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 Connections
Presidents Message: Community Connections
The team at Mid Oregon heads into the second quarter of 2019 engaged and ready to help our members achieve their financial dreams. We’ve seen consistent growth in new members, checking accounts and loans, while our updated deposit options have helped more members meet their savings goals.
As the seasons shift from winter to spring, the other big focus at Mid Oregon has been our commitment to serving our community. As the only financial institution headquartered in Central Oregon, we know you expect us to lead the way in efforts to make life better for our friends and neighbors, in building community connections.
Investments in Central Oregon
That’s why we were the first to pledge $50,000 to fund the new St. Charles Patient Tower, opening later this month. The timing of our gift ensures it will be matched by the Tykeson Family Foundation if the fundraising goals are met. We hope that other organizations follow our lead in supporting this vital community resource.
We know our members mirror our dedication to this community. A great example is the record-smashing total for this year’s Adopt-A-Bear branch fundraiser. Mid Oregon members are very generous—especially when it comes to the health and well-being of our community’s kids. Thank you for your support.
A Bite of Reality
Mid Oregon is also excited to lead the way in offering financial-literacy education. Later this month, our team and the Northwest Credit Union Association (NWCUA) will host the first “Bite of Reality” budgeting event at La Pine High School. We hope this is the first of many more opportunities to help local students develop smart money-management and budgeting skills.
Finally, let me be the first to welcome you to our new, updated member newsletter! The Mid Oregon Vista includes the announcements, news, and events you’ve come to expect, in a more colorful and easy-to-read format. You’ll continue to receive it in your mailbox four times each year.
Thank you for being a part of the Mid Oregon family!
Understand Your Summer Paycheck
Ever wonder what happens to the money in your paychecks from your summer job? You’ll soon find out that you’re not the only one who has claims on what you earn! It’s important that you understand your summer paycheck.
Why Don’t You Get All of Your Earnings?
Example: You work 25 hours over a two-week pay period. Your pay is $10.50 an hour. You figure you should see $525 on your paycheck, right?
Sort of. But not in your pocket. There’s a big difference between gross income—or your hourly rate times the hours you work—and net income, or your take home pay.
What Are Deductions?
Your gross income is reduced by deductions. Look at your pay stub—the earnings statement—attached to your check. It includes:
• Your identification information
• The dates of the pay period
• Your gross income
• All your deductions, which include taxes and FICA
• Your net income
How You Can Increase Your Income
You can’t control the paycheck deductions, but you can do two things to raise your pay, one for now and one for later:
• For now—Keep your eyes open for opportunities to take on more responsibility. If you’re enthusiastic about your job and do it well, your boss may promote you. Even if that doesn’t happen, you’re developing skills that could lead to better pay in your next job.
• For later—Make smart decisions about your education. Staying in school increases your chance of earning more money in life.
How You Can Prepare For The Future
As you look to future classes, look for ways to earn extra credit, take advanced placement courses, form good relationships with your teachers, and volunteer for school events. All of these can get you good grades, a possible career experience, and excellent letters of recommendation for college.
Want more money now? Save some. Come in to Mid Oregon Credit Union to set up a savings account and learn how to manage your money.
Can You Buy a Home without a Mortgage?
Is it possible to purchase a home today in the U.S. without relying on a mortgage? Yes. About 23% of U.S. homebuyers pay cash, according to Zillow’s Consumer Housing Trends Report 2018. It IS possible to buy a home without a mortgage.
Difficult But Could Be Worth Your Effort
It’s not the easiest way to go about it, but for some, owning a house outright and not paying thousands in interest charges over the life of the loan makes it worth the effort. If you have a strong desire to pay cash for your home and have the discipline to stay on a strict budget, here are a few suggestions to help you accomplish this goal:
- Live off one income – If you have a spouse or partner making a salary you can both live off, reduce your expenses so you can put your own salary into a savings account or investment product. It may take 5 or more years to save enough, depending on your salary and how much you want to save.
- Buy a fixer-upper – If you’ve saved enough to buy a modest home that needs some work, and you’re willing to put in the sweat equity to make the needed repairs, then this could be an option.
- Build your own – If you have carpentry skills, then instead of saving enough to buy an existing home, you’ll just need enough cash to buy the land and the building materials, permits, etc. This option will also require you to be creative with your living arrangements as you build your permanent home. Some people live with friends or family members and others live in trailer homes while they build.
- Sell current home for a less expensive one – If you already own a home and have paid down a good portion of the mortgage (in other words, have plenty of equity in it), you have the option of selling the house and using the profits to purchase a less expensive home.
Additional Expenses To Keep In Mind
Keep in mind that you’ll also have to save for closing costs (inspection fee, property appraisal, attorney’s fees for closing, and property taxes), as well as have enough cash left over to pay for any repairs that need to be made and to cover the usual house maintenance expenses.
If your goal is to pay cash for a house, then having a dedicated savings account or investment product will help you achieve this dream. Talk to any of our new account representatives about opening an account and to learn more about how we can help you. We have several savings vehicles that could help you make your new home a reality!