Dussehra is always marked by vibrant celebrations, the warm embrace of loved ones, and a reflection upon the age-old tales of victory and valour. At the heart of these celebrations lies the Ramayana, an epic narrative that has inspired generations, not just with its moral and ethical teachings but with hidden lessons in every facet of life, including financial wisdom.
While the Ramayana beautifully paints the journey of Lord Rama, it also subtly provides invaluable insights into managing wealth, resources, and planning for the future. As we immerse ourselves in the spirit of Dussehra, let’s delve into the financial teachings of this epic and discover how its ancient wisdom can guide our modern financial journeys.
Here are six financial teachings we can derive from the Ramayana this Dussehra.
1. Begin with prudent planning
Much like Lord Rama's meticulous strategy to build the bridge to Lanka or his alliance with the Vanara (monkey) army, you need a robust plan for your finances. Understand where your money comes from and where it goes. Ensure you have a clear budget and diligently track your expenses.
2. The significance of insurance
When Lord Rama went to the forest, he left his kingdom in the capable hands of his brother, Bharata. This can be likened to having insurance. Protecting your loved ones and assets with insurance ensures that they remain secure even in your absence. Choosing the right protection offers peace of mind and financial safety. This could be a safety-net for your family in your absence by way of life insurance, adequate funds for your medical expenses by way of health insurance or protection for your assets by way of motor or home insurance. Choose the right policy for your needs and enjoy a life free from financial stress.
3. Harnessing patience for financial growth
The epic journey of Lord Rama isn't just a story of endurance but a lesson in embracing patience, highlighting that significant returns require time. This principle is a cornerstone in the realm of financial growth, particularly in long-term investments.
Whether it's equity investments or fixed-income securities, substantial returns aren't immediate but are the result of a disciplined approach and the wisdom to allow investments to mature over time.
4. Diversify your assets
Just as Lord Rama sought assistance from various sources – the Vanara army, the bear army, and the aquatic creatures – it's crucial for you to diversify your investments. Spreading your money across different asset classes minimises risks and can offer better returns. Keep in mind your risk profile and the time for the goal when choosing the asset class to invest in and deciding how much to invest in each asset class. If your risk profile is high or if your goals are long term, you can invest a higher proportion of your funds in riskier assets such as equity and equity related instruments. On the other hand, if you are risk-averse or conservative investor, or if your goal is a short term one, it is preferable to invest in safer assets such as fixed deposits and debt mutual funds.
5. Importance of good counsel
Lord Rama had the wise counsel of Hanuman, Lakshmana, and others. Having trustworthy advisors or mentors can guide you in your financial journey, helping you make informed decisions. Whether it's money management, investment choices, or insurance queries, professional advice can be invaluable.
6. Avoid impulsive decisions
The abduction of Sita happened in a moment of impulsiveness. While the consequences in our financial world might not be as dire, impulsive spending or investment decisions can lead to regret later on. It's essential to weigh the pros and cons, conduct thorough research, and then act.
Conclusion
The Ramayana offers lessons that apply to various aspects of life, including finances, beyond being just a tale of valour and righteousness. This Dussehra, while we celebrate and remember the epic's teachings, let's also imbibe its financial wisdom. As you plan your financial journey, remember that tools and products, like those from Axis Bank, can assist you every step of the way.
Understanding your financial needs and aligning them with suitable products, like those offered by Axis Bank, can pave the way for a secure and prosperous future.
[Also Read: How Buddism can guide you to financial nirvana]
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
