10 Financial Lessons from Ravana

Dussehra is around the corner and it is the festival to celebrate the victory of good over evil.

If you dig deep into Ravana’s life, there is so much to learn. When I started reading about Lanka’s ten-headed king, it strikes me that how we can implement these 10 Financial rules inspired from his life to make our Financial life a happy one.

1. Knowledge has Power

Ravana’s knowledge in vedas and shastras was huge. He knew so much that he needed ten heads to contain his knowledge.
Personal Finance Learning

Keep yourself updated and educated about Financial instruments where the money is being invested and how these instruments work. Keep yourself updated about latest tax rules of various products, latest changes that may affect your investing decisions and latest opportunities that you can take advantage of.

2. Don’t let your ego dominate your future

The main reason for Ravana’s downfall was his ego and arrogance.

Personal Finance Learning

Do not stick to wrong investment decisions that you have made or get rid of loss-making investments at the right time.

At times, we cling on to some assets be it property or equity or wrong insurance policy. We continue to hold because it would hurt our ego to let go. In this way, ego dominates your decision-making capacity and in turn these losses continue to accrue in future.

3. Variety is the spice of life

 Ravana was multitalented with diversified skills and knowledge in the fields of Vedas, shastras, politics, arts and music.

 Personal Finance Learning

One should diversify well among different asset classes- Debt, equity, gold and real estate so as to minimize risk and if one asset class is not performing, the other will generate return.

4. One mistake can turn to be a blunder

Ravana committed the biggest sin of his life by Kidnapping Sita. 

Personal Finance Learning

Untimely redemption from equities can be the biggest mistake of your life, you may have been investing for years, but a sudden downturn, and out of panic you redeem and there is no looking back.

 

5. Family should not be trusted blindly

Ravana was so powerful and immortal, Only his brother Vibhishina knew the secret and he betrayed him due to which Ravana died.

 Personal Finance Learning

Don’t depend on family blindly for Financial advice.
Parents want the best for their children and are trustworthy source of Financial advise. However, at times it may not be in sync with one’s aspirations, goals and needs. It is extremely important to do your own due diligence, hire a professional and do your own research.

6. Stick to morals and Ethics

Ravana did not touch Sita even though he kidnapped her because it was unethical.

 Personal Finance Learning

One should not try to evade or avoid tax liability by breaking the rules. This may result to a bigger penalty in future. Also, while buying life insurance/health insurance policy, one must declare all material facts and existing medical history as insurance works on principle of Good faith. Don’t compromise on Morals. It may lead to future claim rejections if material facts are hidden.

 

7. Dedicate yourself towards your goal

Ravana was a great devotee of Lord Shiva. He also sacrificed his head to show his devotion to Lord Shiva, but Shiva gave his head back every time. 

 Personal Finance Learning

One should remain focused towards financial goals .There will be ups and downs in the journey, however being persistent and focused will help reach the goal. All that you should know is Buy right, sit tight and just focus on the goals.

 

8. Expert advise is extremely important

Ravana could have saved himself if he heard experts.

 Personal Finance Learning

No matter how smart you are, make sure in the matters that affect your and your family’s well-being, take expert advice.

 

9. Ten minutes everyday can help you have a desired Financial life

Like Ravana had 10 heads, if we give 10 minutes everyday to your financial life, with compounding effect, we can have our desired Financial life

 

10. Restart your Financial life.

As Dussehra is festival of celebration of good over evil,Similarly, lets restart our financial life by identifying our weak points and our strengths.

 

Wishing you a very Happy Dussehra and a very Happy Financial life 🙂

 About the author: Gurleen Kaur Tikku is a Financial Consultant and devotes her time to her company www.hareepatti.com. She has done her Bachelors in Finance and Investment Analysis(BFIA) from College of Business Studies(CBS, Delhi) and MBA from IMT, Ghaziabad. She can be Contacted at [email protected]

 

 

 

 

 

 

 

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