9 Financial Lessons From Navratri | CA Rachana Ranade
Published: 2023-10-13
Status:
Available
|
Analyzed
Published: 2023-10-13
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Appreciating financial stability alongside personal beauty can lead to greater overall success and happiness in relationships.
"if you were to actually appreciate each other's beauty of managing finances of managing the financial stability and if this curve were to go up then I feel at least at one end you're going to be like super super successful and in terms of beauty also you can also be pretty happy"
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Financial discipline is key to sustaining joy throughout the month, rather than just experiencing it upon salary credit.
"if you want to experience the same level of joy throughout the month then I feel financial discipline can really be of great help"
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Adopting a 'save first, spend later' approach, potentially through recurring deposits or SIPs in gold or index funds, can lead to sustained financial joy.
"what you should do is try and save first rather than spending first so I always use the same you know terminology that income minus saving should be your expenses and if you are able to do that if you able to save, if you are able to invest just take a baby step just Kickstart your journey it it could be just you know doing a first recurring deposit, it could be starting an sip, in some gold, mutual fund or starting an sip in a mutual fund an index mutual fund and if you do that I'm sure you'll experience the Hasya Ras in the financial terms throughout the month."
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Donating at least 1% of one's earnings is a suggested starting point for showing compassion through financial contributions.
"you can kickstart your journey of you know showing compassion towards others by at least contributing at least donating 1% of whatever you earn"
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Financial decisions should be made calmly, avoiding anger which can impair judgment and lead to greater losses.
"whenever you are taking any financial decision you have to be ideally calm"
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Revenge trading, driven by anger after losses, significantly increases the risk of further financial losses due to impaired decision-making.
"While taking revenge trades there is a great possibility that you might end up in more losses because your ability to think reduces and anger actually takes over"
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Investing in Nifty 50 Index Funds, which represent the top 50 Indian companies, is a courageous step that can be initiated with as little as ₹100 per month.
"at least show that courage show that veer rasa and start your first sip in some nifty50 Index Fund at least it's as good as you're investing in top 50 companies of India and you can start your investment Journey with as low as 100 rupees per month also"
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Taking out life or health insurance is a simple financial solution to mitigate the fear of losing something important.
"a simple solution to that can be found in the financial world and that is nothing but taking an insurance. Insurance can be either a life insurance or it could be a health insurance"
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Clear financial goals must be set and diligently pursued to avoid negative outcomes like the example of a husband spending savings meant for children's education.
"you should be clear with goals and you should ensure that those goals are met by hook or by crook."
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Experiencing the magic of compounding in finance requires patience and several years of consistent effort; wealth does not grow overnight.
"Your money is not going to grow in a day it's not going to grow in a week or in a month or in a year it will take several years of patience if you want to experience the magic of compounding"
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Maintaining a calm and peaceful state of mind is crucial for making sound financial decisions.
"whenever you have to take any financial decision your mind has to be calm It is always said that STILL WATERS RUN DEEP right so if you were to really experience that in the financial world always ensure that whenever you are taking any important decision you are at the best peace of mind and then only take any financial decision."
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