PERSONAL FINANCIAL WELL-BEING

RAAUZYUW RUENAAA1452 0641525-UUUU--RUCCBWF.
ZNR UUUUU ZUI RUEWMCE8137 0641525
R 051525Z MAR 07 
ZYB MIN ZYW PSN 126501I15 FM CNO WASHINGTON DC//N1// 
TO NAVADMIN 
INFO RHMFIUU/CNO WASHINGTON DC//N1// RUENAAA/CNO WASHINGTON DC//N1// BT 
UNCLAS NAVADMIN 056/07 MSGID/GENADMIN/CNO WASHINGTON DC/N1/MAR//
SUBJ/PERSONAL FINANCIAL WELL-BEING// GENTEXT/RMKS/ 

1.  THIS NAVADMIN 
REINFORCES PERSONAL FINANCIAL WELL-BEING AND ADDRESSES MANAGING DEBT 
PROPERLY, SAVING FOR GOALS AND EMERGENCIES, AND INVESTING FOR YOUR 
FUTURE.  MISMANAGED FINANCES CAN UNDERMINE YOUR PERSONAL READINESS, 
ALTER YOUR FOCUS ON THE MISSION, DESTROY YOUR ABILITY TO OBTAIN CREDIT, 
AFFECT YOUR SECURITY CLEARANCE AND AFFECT YOUR FAMILY S WELL-BEING.  
YOUR COMMAND FINANCIAL SPECIALIST (CFS) IS AVAILABLE FOR FINANCIAL 
MANAGEMENT PLANNING AND ASSISTING WITH SOLVING FINANCIAL ISSUES.
2.  IN 2006, CONGRESS ESTABLISHED NEW LAWS TO HELP PROTECT SAILORS FROM 
PREDATORY LENDERS.  THESE NEW REGULATIONS ARE EXPECTED TO BE EFFECTIVE 
LATER THIS YEAR.  IN THE MEANTIME, SAILORS AND FAMILIES SHOULD CONTINUE 
TO BE AWARE OF THE DANGERS OF PREDATORY LOANS, PARTICULARLY WITH 
INTEREST RATES THAT CAN EXCEED AN ANNUAL PERCENTAGE RATE OF 1,000 
PERCENT.
3.  IT IS INCUMBENT UPON ALL SAILORS TO BE AWARE OF POOR PERSONAL 
FINANCIAL MANAGEMENT HABITS THAT LEAD TO DENIAL OR LOSS OF YOUR 
SECURITY CLEARANCE, LOSS OF ASSIGNMENTS, OR DENIAL OF OCONUS DUTY.
IN FY05, 84 PERCENT OF THE OFFICER AND ENLISTED SECURITY CLEARANCES 
DENIED OR REVOKED WERE DUE TO FINANCIAL ISSUES.  SAILORS EXPERIENCING 
FINANCIAL DIFFICULTY SHOULD SEEK THE ASSISTANCE OF THEIR CFS 
IMMEDIATELY.
4.  IF YOU NEED HELP ESTABLISHING A FINANCIAL PLAN (BUDGET) OR HAVING 
TROUBLE MAKING ENDS MEET, YOUR CFS CAN PROVIDE YOU WITH FINANCIAL 
TRAINING, COUNSELING, OR REFERRAL.  ADDITIONALLY, YOUR LOCAL FLEET AND 
FAMILY SUPPORT CENTER OFFERS A VARIETY OF FINANCIAL CLASSES AND HAS 
FINANCIAL EDUCATORS AVAILABLE FOR COUNSELING.  THE NAVY-MARINE CORPS 
RELIEF SOCIETY IS ANOTHER RESOURCE FOR ASSISTANCE WITH YOUR PERSONAL 
FINANCES, AND DEPENDING UPON THE NEED, SERVICEMEMBERS MAY BE ELIGIBLE 
FOR INTEREST-FREE LOANS OR GRANTS TO HELP WITH EMERGENCY NEEDS.  IF YOU 
ARE HAVING FINANCIAL DIFFICULTIES, YOU SHOULD SEEK ASSISTANCE FROM 
THESE RESOURCES.
5.  POINT OF CONTACT:  KATHLEEN WELLS (901) 874-4233/DSN 882 OR EMAIL 
AT KATHLEEN.WELLS@NAVY.MIL.
6.  RELEASED BY RADM E. MASSO, N1B.//
BT
#1452
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