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5 Financial Lessons to be learned from Lord Ganesha

5 Financial Lessons to be learned from Lord Ganesha

  • By Saral Credit
  • August 30, 2022

Lord Ganesha is worshiped throughout the country to keep you away from financial troubles from your family and bless you with a prosperous future. During Ganesh Chaturthi, people worship the Lord with the wish to bring prosperity, wealth, and growth to the life of devotees.

That's why he always comes first when it comes to worshiping any Lord in Hindu culture. Moreover, the name "Vighnaharta Ganesh" explains almost everything about Lord Ganesha.

Ganesha is the symbol of wisdom and knowledge; He destroys evil and removes all sorts of obstacles from your life. Interestingly, most of you would have seen Ganesha's idol in home entrances and offices, not just in India but even in other countries!

This brings us to the big financing lessons Lord Ganesha teaches everyone globally. If you are one of those worshiping Lord Ganesha, below are five financial lessons you can learn from him.

Lesson 1: Start Saving and Investing Money Early

Whether you are beginning your new business or planning to take possession of your dream home, Lord Ganesha is always the first God to worship.

Similarly, you should start saving and investing money from your early days of professional life. There are numerous ways you can start your investment journey. Whatever option you choose to start your saving, it's better to stay consistent. Consistent saving always pays back in the long run. However, what matters the most is that you start your investment journey. Most youngsters are recommended to start saving from their early 20s.

The Indian Post Saving Schemes (Post Office Savings Scheme):  Elders always recommend putting your money in a security plan. Indian Post Office is one of the investment options for youngsters.

PPF (Public Provident Fund): Another attractive yet secure option for youngsters is PPF. PPF is a long-term saving option for anyone looking for a secure investment plan and higher returns. The best part of investing in PPF is that its profit is tax-free. It means the profit you earn from the PPF account is free from tax deductions. That's why it is present under the EEE section of the Income Tax act.

RD (Recurring Deposit Account): During the initial days, youngsters are not sure about their saving habits, so they prefer starting small.

SIP (Systematic Investment Planning):  SIP comes in two options, i.e., SIP with tax benefits and SIP without tax benefits. You can choose them based on your goals and tax saving. ELSS (SIP with Tax Saving) comes with a lock-in period of 3 years which gives you exposure to stocks.


Lesson 2: Keep Learning About Investment

Lord Ganesha is always associated with knowledge and intelligence.

This gives you the second lesson of financing, i.e., you should never stop learning about investment and implement the same to grow your investment alongside building an enormous corpus.

Nowadays, learning more about financing and investing has become easy as numerous online and offline resources are available to educate you. From making your first investment to selecting the right stock, the internet world has everything you can learn and execute for a big corpus building.

Lesson 3: Consider Insurance Plans

Lord Ganesha is also known as Vighnaharta, which means he is the destroyer of obstacles. He is also known to destroy barriers, so staying protected from any hurdles is best.

Likewise, it's important to find options to help you ensure your family in case of any mishap. There are primarily two insurance plans that you must consider.

Health Insurance: With health insurance, you can secure your family against any major disease that is commonly unaffordable to the middle man. The right thumb rule says that you must get insurance equivalent to the heart surgery in your city.

Moreover, you should also know that health insurance comes in fixed and floater plans. In a fixed plan, the individuals have a fixed limit for treatment. However, in a floater family plan, anyone in the family can take advantage of the entire health insurance plan.

Term Insurance: Term insurance is also known as life insurance, where you secure your family in case of death. Term insurance amount should be chosen wisely.

Lesson 4: Be Prepared for Monetary Problems

Most of you already know that Lord Ganesha is known to hold an immense ability to digest, which is also suggested to everyone. It means everyone must learn from lord Ganesha to have enough funds to combat the financial crisis. It's important to know the options you can choose to eliminate the monetary problems.

If you are looking for steps to create an emergency fund, below are the points that will help you create an emergency fund.

Set Several Smaller Savings Goals: You should never create a big financial goal and start investing your money. Instead, make small saving plans that will help you start small but end up with a large corpus to counter the financial crisis. Reaching your small goals will always motivate you to proceed with increased saving potential.

Make Regular Contributions: It's wrong if you plan to make a one-time saving for the emergency fund. Instead, you should make small savings towards your emergency fund. However, what matters is your regular contribution towards your emergency fund. For example, it's hard to find Rs. 1,00,000 for a specific task in a single go. However, you can get the same amount by saving Rs. 10,000 monthly.

Automate Your Savings: It's evident that not everyone has time to make timely savings; hence, most of you miss out on making the right saving towards the emergency fund. The best way to deal with this problem is to save via automation. Automate your savings to ensure the specific amount is auto-debited from your account and added to your emergency fund.


Lesson 5: Let Go Of Bad Investments

When the time comes, removing problematic assets from your portfolio is crucial since sometimes holding onto our financial decisions can do more harm than good. We can get ideas for this from Ganesha's tusk, which is supposed to act rationally rather than emotionally and eliminate any negative people undermining your prosperity.

The best way to maintain suitable investments in your basket is rebalancing. The rebalancing in mutual funds, stocks, and other investment schemes are available to help you get a strong financial base to help them and their family grow.

We are confident that these money lessons from Lord Ganesha will help you make better financial decisions in the future and generate higher profits.