30/03/2023
The Ramayan, an ancient Indian epic, teaches us valuable lessons not only about morality and spirituality but also about financial wisdom. From securing our lives to practicing gratitude, we can draw on the timeless wisdom of this epic to guide our financial decisions. As Lord Ram says, "The wise person should gain the knowledge of the self and the world through the study of the scriptures, and apply it in their actions" (Uttara Kanda, Chapter 94, Verse 9). Here are 18 financial lessons we can learn from the Ramayan:
🔸Secure your life: In the Ramayan, Lakshman was wounded in battle and had to be healed by the Sanjeevani herb. Had he not received medical attention in time, he may not have survived. Just like Lakshman, we never know when we might need medical attention, which is why it's important to get health and life insurance to secure our lives.
🔸Set your budget: In the Ramayan, King Janak teaches us a valuable lesson when he asks Ram to break the bow of Lord Shiva to win the hand of Sita. Ram was successful in breaking the bow but refused to accept the prize of Sita as he was not motivated by desire. Just like Ram, we should learn to differentiate between needs and wants and not get swayed by materialistic desires.
🔸Contingency Fund: In the Ramayan, Lord Ram and his companions had to go into exile for 14 years, during which time they lived in the forest and faced many hardships. Had they not prepared for such a contingency, they may not have survived. Similarly, it's important to have an emergency fund to deal with unforeseen circumstances.
🔸Be Patient/Think Long Term: In the Ramayan, Ram had to cross the ocean to rescue Sita from Ravana. He could have taken a shortcut and flown over the ocean with his divine powers, but he chose to build a bridge instead, which took a long time to build. Just like Ram, we should be patient and think long-term when it comes to our finances, and not be tempted by quick gains or shortcuts.
🔸Choose advisers wisely: In the Ramayan, Kaikeyi listens to the bad advice of her maidservant Manthara, which leads to her asking for Ram to be exiled and Bharat to be crowned king. This results in a lot of hardship for the family. Similarly, we should be cautious in choosing our financial advisers and avoid those who offer quick rich schemes or make unrealistic promises.
🔸Build a Corpus: In the Ramayan, Ram, Sita, and Lakshman had to leave the comforts of Ayodhya and build their network and army from scratch to defeat Ravana. Similarly, we need to have patience and build a corpus over time to defeat inflation and achieve financial stability.
🔸Cultivate discipline: In the Ramayan, Ram follows the path of dharma, which involves being responsible and disciplined in life. Similarly, we should cultivate discipline in our financial life by saving judiciously, spending carefully, and investing wisely.
🔸Wipe your slate and start over: In the Ramayan, Vibhishan, Ravana's brother, defects to Ram's side and helps him defeat Ravana. Just like Vibhishan, we should learn from our past mistakes and make informed decisions to streamline our financial journey.
🔸Believe in karma: In the Ramayan, Ram always did the right thing and was eventually rewarded for it. Similarly, we should continue doing good things and trust that good karma will eventually come our way.
🔸Invest in yourself: In the Ramayan, Hanuman uses his unique abilities to help Ram and his allies in various ways, such as finding Sita and bringing the Sanjeevani herb. Similarly, we should invest in our skills and abilities to achieve our financial goals. This can involve taking courses to learn new skills, networking to build relationships, and developing a strong work ethic.
🔸Avoid debt: In the Ramayan, Ravana becomes powerful by borrowing from Kubera, the god of wealth. But he is unable to repay his debt and is eventually destroyed as a result. Similarly, we should avoid taking on excessive debt, as it can lead to financial ruin. Instead, we should live within our means and only take on debt when it is necessary and manageable.
🔸Set financial goals: In the Ramayan, Ram and his allies set clear and specific goals, such as rescuing Sita and defeating Ravana. Similarly, we should set financial goals that are specific, measurable, achievable, relevant and time-bound. This can help us stay focused and motivated on our journey toward financial success.
🔸Practice gratitude: In the Ramayan, Ram and his allies are grateful for the help they receive from others, such as Hanuman and Sugriva. Similarly, we should practice gratitude for the blessings we have in our lives, such as our health, family, and friends. This can help us stay positive and resilient in the face of financial challenges.
🔸Embrace frugality: In the Ramayan, Ram, and Sita live a simple and frugal life during their exile in the forest. Similarly, we should embrace frugality and live within our means, avoiding unnecessary expenses and focusing on our priorities.
🔸Be adaptable: In the Ramayan, Ram and his allies face unexpected challenges and setbacks, but they adapt and find creative solutions to overcome them. Similarly, we should be adaptable and flexible in our financial plans, adjusting them as needed based on changes in our circumstances.
🔸Build a strong support system: In the Ramayan, Ram and his allies rely on each other for support and encouragement. Similarly, we should build a strong support system of family, friends, and financial advisors who can help us stay on track toward our financial goals.
🔸Learn from failure: In the Ramayan, Ram and his allies experience setbacks and failures, but they use them as opportunities to learn and grow. Similarly, we should view our financial failures as learning experiences and use them to make better decisions in the future.
🔸Give back: In the Ramayan, Ram and his allies prioritize helping others and giving back to society. Similarly, we should make a conscious effort to give back to our communities and contribute to the causes we care about. This can help us find greater purpose and fulfillment in our financial journey.
Credit to Dr. Sanjay Tolani
