How To Make Financial Planning This Dussehra For Early Retirement?

by Sonam Srivastava

Published On Oct. 23, 2023

In this article

Dussehra, a festival that marks the victory of good over evil, is a time for reflection, celebration, and new beginnings. As we witness the burning effigies of Ravana, signifying the triumph of light over darkness, it's an opportune moment to introspect on our personal financial journey. So many of us want to become financially free to pursue our dreams and there is no better day to start planning for that goal than on the auspicious occasion of Dussehra. This Dussehra, let's channel the spirit of the festival into planning for an early retirement—a victory of financial independence over monetary constraints.

Understanding Early Retirement

Early retirement is a concept that goes beyond merely stepping away from a 9-to-5 job earlier than the conventional retirement age. It's a holistic approach to life and finances, centred around the idea of achieving complete financial autonomy. At its core, early retirement is about reaching a state where your accumulated savings and meticulously planned investments are robust enough to support your desired way of life, eliminating the necessity for regular employment.

This financial nirvana doesn't just happen overnight. It's the culmination of years, often decades, of disciplined saving, astute investing, and living within one's means. It's about making informed decisions today that will pay dividends in the future. For many, early retirement also offers the freedom to pursue passions, travel, volunteer, or even start new ventures without the pressure of a paycheck dictating their choices.

But reaching this milestone requires meticulous planning, discipline, and, most importantly, an early start.

1. Set Clear Financial Goals

Just as Lord Rama had a clear mission to rescue Sita, you need a clear vision for your retirement. How do you envision your retirement life? Do you see yourself traveling the world, pursuing hobbies, or maybe starting a small business? Quantify your retirement needs, considering inflation and potential lifestyle changes. This will give you a target to aim for.

2. Start Saving Early and Consistently

The power of compounding is a formidable ally in your quest for early retirement. The earlier you start saving, the more time your money has to grow. Even if you start with a small amount, consistent savings over time can accumulate into a substantial retirement corpus. Remember, it's not just about how much you save, but also how long you save.

3. Invest Wisely

Just saving is not enough, you need to invest your savings wisely as well! Good investments can fuel the growth of your wealth. Understand and invest in exciting investment opportunities offered by diverse assets like stocks, bonds, and real estate. Explore quantitative strategies, momentum like factors that can give you the biggest flavour of India’s growth. Consider seeking advice from financial experts or using smallcases to optimise your investment strategy. As with Dussehra's lessons, it's essential to differentiate the good investments from the bad, ensuring your money works efficiently for you.

4. Minimize Debt

Just as Rama eliminated the ten-headed demon Ravana, aim to eliminate the many heads of debt that can impede your financial freedom. High-interest debts, especially from credit cards or personal loans, can severely hamper your savings potential. Prioritize paying off high-interest debts and avoid accumulating new ones.

5. Plan for Healthcare

Healthcare is a cost that crops up for anyone and can be a burden on our savings. As we age, medical needs often increase and can strain retirement savings. Plan for your healthcare needs - invest in a comprehensive health insurance plan and consider diagnostic healthcare costs as a inherent plan of your financial plan.

6. Create Passive Income Streams

While your investments will be a significant source of income in retirement, having multiple passive income streams can provide added security. This could be in the form of rental income, dividends from stocks, or even a side business that doesn't demand much of your time.

7. Regularly Review and Adjust

Your journey to early retirement is not a set-it-and-forget-it plan. Regularly review your financial goals, investment strategies, and savings rate. Adjust as needed based on life changes, market conditions, and any shifts in your retirement goals.

8. Embrace Minimalism

Early retirement often requires some lifestyle adjustments. Embracing a minimalist lifestyle doesn't mean depriving yourself but rather focusing on what truly matters. It's about valuing experiences over possessions and recognizing that happiness doesn't always come with a hefty price tag.

9. Educate Yourself

Financial literacy is empowering. The more you understand about savings, investments, and financial planning, the better equipped you'll be to make informed decisions. Regularly read books, attend seminars, or even take online courses to enhance your financial knowledge.


This Dussehra, as you celebrate the victory of good over evil, take a moment to reflect on your financial journey. Let the festival's spirit inspire you to conquer financial challenges and pave the way for early retirement. With determination, discipline, and the right strategy, you can achieve the financial freedom you desire, allowing you to enjoy the golden years of your life on your terms. Let's make this Dussehra not just a celebration of the past but a commitment to a brighter, financially secure future.

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