March-April is an amazing period when followers of the three prominent religions across the world observe fast as religious obeisance. While Hindus celebrate Chaitra Navratri, Muslims observe Ramadan & Christians observe the Lent.
Chaitra Navratri signifies the creation of the universe and the beginning of the world and beings by the Goddess Durga or the Adi Shakti. Chaitra means new or bright. The first day of the Chaitra month marks the beginning of the new year as per Hindu calendar. Followers observe fast for nine days and worship nine different forms or incarnations of Goddess Durga during this period.
Ramadan is the month when teachings of the Holy Quran were revealed to Prophet Muhammed by the Allah. Ramadan is derived from Arabic word ‘Ramdh’ which means intensely hot or burning. Worship and devotion during this month burns away the traces of the sin and produces the necessary warmth of the love in man for his creator and fellow beings.
Lent is the period of 40 days which ends on Easter Sunday in the Christian calendar. Beginning on Ash Wednesday, Lent is a season of reflection and preparation before the celebrations of Easter. By observing the 40 days of Lent, Christians replicate Jesus Christ's sacrifice and withdrawal into the desert for 40 days.
Common between the three festivals is the followers of all three faiths observing fast during this period that generally coincides with each other. Fasting as commonly known is the practice of abstaining from all or some kind of foods and drinks as a religious observance. But a much broader definition takes it beyond abstention from food or drinks to the practice self-control through regulating one’s emotions, thoughts and behaviour in the face of temptations, desires and impulses.
Fasting in Personal Finance As we observe fast for our physical detoxification & spiritual upliftment to realize oneself, similarly we must observe fast in our personal finance space in order to achieve our financial goals. We must practice the following as Financial Fasting:
Abstention from temptations – temptations may come in form of lucrative returns, some upfront incentives or even narratives set through news. One should be intelligent enough to distinguish between temptation and logical. Always follow a basic rule - Unless you understand the product don’t invest however tempting it may seem.
Exercising Self Restraint - Similarly in current situation when stock markets are down and there is more noise all around about the gloomy state of world economy than the real news on the same, a temptation is being created to withdraw investments from equity, whereas now is the time to increase a little more exposure to the same to benefit in the long term. Distinguish between news and noise before you make your decision.
Inculcate Discipline – Discipline in expenses is as much important as much is in investment. Inculcating discipline in investment means investing regularly and in products as per financial plan. Similarly for expenses it is very important to budget the expenses and compare them with actual to see deviation and rectify it. And avoid temptations of discount offers or special promotions forcing you in impulsive spending.
Regulate Your Emotions – In personal finance and especially in investing, two emotions of greed and fear pushes most people into losses. Only he who can manage these two emotions makes money. You should be greedy when others are fearful and fearful when others are greedy.
So observe the financial fast and achieve the financial Nirvana this festive season and always.
Happy Festival Investing!
Team InvestmentMitra
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