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.
Your Credit Report: Know Your Most important Number
The recent cyberattack on the Oregon Department of Motor Vehicles and other agencies is a good reminder of the importance of monitoring your credit report.
Checking your report is more than knowing your credit standing, it can show any recent purchase activity made with your credit. Noticing unauthorized activity and acting quickly can make it easier to recover if you are ever a victim of identity fraud.
How to access your credit report
You can get your credit report from several sources or buy it from one of the three major credit reporting agencies. You can also take advantage of Mid Oregon’s free, secure option Credit Savvy in Digital Banking. When you enroll, you will receive anytime, anywhere access to your credit score, as well as key information from your credit report. You can also sign up for emails to alert you to changes to your credit report.
In the age of increased identity fraud, there’s never been a more crucial time to pay attention to your credit report.
More about the Oregon DMV breach
Stickley on Security. According to the U.S. Cybersecurity and Infrastructure Security Agency (CISA), several U.S. federal government agencies, including the Oregon DMV, have fallen victim to a global cyberattack involving MOVEit software.
MOVEit is a file-transfer software developed by Progress Software Corporation. It is widely used by organizations for secure and managed file transfers. It provides a reliable and controlled method of transferring files both within an organization and between different entities. It offers encryption and advanced security features to protect files in transit. Recently, a zero-day vulnerability against MOVEit file transfer software was discovered. Government agencies were ordered to immediately apply the patch released by the developer.
It remains uncertain whether the hackers responsible for breaching these federal agencies are affiliated with the Russian-speaking ransomware group known as Clop, which has claimed responsibility for numerous other victims in their hacking campaigns. Notably, this includes a recent attack against a third-party agency providing human resources services to the British Broadcasting Corporation (BBC) and British Airways.
While several agencies, such as the Transportation Security Administration (TSA) and the State Department, denied being victims of this particular attack, the incident contributes to an increasing number of victims affected by an extensive hacking campaign initiated recently. Other targets have included major U.S. universities, including the University of Georgia system, as well as various state governments.
As with all ransomware attacks, the attackers set a deadline for victims to contact them regarding ransom payment at less than a week from the date of the attack. Per the usual tactics, after the deadline for the payment expires, they claim they will disclose additional alleged victims on their dark web extortion site. And as usual, anyone who receives a ransomware note should not pay the ransom. Criminals in general are not known to stand by their word and it’s likely they will disclose the information whether they get payment or not.
In addition, make regular backups of any important data that may be vulnerable and keep those copies out of reach, meaning off the network. Test them once in a while too, to make sure they are ready to go in case you need them. You’ll be happy if you do.
This latest hacking campaign underscores the widespread impact that a single software vulnerability can have when exploited by skilled criminals. It is crucial to update any outdated software versions on systems and devices. For products that are no longer supported, such as Microsoft Internet Explorer, users should transition to a supported version. Once developers end support for a product, they no longer create patches to address such vulnerabilities.
For more information: Read Fraud or Stickley on Security Articles, explore Mid Oregon’s Security and Fraud Center, visit the FTC’s Identity Theft Information Webpage
Tips to keep your grocery budget lean
Have you ever been surprised by your grocery bill after checking out? Whether it’s inflation, that buy-one-get-one-half-off deal, or the bright, shiny packaging displayed so cleverly— it’s easy to let our grocery bill get too big if we’re not careful.
According to the Bureau of Economic Analysis, Oregon’s yearly average per-capita grocery expenditure is $4,104. This translates to $342 per month/per person (or $1,368 for a family of four) depending on your appetites and where in the state you live. This can be a significant amount of money for many households already struggling to make ends meet.
Spending money on food is non-negotiable—we have to eat, but there are ways to keep that expense under control.
Figure out how much you can reasonably spend on food
Financial advisors suggest spending no more than 10% of your income after taxes on food. That includes the supermarket as well as restaurants. If you want actual figures worked out for you, check out the USDA’s website for food plans based on averages for four levels: thrifty, low-cost, moderate, and liberal plans.
Make a shopping list
There are many grocery shopping apps available. Find one that fits your needs. These help you create digital shopping lists, including some that offer digital coupons. If you prefer going old school, make your list with a pen and paper and post the list on a board in your kitchen. As you run low on items, put them on your list. Then, when it’s time to shop, stick to that list and try to avoid impulse buying.
Use reward programs
If you use a major retailer, the store will likely have a store reward program. Make sure you sign up for it to get store discounts and coupons. The store may even have its own shopping app.
Use your Mid Oregon VISA Rewards points
With the Mid Oregon Everyday Rewards VISA you receive a point for every $1 and double points for gas and groceries: $1,000 gas/groceries = 2,000 points; $500 miscellaneous purchases = 500 points. Total of 2,500 points = $25 in prepaid gift cards or cash!
Consider ordering online
Not only does it save you a trip inside a store, it also keeps a running total of your expenses before you check out. If you go over your shopping limit, you simply take certain items off your list to bring down your total. Ordering online can also lessen impulse buying.
Track your food spending habits
Keeping tabs on your purchases can help keep you on budget. Mid Oregon offers a Financial Wellness widget in Digital Banking providing an accurate snapshot of your finances. Your transactions are automatically categorized allowing you to stay on top of your spending and budget. See how much and where you spend, giving you control of your finances and access at a glance.
Buy only what you need
Avoid buying anything simply because you have a coupon or because the store offers a bulk discount. If you can’t eat 2 bags of salad greens in a week, a “buy one get one 50% off” offer will simply fill your garbage can with wasted food. Another rule of thumb is not to go to the store on an empty stomach—even that canned cheeseburger (yes, it’s a thing) looks good when you’re hungry.
By following the tips above and making smart decisions, you can reduce your food spending. Keeping your food expenses under control is easy with a little planning. The digital tools available makes this even easier. The hardest part will be controlling your impulse to reach for a sweet treat before checking out, and for that, you’re on your own.
Why Is Estate Planning Important?
Introduction to The Right Estate Plan for You
Before you can make the right estate plan for your family and situation, you have to know some basics about the subject. Mid Oregon has hosted Estate Planning Workshops for years, we understand how crucial this is to financial well-being. We want to help you answer the question, why is Estate Planning Important?
When a person dies owning property, that property has to go to somebody, somehow. Any competent adult can arrange his or her affairs to choose “who gets what.” The process of making those decisions is a minimal definition of estate planning. A good estate plan provides a legal and practical mechanism to dispose of your property after death in a way that fulfills your wishes and the needs of your survivors, while minimizing taxes.
Why Is Estate Planning Important?
There is an unfortunate, widespread misconception that this is a subject of interest only to the wealthy. If you don’t decide who’s going to be in charge and what’s supposed to happen and then arrange things accordingly a combination of luck and state law will control your property upon your death. Whether it involves a fortune or a modest sum, there is no way for anyone to enforce your intentions if you have not given them legal effect in the ways we will look at here. Maybe everything will work out fine without a bit of planning. But bear in mind that families can be torn apart in jockeying for legal authority, small sums of money, or even minor household items.
What not to think
If you want your wishes to be fulfilled at your death without starting World War III, avoid the following age-old invitations to disaster:
- “Everybody already knows who’s supposed to get what.”
- “In my desk drawer is a list of my possessions and the persons to whom they should be given.”
- “I don’t have much. The kids can just come in and divide it among themselves however they decide.”
- “Last year I put all my money in a joint account with my oldest daughter. After I die, she’ll split it three ways with her brothers.”
- “All I have is life insurance (or ‘All I have is an IRA.’) My son is the only beneficiary listed on the form, but I want him to share it with his sister.”
In all the often-heard statements above, people think they have their affairs in order, but they really have no estate plan. These well-intentioned folks are asking for family squabbles and other problems.
For many people, too, an important part of estate planning is seeing to it that their wishes for children or grandchildren are implemented. This includes the choice of a guardian for minor children, as well as guidance as to how the kids should be cared for and how funds destined for their benefit should be managed and distributed. Even many people with adult children are likewise concerned about money management.
Important people to appoint
Do you care who your personal representative will be? Somebody must be given responsibility and the necessary authority to “wrap up” your affairs, pay debts, as well as preserve, gather and distribute your assets in accordance with your wishes. This person is called an executor if you have a will, or a trustee if you have a trust. Your personal representative should be a trustworthy person (or bank) with common sense, good judgment and the fairness of a referee. The personal representative may hire lawyers, accountants and other professionals with estate funds for assistance, but fees and other costs can be saved if the personal representative and/or family members are able to do some of the “legwork” themselves.
If you don’t appoint someone
Without an estate plan, your “wrapper-upper” will be chosen by the court, and might not be the person you would have wanted. Sometimes, family bickering develops over who should be appointed by the judge. Often, a neutral lawyer is appointed, and must be paid with funds you leave behind.
Doing it yourself
Before examining the tools of estate planning, a word about “doing-it-yourself” is in order. A great deal of self-help is possible by the lay person who takes time to educate him or herself. But people do need attorneys in most estate planning, probate and other legal situations at least for a consultation, or to answer some questions.
Of course, not all “do-it-yourselfers” are doomed to failure, but they take a substantial risk of overlooking a potential “complication” that would be obvious to an attorney.
Yes, will-preparation software and online services can produce adequate results in simple situations. Often, however, these approaches don’t fully deal with the particular details, contingencies and very specific issues that are likely to be critically important to your family. Some clients use software programs just to learn a little and “get something on paper” before consulting a lawyer. This is a fine idea.
Recorded Estate Planning Webinar Available
Mid Oregon Credit Union has asked Estate Planning Attorney Jeff Patterson and his Estate Planning Essentials seminar to Central Oregon in a seminar on June 6th, You can register here to attend this free workshop, Jeff, who is with Lynch Murphy McLane LLP in Bend, also has a past presentation available for free viewing on our Mid Oregon YouTube channel. Jeff covers some key estate planning concerns, while answering questions from the live attendees. You can also watch it below.
