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.
Community Heroes Celebration- This Night’s For You!
Costco’s Community Heroes Celebration April 30
Mid Oregon Credit Union has partnered with Costco Wholesale in Bend for their “Community Heroes Celebration” happening on Saturday evening, April 30. From 6 to 8 pm, local community heroes- Public safety (police, fire, 911 workers, etc), educators, medical industry employees and active & retired military plus their families and friends- are invited to a special shopping event at Costco. Costco membership is not required and no admission will be charged at the door.
The Community Heroes Celebration is the kickoff to Costco’s Miracle Balloon Campaign held every May. This annual campaign is the primary source of the fundraising effort made by Costco and its partnership with Children’s Miracle Network Hospitals. Members are invited to make a donation at the time of checkout and encouraged to write their names on the balloons, which are often displayed at the front of the warehouse. Locally the event supports OHSU Doernbecher Children’s Hospital, which has delivered hope and healing to families from throughout Oregon and Southwest Washington since 1926.
Fun Event For the Entire Family!
Costco will be providing some exclusive offers at this event. Becoming Costco members during this event attendees can receive either a $10 or $20 Costco Cash Card. Cake will be served from Costco’s bakery, and light refreshments will be served. Face painting and cookie decorating make things interesting for children. A large variety of community business partners will be present with special offers, sampling and more fun. Attendees who open a Mid Oregon account during the evening will receive a $10 Costco Cash Card which can be used that evening.
Mid Oregon Membership Especially Benefits
Mid Oregon began in 1957 with 8 Prineville school employees chartering Tri County Teachers Federal Credit Union. In 1982, after our name was changed to Mid Oregon Federal Credit Union, we merged with Central Oregon Federal Credit Union which served federal, state, county & city government employees. After Federal law was changed in the 1990’s to allow credit unions to serve communities, many medical industry employees have joined Mid Oregon.
As a result, of the almost 25,000 Mid Oregon members in Central Oregon, an estimated 6,000 of our members are currently employed or retired from one of these “Community Hero” groups. We anticipate seeing a lot of our members at Costco that evening, making this Community Heroes Celebration a perfect event for Mid Oregon to take part.
Insurance Tips for Young Adults
Insurance Needs for Young Adults
Most young people don’t think insurance is important—until they need it. Because young adults aren’t wallowing in disposable income, insurance often gets lost in the shuffle of rent, gas, and other routine bills. Here’s how to protect yourself against the unexpected without spending a fortune.
Most young adults need only three types of insurance coverage: health, renters, and auto. Life insurance is another type of policy to consider if you have financial dependents or own a business.
Your insurance needs change as you grow older. Owning a business, getting married, finding a new job, and becoming a parent are all events that call for a fresh look at insurance coverage.
First, investigate your current coverage. Your employer may offer insurance benefits. You also still may be covered by your parents’ policies. The Patient Protection and Affordable Care Act allows young adults younger than age 26 to stay on their parent’s plans even if they don’t live with them, are financially independent, married, or eligible to enroll in an employer’s plan. Check with your insurance agent to learn more about these policies and to make sure the existing coverage is adequate.
Tips for Saving Money
If you must purchase insurance on your own, follow these money-saving tips:
- If you can’t get health insurance through your employer, purchase it through a group, such as an alumni association or trade organization.
- Raise your deductibles. Each visit to the doctor or trip to the repair shop will cost more, but you’ll save on the overall premium. Be careful not to raise deductibles higher than you can afford, though. If a $500 bill could wipe out your monthly budget, go lower. And in the meantime, build your financial reserves by regular savings at Mid Oregon Credit Union. Ask about our Savers’ Club to build your emergency fund.
- Call at least three insurance agents. You’ll find quotes hundreds of dollars apart for the same coverage.
* Mid Oregon Credit Union has a great place to start with our partner Cascade Insurance Center and John Gould, who works in our Olney & 2nd St. branch in Bend. Call at (541) 382-7772 to get a free, no-obligation quote on your insurance coverage. As a broker, John and Cascade Insurance Center can check several carriers to find you the best coverage and rates.
- Choose your vehicle with insurance in mind. Some vehicles are far more expensive to insure than others. Check with your agent and find out what the premium will be before you buy.
- Buy only the coverage that you need and don’t get talked into unnecessary add-ons. For example, if your car is worth $1,000 or less, drop collision and comprehensive policies.
- Take advantage of every discount you’re entitled to, including those available for good students and safe drivers
The 5 Best Ways to Spend a Windfall
One in three Americans who receive a windfall—such as money from an inheritance or an investment paying off big—blow it within two years. A sudden windfall might seem like fun money, but it’s best to give serious thought to how you’ll use it. What are the best ways to spend a windfall?
Use this advice to put the money to good use and take the amount you’re receiving into consideration:
Pay off credit card debt
It’s smart to pay off accumulated credit card debt. But, experts recommend an additional step: Figure out how to avoid building up “new” debts. Talk with or email a loan officer at Mid Oregon for help setting up a spending plan.
Pay off student loans
Generally the interest on student loans is low, it might be tax-deductible, and the payment schedule is flexible. Consider putting your windfall to better use such as paying off higher rate credit card debt, and consider moving any balance to a lower rate Mid Oregon Visa card.
Pay off your mortgage
Again, your mortgage is a low-rate, tax-deductible debt. Paying it off locks up your money in your house—an investment that usually requires time and money to sell. You might be better off putting your windfall into liquid investments that earn a higher rate of interest.
Establish an emergency saving account
This account should be used to cover emergencies such as medical bills or job loss. The general advice is to set aside enough reserves to cover three to six months of living expenses, but you may even want more.
Make sure you’re saving enough for retirement
If you haven’t been maxing out your 401(k) at work, start now. If you’re already putting the maximum into tax-deferred vehicles, consider opening a Mid Oregon Credit Union Roth IRA (individual retirement account), if you meet the income restrictions. A Roth IRA isn’t tax-deferred at the front end, but it’s tax-free when you withdraw the money—both contributions and earnings.
Work With Someone You Trust
If you still have money left, work with an adviser who knows you, your goals, your timetable, and your risk tolerance—not just someone who sells investments.
Then, splurge! A little.
Experts say it’s fine to go ahead and spend a little of your windfall for fun. Realize though the difference of things that will make your life better in the long term and those that are just for fun right now. Balance the two.
Mid Oregon can help! Stop by or call today at (541) 382-1795