The festival of Dussehra signifies the victory of good over evil. Dussehra not only makes us remember that good will always triumph over evil, sooner or later, it also gives us many important lessons that we can implement in our financial life.?
Eager to know? On the occasion of Dussehra, let us understand how we can learn many investing lessons from the characters of the great epic Ramayana and implement them to grow our invested money:
Whether you invest in gold, stocks, mutual funds or any other asset class, you are mostly likely to face volatility, right? But that's what you need to tackle mindfully. the ups and downs in, for example,?the stock market, are like the rakshasas who create obstacles on the path to achieve the goal of high investment returns. So, you, just like Lord Ram, need to remain calm and composed during such difficult times in order to stay focused on your goal.
We all know that Lord Ram's younger brother Lakshman had drawn a line (Lakshman Rekha) and requested Goddess Sita not to cross that line at any cost to remain safe. But then Ravana lured her to cross the line and kidnapped her. Similarly, as an investor, you must avoid getting lured into investing in schemes or stocks that seem too good to be true or promise unusually high and hard-to-believe returns.?
You must also know your boundaries in terms of risk appetite and respect them. Always invest as per your risk appetite and investment horizon, and avoid not getting lured into the products where your knowledge or comfort level is on the lower side.
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As an investor, you shouldn't be like Kumbhakarna who was known for sleeping for not hours but in fact months. If you have already invested in some stocks or mutual fund schemes or in other asset classes, that is not the end of the task, Instead of sleeping with your portfolio, you should keep reviewing it from time to time. This would help you?weed out companies or mutual fund schemes which are not performing in line with your expectations and are hindering the achievement of your goals.?
After Lord Ram got to know that Ravana had kidnapped Sita, he was angered but he did not act on impulse. Instead, he planned out his strategy to proceed to Lanka and achieve his goal of rescuing his wife Sita. Similarly, as an investor, you must avoid taking impulsive actions or following the crowd, and focus on your strategy to achieve the set financial goal.
The festival of Dussehra marks the victory of good over evil. And one can not win such a war if they do not know what or who the evil is. In Ramayana, Lord Ram knew who had done wrong, what the evils were, and according to that he proceeded to destroy them all. Similarly, in your financial life, you must first understand what the evils are, such as credit card debts, reckless expenditure, trying to time the market always, booking losses, etc. These are the real enemies in our financial journey that you need to destroy in order to march towards the goal of wealth creation.
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