Diwali 2020 Financial Tips: Diwali is a festival of lights, firecrackers and sweets. It is celebrated not only in India but also in many countries around the world. This festival is a symbol of happiness and prosperity. If we keep in mind the preparations that we make to celebrate this festival, then we can also make our financial plans. Here we are going to suggest you some such financial measures this Diwali so that your position can be strengthened financially.
Why is diwali special
What can we learn from Diwali, before we see what preparations are made for this day or what happens on this day.
- The house is cleaned and decorated before Diwali.
- Diwali is celebrated as the victory of good over evil. On this day, King Rama of Ayodhya returned to his kingdom after killing Lanka ruler Ravana.
- On this festival, Lakshmi, the goddess of wealth, is worshiped.
- Many businessmen of the country celebrate it as New Year. It is an auspicious day, so new assets are purchased and new investments are made on this day. Even many people play gambling on this day.
- Special prayers are offered on this day in honor of their safe, ledger and accounting system.
- According to Hindu culture, money earned with honesty is considered good and it is forbidden to earn money in the wrong way. Hence, Diwali is also prayed for financial success.
- Items like cash or jewelery, gold coins are also offered on this day’s prayer.
Learn these financial lessons from Diwali
Noise pollution It is forbidden to leave fireworks before Diwali as it makes a lot of noise. In this way, many people will be suggesting investment options, some people will also give you tips based on rumors, these are all like noise. Your investment decision should be based on your goals, time and risk-taking ability. Therefore, get feedback from everyone for investment. If necessary, you can take the help of a registered investment adviser.
Emergency- There is one more thing you can learn from firecrackers. When you leave the firecrackers, preparations are made in advance for any accident caused by it, as if a bucket of water will be kept. Although it is not necessary to have an accident, it is necessary to prepare for an emergency situation. Similarly, as an investor, you may also face an emergency. Preparation should be done in advance for this. In case you are not there, you must have a term insurance policy to take care of your family. Apart from this, health insurance must be done to deal with any type of accident or serious health problems.
Risk Management Just like how you try to keep firecrackers away from children, take care to prevent any mistake from taking any financial decision. When making a financial plan, one has to understand the risks and returns on shares, mutual funds and fixed deposits. While preparing your portfolio a strategy should be made for risk management of investment.
Future Planning On Diwali, Indians make plans throughout the year to spend on gifts, clothes and trains, etc. And aspects like gender, age and personality are also taken into consideration. While making such a financial plan, your age, goals, investment period, expected returns and ability to take risks should be considered. For example, if people go home on Diwali, they plan for advance ticket booking months in advance and it is cheaper. On the occasion of Diwali, Diwali tickets become expensive. Similarly, it is right to plan investment at a young age because at that time you find it cheaper. Talking about insurance, it becomes expensive on aging.
Invest by making goals On the occasion of Diwali, when you take gifts for your friends and family members, they take this decision on the basis of preference besides their age and choice. Similarly, decisions should also be taken on the basis of preference in investment. While making financial decisions, important goals such as buying a house, retirement, education of children, etc. should be focused.
Variety- On the celebration of Diwali, you bring many types of sweets, crackers, clothes, gifts etc. Just as there is variety in it, the portfolio should have diversity. With this, you will be able to reduce the risk on your investment.
House cleaning Before Diwali every corner of the house is cleaned. Every member of the household participates in this campaign. In this cleaning campaign, you throw out the waste things. While making financial plan likewise, keep an approach. Ask your investment advisor to remove all stocks or mutual funds from your portfolio that are not performing well.
Better avoid treatment- You take many precautions while dropping firecrackers so that they do not burn your hands or catch fire in clothes. There is also a strategy for investing like this. Do not invest thoughtlessly. Invest with the help of your financial advisor because they are well aware of the risk in which investment.
Happy celebration- Diwali is an auspicious and auspicious day. Many investors start investing from this day. However, before starting the investment, there must be some basic information. If someone needs help, then go to a SEBI Registered Investment Advisor. He can make a great investment strategy according to your needs and capacity.