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.
Digital Skills to Find Best Car Deals
Young Adults Use Digital Skills to Find Best Car Deals
According to the research firm J.D. Power and Associates, the average age of new car owners fell in 2015 from 49 to 48, spurred in part by a growing number of Gen Y buyers. The generation of young adults often thought of by analysts as Uber-obsessed and debt-averse, now comprise 28% of sales–up from 17% in 2010.
Record Number of Auto Sales
Bloomberg View argues that people across all age groups are spending less of their income on cars today than they did in the ‘80s and that the record number of sales is driven by a recovering economy and population growth–pointing out that the U.S. population increased 29% between 1989 and 2014–rather than a sustainable trend.
Regardless, it’s clear more young adults are buying cars today than in the recent past. If you’re a young adult shopping for your first car, you have some advantages.
Here are three things to consider:
1.Know what you want–to a point.
J.D. Power found that young adults spend twice as much time doing online research before buying a car than older generations. You should know how much cars are worth, what the ongoing maintenance cost is likely to be, and what features are important to you. For instance, J.D. Power found that Internet connectivity and modern technology drive new cars sales among young adults.
But don’t do so much online research that you think you know what car you want without first going on a few test drives. You may not know what you truly like until you’ve driven a few different options, and a car isn’t a shirt you can easily return if you get it home and decide it’s not a good fit.
2. Use your tech-savvy to your advantage
With apps from Edmunds, Kelley Blue Book and Consumer Reports, you can continue your research live at the dealer with your smartphone, enabling you to quickly check to see if the offer the salesperson made you is a good one. Apps like TrueCar and the website MakeMyDeal also can help buyers firm up pricing before even stepping on the lot.
3. Get preapproved for a car loan
Getting preapproved at a financial institution like a Mid Oregon Credit Union–which as a not-for-profit financial cooperative generally has better rates–lets you know exactly how much you can afford, your interest rate, and what your monthly payment will be. This gives you more buying power. Email us, call us at (541) 382-1795 or visit one of our 7 Central Oregon branches to learn more.
Phasing Into Retirement The Way You’d Like
Phased retirement, the idea of gradually reducing hours and workload, has slowly been gaining in popularity. Many who are working today look favorably on their possible phasing into retirement.
Many Plan To Work Into Retirement
Half the respondents in a recent national AARP study replied that their ideal job is one that offers phased retirement. According to an Ameriprise Financial Retirement study, just about three quarters of workers between 35 and 50 plan to keep working into retirement. Not only does working fewer hours offer you more family and free time, but it keeps you mentally engaged, while offering social interaction and some income.
Easier Transition
Phased retirement offers an easier transition from full-time work to full-time leisure. After big changes, such as the death of a spouse or divorce, retirement is one of the most stressful life transitions, for a number of reasons.
1. Material loss: Retirees not only lose their security of a pay check, but may also lose their family home because of downsizing or moving to a retirement community.
2. Relationship loss: After retiring, retirees no longer have interaction with coworkers daily leading to lose of company and friendship.
3. Identity loss: The loss of a title can make a retiree feel stripped of their personal status.
4. Dream loss: Some retirees may have not accomplished everything they hoped for, or they are retiring with less funds than expected. Retirees also may have to let go of post-retirement plans and dreams because of financial or health reasons.
With phased retirement, many of these triggers can be lessened and good planning can alleviate the rest.
Career & Retirement Goals The Beginning
The first step to phased retirement begins years before you enter the retirement age. Start making career and retirement goals mid-career, so that when you working sunset gets closer, you’re ready.
Contact Mid Oregon today to discuss how we can help make your retirement transition a successful one.
Foundation Releases Video About Biz Kid$
Impact of the National Youth Financial Literacy Initiative
The National Credit Union Foundation (the Foundation) has released a new video about Biz Kid$ to showcase the impact of the national youth financial literacy initiative. The video features testimonials from staff who have utilized Biz Kids, as well as highlights of the program and students who have been influenced by program.
This new video – available online at https://youtu.be/_AprPUt1WiM – also spotlights a Biz Kid$ Financial Education grantee, the Cornerstone Credit Union Foundation, who used their grant to fund their Biz Kids Entrepreneur Contest. Every year, the Foundation distributes Biz Kid$ Financial Education Grants, which are used to fund innovative programs that improve the financial education of youth through the use of the Biz Kid$ program.
“Biz Kid$ is a superb example of ‘edutainment,’ where it not only entertains but educates youth in a meaningful way,” said Danielle Brown, Foundation Director of Development and Donor Relations. “As this new video demonstrates, Biz Kids informs, educates, inspires and motivates kids of all ages to learn about money, credit, taxes, business, and becoming young entrepreneurs. More importantly, Biz Kids helps youth discover their passion, see the opportunities around them and take action using real world examples of how simple ideas can change our world.”
Biz Kid$ is designed to engage young people and help them develop life skills in the areas of financial literacy and entrepreneurship. The initiative includes an Emmy award winning television series, free classroom curriculum, outreach activities, and a website targeting kids 9-16 years old. Biz Kids uses the power of television to teach students how to use credit wisely and reinforces the importance of budgeting, saving, and giving back to the community.
About the National Credit Union Foundation (ncuf.coop):
The National Credit Union Foundation (the Foundation) is the charitable arm of the U.S. credit union movement and works as a catalyst to improve people’s financial lives through credit unions. Through Foundation grants and programs, credit unions provide widespread financial education, create greater access to affordable financial services, and empower more consumers to save, build assets, and own homes. Donations to the Foundation enable credit unions to help their members reach life-changing goals and achieve financial freedom.
The National Credit Union Foundation is a 501(c)(3) tax-exempt charitable organization. The Foundation continues to earn the Better Business Bureau seal of approval as an “Accredited Charity” for meeting all 20 BBB Wise Giving Alliance Standards for national charities.
https://www.ncuf.coop/how-we-help/biz-kids/financial-literacy-curriculum.cmsx
Biz Kids Locally:
In 2011 Mid Oregon Credit Union obtained a grant from the Northwest Credit Union Foundation to purchase and distribute Biz Kids DVD sets to all the public Middle Schools in Central Oregon. The 26 episodes, each on a separate DVD, have been used to educate 6-8 graders on money, financial principles, business and entrepreneurship.
Locally Biz Kid$ can be seen on Sunday mornings at 8 am, on KOAB2. The July 3rd episode is “How to Make a Million Bucks!(406)”; KOAB2 is Bendbroadband OPBPlus (175), Crestview Cable OPBPlus (246);