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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.
Two New Exhibits At February Free Family Saturday!
Two new exhibits will be available at the next, and last, Mid Oregon Credit Union sponsored February Free Family Saturday at the High Desert Museum. Taking place Saturday, February 25, the museum will be open to the public for FREE, from 10 am to 4 pm. Transportation from offsite to and from the museum will be available to help alleviate possible crowded parking situations.
Read more about the details of February Free Family Saturday at the High Desert Museum.
New Exhibit: WWII: The High Desert Home Front
World War II: The High Desert Home Front reveals the wartime activities that took place in the High Desert, including some of the most celebrated and tragic chapters in our country’s history. Explore the significant role the High Desert region played during the war and its enduring impact on the region as the museum commemorates the 75th anniversary of the United States’ entry into World War II. Learn about what took place here at home, including military training, nuclear testing, Japanese internment, balloon bombs and the Bracero Program.
Legendary Landscapes
View breathtaking images of High Desert landscapes and learn about the fascinating stories behind how these places got their names in this community-curated exhibition. Legendary Landscapes opens February 18, 2017, and the museum hopes that Legendary Landscapes will inspire visitors to explore more of the region and delve deeper into its natural and cultural history.
Join us at the February Free Family Saturday at the High Desert Museum on February 25th, and invite your friends, co-workers and neighbors.
The Conversation Couples Should Have on Valentine’s Day
The All-Important Gift of Communication about Financial Values
It’s time to celebrate relationships, love and commitment—and it won’t be cheap. U.S. consumers plan to spend more than $18 billion this Valentine’s Day, with the average person spending around $136 according to the National Retail Federation. What often is overlooked when couples take time out to appreciate each other is dedicating a moment to discuss money and financial values, a conversation couples should have.
Starting the Conversation Couples Should Have on Valentine’s Day
“Money is a potential conflict point in a relationship, but it also can be something that draws a couple closer,” says Ted Beck, president and CEO of the National Endowment for Financial Education® (NEFE®). “Couples should talk openly, and often, about money and should understand their partners’ financial values.”
Starting the conversation is easy with NEFE’s research-based, non-commercial consumer quizzes. The Life Values Quiz is a 20-question assessment that helps people identify their values and understand how those values affect the financial decisions they make. This is especially useful for couples, helping them identify how their money values are alike or different, and spotlight the areas they need to work on together.
“You can’t change inherent values, but if you know what they are, you’ll be better equipped to negotiate future financial decisions and understand where you can and can’t compromise,” says Beck.
Online Resources to Help
If you’re young or just starting to emerge from your parents’ support, start with the Financial Identity Quiz. It’s a first look at where you’re headed on the path to financial independence, how dependent you are on your parents’ teachings, and whether you’re taking initiative to develop your own financial management style or are just focused on other things at the moment.
“Whether earning money or spending it, your financial decisions affect your relationship, and you will be the beneficiary—or victim—of your mate’s financial behavior,” warns Beck. “So it’s better to confront and understand your financial compatibility sooner rather than later.”
In relationships without frequent communication and transparency, financial infidelity is a serious problem. Two in five people who combine finances with their partner or spouse admit to committing financial deceptions—hiding or lying about purchases, bills, debts, how much they earn, bank accounts and cash, according to a NEFE survey of more than 2,000 U.S. adults.
“Invite your partner to join you in taking the Life Values Quiz and the Financial Identity Quiz and have some fun with the discovery process. There are no wrong answers, just different approaches,” says Beck.
For more tips on working together as a couple to handle finances and starting that awkward conversation about money, visit www.smartaboutmoney.org.
About the Life Values Quiz
Understanding your financial values and how they differ from those of your partner is one key to success in managing money together as a couple. NEFE’s Life Values Quiz helps people identify the values that drive their financial decisions. To learn more and to take the quiz, visit www.smartaboutmoney.org/Tools/LifeValues-Quiz.
About the Financial Identity Quiz
As we make the transition from our teenage years into adulthood, we begin to define who we are in relation to our friends, relatives and cultural influences. The goal of this quiz is to help you understand the process through which you come to your financial identity, as well as how your identity shifts and changes over time. To learn more and to take the quiz, visit www.smartaboutmoney.org/Tools/Financial-Identity.
About NEFE’s Financial Infidelity Survey
The NEFE financial infidelity survey is conducted every two years and examines overall trust issues within couples who are combining or have combined their finances in a current or past relationship. It describes the types of financial deceptions that often are committed—from hiding money, purchases and bank accounts to lying about the amount of debt owed or money earned. To read more about the survey, click here.
About the National Endowment for Financial Education
NEFE is a nonprofit foundation that inspires empowered financial decision making for individuals and families through every stage of life. For more information, visit www.nefe.org.
Millennials Show Alarming Gap Between Financial Confidence and Knowledge
DENVER—Millennials are overconfident and underprepared when it comes to managing their money, according to new research funded by the National Endowment for Financial Education® (NEFE®) and conducted by George Washington University. They consider themselves far more knowledgeable financially than they actually are.
Too Much Financial Confidence?
“Millennials are known for having unrelenting belief in their own abilities. This generation is diverse and highly educated. However, their overconfidence puts them in an extremely fragile financial position, and sadly, they don’t realize it,” says Ted Beck, president and CEO of NEFE.
Only 24 percent of respondents showed basic financial literacy in the study, with just 8 percent showing a high level of knowledge. Yet, 69 percent gave themselves a high self-assessment of financial knowledge.
“What young adults don’t know about money can hurt them,” says Beck. “This is our opportunity to reach them with relevant financial education to help close the gap.”
Financial Strengths:
On paper, millennials are highly engaged in their financial lives. “It’s time to stop defining this generation solely by their student debt load. The picture is more nuanced,” says Beck.
The majority (88 percent) are banked, and 51 percent have a retirement account. Over 40 percent own their homes and one-fourth have investments in stocks, bonds or mutual funds.
Debt: However, on the other side of the balance sheet, millennials are heavily indebted and borrow against their assets. The majority (53 percent) feel they have too much debt. Two-thirds have at least one source of long-term debt (student loan, home mortgage, car loan), and 30 percent have more than one source of outstanding long-term debt. More than one-third have unpaid medical bills. About 20 percent of those with a self-directed retirement account either took a loan or made a hardship withdrawal in the prior 12 months.
“Young adults may not understand the consequences of their actions, such as how taking money out of their retirement accounts now has an exponentially negative effect on account balances in the future,” adds Beck.
Financial Satisfaction:
Young adults also don’t feel good about their finances. Nearly one in five (18 percent) are “not at all satisfied” with their current personal financial condition; only 6 percent are “extremely satisfied.”
Financial Fragility:
Many millennials are financially unprepared to handle sudden economic shocks. When asked if they could come up with $2,000 if an unexpected need arose within 30 days, nearly half (48 percent) said they probably or certainly could not come up with the funds. Less than one-third (32 percent) have set aside funds to cover three months of household expenses. Nearly 30 percent of those with bank accounts had overdrawn their account in the prior 12 months.
“The financial picture isn’t all bad,” says Beck. “But it’s not where it needs to be.”
For complete findings of the research, click here.
Study Details
This research analyzed data from the 2012 National Financial Capability Study (research brief of 2015 data also available), a state-by-state online survey commissioned by the FINRA Investor Education Foundation. The analysis focused on 23-35-year-olds, with a total of 5,525 observations. The study was led by Annamaria Lusardi, Ph.D., academic director of the Global Financial Literacy Excellence Center (GFLEC) and Denit Trust Chair of Economics and Accountancy at the George Washington University School of Business; and Carlo de Bassa Scheresberg, senior research associate at GFLEC.
About the National Endowment for Financial Education (NEFE)
NEFE is a nonprofit foundation that inspires empowered financial decision making for individuals and families through every stage of life. For more information, visit www.nefe.org.