Unlock financial wisdom through Lord Ganesha's lessons
3 min read
Sep 20, 2023
The joyous celebration of Ganesh Chaturthi is not just a spiritual affair; it also brings along life lessons that resonate on multiple levels, including your financial life. Why not learn a few pointers on securing your financial future from none other than Lord Ganesha himself?
Let us delve into eight indispensable lessons that Lord Ganesha teaches us, and how these lessons can be applied to improve your financial health.
Breaking barriers: Digital empowerment
Lord Ganesha is known for overcoming obstacles. In today's fast-paced world, you can overcome financial barriers by embracing digital tools. For instance, the convenience of online Savings Account opening lets you start your savings journey from the comfort of your home. This enables you to make online investments in various financial products. Choose digital, choose convenience.
Big ears, better listening: Understand various financial products
Ganesha's large ears signify listening intently. While there's a plethora of information available, what matters is how you utilise it for your financial planning. Whether it's contemplating a home loan, personal loan, credit card expenditures, or investment decisions, understand their nuances and their effectiveness in your financial well-being. Evaluate them based on cost and potential returns using online calculators. It's not just about gathering data but making wise decisions based on your financial objectives.
Trunk's versatility: Flexibility in financial planning
The trunk of Ganesha can hold, push, or pick, representing adaptability. Similarly, your investment strategy should be adaptable too. Maintain a diversified investment portfolio that includes an array of financial instruments like savings accounts, fixed deposits, small saving schemes (PPF, NSC, etc.), stocks, mutual funds, and NPS, among others. Aim to dynamically adjust your investments based on your financial goals and risk appetite, creating a harmonious blend of liquidity, stability, and growth.
Sweet tooth, wise choice: Prudent use of loans and credit cards
Lord Ganesha's love for 'modak' reminds us to make choices that bring sweetness into our lives. Availing loans at favorable interest rates can efficiently aid you in achieving goals like buying a home or purchasing a car. Likewise, using credit cards judiciously can yield additional benefits such as discounts, reward points, cashback, and travel miles, depending on their type.
Small eyes, sharp focus: Prioritise savings and focus on your goals
While Ganesha's eyes are small, they see everything. Similarly, keep a keen eye on your finances. Prioritising regular contributions through recurring deposits and SIPs in mutual funds can make a significant difference in the long run. Initiate your financial journey with well-defined goals, whether it's buying a house, saving for kids’ education, or planning for retirement, as clear objectives serve as guiding lights for your investment decisions.
Broad head: Think big, start small
Ganesha’s broad head symbolises thinking big. When it comes to savings, even starting with a small amount can lead to significant accumulation. By regularly investing small sums through SIPs in mutual funds or contributing to schemes like the National Pension Scheme (NPS) or PPF, you can work toward achieving long-term goals such as saving for retirement.
[Also Read: Celebrate Ganesh Chaturthi in your new home]
Large stomach: Absorb life's shocks
Life can throw unexpected financial challenges at you. It's wise to keep an emergency fund to handle the curveballs life can throw at you. There is no better way to start an emergency fund than with a Savings Account or liquid mutual funds.
One tusk, retain the good: Spend wisely
Ganesha’s single tusk teaches us to retain the good and discard the bad. Be discerning with your expenditures, ensuring you spend wisely and save diligently.
Conclusion
Embracing the lessons from Lord Ganesha can offer a fresh perspective on financial planning. In essence, Lord Ganesha's teachings aren't just spiritual but practical, especially in the realm of personal finance. As you celebrate Ganesh Chaturthi, consider adopting these financial lessons and embark on a journey toward financial well-being and prosperity.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
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