This Dussehra kill these 10 bad habits for your Financial Wellness

Dussehra is the festival that symbolizes the victory of Good over Evil. There are 2 stories behind it, One in which Lord Ram killed ten-headed Demon King Ravana, and the second when Goddess Durga Killed Demon Mahishasura, and in both essence is the same.

I believe that every festival, every story coming from Mythology has a lesson behind it. It is depicted by different characters, written and told to bring wisdom and goodness in us to conduct our lives in a better way.

Here are 10 bad habits or Vices which I feel is stopping us from wellness and thus needs to be killed:

1. Ignoring your Health:

This is the first and the most important thing that one generally ignores in the struggle to make a living. Health always gets ignored.

2. Not upgrading yourself:

Gone are the days, when after joining a job, you leave it only on Retirement. In today’s kind of uncertain scenario, you never know when you will be out of employment.

3. Investing without goals and just for “Good returns”:

Your Investments should also have a clear purpose behind them, and Getting Returns should not be the only goal.

(Read: What is a good return on Investments?)

4. Not spending time with Self and Family

You may strive to save for your kid’s higher education, but in this struggle, you have compromised with the time you could spend playing with your Child or helping him in his/her studies.

5. Comparing yourself:

This is the core of all problems. Comparisons result in many difficult emotions like Fear, Greed, Superiority/Inferiority complex, Jealousy, Arrogance.

6. Taking loans for consumption:

When you buy things on loans, you are betting on your uncertain future Income, and you drift yourself from Reality.

7. Not knowing where your money is going

This is another way to show respect for your money. Whether you are using money in the right way or the wrong way, is the next question, the first thing is that you should be aware of what you are doing with it anyway.

8. Over-allocation in single Investment

(Read: Why debt investments are important in an investment portfolio?)

Real estate is one investment where I have seen many people over-allocated into.

(Also read – What is Equity and how it works?)

9. Don’t make decisions on social media

Social media platforms are meant to Interact and share views on different matters, but making decisions based on social media interaction is not a wise thing, especially in financial matters.

SEBI-registered advisers refrain from advising on social media, thus whatever you may get is coming from unregistered persons.

10. Not Involving family members in financial decision-making

The Place for holidaying is the joint decision of all the family members. While buying Furniture, Electronics, new car and even a house, we seek out the views of family members, deciding on the school for the child we need the involvement of spouses, then why do we ignore them in Investment and other financial matters.

Financial Independence does not mean having enough money to spend where ever you want, it comes with confidence and it is knowledge that brings confidence.

Conclusion:

It all started with Crossing the Line that Lakshman drew for Sita. You also have to learn to be in the line and work on your bad habits so the Ravana Inside you should not overpower you and take away your wellness from you. Remember, your life is your choice.

Happy Dussehra!!