Ram Navami: Lessons to learn from Lord Ram's life for financial planning in these tough times
Lord Rama was known for his patience and systematic planning. These attributes when put into money management can do wonders
You have to get your own magic potion
Nobody will be that knight in the shining armour for you. You have to get your own magic potion and that would be health insurance. It will help you cover any health contingency that may come your way. With Covid-19 spreading like termite in India, health insurance has become all the more important. It will help you cover all the expenses of your treatment, from ambulance services to an operation. Health insurance is pre-requisite to financial planning these days.
Plan your emergency fund for exile
As Lord Rama was preparing for his Rajtilak, he had no idea that life had planned something else for him. He had to go on an exile of 14 years before he could sit on that throne. But he did not panic and completed his exile with patience and planning. For unforeseen situations like these one must always have an emergency fund handy. People lost their jobs and life savings during this pandemic, Emergency fund would help people sail through during tough times.
Draw a line of discipline
Discipline a key attribute to learn from Lord Rama. Just like his brother drew a line (Lakshmana Rekha) to protect his sister-in-law, we must also draw a budget to get financial stability. We should know how much expenses should be incurred during a specific time and how much savings must be done. If we fail to adhere to our budget and cross the line we might drown in financial debt during difficult times.
Patience and moderation will help you win
During his exile Lord Rama went through many hardships, but he did not lose hope and kept his patience. His patience and planning helped in saving Goddess Sita from Raavan. Just like that one should not lose patience during his financial planning. Keeping your calm will help you to manage your finances in adverse situations. You must lay out a proper plan for your expenses, savings and investments.
Plan your financial portfolio
Lord Rama’s life also teaches us some specifics of investment planning. Do you remember when Goddess Sita asked Lord Rama to catch a deer for her and when he didn’t come back in time she got worried and sent Lord Lakshman behind him and got kidnapped by Raavan? Well that is the learning here. Diversify your portfolio by doing some research. Investing in only one commodity might now get you high returns.