Every year we celebrate Dussehra / Vijaya Dasami as a reminder of the victory of Lord Rama over Ravana, good over evil and right over wrong. It is also a reminder for us to overcome our inner evils. What about fighting the all too familiar evils when it comes to personal finance? Each one of us is guilty of at least one of these vices that we have while managing our money.
We don’t start planning for the future or investing from the time we draw our first pay. We assume there will always be time, until it’s too late. Once we do realize we need to invest, we decide we want the best returns for our money there are in the market. We want a quick fix solution for building wealth. We don’t stop to consider the high costs behind high returns. Some of us prefer to stick to the safe and solid Fixed Deposits, without considering the implications thoroughly. We rely on friends and family and just anyone else we think means well, when it comes to money matters. While family and friends are our primary source of emotional support, when it comes to our finances, their well meaning advice may not always be the best for us.
This Dussehra, let’s all vow to overcome these money evils and embrace prudent Financial Planning. Let’s overcome the lust for quick fix solutions and find a lasting solution that’ll take care of our financial woes for a lifetime. Let us put aside our attachment (moha) of the lazy FDs and post office savings schemes and take the trouble to find more relevant investment options that’ll help us grow our money in line with our ambitions. Let’s overcome our greed (lobha) for doubling our money overnight. And plan realistically keeping in mind our earning capacity, our needs and our goals. Let us overcome our pride (mada) that we alone can plan what to do with our hard earned money. While we are best placed to decide what needs to be done – buying a house, a car, plan for some vacations, take care of our parents and/or retire comfortably – the path to getting there can be laid and smoothened out only by the right Financial Planner.
So this Dussehra, let’s take a step in the right direction to financial prudence and talk to a financial planner. Let us overcome the evils of financial stagnation and achieve financial prudence.