Nine personal finance lessons from Navdurga’s Navratras that help you achieve financial goals

If you have worked out your financial plan and executed it properly, you will surely achieve all your financial goals and can have the sense of fulfillment and achievement.

By Ajay Sharma, Designated Partner – InvestmentMitra Advisors LLP

Chaitra Navratri or Vasanta Navratri marks the beginning of the new year of Vikram Samvat of Hindu calendar. Navratri is celebrated to worship nine manifestations of Goddess Durga that represent different characteristics of the Adi Shakti. Devotees observe fast for these nine days to seek blessings from these incarnations to rid them of all the sins and have a fulfilled and blissful life.

Like all other festivals these nine incarnations also teach us many life lessons to deal with different facets of life including investments. Let’s delve into different characteristics of Navdurga and what it embodies for our finances.

Day 1 – Shailputri

Shailputri represents awakening. Be awakened of your finances with respect to your income – present and potential, requirement of funds for current and future needs and goals. Know what you own and what you owe. Unless you have all these information you will not be able to make the right investment decision. In short create your financial plan.

Day 2 – Brahmcharini

Brahmcharini represents the composed state of mind. Composure for your personal finance means you remain disciplined with your investments and immune to market noises and nuances. Don’t make changes to your portfolio for every noise. Learn to differentiate between news and noise. Don’t invest or borrow because others are doing. Your financial situation is unique and thus same investment decision may not be as fair to you as to others.

Day 3 – Chandraghanta

Chandraghanta embodies vigilance. Stay alert with what is happening around and how it may impact your financial situation. Will the surging second wave of Corona cause some flip moments in the economy and markets or market has already discounted the same? Or will the gold – that seemed to have lost its sheen – shine very soon? Explore such things.

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Day 4 – Kushmanda

Kushmanda resides in the core of the Sun and is regarded to have created the world. Like Goddess Kushmanda, your financial plan is the creator of your wealth. It’s your financial plan that tells you where to invest, how to invest and when to withdraw. So work very hard while creating your financial plan and keep reviewing it periodically. Everything else will fall in line automatically.

Day 5 – Skandmata

Skandmata is the confluence of wisdom and execution. Use your prudence to differentiate between news and noise. Don’t take impulsive investment decisions. Understand the tax implications and charges that you will have to incur to make or exit the investment. Take the right decision in the light of the right news. And execution holds the key to success in your planning.

Day 6 – Katyayini

Katyayini, worshipped on the sixth day, epitomises the power to destroy any demon. Equip yourself with such knowledge and information that will help you to deal with any market cycle and navigate you through the ups and downs of the market. Know how an asset class or individual investment behaves under different circumstances or situations and what action should be taken to deal with it.

Day 7 – Kalaratri

Kalaratri or the Kaalratri is the fiercest of the nine forms of the Goddess and is considered the destroyer of all evils. Like Goddess Kaalratri you should also keep reviewing your portfolio and remove all such investments or loans that are not giving desired results. At times it’s good to book losses and invest in an alternative investment instrument that can give better returns. You can’t hit every ball you face, some shots do get missed. So remove non-performers from your portfolio.

Day 8 – Mahagauri

Mahagauri is the eighth manifestation of the Goddess who rid its devotees of all sins and evils. It’s your knowledge, skills and time that you use to evaluate your investment options and decisions. If you are short of any of the three then it’s always better to hire a professional advisor to look after your investments.

Day 9 – Sidhidatri

Sidhidatri is the bestower of Sidhi or all well being. Devotees blessed by Goddess Sidhidatri have a sense of fulfillment and achievement. If you have worked out your financial plan and executed it properly, you will surely achieve all your financial goals and can have that sense of fulfillment and achievement.

So sit down with your investment advisor and create, evaluate, ascertain action points and execute your financial plan.

InvestmentMitra wishes you a very happy new Vikram Samvat Year 2078. Happy Investing!