✷☛ ➋☞✌ ❖✍✄ ✆❱ ✆ ✫ ✍❆✥ ✆ ✎✝☞❨ ✌ ✆❆✞✁
❲ ✁✂ ✄✁❆❨✱ ❆☎✆✝✞ ✟✠✱ ✟✡✶✾
BUSINESS & AG LIFE
Millennial Money: Are you robbing the Bank of Mom and Dad?
❴❵ ❛❜❝❞❡❡❢ ❣❢✐❥❢❦❜❧❢
❺❱❖❲❚❲❶❲◆③ P ❩❱P❱❨❚P❘ ❖◆◗❹❚❨◆❖
♠♥♦♣qrss♥t
trade group. And with average
U.S. life expectancy now at about
78 years old, a nest egg is key.
“Expectations I don’t think are
set properly for how long people
are going to live, so I think most
families are going to need every
penny (for retirement),” says
❻❶❖❲❚❱ ❼P❖❲◆❘❘❚③ ❼❽❾ P❱❙ ❩❱P❱ -
cial advisor at RLS Wealth Man-
agement in Fishers, Indiana.
If your parents aren’t on track
for retirement, accepting a mon-
etary gift from them can create
When Melanie Lockert
graduated with a master’s in
performance studies in 2011, she
was overwhelmed with student
loans. Her many attempts to tap
the Bank of Mom and Dad had
failed.
She had already worked three
✉❑❏❖ ❲❑ ❳P✈ ❑❯ ✇①②③④④④⑤ ⑥❭❲◆◗
juggling multiple jobs, relocating
from New York to Portland, Ore-
gon, and trimming expenses, she
❳P❚❙ ❑❯ ❲❪◆ ◗◆⑦P❚❱❚❱⑧ ✇⑨⑩③④④④
in 2015. Now 34, she acknowl-
edges that tackling it herself may
have been for the best.
“If my parents had agreed
to fund my education, I think
it would have kind of been at
the expense of their own retire-
ment,” says Lockert, a writer and
founder of the Dear Debt blog.
Indeed, plenty of parents
may already be behind on that
❨❑❶❱❲⑤ ❷❑◗❲✈❸❩❹◆ ❳◆◗❨◆❱❲ ❑❭ ❏P❏✈
boomers have nothing saved for
retirement, according to a 2019
study by the Insured Retirement
➠➡➢
Continued from Page 1B
months in advance, there
is a price break. The gift
❏❑▼◆❖ P◗◆ P❘❘ ❙❚❯◆◗◆❱❲
❳◗❚❨◆ ❳❑❚❱❲❖ ❲❑ ❩❲ ❙❚❯◆◗◆❱❲
budgets and are listed on
the website.
Athens has lived in Wal-
lowa County since 2013,
and was drawn to this area
by both the landscape and
the creative people who
live there. She has been
working with the Enter-
❳◗❚❖◆ ❑❬❨◆ ❭❑◗ ❲❪◆ ❫❑◗❲❪ -
east Oregon Economic
Development District
(NEOEDD) since 2013 and
the Small Business Devel-
opment Center out of Blue
Mountain Community Col-
lege for almost two years.
“This project is a great
combination of my art-
ist background and my
economic development
background,” she said.
“Because the goal is to help
people who are artists to
augment their income with
the work that they have a
passion about and to bring
⑦❑◗◆ ❩❱P❱❨❚P❘ ❳◗❑❏❘◆⑦❖ ❲❪P❱ ❚❲
❿➀➁➂ ➂➃ ➄➃➅➆➈➉➊➋ ➌➊➍➃➋➊
➂➁➎➈➅➏ ➁ ➏➈➍➂
A gift from your parents
could jeopardize their potential
retirement earnings, but it could
eventually cost you, too, if you’re
❲❪◆❚◗ ❩❱P❱❨❚P❘ ➐❘P❱ ➑ ❭❑◗ ❲❪◆❚◗
golden years. Before accepting,
take these steps:
— Have a money talk. To
preserve quality of life in retire-
-
⑦◆❱❲③ ❩❱P❱❨❚P❘ ❳❘P❱❱◆◗❖ ⑧◆❱◆◗P❘
in money to the region
from elsewhere.”
While working for
NEOEDD, Athens learned
of a branding idea that
originated in 2007 from
a Rural Development
Action Team report that
considered ways to stimu-
late the economy.
The name “Genuine
Wallowa County” and its
logo, which is designed
by Joan Gilbert, were
created by a group of
local stakeholders, who
had enthusiasm but not
enough bandwidth to sup-
port the brand on a broad
and long-term basis.
Athens consulted avail-
able stakeholders in 2018
to request taking over
management of the brand
for this website.
“This is an opportu-
nity to bring in additional
revenues from outside the
county, on a year-round
basis,” Athens said. “I
wanted to make a website
that would allow (tour-
ists) to relive their experi-
ence in Wallowa County.”
parents could also feel pressured
to help your siblings and further
hurt their retirement savings.
And if they only help you, it could
lead to jealousy or hurt feelings.
P ❭◆◆❸❑❱❘✈ ❩❱P❱❨❚P❘ P❙❹❚❖❑◗ ❨P❱
❑❯◆◗ P ❨❘◆P◗◆◗ ❳❚❨❲❶◗◆⑤
➒ ➓❱❙◆◗❖❲P❱❙ ❲❪◆ ❨❑❖❲❖⑤
➐P◗◆❱❲❖ ➔❚❘❘ ❏◆ ◗◆→❶❚◗◆❙ ❲❑ ❩❘◆
a gift tax return for any amount
above $15,000 per parent. And
depending on what account
the money is coming from and
when, additional taxes and pen-
alties may apply.
➒ ↔P↕◆ ❖❶◗◆ ✈❑❶ ❲◗❶❘✈ ❱◆◆❙ ❲❪◆
help. As she was paying down
debt, Lockert says her work ethic
and creativity were pushed to the
❘❚⑦❚❲③ ❭❑◗❨❚❱⑧ ❪◆◗ ❲❑ ❲❪❚❱↕ ❙❚❯◆◗ -
ently about money. “I felt more
❨❑❱❩❙◆❱❲ ❳P✈❚❱⑧ ❘P◗⑧◆ ❏❚❘❘❖③➙
she said. If you can budget, save
and take advantage of alterna-
tive resources, you might tackle
avenues of repercussions if the
loan is defaulted on,” says Kyle
↔❑❑◗◆③ P ❨◆◗❲❚❩◆❙ ❩❱P❱❨❚P❘ ❳❘P❱ -
ner and founder of Quarry Hill
Advisors in St. Paul, Minnesota.
Depending on the terms, parents
can call collections, take you to
court or seize collateral if you fail
to pay it back.
➒ ➟◆❖◆P◗❨❪ ❑❲❪◆◗ ◗◆❖❑❶◗❨◆❖⑤
If homeownership is a goal, for
example, the Department of
Housing and Urban Develop-
ment and your state’s housing
❩❱P❱❨◆ P⑧◆❱❨✈ ❭◆P❲❶◗◆ ❳◗❑⑧◗P⑦❖
❩❱P❱❨❚P❘ ⑧❑P❘❖ ✈❑❶◗❖◆❘❭⑤
designed for lower-income or
✈❑❶ ❏◆ ❩❱P❱❨❚P❘❘✈ ◗◆❖❳❑❱❖❚❏❘◆ ❭❑◗
➊➛➜➝➃➋➊ ➃➂➀➊➋ ➃➜➂➈➃➅➆
❩◗❖❲❸❲❚⑦◆ ❪❑⑦◆ ❏❶✈◆◗❖ ⑤
your parents in their later years?
If so, consider those future costs.
For example, a 65-year-old cou-
ple who retired in 2018 would
need to have saved $280,000
to cover health and medical
expenses throughout retirement,
according to a Fidelity estimate.
Mom and Dad may be able to
help you out today, but at what
cost for tomorrow?
Declining a gift from your
parents doesn’t mean you’re out
of options:
➒ ❾❶❲❘❚❱◆ ◆▼❳◆❨❲P❲❚❑❱❖⑤ ➣❚❘❘
solves.
ly recommend saving enough to
replace about 70% of pre-retire-
ment income. Castelli suggests
that it depends on your parents’
goals. Find out where Mom and
Dad stand. If they aren’t sure,
➒ ➣◆❚⑧❪ ❲❪◆ ❭P⑦❚❘✈ ❙✈❱P⑦❚❨⑤
If they give you money, your
Right now she buys
directly from the vendor
and creates the gift boxes
herself. There are no con-
signments involved for
the vendors.
Genuine Wallowa
County will ease into ex-
istence with a “pre-sales”
period. Shoppers can
purchase boxes now, and
they will ship May 1.
“I have curated 30 dif-
ferent gift boxes, but I’m
launching with just 10
in order to ensure I have
a handle on the opera-
tions,” she said.
Athens expects the
business to continue to
grow to the point where
she can hire a couple of
workers to help do the
picking and packing. “It’s
possible that this model
could go to other commu-
nities as well,” she said.
New vendors are wel-
come to apply at https://
tinyurl.com/y27s2maa.
Contact Kristy Athens at
541-406-0831 or write to
genuinewallowacounty@
gmail.com.
➒ ↔P↕◆ ❚❲ P ❘❑P❱③ ❱❑❲ P ⑧❚❭❲⑤ ⑥
family loan could be a win-win: a
low interest rate, no credit check
P❱❙ ➞◆▼❚❏❘◆ ❲◆◗⑦❖ ❭❑◗ ✈❑❶③ P❱❙
❳❑❲◆❱❲❚P❘❘✈ ◆❹◆❱ P ❳◗❑❩❲ ❭❑◗ ✈❑❶◗
parents. You can consult an at-
torney or opt for a do-it-yourself
promissory note. But it’s not
without risks. “Because it’s an of-
❩❨❚P❘ ❘❑P❱③ ❲❪◆◗◆ P◗◆ ❲❪◆ ❱❑◗⑦P❘
➤➥➦➧➨
Continued from Page 1B
get some compensation.
Idaho Power will spend
about $12 million in
eastern Oregon tributar-
ies. Idaho Power will
also spend roughly $300
million as part of the
Snake River Stewardship
Program on fish, water
and habitat. The agree-
ment also calls for fish
passage to be considered
again 20 years into the
new license.
Brett Dumas, environ-
mental affairs director
as Idaho Power, said
ratepayers will pick
up the bill that will be
spread over the 50-year
license when it’s
renewed. Essentially,
the $300 million is an
offset to pay for harm
to salmon caused by the
dams, and in particular
water exiting the dams
that is warmer than
allowed under federal
standards.
“We’re pretty excited
➒ ❼❑❱❖❑❘❚❙P❲◆ ❑◗ ◗◆❩❱P❱❨◆
debt. With a good credit score
(690 or higher), you can gener-
ally qualify for better inter-
◆❖❲ ◗P❲◆❖ ❲❑ ◗◆❩❱P❱❨◆ ❖❲❶❙◆❱❲
loans, transfer debt to a balance
transfer credit card or consoli-
date other loans. Regardless of
your credit score, a debt man-
P⑧◆⑦◆❱❲ ❳❘P❱ ❭◗❑⑦ P ❱❑❱❳◗❑❩❲
credit counseling agency may
also lower interest rates for
some debts.
to get past this and move
on to hopefully where we
can do a lot of projects
on the ground,” he said.
The next step is for
each state to complete
certifications for the
Hells Canyon Complex
and send them to the
Federal Energy Regula-
tory Commission.
Both states have al-
ready taken public com-
ments on drafts and are
expected to issue final
documents by early this
summer.
On another front for
relicensing, Idaho Power
sued the U.S. Environ-
mental Protection
Agency last year seeking
to force that agency to
act on a request by the
state of Idaho to modify
water temperature stan-
dards below a hydroelec-
tric project where feder-
ally protect fall chinook
salmon reproduce.
Dumas said the agency
has responded and now
NOAA Fisheries is
considering a possible
analysis of how the dams
harm salmon and orcas,
which feed on salmon
produced in the
Columbia River Basin.
“We’re probably at the
best not looking at a fi-
nal license until at least
2022,” Dumas said.
Idaho Power supplies
electricity to nearly
534,000 customers in
southern Idaho and
Eastern Oregon. The
Hells Canyon Complex
in a normal water year
produces about 30% of
the company’s total
annual power
generation.
Get help from a small business advocate
q♥➩➫➭➯ ♠♥➲➩ ➳♥♦➵➸➺♥ ➳tr➻➻
ENTERPRISE — Small
business owners are in-
vited to a special gather-
❚❱⑧ P❲ ❲❪◆ ❑❬❨◆ ❏❶❚❘❙❚❱⑧
of the Wallowa County
Chamber to meet with
the Oregon Secretary
of State’s Chief Small
Business Advocate Ruth
Miles. This is a rare op-
portunity to discuss any
local frustrations about
government regulations,
tax problems and new
legislation that impacts
business.
Miles will be holding
❑❬❨◆ ❪❑❶◗❖ P❲ ➣P❘❘❑➔P
Resources from 1 p.m.
to 4 p.m. on April 25.
Business owners who
have problems, concerns
or questions with state
or local government are
welcome to drop in. At
4:30 p.m., in the To-
mas Conference Room,
Miles and others will talk
about issues other small
businesses experience
and what resources are
available to work your
way through those issues.
Also on the agenda is how
business owners can ben-
◆❩❲ ❏✈ ❨❑❱❲◗P❨❲❚❱⑧ ➔❚❲❪
government. Find out the
who, what, and where on
opportunities that are
right for your business.
Earlier in the day,
the Oregon Secretary
of State’s notary educa-
tor, Heather Wilson, will
provide free basic and ad-
vanced training seminars
in the Tomas Conference
Room. The basic class
will be in the morning
and the advanced class
will be in the afternoon.
Each class is approxi-
mately three hours long
and includes plenty of
time for questions and
answers. For registration
and information on the
Notary Public classes,
go to http://notsem.sos.
state.or.us.
For further informa-
tion, contact Vicki Searles
at the Wallowa County
Chamber of Commerce at
541-426-4622 or vicki@
wallowacounty.org.
➽➾➚➪ ➾➶ ➹➪➘➘➪➴ ➷➬➪➮
➇✺✻✼ ✽✾✿❀❁ ❂✿ ❃❄ ❅✿❀✾
▲✿❆❇▲ ❈❇✾✼❄✾❉ ❇❊❄❋❂❍■
èéêë ìíîïðñîò
óôõö÷ôøùúûüýþÿ
✁✂✄ ☎ û ✆✝✞✟✠✡☛✟ û ☞✌✍ ÷û ✠✎ û ✟✏✌✍ ☛✎ ✑✒✓✔✄
●✕✖✗✘✙✚✗✛✜✢✗✣✚✤✣✥✗●✤✛✦✧✘★✚
❤✩✩✪✫✬✭✭✮✯✰✱✩✫✧✲✮✳✴✰✳✫✧✵✶✴✭✯✷✸✮✵✹✴✮✱
➱✃❐ ➬❒❮➪ ❒ ❰➽❒➮
Ï ÐÑÒÓÔÓÕÖ×Ø ÖÙÚÑÛÜÙÝØ
Ï ÞÜ×× ÑÚ ßÓÛ Ü àÜÛÔØÛÚ àÛÖØÙá×â ãØäÖØå
Ï ÞÓäØÛÜæØ âÓÑ ÝÜÙ ÝÑÚÒÓÔÖçØ ÒÓ ÔØØÒ âÓÑÛ ÙØØáÚ
✉✇①① ③④⑤⑥⑦⑧⑨⑥⑩⑧⑤⑤ ❶❷❸✇❹❺
❻❼❽ ❾❼ ❿❼➀➁ ➂➃➄ ➅❼❽ ❽❿❼ ❾➃➆❽ ➇➈➀➄❼ ➃➄❽ ➃➉ ➂➃➄➊ ➌➍➆➄➊➈➍➎❼ ➎➃➇❼➊➈➅❼➏
➐➑➒➓➔→➣➓→↔↕➒➙➛➛➜➝➞➟→➒➣↔➠↕➓➒➡➙➝➢➙➔➝➞➤↔➓➙➢➙→➜➙➥➜➑→↕ ➙➜➜ ➒➓➙➓➑➒➞➦➑➑➝↔➠➔➙➧➑↕➓➨↔➔➩➑➓➙→➜➒➞
➫↕➒➠➔➙↕➣➑→➒ ➠↕➩➑➔➭➔→➓➓➑↕➥➝➯➙➔➡➑➔➒➫↕➒➠➔➙↕➣➑➲➳➣➵➙↕➧➑➙↕➩↔➓➵➑➔➙➸➜→➙➓➑➩→↕➒➠➔➙↕➣➑
➣↔➡➛➙↕→➑➒➞➺→➒→➓ ➨➙➔➡➑➔➒➞➣↔➡➨↔➔➙➣↔➡➛➜➑➓➑➜→➒➓→↕➧↔➨➣↔➡➛➙↕→➑➒➞➤↔➓➙➜➜ →↕➒➠➔➑➔➒➙➔➑
➙➠➓➵↔➔→➻➑➩➓↔➛➔↔➢→➩➑→↕➒➠➔➙↕➣➑→↕ ➙➜➜ ➒➓➙➓➑➒➞➼↔➢➑➔➙➧➑→➒ ↕↔➓➙➢➙→➜➙➥➜➑ →↕ ➙➜➜ ➒➓➙➓➑➒➞
✏✑✒ ✓✔✒✕✖✗✔ ✘✔✙✚✓ ✙✒✔ ✘✒✙✖❡✔✛ ✘✜ ✢✔✔✣
②✜✑✒ ✜✣✔✒✙✘✖✜❡ ✑✣ ✙❡✛ ✒✑❡❡✖❡✤✦ ✧✘★✓ ✜✑✒
✔✕✔✒②✛✙② ✣✒✜✚✖✓✔ ✘✜ ✘✒✜✑♦✩✔✓✪✜✜✘ ✙❡✛
✒✔✓✜✩✕✔ ✙✩✩ ②✜✑✒ ✖✒✒✖✤✙✘✖✜❡ ✣✒✜♦✩✔✚✓
q✑✖✗✢✩② ✙❡✛ ✔✬✭✗✖✔❡✘✩②✦
✮✯✰✲✯ ✯✳✴✯✲✵✯✸✹✯✺
❛✸✺ ✲✯❛✺✻ ✼✽ ✿✯✼ ✵✼ ✺✽✸✯❀
P◗❘◗❙ ❚❯ ❳❩❬❭❪❫❴❵❜ ❝❞❯
❢❫❭❣❤❞ ✐❪❴❥❦ ❧❝ ♠ ♥♣Pr❙str♣P❙♥
✈❁❂❂❃❄❅❇❇❅❈❁❉❅❊❋●❍❊■
❏❑▲▼▲◆