Dussehra or Navratri is all set to arrive in 2014. The date is 3rd October. Celebrations have already started. The name Dussehra is derived from Sanskrit. Dasha means Sun and Hara means defeat. Hence, the word implies ‘Sun will not Rise’, signifying the victory of Lord Rama over a demon called Ravana. It is also the time when Goddess Durga fought for 9 days and 10 nights over the demon Mahishasur and won on the 10th day. Due to this, it is also called as Vijaya Dashami. Whatever be the name, this is a major festival in India.
Apart from different poojas, celebrations are galore in this festival throughout the country. Ramlila, Dandiya, Bathukamma, Bommala Koluvu, etc are various ways to celebrate the festival of victory in various parts of the country. Dussehra also teaches us a lot of things that we should be doing to improve our financial life. Here are there things that we can learn from it:
1) Fight of Good over Evil
As already said above, this festival is considered as the defeat of evil by good. It is a great time to weed out bad products from your portfolio. If you have started investing in financial products few years back, you must have chosen multiple products that might or might not fit your risk appetite, tenure of goal, etc. Dussehra could be a great time to make a list of all your investments and also check the performance of these products till date. I am sure not all of these would be rocking. Some of them may have also eaten up the returns generated by other performing ones. Life Insurance could be one such product. Traditional, Whole life, Money back, ULIPs have failed miserably in the past decade. Look into the surrender charges if you hold any of these policies and if possible, get rid of them. You must also have invested in some random stocks/mutual funds upon the advice of your friends, neighbours, etc. Weed them out if there are fundamental reasons for the drop in performance of them. By doing these, your portfolio will look fresh and you can start again.
2) Auspicious period to buy something
Dussehra is considered to be an auspicious time to buy vehicles, property, etc. It is also a time when there lots of offers running across products. If you are planning to buy something in the near future, why not do it now? You have to chance to grab great deals. Be it Online or Offline, just do a search for deals on your favourite products. It could save you a ton, which can be used effectively somewhere else.
3) Good time to start learning
The day of Dussehra is also called as ‘Vidyarambham’ in the states of Kerala and Karnataka. Vidya means education and Aarambham means beginning. So, this means beginning of education for children. Children are introduced to various forms of art, music along with basics of education. If children can start learning something, why can’t we? It is a wonderful time to start learning financial education. Many of our investments are done randomly. Advice we receive is also not from financial experts. Do it yourself is the best thing to do in personal finance. You are the best person to decide your risk appetite, goals, amount to be invested, etc. You only need two knowledge and time to be an expert in personal finance.
We wish all our readers a great Dussehra. We hope this festival brings you wealth and prosperity in your lives.