The auspicious period of Sharadiy Navaratra has added a dash of colour to the festivities after the much required rains this year. The festival of Dussehra symbolizes the victory of good over evil. The mythological stories of Lord Ram killing evil Ravana and Goddess Durga’s victory over Mahishasura teach us to curb our greed and throw away the bad intentions. We can also draw some financial planning lessons from the auspicious occasion of ‘Dussehra’.
New beginning, a fresh perspective:
Dussehra or Vijayadashami is celebrated after Navratris and is considered one of the auspicious occasions to start new ventures and projects. Decisions regarding personal finance cannot be taken impulsively and need to be given some thought. Dussehra is a great occasion to start thinking about financial planning to get benefitted from the magic of compounding and start the process of setting our financial lives in order.
Get rid of evil within us:
During Dussehra festivities, Ravana’s effigy is burnt which symbolizes victory of good over evil. In the similar fashion we can start getting rid of bad financial decisions. Irresponsible use of credit cards, overshooting our budgets, buying expensive insurance cum investment policies, personal loans to fund our ‘wants’ can be gradually brought under control. It’s important to accept the bad decision and try to work on it at the earliest.
Financial discipline:
Lord Rama is considered as ‘Maryadapurushottam’ – a man who was upright and responsible in life. One needs to understand the importance of financial discipline in a manner so that its application leads to the wellbeing of family members.
Like Lord Rama practiced frugality when it was required of him, we must learn to be on top of our personal budgets, be adequately insured and plan for financial goals like retirement, children’s education etc.
Protecting your financial well being:
Whenever there is evil ruling on earth, a savior will be born to protect humanity. This faith is reiterated during Dussehra festivities. People often fall for the best investment opportunity available; tips for earning maximum return but ignore perhaps the most important aspect of financial planning. The ill effects of not having or inadequate amount of life and health insurance can take us back by few years in terms of our financial lives. So if you are not adequately insured, Dussehra is a great time to reflect and start working towards it.
Dussehra is a joyous occasion and it’s time you also take charge of your finances while enjoying the festivities.
Reference : http://www.moneycontrol.com/
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