This Ganesh Chaturthi Learn 7 Smart Ways from Lord Ganesha to Manage Your Wealth

Further, each quality possessed by Lord Ganesha holds significance, which also can be applied to the world of personal finance and investments. This year, take inspiration from the Vighnaharta (remover of all obstacles) and work on ways to manage your wealth wisely.

Here we list a few ways in which you can draw inspiration from our beloved Ganpati Bappa:

1. Gajanana (Big head) = Wisdom

The big elephant head of Lord Ganesha represents open-mindedness, forward-thinking, and a vast ocean of knowledge --an embodiment of wisdom and intelligence. Learning is a continuous process of life and a prerequisite to being successful in any field. When it comes to managing your hard-earned money and personal finances successfully, being financial literate is a must. Therefore, you must update your knowledge by reading various articles and blogs on personal finance and investing. You may consult a qualified financial advisor or financial planner, who can provide you with unbiased insights.

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Lord Ganesha inspires us to always enhance and use our knowledge and learning to aim towards our goals and make informed decisions. Instead of instantly fulfilling materialistic gratification in the short-term, you must focus on S.M.A.R.T (Specific, Measurable, Adjustable, Realistic, and Time-bound) goals for long-term (your dream home, child's higher education expenses, their wedding expenses, your retirement, etc.). Subscribe to the idea of delayed gratification, which shall leave you with a higher investible surplus to achieve the envisioned goals.

2. Chinteshwara (Eye for detail) = Track your expenses

You can seek inspiration from the Chinteshwara Avtar of Lord Ganesha, his eyes symbolise concentration and focus. When we set our minds on a goal it is important to stay focussed on it and to also take all the necessary steps to achieve it. A goal without a plan is just a goal.

Once you have a plan in place, you must try and stick to it to be able to achieve your goals. This requires discipline in spending and saving to refrain from getting distracted. Create a budget to keep spending in check. It is easy to get carried away and spend more than you should. However, it is essential to find a way to curb such impulses. Evaluate your income and expenses to create a budget suitable for you. It will help you manage your money and avoid unnecessary expenditures. You can also track your spending to determine where you spend the most and what expenses can be cut down. This way, you will not just reduce your spending but also boost your savings and investments.

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3. Lambodara (Potbelly) = Immense ability to stomach the risk

Lord Ganesha is also referred to as Lambodara, meaning one who has a pot belly. The pot belly holds the capacity to absorb everything that comes with life. Financial uncertainty can come anytime, be it any natural disaster where you'll lose lots of resources, struggling with a financial crisis etc. Given that life throws curveballs, having an emergency fund, or a Contingency Fund is a must.

Lord Ganesha is understood to hold an immense ability to digest, and similarly, you should be able to stomach the financial challenges that come your way due to any unforeseen event. You must build a safety net for yourself with emergency funds to take down any financial challenges. Ideally, your contingency reserve should be around 12 to 24 months of regular monthly expenses, including the EMIs on your loans. And this money must be parked into a separate savings account and/or a pure liquid fund. This shall serve to be a fallback plan to handle any financial obstacles that come your way.

4. Vighnaharta (Remover of Obstacles in Life) = Ensure financial security

Lord Ganesha is also known as Vighnaharta, the pandemic has shown us how unpredictable and uncertain life can be. And it has also taught us to be prepared for these uncertainties. We can take inspiration from Ganesha's Vighnaharta avtar by being prepared forehand for the obstacles and difficulties we might face in the future by purchasing an adequate insurance cover.

You can't predict the future but you can secure yourself and your loved ones with adequate life and health insurance. An adequate insurance plan helps in situations like abrupt health problems, the death of a sole earning member of the family, etc. Lack of insurance may create financial hardship in times of emergencies, be wise and protect your loved ones by putting an insurance plan in place and preparing for the unexpected.

You must aim to insure your family and yourself, with the help of term Insurance which can replace your income in case of your untimely death. This will ensure a comfortable life for your family in your absence. In the event of a medical emergency, health insurance can help you cover costs for expensive health treatment before and after hospitalisation. Insurance cover indemnifies the risk to your life and health. If you already have insurance coverage, review your policy with your agent to make sure you are optimally insured.

5. The Mushaka (Lord Ganesha's Vahana) = Little is more

Lord Ganesha's vehicle, or vahana, is depicted as a little mouse in Hindu mythology. It expresses the most crucial life lesson of simple living and elevated thinking. Lord Ganesha chose 'mouse' as his vehicle and knew the worth of even the littlest of resources. It also highlights that we must not underestimate the power of the little, small things.

When it comes to managing your wealth wisely, investment planning is a crucial step. You should not overlook the power of little things such as saving as early as possible and investing regularly through SIPs in mutual funds. You must start saving since your first pay cheque, your investible surplus (savings minus your expenses) must be deployed in a worthy investment avenue (as per your risk profile and asset allocation) whereby it earns efficient real return returns (adjusted for inflation) to achieve your envisioned financial goals.

Systematic Investment Plan (SIPs) in mutual funds is the ideal option and these SIPs are the small steps you need to take to begin your wealth creation journey. SIPs offer to benefit from rupee-cost averaging and the power of compounding, it is lighter on your wallet you may invest as low as Rs 500/- per month in mutual funds and gradually increase the amount. Thus, it is advisable to start SIP-ping in worthy mutual funds as early as possible to enjoy the power of compounding. If you are already SIP-ping in some of the best mutual fund schemes, stay put, committed, and focused. Do not commit the mistake of stopping them because the markets are volatile or correcting.

6. Ekadantaya (One Tusk) = Weed out the bad from the good

Known as Ekadantaya, Ganesha has two tusks and one of them is broken, which represents the strength and power of his tusks. The broken tusk represents the ability to recover from losses, and the other tusk represents the strength to weed out the bad.

These days, the cost of daily life has risen to new highs. In such cases, you might rack up a fair amount of debt. Having debt is not bad but not being able to repay it on time is harmful to your financial health. Clearing off debt is a hassle and can feel like a heavy burden at times. You can take inspiration from Ganesha's strong tusk and weed out the obstacles like debt obligation to maintain a healthy financial future.

To help streamline/ reduce your debt, you can opt for debt consolidation or debt reduction strategies. Ensure you make timely repayments and maintain a good credit score for future eligibility of any borrowings. Do not borrow another loan to pay off the existing loan EMIs it will create a debt burden for you. Additionally, avoid using credit cards frequently, do note that, you may end up falling prey to debt traps as credit cards charge a very high rate of interest. Maintain a debt-free life to attain a financially secure future. You must ensure that your debt-to-income ratio is below 40% and you are capable to repay the loan on time.

7. Vakratundaya (Agile Trunk) = Learn to endure and adapt

Through the flexibility and endurance of his trunk, Lord Ganesha teaches us to harbour an adaptable nature towards our finances. The trunk also embodies the power and strength to perform a variety of delicate and complex tasks.

It symbolises that one must possess the righteousness of patience to adapt during unfavourable conditions, since things may not always be the way you wish them to be. As an investor, you need to understand that market volatility can affect your investments, you will experience highs and lows reflected in your portfolio depending on the performance of the market. However, it is noteworthy that the sky eventually clears and probably with good returns.

In parlance for managing money, adaptability is a necessary characteristic. As your financial circumstance, risk profile, investment objective, and investment horizon change, you must make alterations to your financial plan and investment strategies. You can counter this by periodically reviewing and rebalancing your investment portfolio, to see if its performance is aiding your journey of wealth creation.

Sometimes holding on to our financial decisions can cause us more harm than good, hence when the time comes it's important to scrap bad investments from our portfolio. You may stop a particular SIP only when the respective mutual fund scheme has underperformed for a fairly long time or consistently. If you want your financial plan to survive through the thick and thin of volatile markets and macroeconomic conditions, your financial plan needs to be flexible and adaptable. Remember to review your portfolio and continue looking for better opportunities to efficiently adjust your portfolio.

To conclude...

The earlier you start, the better it is to manage your wealth and build a healthy corpus. Remember that over time your money will grow with the magic of compounding. Start to save before you spend and invest it in rewarding investment avenues. Always account for the impact of inflation on your investments, and invest wisely in worthy investment avenues.

Lord Ganesha is known as the lord of new beginnings, this Ganesh Chaturthi take the blessings of Lord Ganesha and begin your journey of wealth creation, invest in suitable and best mutual fund schemes to accomplish your envisioned financial goals. Additionally, never allow the flame of knowledge to go dim and keep up your wisdom and intellectual curiosity only growing, allowing you to make wise investment decisions.

As you celebrate the joys of Ganesh Chaturthi this year, spend a moment reflecting on these smart ways to manage your wealth and embark on the path of prosperity!

Wish You All a Very Happy Ganesh Utsav!

Ganapati Bappa Morya!

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Warm Regards,
Mitali Dhoke
Jr. Research Analyst