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Healthy Recipes from Chef Shannon
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Care for Your Health
Members & Employees
Wellness Health Screenings
at the AMO Plans Medical Clinic
Call Ext.7305
or
Stop by the clinic for your
2015 Health Screenings!
Sailing Members: As with all AMO Plans Health & Wellness Initiatives, any health information obtained is private and not shared with any required merchant mariner physical exam process. This information is strictly for your betterment and may be shared with your physician at your discretion
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Care For Your Heart
Members & Employees
Heart Health Screening
at the AMO Plans Medical Clinic
Call Ext.7305
or
Stop by the clinic for your
2015 Heart Health Screen!
Sailing Members: As with all AMO Plans Health & Wellness Initiatives, any health information obtained is private and not shared with any required merchant mariner physical exam process. This information is strictly for your betterment and may be shared with your physician at your discretion.
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How is Your
"Financial Well-Being"
We often hear that Americans need to save more money or plan better for retirement, but what does it mean to be financially healthy? Personal finance can be a difficult subject to discuss since everybody's financial situation is different - hence the word "personal." However, new research shows that there is just a handful of elements needed to establish your financial well-being.
The Consumer Financial Protection Bureau (CFPB) recently polled people across the country to hear what they had to say about financial well-being. While savings and income levels play a significant part, they are not always the most important elements. In short, financial well-being can be defined as a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life.
Let's take a look at FOUR important elements of your financial health.
Feeling in Control
People typically like control over their own lives. Those who have high levels on financial health feel in control of their daily and monthly finances. This means they have enough money to pay their bills on time, and generally do not have to worry about having enough money to get by. Interestingly, this is not necessarily about having a lot of money, but rather managing the money you already have in an efficient manner.
Capacity to Absorb Financial Shocks
Life is full of expensive surprises. The ability to absorb the monetary shock of an unexpected mechanic bill or job layoff is a crucial element of your financial health. Americans possessing this trait typical have a safety net of savings, insurance, or at least family members to help stop a financial shock from turning into a longer-lasting setback. Unfortunately, many Americans do not have their own rainy-day fund.
According to a recent bank surveys, only 38% of Americans have enough money in their savings accounts to pay for life's little surprises, such as a $500 car repair or a $1,000 emergency room visit. If a financial emergency arises, 22% plan to cover the bill by reducing spending elsewhere, 16% say they will borrow money from family and friends, and 12% expect credit cards to fill the hole - potentially leading to even bigger problems down the road.
The ability to use savings for unexpected expenses improves with age, education, and income, but still leaves much to be desired. Only 44% of senior citizens have enough savings, compared with 33% of millennials.
On Track to Meet Goals
Failure to plan leads to a lack of savings. Research reveals that people with a financial plan in place save the most money for retirement.
Not including money put towards mortgage payments or home improvements, people with no financial planning save an average of $77 per month. Those with some kind of informal planning even your own approximate calculation save an average of $335 per month.
Flexibility to Make Choices
No matter how well you plan, life has a funny way of surprising you. Consumers with high levels of well-being have the financial freedom to make choices that allow them to enjoy life, whatever that means to them. Whether that is taking a family vacation, going out to eat, or working less to spend more time with family, these consumers have the financial flexibility to do what they value and what makes them happy.
While the best things in life are often free, having a large amount of debt can restrict your flexibility. After all, borrowing today represents a loan from your future production.
More debt means more interest payments, which translates to more work and less freedom to do what you really want. Sadly, the average American will pay an estimated $279,002 over their lifetime in interest payments.
If you need help creating a financial plan, seeking professional assistance from a qualified adviser you trust might be a good idea.
Monitor your AMO Plans Retirement Accounts Online at plandestination.com Your retirement and benefit accounts are among the most important investments you can make in your future. With
plandestination.com
you have the tools you need to effectively manage these accounts
You can contact the AMO Plans Financial Advisors, the Atlantic Group at Morgan Stanley at 800-975-7061, they can help you meet your goals by delivering a vast array of resources to you in the way that is most appropriate for how you invest and what you want to achieve. Contact the Atlantic Group at Morgan Stanley: http://www.morganstanleyfa.com/theatlanticgroup/
Applying a financial well-being framework to your own financial life will help you feel more satisfied with the decisions you make. When you face a financial choice or task, consider how your actions might affect financial security and financial freedom, today and in the future.
Have a great February!
American Maritime Officers Plans
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Chef Shannon's Cooking Classes
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A Special Invitation for
Members & Guests
While Staying on Campus Please Make Sure to Attend One of Chef Shannon's Cooking Classes!
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