As autumn approaches, an air of festivity abounds us in a warm, comforting embrace. The humdrum in the market, the circling of festival dates on the calendar, and the fervour that marks the planning and preparations for the upcoming festivities add to the ambiance.
This year, the festive season has a special significance – given the two years of uncertainty that prevailed over the Covid pandemic. Navratri 2022 will be the new beginning after a prolonged period of uncertainty, fear, and distress. And any conversation about a new beginning and our collective ability to bounce back from exigencies is incomplete without pondering over our relationship with money.
Incidentally, every year, the first Wednesday of October is observed as World Financial Planning Day to raise awareness about the importance of financial planning. Closer home, the Securities Exchange Board of India (Sebi) in association with The International Organisation of Securities Commissions (IOSCO) has announced its sixth annual World Investor Week (WIW) in India from October 10-16, 2022. This will be based on two themes – investor resilience, and sustainable finance.
Here’s what we should all strive for this festive season to enrich our wealth-creation journey.
Goddess Saraswati And The Astras Of Knowledge And Self-Awareness
The first three days of Navratri can be devoted to get an understanding of the values embodied by Goddess Saraswati, the goddess of learning. She reminds us that learning should never cease. Building basic knowledge in matters of financial literacy, understanding the workings of different financial products, and developing the skills to gauge how external factors impact finances are vital for sound financial health. This should be accompanied by a keen introspection about one’s own financial goals and capabilities (net worth). Self-awareness works in tandem with knowledge enhancement for a secure financial future.
Goddess Lakshmi And Wealth
Goddess Lakshmi signifies wealth and prosperity – both in material and spiritual terms. She is believed to be the divine power who transforms dreams into reality. To be precise, wealth is not just about money or material well-being. In the next three days of Navratri, we should strive to incorporate the virtues that Goddess Lakshmi embodies, in our financial paths, the foremost one being to develop an understanding of how money works. Keeping our finances organised, paying high-cost debts promptly, and maintaining financial discipline by automating savings are the cardinal rules one should follow to ensure that our finances run like a well-oiled machine in the long run with minimal glitches.
Empowering Finances By Following Goddess Durga’s Path
Goddess Durga signifies the unconquerable force that we call Shakti or Devi. She is also regarded as the protective Mother Goddess. As we celebrate Goddess Durga in all her glory this Navartri, we should strive to bring resilience and strength into our finances that has the ability to withstand unforeseen circumstances.
As a first step, we can channel our savings into proper investment avenues based on our goals and risk appetite. The next step could entail creating a cocoon through adequate health and life insurance coverage that shields our family from emergencies. Putting adequate emphasis on tax-saving for wealth creation is also an important aspect of strengthening finances. Lastly, we should develop the foresight to prepare a roadmap for our retirement years.
On the final day of the festival, when Dussehra is celebrated to mark the victory of good over evil, we should pledge to let go of unhealthy financial habits and steer towards an enlightened path where we value money and keep working to make it grow by dutifully saving and investing. In fact, Dhanteras, the festival that comes right after Dusshera gives us the chance to sow the seeds of wealth creation and put our learnings from Navratri into action – Dhanteras is considered the most auspicious occasion to buy gold and other assets. It paves the way for Diwali, the festival of lights when we all seek blessings from the divine to embark and trust the magic of new beginnings with renewed hope for a brighter future.
This festive season, let financial planning be the path to prosperity and mutual funds be the instruments to create wealth.
K S Rao, Head - Investor Education & Distribution Development, Aditya Birla Sun Life Asset Management Company Ltd
Disclaimer
“Mutual funds are subject to market risks. Read all scheme-related documents carefully.”