Ganesh Chaturthi is the most celebrated festival and Lord Ganesha is the most worshipped deity. The festival cuts across all age and income groups. Similarly, investment and financial planning should encompass all age and income groups. It is essential to plan your financial goals to fulfill your dreams from childhood to retirement. This Ganesh Chaturthi, start your celebrations with wise investment decisions and ensure that you stay invested. Investment planning and meeting your financial goals is as important as offering ‘Moti chur’ and ‘Modaks’ to Lord Ganesha. Let us get some wisdom in personal finance and let Lord Ganesha remove any obstacles that come your way. Here are the 5 inspirations we must take from the ‘Lord of knowledge’ and begin your financial investment journey.
1) Implementation: Lord Ganesha symbolizes the beginning. There can be no better time to start implementing your financial plans. This Ganesh Chaturthi, leave all your worries to the lord and start investing.
The quantum is not important, but you must inculcate the habit of savings. You can make a beginning with a recurring deposit or Simple Investment Plan (SIP) or even a public provident fund account.
2) Intelligence: Lord Ganesha is considered among the most intelligent deity and hence no student goes to examination without worshipping the lord.
Choosing the correct investment option requires intelligence, as only the investor knows his or her objective better than anyone. Therefore, focus on your financial goals and make your decisions accordingly. There are numerous investment opportunities available, each one of them possess advantages and disadvantages, therefore evaluating all the options and choosing the one which perfectly aligns with your financial objectives is important. Like the small eyes of the lord which see every detail, your investment decisions should be inspired by clear vision and focus.
3)Longevity: Any investment requires patience to see it grow and become wealth. This requires sustained investment for long tenures, just like the long trunk of lord Ganesha.
Debt or money market instruments are less volatile; however without the assistance of equity backed instruments they cannot build wealth. Thus volatility cannot be dodged entirely, but it running away from it is not the solution, because it also brings returns. Therefore, during the investment period, one must not be scared of the temporary evil of market fluctuations, and instead wait for the dark clouds to clear. The best thing to do in the times of slowdown in not to panic, but stay invested.
4)Strength: Lord Ganesha possesses mammoth tusks which symbolizes strength required to eliminate the evils.
Similar strength is required when it comes to avoiding impulsive buying and wise spending. Today’s generation believes in spending first and saving later. This could put them in a spot of bother in later stages of their lives. Each individual should possess the mental strength to avoid unnecessary expenditure and spend money wisely.
Any decision taken under the influence of emotion may lead to discomfort later.
5)Adaptability: Most often than not, each of our investment decisions are self-made. However, advices or suggestions can do no harm. Whenever we make any investment decision we utilize our own knowledge and beliefs and act on it. By doing this, we may miss out on some important information and knowledge. Hence, like the big ears of Lord Ganesha, always keep years open for information and acceptance. Rigidity in investment can be dangerous, whereas adaptability can be a shrewd tool to exploit the best returns.
There are various platforms where plethora of information is available, through which we can educate ourselves and correct or improve our decisions. Segregate your financial goals according to short, medium and long-term objectives.
But always remember to make small but regular investments. Remember that your important objective in life should be to achieve long-term financial goals and not short-term vision. The markets always rewards the brave, those who have patince.
Here’s wishing you Happy Ganesh Chaturthi and a happy prosperous investments. (The author is head of Money Mantra, a Mumbai-based financial advisory firm. He can be reached at email@example.com)