As soon as the lockdown was imposed across the nation, the Government gave a nod to Doordarshan to telecast Ramayan, and nostalgia was in the air. Times changed, generations changed, lifestyle changed, but, the love for Ramayan is unchanged. Regardless of the social status, Ramayana continues to be the show that unites families. Statistics reveal that Ramayana has been one of the most popular serials during the lockdown period.
Times are tough and there are a lot of uncertainties pertaining to the economy. What will happen in the coming 6 months? Is this the worst financial phase for our country? What would be the negative consequences of this lockdown? While the results are inevitable, here are some financial lessons we all can learn from our favorite mythology serial:
Clearly Define Your Budget
Ramayan gives us a message to always build a “Lakshman Rekha” and be aware of our limits. It teaches us to always build a budget and strictly adhere to it. No matter how much you earn, you should always keep track of your expenses. Lakshman Rekha was drawn with an aim to protect Sita, but Sita defied the Lakshaman Rekha and hence she had to face the consequences. Securing your family’s future is the most important goal, and therefore it is imperative to have an insurance policy in place. The risk of not having a life insurance cover can be lethal if something happens to the bread earner of the family.
Start Afresh
The war in Ramayana defeated the evil and paved the way to newer paths. Similarly, we will emerge victorious in our war against the Corona pandemic, and the times ahead will lead to redevelopment. This is the time to introspect and reflect on your finances. This is an opportunity to undo past mistakes and make good decisions for a secure financial future ahead. Try to get rid of all the debts, check your CIBIL score and pay off all your credit card bills on time. Start afresh and get ready to fulfill your new financial goals, believe in the power of new beginnings!
Better Prepare than Repent
After Sita was kidnapped by Ravana, Ram did not criticize Lakshman, rather he began to find solutions. We all make financial mistakes in life by investing money in a wrong fund or incurring humongous losses in stock markets. Rather than repenting over it, it is important to alleviate the situation and find solutions. Regardless of the lows in the market, an investor should be patient enough to sail through the storm and never drift away from his/her financial goals. Diversification of your investments can be a solution to alleviate the damage.
Discipline is Everything
Throughout his life. Lord Rama never compromised on dharma, as a son, husband, brother, and king, he was an epitome of discipline and righteousness. Ramayan teaches us to be disciplined in managing our finances. Surmounting credit cards, availing trivial loans, reckless spending are some of our obstacles in the path of wealth creation. It is essential to follow strict discipline and regularly invest money to lead a hassle-free financial life. You can leverage mutual funds, stock markets, and fixed deposits to invest your money and fulfill financial goals.
Let us pledge to become a nation known for its financial intelligence rather than the one full of close-fisted savers. Enjoy the Ramayana and pray to God to give us the strength to overcome this phase. Stay Home, Stay Safe, Stay Invested!