Want Goddess Lakshmi to stay for Longer? 4 Learnings from Diwali that will help you emerge stronger financially
1. Just like you clean your home, Clean your portfolio too!
Few days/weeks before Diwali; people begin to start their yearly ritual of cleaning their homes and disposing of goods they no longer need. Decluttering is a way of ushering in new opportunities and fresh energies into your homes. Applying a similar approach to our financial portfolio will be immensely beneficial.
A quick checklist to help you do the same:
– Glance through your portfolio and identify stocks/investments that are not performing well. Judge them on their future prospects and decide on whether to eliminate them.
– If you do not have a list of your investments, go through your mails for statements/ correspondence to remind you of any investments you might have made and forgotten. Maintain an online sheet for the same.
– Identify new investments that are goal-oriented, or contact your Investment advisor to suggest some.
2. Dispel the darkness of ignorance
Lighting diyas in Diwali is meant to eliminate the darkness surrounding us. Similar to this, we too can dispel our ignorance related to finances, investments etc.
Metaphorically, a lamp signifies enlightenment and possessing knowledge is very valuable.Therefore, knowing about cash flow, investment options, how to select investment vehicles and reading more about financial planning is always a positive point that helps us dispel the myths/ignorance’s to be more financially empowered.
Niiv offers a range of courses to help you kickstart your personal finance journey. Follow the links below to know more –
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3. Be Safe around crackers (and risky Investments)
During Diwali, cracker bursting is accompanied with precautions such as maintaining distance from crackers, wearing ideal clothes and keeping water and a first aid kit ready.
Similarly, when you invest, make sure to take adequate precautions of your risk appetite, time horizon and goals. Blindly investing in any financial product that seems to get very high returns can lead to financial disasters. Always balance risk and reward to get the best out of your investments. You can take the help of an experienced professional for assessing your portfolio and suggesting you options for the same.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
4. Buying gifts for family? Do some mindful financial shopping
On Diwali, personal preferences are inherent when you buy gifts for friends and family as per their age and liking. In the same way, your investments should also be based on personalized goals.
Here are a few ideas you can put into practice:
– Gift your child an investment along with the other gifts. If he/she is young, gift a piggy bank and encourage them to save. If a bit older, tell them about budgeting, make them increase their knowledge or keep some investments aside for their future.
– Re evaluate your Insurances and see if they provide an optimum safety net for your family.
– Revisit your goals and see if your investments are aligned with it.
Don’t let Maa Laksmi do all the heavy lifting this time around.Adopt these pointers and get the best out of your hard earned money this Diwali.
Wishing you and your family a prosperous and joyous festive season.
