The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
#60 for 60–Sixty reasons it could be our best year yet!
In November of 1957, a handful of Prineville educators pooled their savings in a shoebox to provide loans for each other in times of need. That very humble beginning 60 years ago has grown to an institution serving more than 29,000 members, employing 100-plus teammates in seven branches, who have loaned more than $1 billion dollars since our inception. Think of all the dreams we’ve achieved together since then!
Sure, we’ve accomplished a lot in our 60 years of serving local families like yours, but we’d prefer not to rest on our laurels. There’s too much we still want to do to help you reach your financial goals.
We’re using our milestone birthday as a challenge to keep growing and evolving to meet your financial needs. We want to be the one you rely on—not just now, but 60 years from now.
Sixty Reasons: #60for60
We’re counting the reasons our 60th might be our best year yet. We’ll be sharing some key milestones, fun events—and, hopefully—a few inspiring member stories. Watch the Mid Oregon View, our Facebook page, or follow us on Instagram to stay up to date. And look for the #60for60 seal and hashtag on our photos, stories, and posts to see some of the things that made the cut.
And since this is your credit union, we may call upon you to offer up a few of your own! Keep an eye out for the occasional poll or survey to see what you think makes our 60th year a special event for Central Oregon and our awesome members.
Mid Oregon’s #60for60
- Mid Oregon grows to $200 million in loans, as members continue to choose a member-owned, local option to finance their dreams.
- Another great year of welcoming local families for our January and February 2018 Free Family Saturday events at the High Desert Museum.
- Since November 2017, members have earned more than $1,500 in gift cards by referring their friends and neighbors to Mid Oregon using our Tell-A-Friend Program!
- Mid Oregon crosses the threshold to 29,000 members—and still counting!
- As a member-owned financial cooperative, we invite our member-owners to join us every year for our Annual Membership Meeting—you’ll know how we’re doing, and what’s in store!
Dreaming of your next outdoor adventure?
The Boat & RV Show at the Central Oregon Sportsmen’s Show
If our latest wave of winter weather is making you antsy to head outside, why wait another minute? Start planning now for your next outdoor family adventure at the Central Oregon Sportsmen’s Show. It’s happening March 1-4 at the Deschutes County Expo Center. In conjunction, you can enjoy the Boat & RV show at the Expo Center.
Several Boat & RV Dealers will be exhibiting at the show, including locals All Seasons RV & Marine, Beaver Coach Sales and Service, Big Country RV, Blue Dog RV of Oregon, Central Lakes Marine, Culver Marine, Madras Marine, Mid State Power Sports, Pro Caliber Motor Sports, Trailer World of Bend, Trailers Unlimited and Tumalo Creek Kayak & Canoe.
Do your homework before you look for that RV or boat!
Before you shop, you should understand the type of RV which fits your needs, and the price range you can afford. It takes research and planning, and should you need financing, getting pre-approved for the right loan.
For many, that trailer, 5th wheel, motor home or boat will be one of the largest purchases you will make. Are you seriously interested in one of these vehicles or water craft? You should do your homework before you shop.
Get pre-approved now for your dream RV, boat or toy!
Get an early start on shopping for the boat, RV, or other toy you’ve been dreaming about. Just call, click or stop by a Mid Oregon location to start your pre-approved RV loan. With your pre-approval in hand, you’ll know exactly how much you can afford, and how much your payment will be, so you can negotiate with confidence. What a great way to get your best deal!
Knowing financing in advance allows you to focus on vehicles in your price range. Saving a lot of time and hassle, it will help eliminate the stress on how you will get approved during your purchase experience. Don’t find what you want at the show? You will still be able to use your Mid Oregon approval to shop with dealers and private parties afterward.
Plus, you don’t even have to shovel the driveway to get started–just apply online right from your easy chair using our easy, secure online loan application.
What Fits Your Needs?
There are many resources to help you find the right vehicle or water craft. On the internet, you can search manufacturer and dealer’s websites. You can look at industry reviews. You can talk to current RV or boat owners to learn the good, the bad and the ugly. And you can start by asking yourselves some key questions (the following is derived from “The Only Guide You Need to Buy an RV“, by Melissa Popp, TripSavvy, 11/26/17:
- Why are you buying an RV? There are motorhomes and towables, and do you want a new or used RV.
- Where do you plan to travel with the RV? First, do you own a towing vehicle, and are you comfortable with driving while towing? Pop up campers, truck campers and small travel trailers are often the best way to ease into the RVing lifestyle.
- What features do you need? If the RV is brand new you can choose the features or customizations at the dealer, but it might be expensive. Know what is important to you.
- What features do you want? Because it’s important to narrow down exactly what you need as opposed to what you want before you buy an RV. One of the biggest benefits of owning an RV is that you can customize and add features to it down the line, you might wait to invest in projects for the future.
We hope you enjoy the Sportsmen’s Show & RV/Boat Show this Thursday through Sunday. Let Mid Oregon help you enjoy it more to make your dream become a reality!
Seven Ideas for a Successful Savings Plan
Saving Practices Made Easy
America Saves Week is February 26 through March 3, 2018 (Read more below). Now is the time to improve your savings game. It’s easy to postpone starting to save for a later day, but a solid plan is key to success. By following some basic guidelines, you’re more likely to achieve financial security. Here are seven ideas for a successful savings plan.
1. Pay yourself first.
Use automated transfers to get in the habit of saving. Money will be transferred from your account without you seeing it, which makes you less likely to miss it. Schedule the transfer the same date you get paid.
2. Save 10% of your paycheck.
The general rule of thumb is to save about 10% of each paycheck. If that seems too high, try 5% and work your way up to saving 10% of your earnings. Add 1% every year you get a raise until you reach 10%.
3. Know yourself.
Examine your goals to determine which savings plan will work best for you. For example, if you’re saving for retirement, select a plan that will fit your financial needs down the road. Know your financial personality, including your tolerance for risk. Don’t invest all your money in an aggressive stock or mutual fund if you’re conservative with your money and it would stress you out.
4. Realize that age matters.
Always take into consideration how much time you have to save for your goal. If you are a recent college graduate, you have several decades to ride out the highs and lows of the market and can take advantage of more high-risk investments. If you’re only a few years from retirement, less risky investments are a better option.
Math Can Be Your Friend
5. See the benefit of compound interest.
The simplest way you can invest your money is to leave it alone and let it “compound” over time. You earn interest not only on what you save, but also on the dividends (interest) generated. The earlier and more you save, the more your money will grow.
6. Use dollar-cost averaging.
This is the process of routinely investing a set amount of money over time, rather than all in one lump sum. It’s a convenient savings method, particularly for beginning investors. For example, each month transfer $25 or $50 from your share draft account directly into an investment vehicle such as a traditional or Roth IRA. You reduce your overall risk from market fluctuations because your money buys more shares when the price of a share is down, and your money buys fewer shares when the price of a share is up. Bottom line: You’ve reduced your investment risk.
7. Use the Rule of 72.
To figure out how long it will take for your investment to double with compound interest, use this rule: Divide 72 by the interest rate you expect to receive on an investment. For example, if your investment earns 4% interest, your money will double in 18 years (72 divided by 4 is 18).
Mid Oregon Savings Resources
- Mid Oregon Savings Accounts
- Save to Win: Prize Based Savings Accounts
- Savers’ Club
- Use the Mid Oregon Credit Union Savings Calculator
America Saves Week
Americans have a hard time saving money. According to a report from the Pew Charitable Trusts, the typical household cannot replace even one month of income with liquid savings.
If building an emergency savings fund is one of your goals for 2018, join thousands of others during America Saves Week–February 26 through March 3, 2018–and step up your savings.
America Saves Week is coordinated by America Saves and the American Savings Education Council to promote good savings behavior.