With festivities in the air, you can always look forward to another year with optimism and a renewed zest for the future. The same is with Ganesh Chaturthi which people celebrate over 10 days while invoking the blessing of Lord Ganesh and seeking his blessings for success in every endeavour. Known as the remover of obstacles and the harbinger of every good thing in life, Ganesh Ji deserves special mention as devotees associate his distinct ways and unique physical features with various facets of money management.
Big head
Now consider his big head because of which he is called the “God of Wisdom” or “Gajanana”.
The big head signifies broad-mindedness that underscores the need to use our minds well to plan our finances. Without a head that thinks ahead, you cannot plan and anticipate your financial goals. Apart, your head tells you how to use your knowledge and learning to your best advantage. This implies that you must take informed financial decisions instead of rushing in to invest based on hearsay.
Think of your finances carefully, chalk out the available investment opportunities based on various parameters, be willing to wait by opting for a long investment tenure and then decide on a SMART goal-based financial plan. Also, have a long-term perspective while planning your investments. Depending on how much money you will need during every phase of your life, you can choose between equity, debt and other investment opportunities.
Do not lose sight of how your money will lose its value in the long run. Account for the effect of inflation on your investments and park your money accordingly in credible investment options. Avoid putting money in unsecured bonds or superfluous money-making opportunities. Use your head well to understand the compounding effect. To enjoy the “Joy of Compounding”, you must be willing to be broad-minded regarding your financial decisions.
Wide ears
Did you know that Lord Ganesha is also called “Lambakarna” because of his wide ears? Well, he uses those ears to listen to his devotees’ prayers. Take a cue from his ability to listen. Pay attention to news and updates, listen carefully to analysts’ views about the market and keep your ears open wide to listen and learn about new strategies for making money. Absorb the expertise, knowledge and learnings from the experiences around you. Focus on what knowledge platforms have to share but discern between rumours and facts. This will help you filter the information that you are bombarded with on social media platforms. Investing is not easy; it is a rigorous process that involves a lot of fact-checking, imbibing what is essential and then making decisions depending on market conditions. It is okay to have mixed thoughts during volatile market conditions; however, this must not prompt you to engage in folly.
Good listening skills are utmost necessary to gain financial knowledge and then make the most of it. Glean valuable information to then achieve your financial goals.
Sharp eyes
What do the sharp eyes of Ganesha tell you? That concentrated gaze tells you to focus on your goals. This is important as you will meet a lot of people during your wealth creation journey. Some will share their experiences, well-wishers may share their expertise while a lot many will yearn for recognition based on their half-baked knowledge.
Lord Ganesha is said to have an eye for detail and that is why he is also called “Chinteshwara”.
The sharp eyes of Ganesha implore you to have a focused approach while working on your investment plan and work steadily towards your financial goals. Apart, you must have an eye for detail like picking fundamentally good stocks that are left ignored, assessing mutual funds with a good track record, evaluating portfolio returns during market falls and then scourging for some safe investment options that promise you good returns in return for less risk. If you already have an investment tenure in mind, make sure that you stay tuned to what the market offers during the stipulated timeframe to generate maximum returns.
Huge belly
“Lambodaraya” or the God with a huge belly tells you the need to stomach the inevitable market risks. There is no way you can avoid market risks. Listen to your stomach to learn what to eat and how much you must consume. The same is with your risk appetite. Evaluate your risk tolerance and invest accordingly. This you can do by not investing all your money in one investment option. Apart, do not park all your money in one go. Rather invest in a staggered manner through systematic investment plans (SIPs) if you are unsure of your investments. Measure each investment opportunity well before deciding how long you wish to stay invested in them and if you would like to increase your investments with time.
Also, the market has been highly volatile in the past few months. This means that you must either consider risk-free options or put your money in options that will protect your capital, irrespective of the highs and lows in the market. Your ability to take risks must rely on market volatilities so that you are not forced to repent your bad decisions in the future.
Trunk
A trunk can mean that you must have a nose for news that will help you take the right financial decisions. Be inspired by the name “Vakratundaya” which tells you to be equally flexible and adapt to situations like a trunk. The trunk also embodies strength, which means that you must empower yourself well with the information needed to take complex financial decisions.
All situations may not be to your liking, which is why you must extend yourself like his trunk to get out of unwarranted and tricky financial decisions and reach out to simple financial instruments that you work for you best.
A broken tooth
Not all is hunky dory with our Gods too. Take, for example, Sri Ganesha also lovingly addressed as “Ekadantaya” because of his broken tooth. Tusks are strong but can be broken too. Your conviction in a stock or investment may be strong that may then be broken owing to unforeseen market conditions. The broken tooth underscores the ability to recover from losses. If he can survive on one tooth alone, you too must have the resilience to bounce back from your losses. The other tooth assumes all the remaining strength, thus, prompting you to work with renewed vigour to weed out unworthy investment options that may not suit you in the long run.
The axe in Ganesha’s hand
Why does the “God of Success” need an axe? The axe is the embodiment of strength that destroys all evils while removing obstacles from our lives. You may not carry an axe but can surely be sharp and strong enough to slash all distractions that hinder you from reaching your financial goals. The severity of the axes tells you to cut through biases and emotions that stop us from making the right investment decisions.
The intensity of the weapon underlines the importance of slashing all distractions while listing our financial goals and investment options accordingly. It also lends the much-needed strength to take the right decisions by eliminating bad influences that can affect our thinking negatively. Your thinking must be sharp and effective like the axe. It is then that you will think and act accordingly.
Mushaka
Isn’t it surprising how such a magnanimous and pot-bellied God relies on a small rodent for its transportation? The adage “Simple living and elevated thinking” befits this God who decided to go on a joyride on a little mouse. The choice of the vehicle tells us to be alert and fearful like the little mouse. Apart, the size of the animal underscores the need to control your desires and temptations. The stock market is the place where you must practice delayed gratification. It also tells you how delaying the tendency to book profits can help you relish the joys of compounding. This also helps you to rely on the power of little things as opposed to most investors who underestimate the power of slow and steady investing.
Rodents are active too, but this does not mean that they are undisciplined. In fact, they have a routine, which means that they do not go about their daily activities in a jiffy. Sri Ganesha’s vahana emphasizes the power of simplicity. Learn to live within your means, save from what you earn, save more and spend less by ignoring impulsive shopping behaviour using credit cards. This way, you will not only create enough wealth in the long run but will also be relieved of the unwanted debt burden.
Prasada
Enjoy the “Prasada” that you have earned through your consistent and stringent efforts in planning your finances. Lord Ganesha’s favourite food “Modak” is distributed among the devotees post the completion of rituals. All efforts are futile if you are not able to enjoy the fruits of your labour. Investors who had worked on effective investment portfolios are rewarded with enough wealth as “Prasada”, thus, allowing them to benefit from enough returns and a great financial future. Investors can consider putting their money in stocks, mutual funds, debt instruments, bonds, fixed-income plans, etc to compound their earnings. However, instead of focusing on compounding alone, you must stress capital expansion too as you need money to build on more money. Unless you have a solid capital base, there is no way that you can have enough to invest, thereby, compounding your money and creating a corpus in the distant future.
View the “Modak” as the culmination of your investment decisions that will help you achieve your financial goals. Many investors share their experiences of how consistent investments through regular SIPs coupled with intermittent investments have helped them earn returns exceeding inflation while also enabling the creation of an adequate retirement fund that they can rely upon in the absence of income after retirement.
Start your investment journey
Devotees invoke the name of Lord Ganesha before embarking on any new venture or starting a new business or shifting to a new home. This is because he is considered the “God of auspicious beginnings” whose blessings are imperative to the success of any new endeavour. He is also regarded as the “Remover of Obstacles”, which is why any new beginning is incomplete without his name.
This “Ganesh Chaturthi”, you may consider starting your investment journey by taking his name. It is never late to start your investment journey, so why not start it now? Ganesha advises you to go slow and steady with your investment decisions, which means that you must be in no hurry to choose from the available investment options to plan your finances. Ganesha also focuses on balance, and that is why you must also rebalance your investments frequently or depending on the change in your financial goals. This is important too as you navigate new life experiences including marriage, childbirth, planning for children’s higher education, early retirement, entrepreneurship, etc.
As famously believed “The time spent in the market is more important than timing the market”, which is why you must start early so that you can spend more time choosing your investments, investing your money, shuffling your investments, deciding on when to invest and when to redeem and then finally wait for them to perform during the investment tenure. Apart, flexibility is a must to navigate market volatility caused due to macroeconomic conditions. Review your portfolio regularly and continue looking for better opportunities to ensure the right portfolio adjustments.
Consistency is the key to growth, and that is what Lord Ganesha also signifies. There is an imperative need to be persistent with your investments. For this, you may consider automating your investments that would continue to add to your capital irrespective of which the market sways. Remember that you must give time to your money for it to grow, and who better than Lord Ganesha can inspire you to grow in character and size with time and continued efforts.
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