that can be automatically completed at a certain time or after specific conditions, or decentralized applications (DApps), a complex network of person-to-person computers instead of a single computer.

Payment crypto is also unique because most carry a limited number of digital coins, resulting in organic deflation. A digital coin is the crypto equivalent of a dollar bill or physical coin. With fewer digital coins to mine over time, the currency's value should continue to rise. Beyond Bitcoin, notable payment cryptocurrencies include Litecoin and Dogecoin.

Utility tokens represent the second major form of crypto. Unlike payment cryptocurrencies, which run on a dedicated blockchain, utility tokens are defined as crypto assets operating on top of another blockchain network. Utility tokens started after the crypto Ethereum opened its network to other digital currencies, allowing them to run on the Ethereum blockchain. Vitalik Buterin, the creator of Ethereum, expressly designed the Ethereum blockchain to permit DApps and smart contracts.

In addition to not having a dedicated blockchain, utility tokens differ from payment crypto because there is no set limit, making them inflationary. As more digital coins, or tokens, are generated, the value of each coin should fall.

Service tokens are one of many examples of utility tokens. A person with a service token can complete a select task on the corresponding network. Storj, an alternative to Google Drive and Dropbox, uses service tokens to rent unused hard drive space to individuals needing Cloud storage. Individuals can use the Storj utility token to pay for the storage space. After the token is spent, users must repeatedly pass randomized file verification checks to confirm the data’s security. Other tokens include service, finance, and non-fungible tokens, or NFTs.

Stablecoins, meanwhile, are a form of crypto designed to mitigate the volatility associated with many digital currencies. Despite existing on a blockchain, stablecoins can be directly exchanged for fiat currencies, which are currencies backed by a government but without a corresponding commodity, such as gold. Still, stablecoins are not subject to government regulation or management.

Finally, Central Bank Digital Currencies (CBDC) are cryptocurrencies obtained through a nation’s central bank. Only three nations maintain CBDCs: the Bahamas, Jamaica, and Nigeria.

#Chris Conover

An Investor's Guide to RIAs

A registered investment advisor (RIA) is an individual or firm that advises clients on investing in securities. They may also provide additional financial services.

An RIA is registered with either the US Securities and Exchange Commission (SEC) or state securities regulatory agencies, depending on the amount of its assets under management. An RIA with over $100 million in assets is required to register with the SEC. Those with lower amounts are not required to register with the SEC, but may choose to do so. They are, however, required to register with state authorities.

RIAs are subject to a number of legal requirements. When registering with the SEC or state authorities, for example, they are required to disclose their investment style, assets under management, key officers in the company, and their fee structure. They are also required to disclose potential conflicts of interest and any disciplinary actions taken against their advisors.

Further, RIAs registered with the SEC are required to update their records with the authority every year. In addition, they are mandated to disclose their holdings every quarter. Individual RIAs are also required to obtain a Series 65 license from FINRA. They earn the qualification after successfully passing the Uniform Investment Adviser Law Examination.

Primarily, RIAs provide clients with advice on investments like stocks and fixed income securities. They also oversee their clients’ investment portfolios. They bear a fiduciary responsibility to their clients. This means that they are legally required to act in the best interests of their clients when recommending investment products. They must disclose risks associated with an investment to their clients, ensuring they understand it. Further, they are required to disclose any conflicts of interest related to transactions.

On top of managing investments, RIAs can provide additional financial services such as tax planning, retirement planning, and estate planning. They can also advise clients on matters such as budgeting, insurance, and debt repayment.

In exchange for these services, RIAs charge their clients fees. The fee structure they use varies. However, they usually charge either a management fee or performance-based fee. The management fee applies to the assets they manage. For example, they may charge 1 percent annually to the assets they manage as fees. Some RIAs vary this structure, choosing to charge a different percentage for funds invested in different assets, say 1 percent for equities and 0.5 percent for fixed income.

The performance-based fee applies to the profits that assets accumulate. If an investment portfolio goes up in value, the RIA will calculate the amount of the gain then apply a performance fee to it. This structure, however, is usually set aside for clients with over $1.1 million invested in the RIA and a net worth of over $2.2 million.

Some RIAs also charge an hourly fee to clients, though this is often for non-investing-related services like budgeting and estate planning. Some RIAs even offer non-investing-related financial services on a subscription basis.

When choosing an RIA, an investor should conduct extensive due diligence. First, they should check to ensure that the RIA is registered with the SEC or a state authority. The SEC, for example, has an Investment Adviser Public Disclosure website that investors can use to search RIAs in the country. They can also find out the credentials of these advisors.

It is important to note that not all people who present themselves as “financial advisors” or “wealth managers” are actually registered with authorities. Some are neither registered nor regulated. Further, they may be registered and regulated but as broker-dealers. These are firms that are qualified to sell securities but do not bear a fiduciary responsibility to clients. That means they do not have to recommend investments that are in the clients’ best interests. This is why investors should ensure RIAs are registered.

In addition, investors should evaluate potential RIAs on the qualifications of their management teams, performance of their investment portfolio, and the fees they charge. For fees, though, it is good to remember that some RIAs charge higher fees because they offer a suite of financial services. An RIA’s investment style also matters. Investors should prioritize RIAs whose investment styles align with their values and risk tolerance.

#Chris Conover

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