Garba-dandiya, Ghatstapna, and Durga Puja are the first things that come to mind when we think of ‘Navratri’. The term navratri means nine nights, ‘nava‘ meaning nine and ‘Ratri‘ meaning night.
Based on the Ramayana or the Devi Mahatmya narratives, it is a representation of Durga’s nine-day and night combat with a demonic opponent and the triumph of Good over Evil.
While fighting the demon Mahishasura, who was granted the boon that he could not be killed by any man or male god, Goddess Durga took nine different forms, and each day of the festival celebration is dedicated to honoring them, along with wisdom and prosperity honoring Goddess Saraswati and Goddess Lakshmi.
What worthwhile financial lessons can be taken from a celebration with such a rich cultural festival as Navratri?
1) Enforce discipline
Some individuals consider fast and sobriety in a disciplined manner during the festival to represent the cleansing process. In the same way, discipline is necessary for effective personal financial management if you want to maintain your financial stability.
It’s important to handle your own money wisely and with sufficient care. Therefore, create a budget so you may save money and invest it wisely to pay for your retirement, your perfect house, your marriage, your kid’s higher studies, and their marriages.
2) Set W.I.S.E Financial Goals
The goddess Durga’s first avatar is Shailputri, which stands for commitment, tenacity, and spiritual enlightenment. Your financial situation will be made more beneficial as a result of this avatar, including your income, expenses, and short-, medium-, and long-term financial goals.
You may begin by evaluating your monthly cash flows for finances. It is simpler to comprehend your income, expenses, and savings. Keep in mind that creating a budget assists you to invest properly and save frequently. When choosing how much money to save and how much to spend, it’s crucial to have a financial objective in mind. Setting W.I.S.E financial goals and carrying out a plan to achieve them is the next step. Let your money do the hard-work for you!
3) Invest and save money responsibly
A good approach in investing is to choose the right option, that is, to limit your spending. Eliminate your excessive spending tendencies, just as Navratri represents the victory of virtue over evil. You should stop making impulsive purchases in order to stop making poor financial decisions and prevent getting into debt.
Therefore, just as you organize your home around the holidays to make it look tidy, make it a point to actively repay and clear your debt over time. Instead, direct your mind to make wise investments from your funds using a carefully crafted investment portfolio.
4) To become financially independent, diversify your investments
Like the saying “Don’t put all your eggs in the same basket” don’t put all of your resources at risk depending on the success or failure of one investment. Investors should diversify their portfolios rather than putting all their eggs in one basket.
Different investment classifications have unique characteristics that assist in keeping the desired level of balance in the portfolio. Although equity can surpass inflation and provide high returns over a longer time horizon.
Follow a smart investment strategy to safeguard your portfolio from market volatility and help it grow at an appealing rate of return. Keep in mind that a strategic portfolio is constructed taking into account your financial situation, investment risk profile, and diversification.
5) Always keep your eyes on the goal of wealth creation
It is crucial for your future financial well-being that you maintain your concentration on your goal-based financial strategy, just as the Goddess Durga did when she killed the demon for the benefit of all humanity.
Being patient and maintaining concentration is essential when
investing in financial goals. “To lose patience is to lose the
battle.” – Mahatma Gandhi
Therefore, you need not worry if you have cautiously participated in investment planning to create a strong investment portfolio of reliable assets.
6) Observe And Adapt
Now everyone’s favorite “Garba”. During Navratri, the “Garba” dance, which is performed in a circle, symbolizes joy and self-realization. In a similar manner, reviewing your investments on a frequent basis will help you stay on track as you work to build wealth and meet your financial objectives.
In order to replace the bad investments in your portfolio with new ones that might help you reach your goals more quickly and ensure that performance is consistent with the deadline for achieving your goals, you should periodically examine and monitor your investment portfolio.
7) Effectively Protect Yourself
During Navratri, you focus on the divine force of the deity when you light a lamp to perform puja to the Goddess. In the same spirit, you should emphasize your inner strength and adequately secure yourself against risk. Insurance is used to reduce the likelihood of an adverse event.
Quoting Gorden B Hickley “Everyone who owns a home recognizes the need for fire insurance. We hope and pray that there will never be a fire. Nevertheless, we pay for insurance to cover such a catastrophe, should it occur. We ought to do the same with reference to family welfare”.
Therefore, make sure you get the best possible life and health
insurance. Additionally, keep your insurance and investment demands apart as much as you can. Consider a term plan for life insurance, and because medical inflation is growing, you will need secured insurance with respectable features for health insurance.
8) Preparation for the unknown
The Goddess appears in every one of her incarnations bearing a
variety of weapons in readiness for battle. In the same way, you
should be ready for any unpleasant surprises or other crises that can occur in life. These can include sudden increases in your child’s school costs, sickness, job loss, etc. That is why Investment is so important. Investments are to your
money what exercise is to your body, both provide long-term fitness, discipline, and endurance. Simply put, investing is the process of setting aside money to put into a financial product in the hopes that it will grow and earn income over time.
9) Ask for assistance while seeking knowledge
Mantras are chanted or pujas performed during this period, and sacred texts and religious scriptures are consulted. Similarly, increase your knowledge of investing by reading, researching, and further learning so that you may decide on investments more wisely.
When unsure how to approach investing, you should seek advice from financial specialists. Just as we occasionally consult a Pundit to advise us in performing a puja. A knowledgeable financial planner will support you in your financial decision-making process by offering unbiased, ethical, and research-based solutions and guidance.
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The 10th Day, also known as Dussehra or Vijayadashmi, is one of the most auspicious days since it represents the abolition of evil and the commencement of good. You put an end to your unhealthy financial habits this year and start a journey with the discipline and a positive mindset that will improve your financial destiny with iCreditSpace.
All you need is to get in touch, your future self will thank the present you for this decision.
We at iCreditSpace wish you a Happy Navratri! May the goddess shower you with a lot of blessings and good health and wealth, May you enjoy every bit of this festival.