As Dussehra 2019 arrives, it brings a fresh wave of thought in our life. The festival of Dussehra signifies the victory of good over evil. The mythological stories associated with Dussehra cite the importance of curbing our greed and destroy bad intentions. Be it the story of Lord Ram killing the demon King Ravana or Goddess Durga’s victory over Mahishasura- the essence is the same. We draw inferences to conduct our life’s daily routine from Dussehra festival. Keeping with the tradition of imbibing values from our ancient culture we can take away a lot of lessons from this Vijayadashami when planning our finances. Here are 3 money mantras or lessons from the significance of Vijayadasami that one can ponder upon:-
New Beginnings, a fresh outlook
Dussehra festival is celebrated on the tenth day of the Aswin month and marks new beginnings for many endeavours. Similar thing drawn from Dussehra as a tradition is we can start financial planning earnestly. Decisions on financial matters cannot be taken on impulse and are best made when already planned. Early financial planning can bring in a windfall of benefits in the form of power of small savings with the incremental value of compounding. Irrespective of your past financial decisions, make this Dussehra an occasion to begin planning your finances.
We celebrate the ten-day festival of Dussehra by fasting and giving up on our favourite foods and drinks. This process needs restraint and an ability to train the mind to not give in to temptations. Similarly, Dussehra’s concept can be applied to financial planning by effectively making small sacrifices that are a trade-off for our future’s security. Planning for financial security is imperative and discipline is the only doctrine to achieve it.
Get rid of bad
Dussehra is celebrated by burning the effigy of Ravan. This is symbolic to the victory of good over evil. In a similar fashion drawing analogy from Dussehra festival, we should get rid of our bad financial decisions. Review your portfolio and re-jig the same for a better financial plan than the one you have. Expensive insurance can be replaced for cost-effective and adequate policy. A home loan interest rate can be negotiated for a competitive one. Or simply sell any bad investments in order to stop further loss. Whatever be the intensity of the bad financial decision, this Dussehra let the essence of bad be burnt so that good can prevail in our financial plan.
This Dussehra, let there be light on our unknown aspects of financial life so that prosperity’s way is illuminated.
This Dussehra, let there be a Shub araambh for healthy and prosperous financial health through the means of financial planning.
Where should I invest my money?
Your money can be invested based on your financial needs and as Investments is a part of financial plan, you need to analyse your finances properly and then plan your investments.
Is it the right time to invest?
There is no right or wrong time to invest. Starting immediately is always the best time. This Dussehra takes up financial responsibility to grow your money.
Are mutual funds safe?
In terms of regularity, it is one of the safest avenues to invest. Yes, there are market risk’s one has to bear which are majorly based on the economy and industry’s performance.
Which is the best investment plan?
Actually, there is no best investment plan. As a person who wants to invest or is investing, you should look for the right plan that works for your financial aspirations.
How to invest in a mutual fund?
First understand the financial aspiration(goal), second, know your risk-taking capacity and then invest in a fund that suits your risk profile and goal time horizon.