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By:

Kaustubh Kale

10 September 2024 at 6:07:15 pm

The Financial Magic of 8/8

AI Generated Image If numbers could talk, 8 would speak the language of wealth. When the date doubles into 8/8, it becomes more than another day. It becomes a reminder of financial power, balance and long-term abundance. Yesterday, the calendar read August 8 - 8/8. In astrology and numerology, this date is considered significant. The Lion’s Gate Portal August 8 marks the peak of what is known as the Lion’s Gate Portal - a period believed to carry heightened energy for growth, abundance and...

The Financial Magic of 8/8

AI Generated Image If numbers could talk, 8 would speak the language of wealth. When the date doubles into 8/8, it becomes more than another day. It becomes a reminder of financial power, balance and long-term abundance. Yesterday, the calendar read August 8 - 8/8. In astrology and numerology, this date is considered significant. The Lion’s Gate Portal August 8 marks the peak of what is known as the Lion’s Gate Portal - a period believed to carry heightened energy for growth, abundance and transformation. I am a financial advisor - not an astrologer or numerologist - but I find this date fascinating because of the symbolism attached to the number 8. In numerology, 8 is associated with wealth, power, ambition and balance. It is also linked with discipline, responsibility and karma - the idea that our actions produce results. When the calendar reads 8/8, many believe this energy is doubled. A Financial Checkpoint Whether or not you believe in astrology or numerology, the date can serve as a financial checkpoint - an opportunity to pause, reflect and take steps towards building wealth. I recommend treating 8/8 as a money mirror - a moment to ask yourself: Are my investments aligned with my long-term goals? Is my money working for me, or am I caught in an earn-and-spend cycle? Am I creating lasting wealth, or merely temporary income? Your Mid-Year Money Reset We often make resolutions on January 1. But by August, more than half the year has passed. That makes 8/8 an excellent occasion for a financial reset. Use this weekend for review and action. The intention may begin on a symbolic day, but transformation comes from what you do next. Review your goals and expenses. Make lumpsum investments where appropriate, increase your SIPs, check whether your insurance cover is sufficient and organise your financial documents. Also review your asset allocation. Money meant for long-term goals must be invested in hybrid and equity mutual funds, stocks and gold. Money required for short-term goals should remain in safer options such as bank fixed deposits and recurring deposits. Declutter Your Finances Close unused accounts, cancel unnecessary subscriptions, consolidate scattered investments and ensure that your family knows where financial information is stored. These may seem like small steps, but wealth is rarely created through one dramatic decision. It is built through disciplined actions repeated over many years. The Infinity Connection When the number 8 is turned on its side, it resembles the symbol for infinity - . That is what true investing is about - allowing consistency, patience and compounding to work over long periods. It does not create wealth overnight. Given time, the results can appear magical. Turn Intention Into Action As we move beyond 8/8, do not let the intention remain limited to a date on the calendar. Set a financial intention. Act on it. Review it regularly. Even the largest fortunes begin with focused steps. When your present-day financial actions begin matching your long-term goals, real transformation begins. (The writer is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

Voice of bankers deserts left, joins Congress

Mumbai: Well-known banker-cum-trade unionist Vishwas R. Utagi – who is credited with exposing several banking-insurance-financial frauds in India – has joined the Congress.

 

A popular go-to-name for banks-finance related matters even among mediapersons, Utagi, 70, retired from the Bank of Maharashtra after 40 years’ service, capped with his appointment as the Employee-Director (2000-2003) on its board.

 

He was among those instrumental in exposing the infamous 1992 scam by the late Big Bull and stockbroker Harshad Mehta that shook the country’s banking-political sectors.

 

“Those were very exciting days… I was called by the Joint Parliamentary Committee (JPC) formed that year to probe the stock-markets scam and its huge economic-political ramifications,” said Utagi, in a detailed chat with ‘The Perfect Voice’.

 

In his new role for the Congress, Utagi hopes to organize the SME sector – the backbone of Indian economy – “which is in dire straits since the past few years”, to become the party’s ‘economic face’, raise issued of finance, banking and commerce, that directly affect the common man daily.

 

“The Bharatiya Janata Party at the Centre and state have failed abysmally on the economic front. The government has become increasingly arbitrary, with growing interference in the working of banks. Many rich capitalists have defrauded banks of massive amounts and fled the country. But no action is taken against them,” said Utagi.

 

In the early 1990s, Utagi called on 60 MPs plus the then Finance Minister Dr. Manmohan Singh – who later became Prime Minister (2004-2014) to resolve the imbroglio of the crisis-hit Bank of Karad, along with a senior party leader, Prithviraj Chavan, who subsequently became a union minister and also served as Maharashtra CM.

 

At one point, the Central Bureau of Investigation (CBI) and certain other agencies utilized Utagi’s expertise to crack various financial frauds including the stock-markets and more banking scams involving liquor baron Vijay Mallya and diamantaire uncle-nephew of Mehul Choksi-Nirav Modi.

 

Utagi's deep concern for masses

 A banker with a Leftist inclination, he worked passionately for the success of the banks’ nationalization policy implemented (1969 and 1980), expansion of the public sector banks’ network to the remotest corners of the country, highlighting or exposing the flaws in the banking systems, and safeguarding the interests of the bank employees both in the public and private domain, not to forget the customers.

 

With lofty aims in mind, Utagi was involved in various capacities with the Investors Action Forum Charitable Trust, Bank Depositors’ Protection & Welfare Society, Chairman of Indian Institute of Banking & Finance Employees/Officers Association, several other national-level banking trade unions, plus All Trade Unions Co-Convener and Trade Unions Joint Action Committee.

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