Justin and Ajay are very good friends since childhood. Ajay joined Justin every year on Christmas celebration and Justin would join Ajay in Dussehra and Diwali celebrations. Like every year on Dussehra, they both will be enjoying Garba that happens in their society to the fullest. However, like any curious being, Justin wants to know what kind of lessons one can learn from Dussehra and apply to today’s life. So he asked Ajay, “Ajay, like every layman, I just have a very basic knowledge of Dussehra. But can you tell me what kind of specific lessons can one learn from Dussehra and how can I apply it to my life so that it becomes even more fruitful? Ajay replied, “Justin, since you are a financial expert, let me explain it in a way you’d be able to understand better. In other words, let me explain how sound financial planning and Dussehra are connected.”
Let’s start with the 5 key financial lessons to learn from Dussehra:
- Destroy the evils on your wealth creation journey
The festival of Dussehra marks the victory of good over evil. During the Lanka war, Lord Rama and his army encountered various hardships to attain victory. Looking at the festival from a finance and investment perspective; the festival offers the vital lesson of riding away from all the causes that pose as a hurdle in our journey towards financial planning and wealth creation. Surmounting credit card debts, reckless expenditure, timing the market, booking losses amongst many other hurdles are the real enemies on our journey towards wealth creation.
- Live a disciplined life
The advocacy of ‘Dharma’ or righteousness by Lord Rama emphasised the significance of being upright, responsible and disciplined in life. While on exile or during the Lanka war, Lord Rama did not deter living a life of frugality. You too can learn to live in less than what you earn. By saving wisely, spending cautiously and investing smartly; you can apply financial discipline to cater to your current and future needs as well as your family’s needs. One way of inculcating and nurturing financial discipline within you is by firmly following a financial plan, avoiding binge-spending at all costs and investing in a regular pattern; possibly in ULIPs and Endowment Plans.
- Lead a life of patience and perseverance
When Ravana abducted Sita and the Lanka war broke out; Lord Rama fought the war with patience and perseverance and never thought of giving up or looking for shortcuts. In your life too, you may face financial hardships or you may find it difficult to avoid unnecessary expenditure. As an investor, you may get impatient while watching your money grow. The market ups and downs can test your patience to its extreme, forcing you to quit investing any further and derail you from achieving your financial goals. If you invest your money in Edelweiss Tokio Life – Wealth Plus and wait for it to grow, it will give you huge returns. Not just returns after maturity, it will also give you a life cover. Edelweiss Tokio Life Weath Plus provides you with a reliable investment + life cover + tax savings + Additional Allocations + Rising Star Benefit for your child. It is a Unit Linked Insurance Plan that takes care of the financial security of your family and also helps you to accumulate wealth.
- Protecting your finances
The festival of Dussehra symbolizes the faith in defeating all forms of evil to protect humanity on Earth. By protecting or securing your finances, the message is to create a financially sound future and shun all evils that can affect your financial well-being. You could protect your hard-earned money from draining by putting it to good use; in the form of investments or insurance plans. Also, maintaining a contingency fund that helps battle your emergency needs can also prevent you from using up your savings or taking loans.
- Cheers to new beginnings
The Lanka war of 14 days marked the defeat of evil and paved way to newer paths. Upon returning to Ayodhya with Lakshmana and Sita, Lord Rama was crowned as the King of Ayodhya and Vibhishana was crowned as the new king of Lanka. The events during the Lanka war and the subsequent victory of Lord Rama brought a new lease of life by starting afresh. Taking a cue from this; it’s never too late to tread on a path of financial freedom. You can start by chalking out a financial plan that suits you the best.
Justin is now fully aware of the story behind celebrating Dussehra and creating a financial portfolio.