finance
On the auspicious occasion of Hanuman Jayanti, we delve into who serves as our “Saviors” during financial challenges.
Lord Hanuman, revered for his strength and unwavering devotion, symbolizes hope amid adversity. In our modern lives, especially when dealing with financial issues, we often seek our own Saviors for assistance.
Much like Lord Hanuman once lifted mountains to aid Lakshmana, our financial framework includes several robust supports that can assist us in times of trouble. Here are key financial instruments that act as our Saviors:
Insurance Policy: An insurance policy provides essential protection against unforeseen financial crises due to health emergencies, accidents, or natural disasters. It serves as a safety net for every family.
Investment in Gold: Gold remains a steadfast store of value during economic downturns, ensuring steady worth when other investments falter, akin to Hanuman's unwavering strength.
Fixed Deposits (FDs) and Mutual Funds: While returns from FDs and mutual funds may not be immediate, they offer stable growth over time, analogous to Hanuman's enduring presence.
Investment in the Share Market: The stock market, with its inherent fluctuations, can deliver significant returns with wise decision-making and timing, reflecting the calculated risks Hanuman undertook for monumental successes.
Immovable Property: Real estate offers a solid foundation during financial uncertainties and generally appreciates over the long term, much like a dependable ally.
While these financial Saviors provide invaluable support, it is crucial to avoid common mistakes that can undermine their effectiveness:
Insufficient Insurance Coverage: Selecting a low-cost insurance plan without adequate coverage is akin to possessing a half-shield in battle.
Impulse Buying of Gold: Purchasing gold rashly, without verifying purity or timing, could diminish its value.
Overlooking Risks in FDs and Mutual Funds: Not comprehending the stipulations of FDs or the particular risks associated with mutual funds can lead to unwelcome surprises.
Speculative Trading in the Share Market: Entering the stock market with the expectation of rapid profits, without conducting thorough research or strategizing, poses high risks.
Negligent Property Investment: Failing to conduct legal checks, disregarding market trends, or overlooking the significance of location can transform a promising investment into a liability.
It is essential to avoid common mistakes like insufficient insurance coverage and impulsive investments. With careful planning and informed decision-making, these financial instruments can serve as our true saviors in times of need.