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.
5 Things to Consider When Moving Out on Your Own
Graduating college is a huge milestone, but moving out on your own, away from dorms and comfortable college-town apartments can be an even bigger step.
If you’ve recently graduated, here are five things to consider before moving out on your own, making the big move.
1. Cities are expensive.
Buying a house is expensive, but so are apartments–especially in big cities. Crunch the numbers to see what makes sense. The cost to move into some apartments can practically equal that of putting 4% down on a home! Mid Oregon Credit Union has some great solutions for first time home buyers. So when you’re starting out, you might find living with roommates still makes the most sense.
2. If you decide to live at home, make paying off debt and saving a priority.
If you decide to move home with the parents after school, make paying off as much debt as possible a priority, and get a sizeable nest egg under your belt before you move out (Pro-tip: Pay for a bill or two — and offer to do it. Your parents might love you even more.)
3. Make sure your roommates are reliable.
The process of finding a place with two roommates can be stressful to say. Coordinating schedules and making sure everyone feels like they have a say is challenging, and it’s only the beginning. If your roommates are constantly in between jobs or bad with money, it’s best to walk away before it’s too late and you’re stuck paying for their share.
4. Get renters insurance.
Renter’s insurance is smart because it covers all kind of situations, from stolen property to accidental damages. You can also pay for exactly the coverage you need; nothing more and nothing less. Mid Oregon’s Strategic Insurance partner, Cascade Insurance Center, can discuss the best renters insurance for you.
5. Don’t lose those frugal habits.
Just because you’re on your own own doesn’t mean you should live less responsibly. Quite the opposite! In the end, money impacts your ability to really live your life. Set a budget and stick to it, and you’ll be amazed at how disciplined you become in no time.
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.