Vijayadashami, or Dussehra, is celebrated after the nine auspicious days of Navratri. The festival is backed by different mythological stories. Some believe it was the day Lord Ram killed Ravana, the ten-headed demon king. Others believe Goddess Durga killed the demon Mahishasura. Irrespective of the legend you may have grown up listening to, the essence of the festival remains the same – overcoming evil.
This Dussehra, you can reflect on your financial habits and vanquish the bad ones.
Here are some habits that you could eliminate!
- Investing without a goal:
Lord Ram's vision, purpose, and conviction led him to win the war against the powerful Ravana. Having a purpose is essential. It guides and steers you in the right direction. Instead of investing without an objective, try to identify and evaluate your goals. This can help you select suitable investments and strategies to fuel your dreams.
- Ignoring future financial security:
The tale of Ramayana is a classic example of the unpredictability of life. Two princes and one princess born to luxury were sent to live a modest life in the forest for 14 years. Life can throw curveballs at you when you least expect it. A market downturn, an investment or business failure, or miscalculated investment decisions can lead to unprecedented circumstances. Therefore, it is crucial to prepare for the worst with adequate emergency funds and insurance. Life, health, and liability insurance are essential, and so are insurance plans for asset protection. Make sure you think about the future and safeguard it financially with the right financial tools and savings.
- Being guilty of unplanned/unnecessary spending:
Even princes like Lord Ram and Lakshman and a Princess like Goddess Sita embraced frugality with utmost grace when they were in exile. It is believed that the trio lived a humble life in the forest. Frugality can be a vital characteristic in finance. However, the idea is not to live a less comfortable life or to compromise but to adopt mindful spending habits. Try to spot the essential expenses from the non-essential ones, and instead of collecting liabilities, collect assets that can further add value to your life.
- Not taking professional help:
Lord Ram could not have completed his pledge of rescuing Goddess Sita without help from Sugriva, Jatayu, Lord Hanuman and his vanar sena (monkey army), and many others. Even the most powerful people may require assistance and support in their quest. You can do the same by hiring a wealth manager. Money management, investment planning, tax planning, and other aspects of financial planning can be complex. Committing errors can stall your progress and affect your financial and mental health. However, getting a professional perspective can help you create the right strategies, mitigate risk, and move toward your goals without unwanted delays or diversions.
- Making decisions without involving your family members:
King Dasharatha sent Lord Ram to exile on the insistence of his wife, Kaikeyi. The decision was made without regard to Lord Ram's or his wife's wellbeing. Making financial decisions for people in your family without their input or interests can be harmful in the long run. Take the case of business succession. Talk to your children about their goals instead of assuming they will take on the reins of your business. Leaving a business to an unwilling next generation could lead to undesirable results.
- Not being patient:
It took Lord Ram and his army a long time to reach Lanka and rescue Goddess Sita. While his agony as a husband can be well-understood, his patience is also to be appreciated. Instead of making rash decisions, he planned and adopted a dependable strategy to get to his wife. You can do the same when investing. Instead of being impatient and making impulsive decisions, try to keep a long-term approach. Patience is essential in investing as long as you stay focused on your goals.
Dussehra can be more than a day of festivities. Use it as an opportunity to retrospect and streamline your financial journey to overcome any impediments to wealth creation.