As the nation celebrates the consecration of Lord Ram at the Ram Temple in Ayodhya on January 22, 2024, it is a moment of pride for many Indians.
Lord Ram, the seventh avatar of Lord Vishnu in Hindu mythology, is revered not only for his divine qualities, but also for his exemplary life and leadership. Beyond the spiritual teachings, the epic Ramayana provides valuable lessons that can be applied to various aspects of one’s life, including personal finance.
Let us delve into five personal finance lessons inspired from the life of Lord Ram.
Lord Ram’s exile to the forest, as a result of his father’s promise to Queen Kaikeyi, exemplifies the importance of prudent planning. Similarly, in personal finance, having a well-thought-out financial plan is crucial.
Whether it’s setting financial goals, creating a budget, or investing strategically, planning ensures that you are prepared for life’s uncertainties.
Lord Ram’s commitment to his responsibilities, despite the unexpected turn of events, teaches us the significance of adapting our financial plans to changing circumstances. Building an emergency fund and diversifying investments are also essential components of a robust financial plan.
When Ram, Sita, and Lakshman left Ayodhya, they had nothing. It took him a lot of time to build an army of vanar sena to reach his objective of defeating Ravana. Similarly, to create a corpus or to create wealth, a lot of planning and patience is required.
Lord Ram’s unwavering commitment to dharma (righteousness) is the cornerstone of the Ramayana.
In personal finance, adhering to ethical financial practices is essential for long-term success. Honesty, integrity, and fairness should guide financial decisions and transactions. For instance, one should not fall into the temptation of ‘get rich quick’ schemes.
Lord Ram’s simple and austere lifestyle during his exile reflects the virtues of frugality and simplicity.
In personal finance, embracing a frugal lifestyle and avoiding unnecessary extravagance contributes to financial well-being. This is even more important today when it is easy to get a loan for everything, from travel to purchasing expensive gadgets. While that may bring instant gratification, such impulsive decisions can also land one in a debt trap. Instead, one should be prudent and spend on things that matter.
Lord Ram’s ability to find contentment in simplicity teaches us to differentiate between needs and wants, thus helping us to make informed spending decisions. Cultivating a frugal mindset not only promotes savings, but also instils financial discipline.
Lord Ram’s pursuit of Sita and the subsequent battle with Ravana demonstrates the importance of courage and risk management.
In personal finance, taking calculated risks is often necessary for wealth creation and achieving financial goals. When investing, the markets may be volatile, but exposure to some amount of risk is essential for generating wealth.
Lord Ram’s strategic approach to risk management, seeking the counsel of experienced advisers like Hanuman and building alliances, can be applied to investment decisions. While embracing opportunities, it is crucial to assess risks and have the courage to navigate uncertainties in the pursuit of financial success. Also, it is always advisable to take guidance from a financial planner.
Lord Ram’s unwavering loyalty to his wife Sita and his commitment to building strong relationships with allies like Hanuman and Sugriva highlights the significance of loyalty in personal finance. Building trust in financial relationships, whether with a spouse, business partner, or financial adviser, is crucial for financial stability.
Lord Ram’s ability to forge alliances and maintain loyalty serves as a reminder to carefully choose financial partners to nurture relationships based on mutual respect and trust. This loyalty contributes to a support system that can help overcome financial challenges. It is important to remember that one is not alone in one’s financial journey.
The life of Lord Ram provides a wealth of wisdom that extends beyond the spiritual realm into practical aspects of life, including personal finance. By incorporating these lessons of prudent planning, adherence to dharma, frugality, risk management, and loyalty, individuals can navigate the complexities of the financial world with a sense of purpose and integrity, ultimately achieving greater financial well-being.