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This Diwali, learn what Ramayana teaches you about financial planning

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Diwali is a festival of light, love, and joy. It denotes victory over darkness. On the day of Diwali, Lord Ram and Sita returned to Ayodhya after fourteen years of Vanvas. To celebrate their return, the people of Ayodhya lit diyas and that is why even today we witness the same ritual being followed across the nation. However, this is not the only connection of Ramayana with Diwali. Ramayana, one of the oldest Indian scriptures, also teaches valuable lessons on finances that can be used to improve financial planning and management to achieve long-term wealth creation.

Make financial discipline your Dharma: “Dharma”, meaning one has to be upright, responsible and disciplined in life. Lord Rama followed this principle of morality, which can also be applied to your financial planning and management. “You should save wisely, spend cautiously and invest smartly to lead a disciplined and prosperous life. It is essential to build an efficient financial plan that can ensure a surplus in income inflow amidst the outflow of expenses and repayments,” said Anup Bansal, chief business officer, Scripbox.

Build a Ram Setu of your finances: Small and steady steps can take you a long way. Building small but consistent financial habits form a solid bridge for financial well-being and wealth creation. Ram Setu wasn’t built overnight. Take small steps to achieve your financial goals, diversify your investments across asset classes, save and invest regularly, and take experts’ opinions. Bansal sais, “You can invest as small as you can (SIPs) and be consistent to benefit from compounding and create wealth. Remember that financial planning is a journey.”

Everything that shines is not gold: Maricha was Ravan’s maternal uncle who disguised himself as a golden deer for Ravan to abduct Sita. Enamoured by the deer’s appearance, Sita appealed to Rama to get her the deer. A takeaway from this point would be not to invest based on preconceived notions and lure. Investment plays a crucial role in planning finances and building wealth. Always keep in mind that not every investment opportunity is a golden deer. Think twice about your investment decisions, research well, and make prudent choices.

Create a Lakshman Rekha and protect your hard-earned money: Ramayana teaches you to draw your own “Lakshman Rekha” for managing your finances efficiently. Bansal said, “This Lakshman Rekha could be your budget; different asset allocation approaches such as 50:30:20 towards equity:debt:gold, help you stay consistent with your spending, savings, and investments. This takeaway is also crucial from the perspective of building your investment portfolio. It teaches you not to cross the risk tolerance level. You should take risks that you can afford and can align with your risk-to-reward ratio.”

Find your Vashisht – a financial advisor: The role of Vashisht Muni in Lord Ram’s life is instrumental. He guided Lord Ram in each stage of his life. There is no alternative to getting guidance and advice from a Guru or an expert. “In today’s time when everything is available online, you need appropriate guidance to know what way you should plan your finances and more importantly, keep them afloat. Expertise and experience are two irreplaceable things that make all the difference. Thus, seeking a financial advisor holds significance in reaching your goals and planning finance efficiently,” said Bansal.

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