Hindu mythology holds that Lord Ram murdered Ravan, who had kidnapped his wife Sitadevi, on the day of Dussehra. Throughout the nation, people celebrate this victory of good against evil. This holiday, also known as Vijayadashami, is celebrated on the tenth day of the month of Ashvin or Kartik in the Hindu calendar.
Dussehra is the ideal moment to purge all of our bad investment habits, ensure that we now have a clean slate, and begin our successful investing career. The Dussehra celebration symbolises the triumph of virtue over evil. The myths surrounding Dussehra instruct us to control our avarice and fight off negative thoughts that might endanger us in the long term. We frequently extrapolate aspects of our modern lives’ daily routines from our ancient epic sagas. This year, while you prepare for Dussehra puja, we have a tip for you! How about looking at your finances from a whole different angle? Here, we outline a few financial planning principles from the Ramayana that might be used to living a financially sound life.
1. Get rid of Financial Ills as you go toward Wealth Creation
Lord Rama and his troops battled valiantly to win the Lanka war by overcoming several obstacles. When seen from the perspectives of money and investments, the festival teaches a crucial lesson about banishing all the demons that stand in the way of financial planning and the pursuit of prosperity. The true obstacles on our path to wealth development include overcoming credit card debt, spending excessively, timing the market, and posting losses, among many other obstacles.
2. Leaving Money Uninvested or Selling during Market declines
Lord Ram was ready to do whatever it took to rescue Sitadevi when she was taken prisoner by Ravan in Lanka. He was patient but courageous. He never allowed fear overcome him despite everyone forewarning him of Ravan’s might. To get Sita back, he was committed, and he overcame every challenge in his path.
We must first identify our fears in order to work toward overcoming them in our daily lives. When it comes to investing, we should maintain balance and resist letting fear rule our decisions. When stocks are declining and the value of their portfolio falls, panic selling is frequently the initial response of the majority of individuals. Avoid making judgments as an investor out of fear, such as selling when the market declines. It should really be time to look for solid firms with lower valuations, sometimes known as bargains. Overcome your fear, and success will come.
3. Live a Disciplined Life
According to the definition of “Dharma,” which Lord Rama upheld, one must be morally upright, accountable, and disciplined. Our financial situation can be governed by the same moral framework. To maintain a disciplined financial life, we need to invest intelligently, spend sensibly, and save sensibly. It is important to develop excellent habits like adhering to a budget, paying bills and EMIs on time, and many other behaviours that have a significant impact on one’s overall financial health.
4. Trying to outperform the Markets
It was a huge mission for Lord Ram to defeat Ravan in order to save Sita, and if he hadn’t been composed and smart, he wouldn’t have been able to complete it. Lord Ram’s distinguishing quality has always been his perfect level of control over his sentiments and emotions.
The same strategy must be used when it comes to your finances. More often than not, hasty or panicked judgments will hurt than assist your money. You will be able to make the finest financial judgments if you base them only on logic and reason.
5. A Life of Patience and Perseverance
Lord Rama endured his 14-year exile in the forests with Lakshmana and Sita; he kept his calm. Lord Rama battled with patience and tenacity during the Lankan war, never giving up or taking the easy way out. These two stories from the Ramayana emphasise the value of having patience and persistence throughout the most trying circumstances. Regardless of market highs and lows, as an investor you should have the patience to wait for things to start operating in accordance with your financial objectives.
6. Protect your hard earned Money
The festival of Dussehra instructs us to create our own “Lakshman Rekha” in order to protect our finances. Avoiding all vices that have a bad effect on your financial stability is essential to protecting your money. You may always safeguard your cash by choosing to invest wisely to save on taxes or to insure for the appropriate coverage to protect your family, just like Lakshman Rekha did for Sita. Keep an eye on your credit ratings when you do so since they might present a picture of your finances that is either good or bad. There is no better time than Dussehra to use CRIF’s free once-per-year credit score checker.
7. Eliminate the Evils That Affect Our Wealth Creation
During Dussehra, “The Victory of Good Over Evil” is celebrated. Throughout the fight with Ravana, Bhagwan Ram, his disciple Hanuman Ji, and his entire Wanar (Monkey) army encountered unheard-of challenges. Similar to how we are always confused by our own problems when we attempt to make financial plans.
The Dussehra holiday, on the other hand, imparts to us the crucial lesson of eradicating any problems that can stand in the way of our wealth generation and financial planning endeavours. It should be possible for us to pay off our credit card debt, rein in spending that is careless, monitor the thriving market, and make plans to turn unprofitable routes into profitable ones. These will undoubtedly be the biggest challenges we face on the path to wealth creation if we don’t have a strong commitment to doing so.
8. Start again with a Clean Slate
The 14-day conflict in Lanka symbolised good’s victory over evil and opened the way for innovative directions. Making some pertinent and wise judgments can help you undo the poor financial mistakes you’ve made in the past and streamline your financial situation for improved money management. Your credit score has to be improved as soon as possible because it might have a big impact on your decisions. Keep in mind to verify your credit rating with CRIF, one of the most reputable credit bureaus that helps you to maintain accurate financial records.