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By:

Correspondent

23 August 2024 at 9:59:04 pm

Safety First

The death of two people and injuries to five others after a 22-foot Ganesh idol collapsed during its arrival ceremony in Mumbai is a deeply disturbing accident. It is particularly unfortunate that such an incident should occur barely three weeks before Ganeshotsav begins on September 14. A festival that is synonymous with devotion, community and celebration must not begin under such a gloomy shadow. The incident took place in Bhuleshwar, as the idol of Bhuleshwaracha Raja was being...

Safety First

The death of two people and injuries to five others after a 22-foot Ganesh idol collapsed during its arrival ceremony in Mumbai is a deeply disturbing accident. It is particularly unfortunate that such an incident should occur barely three weeks before Ganeshotsav begins on September 14. A festival that is synonymous with devotion, community and celebration must not begin under such a gloomy shadow. The incident took place in Bhuleshwar, as the idol of Bhuleshwaracha Raja was being transported from Byculla to its pandal. Preliminary information points to the unravelling of loose nuts and bolts in the idol’s supporting frame. Whatever the final findings of the investigation, the fact remains that a structure weighing many tonnes and being moved through a crowded urban neighbourhood cannot be allowed to become a lethal hazard. The prompt mobilisation of the Mumbai Fire Brigade, Mumbai Police, traffic police, 108 ambulance service and civic ward staff deserves recognition. But emergency response, however efficient, is no substitute for prevention. By the time emergency services arrive, lives may already have been lost. That is the lesson Mumbai and Maharashtra must absorb before the festival begins. Ganeshotsav is among the biggest public celebrations in the state. Its arrival processions draw enormous crowds, with towering idols, decorated vehicles, music, electrical installations and devotees converging on narrow streets. The scale of the celebrations has grown dramatically, but safety practices must grow with it. Every Ganesh pandal preparing for this year’s festival should treat structural safety as seriously as religious and logistical arrangements. Frames, fasteners, lifting equipment, transport vehicles and securing mechanisms must be inspected by competent personnel before an idol is moved. Organisers should not assume that a structure is safe simply because it has been used before. A single loose bolt can have catastrophic consequences. The authorities, too, cannot leave safety entirely to organisers. Civic agencies should conduct systematic inspections of large idols and their transportation arrangements, particularly where processions pass through densely populated areas. Traffic management, crowd control, overhead electrical infrastructure and emergency access routes need to be planned in advance. Safety checks should be mandatory, documented and meaningful, not just a box-ticking exercise. There is still time to act. The accident should be treated not merely as an isolated mishap but as a warning. Maharashtra has barely three weeks to ensure that every major pandal and procession has robust safety protocols in place. Ganeshotsav should begin with faith, excitement and the unmistakable sense of a city coming together and not with the memory of preventable deaths. The best tribute to those who lost their lives in Bhuleshwar would be to ensure that no family has to suffer such grief during the celebrations ahead.

Turning Income Into Wealth

In today’s fast-paced world, it’s easy to equate a high income with financial success. Many professionals pour their energy into building impressive careers, chasing promotions, and increasing their earnings. Yet, here’s the uncomfortable truth: high income alone doesn’t guarantee financial security - let alone freedom.


Your income doesn’t matter if you don’t save a significant portion of it. Lifestyle inflation - the tendency to spend more as you earn more - is a silent wealth killer. The more you earn, the more intentional you must be about saving.


But even saving, on its own, isn’t enough. With inflation steadily eroding the value of money, savings sitting idle in a bank account lose purchasing power over time. That’s why your savings don’t matter unless you invest them in inflation-beating assets - like equities, equity-oriented mutual funds, or gold.


Even when you begin investing, the real magic happens only when you stay invested. Compounding is a powerful force, but it needs time. If you chase short-term market trends or withdraw randomly - treating your long-term assets like a savings bank account - you will miss out on long-term wealth creation. So your investments don’t matter if you don’t stay invested for the right time horizon.


As you climb the ladder in your career, don’t ignore your investments or sources of passive income. These are what will eventually buy you time - and time, after all, is the ultimate luxury.


Don’t confuse your work with your life. Your job isn’t your life - it’s just a part of it.


There’s a crucial difference between being rich and being financially free. Being rich means having money. Being financially free means having both money and time - the ability to live life on your own terms without being dependent on a paycheck.


Let’s stop linking retirement to age, and instead link it to investments. True retirement is when your money works for you, not when you hit a milestone birthday.


Financial freedom gives you the power to make that distinction. Start

investing in that freedom - today.


To summarise:

•Your income doesn’t matter if you don’t save enough.

• Your savings don’t matter if you don’t invest in assets that beat inflation.

• Your investments don’t matter if you don’t stay invested for the long term.


Because being rich is having money. But being financially free is having money and time.


And most importantly, ensure you have a trusted financial advisor for financial planning, investments and insurances. Their education, wisdom, expertise, and experience will help turn your income into wealth.


(The author is a Chartered Accountant and CFA (USA). Financial Advisor.

Views personal. He could be reached on 9833133605.)

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