Indian epics reveal the secret formula to smart financial management
What's the story
Indian epics aren't just about heroic battles and divine interventions—they're also packed with life lessons, including on managing money!
Ever thought of the Mahabharata and Ramayana as your personal finance guide? These ancient texts hold golden advice for making smart financial choices. So, why not look to the wisdom of yore to secure your financial future?
Let's dive into how these age-old tales can offer us timeless tips for managing money in today's fast-paced world.
Tip 1
Embrace financial discipline
The Mahabharata highlights the significance of self-control and discipline, which are directly relevant to our financial habits.
For example, committing to save a fixed percentage of your income (let's say 20%) before spending it on anything else is a crucial financial discipline.
By doing so, you are ensuring that you are building your wealth consistently over time, and it also eliminates the temptation of making impulsive purchases.
Tip 2
The value of consultation
In the Ramayana, King Dasharatha never made any crucial decisions without consulting his council of eight wise advisors.
Likewise, it's crucial to seek professional advice or conduct comprehensive research before committing to significant financial decisions like investments or loans. Don't let your hard-earned money go to waste.
Smart decisions come from considering multiple perspectives and choosing the path that best aligns with your financial goals.
Tip 3
Diversify your investments
Arjuna's mastery over a diverse range of weapons highlights the importance of diversification.
Just as depending on a single weapon would be risky in battle, investing all your money in one type of asset class increases risk.
Diversifying investments across different asset classes (stocks, bonds, real estate) reduces risk and enhances potential returns over time.
Tip 4
Plan for the future
The game of dice in the Mahabharata highlights the dangers of failing to anticipate the future.
To prevent financial hardship, one should plan for unexpected occurrences by keeping an emergency fund of at least six months' expenses.
This fund serves as a financial buffer during unanticipated circumstances such as job loss or medical emergencies.
Tip 5
The importance of generosity
Both epics emphasize that giving is a virtue. By donating a portion of your income to charity, you not only help those in need but also experience a sense of purpose and fulfillment in your life.
Even if you set aside a minimum of ₹500 every month for donation, over time, it would make a huge difference, and you would create a lot of positive financial karma.