The Dussehra festival commemorates the triumph of good over evil. When considering the event from a financial and investment standpoint, the festival provides valuable insights to remove any obstacles from our path of financial growth and planning. There has never been a better time to examine our investing practices and get rid of the evil.
1. Destroy all evils
Dussehra marks the triumph of good over evil. Examining the festival through the lens of finance and investments, we can learn the important lesson of eliminating any obstacles to our financial planning. You can give it some thought to spend no more than you make, abstain from extravagant and frivolous spending, and add additional loans to your list of payments. Steer clear of unethical activities such as tax evasion and destroy all negative investments by investing in gold, mutual funds, corporate bonds, and public provident funds.
2. Set your goals
According to the Ramayana, Sri Ram resolved to defeat and kill Ravan in order to save Devi Sita. From this, we can learn to resolve and set sensible financial goals and strive hard to accomplish them. You might set long-term financial objectives like investing for retirement or short-term ones like saving money. Make a budget and follow it. Create an emergency fund to help you in handling financial hardships. Take your debt repayment seriously if you have any. To make your future goals come true, make wise retirement investments. This Dussehra, spending less and saving more is the financial maxim.
3. Be Prepared for Emergencies
We can learn to be brave when faced with challenges from Sri Ram’s unwavering resolve and bravery in the face of hardship. You should prepare for financial emergencies as the lesson. You can start a savings account specifically for financial emergencies and continue to add funds to it. Ensure the future of your family is protected by making a range of insurance investments like health insurance. Since mutual funds are thought to be safer than other debt investments, they’re also a wonderful way to be prepared for crises.
4. A Life of Patience and Perseverance
Shri Ram fought the Lankan war with perseverance and determination. This episode gives you the opportunity to learn how to effectively manage your personal finances by being persistent and patient. Gaining the skill of patience can help you stay goal-focused. When making investment decisions, try to keep your emotions in check and adopt a longer-term perspective. Successful trading and investing require being patient both when starting a trade and as it progresses.
5. Protect what is yours
When Ravana abducted Mata Sita, Rama mustered an army of monkeys and bears to find her. They attacked Lanka, destroyed Ravana, and brought Sita back. From this, we learn the lesson of safeguarding the things that we love. To safeguard your hard-earned money, you must abstain from all vices that negatively impact your capacity to maintain your financial security. You can always choose to invest sensibly to protect your money.
6. Never be afraid
Along with being a devoted son, husband, and brother, Lord Rama was a courageous fighter. The fourteen years that Lord Ram spent exiled in the forest was a testimony to his fearlessness. He also showed immense bravery and fearlessness in the battle he waged with Ravana to save his wife Sita. We should practice the same fearlessness in our financial dealings as Lord Rama did. Be courageous and daring enough to take on any obstacle when it comes to investing.
7. Checking misuse of power
The powerful Lankan king Ravana abused his position of authority by abducting Mata Sita till Rama slew Ravana in battle. This Dussehra, we learn never to abuse our power and hard-earned money. It’s important that you monitor your expenditure and check how much you spend each month.
8. Live a disciplined life
Lord Rama’s righteousness placed a strong emphasis on the value of living a disciplined, and responsible life. By making smart investments, spending sensibly, and saving prudently, you too can develop discipline in your life.
9. Significance of planning
Lord Rama’s strategic warfare planning allowed him to defeat Ravana. This emphasizes how crucial financial preparation is. One needs to properly organize their finances, taking into account any obstacles that may arise. Establish financial objectives, account for taxes, make an emergency fund, manage debt, and make retirement plans as part of your personal financial plan.
10. New beginnings
Beginning anew is the message of Dussehra. The events of the Lanka war and Lord Rama’s victory give us the message to start new things in life. You may begin by creating the ideal financial strategy for you. By taking stock of your existing financial status, assessing your priorities, creating a budget, paying off debt, and automating savings, you may have a fresh start financially.