What does this mean?
Financial Wellness can be difficult to assess in any objective way. It has little to do with your net worth or your income. It is best understood by reflecting on the Navajo concept of 'hozro'.
The American writer Tony Hillerman described it this way: “The Navajo word 'hozro' ...means a sort of blend of being in harmony with one's environment, at peace with one's circumstances, content with the day, devoid of anger, and free from anxieties.”
Using 'hozro' as a guide, as well some basic good accounting principles, these are some key aspects of Financial Wellness:
- You manage what you have with dignity and gratitude.
- You clearly understand your spending patterns.
- You live within your means.
- You have low debt relative to your income.
- You have an effective plan for managing high interest rate debt.
- Your credit card balances are paid in full every month.
- You have a clear strategy for increasing your assets.
- You have a clear set of short-term, mid-term, and long-term goals.
- You have enough money to survive for 6 months, without income.
Do you have Financial 'Hozro'? If you match most of these criteria you do. If not, call our Financial Mentoring department at 1.800.471.7981 for more information. We have three programs, one for individuals, one for couples, and one for entrepreneurs.
