inancial Lessons to be learned during Diwali
Diwali, one of India’s most well-known festival , honors the victory of light over darkness. The five-day festival of lights serves as a reminder to safeguard cash, banish ignorance’s gloom, and improve fortunes through prudent money management.
The festival of lights not only brings us joy and optimism, but it also teaches us valuable lessons in financial planning and investment. So, there are many important lessons one can learned from Diwali
Here we discuss ,what lessons does each day of the celebration give, then ?
Day 1 : Dhanteras (Day of Fortune) – Future planning
The first day of Diwali ie Dhanteras is a symbol of yearly renewal, purification, and an auspicious beginning. Planning for the future is advantageous, as good fortune is what when opportunity meets with planning That’s why everyone should do Future planning by assessing their financial situation, breaking negative financial habits, and making investments. Better profits come from making early and wise investments.
Day 2: Naraka Chaturdashi (Day of Knowledge) –Goal-Based Investments
The second day’s rituals are intended to free any spirits from their torment in Naraka, or hell, as well as serve as a reminder of spiritual good fortune. And all these things happen with the help of knowledge. Similarly, in order to avoid falling into a pit of bad investments, one must base their investments on clear objectives.
The modifications in the financial plan should be taken into account by goal-based investment, which also aids in maximizing returns. To achieve goals, one should begin investing early.
Day 3: Diwali (Day of Light) – Add diversity to your investment portfolio
Lakshmi puja, the final day of the Hindu year, rituals are performed throughout India in honor of Lakshmi, the goddess of wealth, to welcome her into their clean homes and wish her a prosperous and happy new year. It’s a day filled with diversity in everything, from gifts to refreshments to firecrackers. In a similar way, it’s important to choose the correct combination of investment solution . As Risk is decreased with a diverse portfolio. So one should have diversity in their portfolio to bring more wealth n prosperity in their lives.
Day 4: Annakut, Padwa, and Govardhan puja (New Year’s Eve) – A cleaner portfolio
The first day of the lunar calendar’s light fortnight is the day after Diwali regarded as the start of the New Year and celebrated by buying essentials & discarding the things that no longer served the purpose. So it means starting fresh. Applying a similar strategy on the financial front, one must periodically check their investment portfolio. Make sure that the current investments are in line with the desired outcomes ie goals & objectives. If not then replace underperforming investments with better alternatives.
Day 5: Bhai Duj/Bhau-beej (Day of Love amongst Siblings) – Show protection and love
On the final day of Diwali, Siblings exchange gifts to show respect and provide protection. So the most essential aspect is protection.
In order to receive protection in life one must conduct risk management in Insurance related matters. Frequent blunders made by people while taking insurance plan is making hasty decisions of investing less or more than necessary. To meet the requirements of our loved ones, one must have sufficient & suitable insurance coverage.
Conclusion:
Diwali is a celebration of light. This festival not only spread light in the outer world but also in one’s life when one learned to take control of their financial situation. It teaches us various money management lessons which we should apply in real life to attain financial independence So It’s time to get an auspicious start, make investment plans, and enjoy a financially sound Diwali !!!