During my routine World Wide Web poking today evening, I
suddenly unearthed the fact that Halloween and World Savings Day coincidentally
fall on the same day i.e. 31st October. I thought it would be
exciting to explore this concurrence.
First, let’s know something more about World Savings Day
and its purpose. The World Savings Day was established on October 31, 1924,
during the 1st International Savings Bank Congress (World Society of Savings
Banks) in Milano, Italy. Representatives of 29 countries wanted to bring to
mind the thought of saving to the worldwide public and its relevance to the
economy and the individual.
For
the past 90 years WSBI (World Savings Bank Institute) and World Savings Day
have celebrated and encouraged the timeless idea and behavior of saving money
in a bank rather than keeping it under a mattress.
Today,
many people forget World Savings Day because it collides with Halloween.
Halloween
also known as All Hallows' Eve or All Saints' Eve is a yearly celebration
observed in a number of countries on 31 October. It is dedicated to remembering
the dead, including saints (hallows), martyrs, and all the faithful departed
believers. The traditional focus of Halloween revolves around the theme of
using "humor and ridicule to confront the power of death." Halloween
originated from the ancient Celtic festival known as Samhain, which marked the
start of winter and the start of New Year. It was believed that the spirits of
the dead could return to the earth around Halloween time.
Well
well well…..Now people who have long ago learnt to save in Bank instead of
keeping money under mattress need to understand that mere Saving is not
Investing. Whereas the safety and no-risk features of deposits in Bank appeal
to the common man, there is no need to be continuously haunted by the spell of
safety. Spooky twin demons of ‘Inflation’ and ‘Taxes’ are bigger enemies. To
put it simply, usually only saving will not beat the twin demons, whereas objective
of investment is to create wealth after defeating the twin demons.
Relying
on past savings and future earning potential is the most followed path for
achieving Life Goals. Little is thought of ever changing savings ratio Vis a Vis
income, uncertainty of earning potential in future, competition, capacity to
work etc. Risk embedded in this is that opportunity cost of achieving the long
term Life Goals is far greater than needed. Instead if an individual
understands his risk taking capacity, sticks to Asset Allocation, approaches
investments in a structured manner and draws a Financial Plan (www.finpals.com), he/she will certainly
achieve wealth creation.
Remember
the dead investments made in the past this Halloween. Seek solution to it. Do
not be haunted by past investment mistakes or experiences and carry them till
eternity.
Understand
that the ghost of uncertainty is quite ineffective in other investment avenues if
the Goals are long term. Under the camouflage of safety, recognize, say hello
and goodbye to ‘Inflation’ and ‘Taxes’ this Halloween. Adapt new avenues of
investment and do not just keep on saving.
Remember!!
Halloween is also the World Savings Day, give a new meaning to it.
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