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Varamahalakshmi Pooja: Retain And Grow Wealth Research Team | Posted On Thursday, August 23,2018, 05:39 PM

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Varamahalakshmi Pooja: Retain And Grow Wealth




Varamahalakshmi Pooja is also known as Varalakshmi Pooja and Varamahalakshmi Vrata. This festival is celebrated with great pomp and show. Varalakshmi Pooja is done to win the favor of the goddess Lakshmi, who is the Hindu Goddess of Wealth and prosperity. Vara in Varalakshmi or Varamahalakshmi is one who grants boons or Varas.

Varamahalakshmi Puja is performed by women of South Indian states. Women observe this Vrata to pray for the well being of all family members and be blessed with children. While Goddess Lakshmi has blessed us with wealth and prosperity, it is our responsibility to preserve and increase wealth.

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Varamahalakshmi Pooja: Retain And Grow Wealth

It’s easy to spend money but difficult to save and grow it. This Varamahalakshmi, let us pledge to do our best to retain and grow wealth. Go through these tips:


I. Retain wealth:

Remember, safety first. Save money and retain it. Whatever be your risk tolerance, never forget to include fixed income yielding instruments like fixed deposits, government bonds and so on, in your investment portfolio. These investment avenues don’t give high returns, but they definitely preserve capital. So, there are zero chances of losing your principal (the amount invested). You may also consider debt mutual funds, which give moderate returns at moderate risk.


1. A commitment to save:

Discipline and commitment are the keys to enjoying a secure financial life. Regular saving is the best way to meet long-term financial goals. Start early and let time earn money. Ideally, savings should be 30% of monthly salary. In real time, saving even 10-15% of monthly salary can be difficult.

Maintain two bank accounts: savings and the salary account. Ensure that bills are paid from the salary account. Give standing instructions to the bank and transfer the remaining amounts to a savings bank account. Schedule a weekly or monthly transfer of funds for expenses depending on the budgeted figures.


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2. Set financial goals and timelines:

Decide when you want to buy a house, car, start a family, go on a foreign tour, retire and so on. Assign monetary values to goals. Say you want to buy a car of Rs 5 Lakhs and a house worth Rs 50 Lakhs. Set timelines for these goals. When you define a goal and a timeframe to achieve it, this is financial planning. To avail a home loan or a car loan you have to make a down payment.  This requires time and planning.

Do consider retirement, children’s education and saving for emergencies. Based on risk appetite, determine the desired investment mix to achieve these goals. Consider inflation and other macroeconomic changes while doing your financial planning.

Don’t spend windfall gains lavishly. Use some of them to prepay loans (lower the debts, higher is your net worth). Invest the rest in suitable financial instruments.


3. Get insurance:

Insure your life, assets and loans. Insurance is not an investment. It is a protection against the unexpected. For instance, medical inflation is increasing at 15-20% a year. Avail a health insurance plan to combat soaring medical inflation and avoid out of pocket expenses. Get a life insurance plan, so that your family will not have to compromise on living standards.


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II. Grow wealth:

To grow wealth, you must invest. Letting your money lie idle in a savings bank account, will serve no purpose. Determine your risk appetite and plan an investment mix to achieve short, medium and long-term financial goals. Consider inflation and other macroeconomic changes. Start investing.


1. Align savings and investment with goals:

Don’t let your money lie idle in a savings bank account. Once financial goals and timelines are clear, start saving and investing money.


2. Design investment mix:

Based on risk appetite, determine the desired investment mix to achieve short, medium and long-term goals. Plan your investments in accordance and consider inflation and other macroeconomic changes. Investments should grow to levels that monetary needs are fulfilled.


Investors are classified based on their risk profile:

  • Risk-averse investor: Risk-averse investors are those who settle for lower returns as they have less risk-appetite.


  • Risk-curious investor: Risk-curious investors are the ones willing to take some risk and expect slightly higher returns for the same.


  • Risk-aggressive investor: Risk-aggressive investors accept higher risk for higher returns.


     To achieve:


  • Short-term financial goals like going on a vacation or saving for emergencies, invest in liquid funds or short-term bonds. It is wise not to risk capital by investing in equity (highly volatile) and debt funds (vulnerable to interest rate risks).


  • Medium-term financial goals like down-payment, invest in fixed deposits, recurring deposits and SIPs of mutual funds. Do consider balanced funds, which invest in a mix of debt and equity (bonds and stocks). Equity builds wealth over the long term. Debts give high returns at low risk and the diversification benefits.


  • Long-term financial goals like retirement and children’s education, take the advantage of higher returns on equity. You may invest in ELSS. Depositing a lump sum in a fixed deposit also gives guaranteed returns. In the long-run, equity gives the best returns and multiplies wealth. Newbie investors aspiring to test the waters of the stock markets can start by investing in mutual funds via SIPs.


3. Monitor investments:

Every investment plan needs active monitoring. Compare actual returns with expected returns. If some investments are underperforming, give them a fair amount of time. If they still don’t catch up, redeem the investments and find alternatives. Keep an eye on tax reforms and assess their impact on investments and returns. Retaining and growing wealth is your responsibility. It is difficult but worth it.

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