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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make...

Nine Financial Tips for a Prosperous Navratri

As Navratri draws to a close, I wish you and your family happiness, prosperity, and continued success. Festivals are a time of celebration, but they also serve as a valuable reminder to reflect on our financial habits and strengthen our financial discipline. In the spirit of the nine days of Navratri, here are nine essential financial tips to help you stay on track with your financial goals and make your journey towards financial freedom smoother and more secure. Build an Emergency Fund Make sure you have at least six months of living expenses saved in a bank fixed deposit or a debt mutual fund. This reserve will serve as your emergency fund for unforeseen situations and ensures you are prepared for any rainy days. Review Your Asset Allocation Revisit your investments to ensure they align with your goals. For short-term goals within three years, bank fixed deposits, recurring deposits, or debt mutual funds are appropriate. For long-term goals beyond three years, a diversified combination of hybrid/equity mutual funds, direct equities, and gold should be preferred. Do Sufficient SIPs Systematic Investment Plans (SIPs) are the backbone of disciplined investing. At least 25-30 percent of your in-hand monthly income should ideally be invested through SIPs in mutual funds, equities, and gold. This consistent approach will steadily build wealth over time. Make Lumpsum Investments Along with SIPs, voluntary lumpsum contributions into long-term assets whenever you have surplus funds can accelerate wealth creation. Even occasional lumpsum additions make a significant difference to the overall corpus. Increase Your SIPs Annually As your income increases, make sure your investments grow as well. Increasing your SIP amounts every year helps your wealth stay in line with inflation and your rising lifestyle needs. Increase your SIPs yearly and anchor them to at least 30 percent of your monthly income. Stay Invested Remain invested until your financial goals are achieved. Avoid redeeming investments unnecessarily. Frequent withdrawals disrupt compounding. If liquidity is required, consider taking an overdraft loan against your investments rather than breaking them prematurely. Health Insurance Safeguard your family with adequate health insurance. Opt for a minimum cover of 25 lakhs per family member with comprehensive features. Remember that relying only on employer-provided insurance is risky. Independent health insurance is essential. Term Life Insurance Protect your loved ones with a pure term life insurance policy. Ensure a cover of at least ten times your annual income, along with provisions for any outstanding loans. Stay away from mixing insurance with investments. A simple term plan is the most effective solution. Consult a Financial Advisor A full-time, well-qualified financial advisor can simplify your financial journey. Professional guidance ensures disciplined planning, correct product selection, and proper execution of your financial strategy. May this festive season bring abundance and lasting financial peace. (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Bhagwan Mahavira’s Timeless Message

Writer: Dr. V.L. Dharurkar
Dr. V.L. Dharurkar
Apr 2
3 min read

In a world threatened by war and violence, Bhagwan Mahavira’s principle of Ahimsa Parmo Dharma is more relevant than ever. 

In his volume Our Oriental Heritage, Will Durant points out that the 6th century BC witnessed a protest against prevailing evils.


In that backdrop, Mahavira travelled throughout the country and preached in Ardhamagadi, the people’s language. His pravachanas truly manifest his ideas, and they were popular in Indian languages, enriching the Prakrit language, particularly in Maharashtra, Bihar, Uttar Pradesh, and Rajasthan, as well as in Tamil Nadu and Kerala.


It was in this same spirit of reform that, in India, Bhagwan Mahaveer and Bhagwan Gautam Buddha protested the established orders of Vaidik religion, which was losing grace as several defects had crept into the system. A contemporary of Lord Buddha, Mahavira belonged to the great age of spiritual reform in ancient India. The yagya system had become violent, and animal sacrifices had begun.


After the criticism of these new prophets, all these defects in the Indian religious system were slowly minimised.


Both the new religions were based on the principles of truth and nonviolence. Protest against evils, while remaining rooted in the original, was an important feature of these reform movements.


In today’s world, when the United Nations appears redundant and the threat of war and violence looms large, the relevance of Mahavira’s ideas grows stronger.


The Russia-Ukraine war and the Hamas-Israel conflict are pushing humanity towards the danger of a third world war. Against this backdrop, Mahavira’s ideas acquire renewed meaning.


The Path of Enlightenment

Mahavira’s entire life was dedicated to philosophical enlightenment, based mainly on the two principles of truth and non-violence.


In his autobiography My Experiments with Truth, Mahatma Gandhi rightly accepted that he was deeply influenced by the life and vision of Lord Mahavira.


Born in 599 BC to King Siddharth and Queen Trishala, Mahavira left home at the age of 30 for meditation. After 13 years of severe penance, he attained Keval Dhyan and revitalised Jainism, founded by Rishabhdev.


Among the 24 Tirthankaras, Mahavira holds a supreme place and is often described as the real founder of Jainism, responsible for socialising its philosophy.


Truth and Non-Violence

Mahavira attained Keval Gyan, or final truth, after 13 years of hard penance. That marked the beginning of his enlightenment.


After this, Mahavira toured India extensively and propagated his ideas in a dynamic and robust manner, receiving a tremendous response across the country.


The philosophy of Mahavira was mainly based on the three jewels, or Ratnatraya — Samyak Gyan (right knowledge), Samyak Darshan (right vision) and Samyak Charitra (right conduct).


He also believed in the principles of Panchsheel, especially Satya (truth) and Ahimsa (non-violence). He proclaimed, 'Ahimsa Parmo Dharma' – non-violence is the supreme principle of religion.


He developed the theory of Anekantvad, or many-sided reality, and stressed balance between man and nature, the animal cycle and the life cycle, with non-violence as the fundamental principle of the cosmos.


Legacy of Mahavira

Mahavira consolidated Jain philosophy and, through his samavasaran, crystallised Jain doctrine on humanitarian values. Though Jainism later developed into Digambara and Shwetambara traditions, Mahavira remained the central spiritual force for both. He believed Jain religion and culture formed a fully developed religious system.


The three basic objectives of Jain art were vivek, soundarya and utkarsh. During his travels, he is also believed to have met Lord Buddha. Both had common aims, and thus Jainism and Buddhism grew side by side in ancient India, widening the tradition of truth and non-violence.


Centres of Jain art and culture developed across India. It is interesting that Chandragupta Maurya, the first great empire builder of India, is said to have embraced Jainism at the end of his life. After a drought in Magadha, he travelled to Karnataka. Dr V. A. Smith said this royal ascetic migration was not a myth but based on solid facts.


The study of Mahavira’s life, philosophy and iconography reveals the enduring power of his ideas and helps us understand his contribution in a more systematic and scientific manner. In ancient India, Jainism developed an independent lifestyle, and its values shaped agriculture, industry, education, medicine, yoga and even aesthetics.


The study of Mahavira’s life and work was first undertaken by the German scholar Hermann Jacobi, whose writings helped secure worldwide recognition for Mahavira’s greatness.


Mahavira was a great spiritual communicator whose ideas remain immortal and relevant even today. His message of truth and non-violence gave a new direction to society. In a world threatened by war and violence, his principle of Ahimsa Parmo Dharma is more relevant than ever. His message of peace and non-violence will continue to inspire India and the world.


 (The writer is a researcher and expert in foreign affairs.  Views personal.)

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