Dussehra 2023: Six key money lessons one can learn from the festival
On the auspicious occasion of Dussehra, many of us are starting new ventures, making new investments, buying new vehicles or bringing home some gold. While the festival is considered auspicious for all the things mentioned above, it also teaches us some crucial money lessons which are as follows:
Victory of right over wrong: The festival is the symbol of victory of good over evil. In the parlance of finance, investing money in stable stocks and indices can be equated with being ‘right’.
In order to earn quick money, some investors are tempted to invest in the stocks of poorly managed companies or extremely volatile financial instruments such as NFTs.
So, we can draw a lessons that it is advisable to choose stability over quick returns.
Strategy and planning: The victory of Lord Rama over Ravana could be possible because of the right strategy and planning. A haphazard made plan usually falters unlike the one efficiently executed by the King of Ayodhya.
Likewise, in the world of investments, it is vital to make a proper strategy before starting to invest and curating a well-rounded portfolio.
End of arrogance: The defeat of powerful Ravana, among other reasons, is often attributed to his arrogance. So is the case with money management.
An investor is supposed to be knowledgeable but humble at the same time. When their judgement is clouded by arrogance, they are likely to take wrong decisions and lose money.
Persistence and patience are virtues: Winning over Lanka required a long-drawn planning and patience by Lord Rama and his acolytes. The battle took a long time before it could be won. Likewise, in case of money management, it is the game of patience and persistence.
Very famously, Warren Buffett once said
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