Bengal was partitioned in 1947 on communal lines. Hindu-majority western Bengal became a part of the dominion of India while Muslim-majority eastern Bengal became a part of the Pakistan dominion. Belying this recent history, however, Bengal has a tradition of communal coexistence which stretches back centuries. Bengalis, both Muslim as well as Hindu, have lived cheek by jowl in the most densely-populated area on earth. Maybe nothing symbolises this long history of Hindu-Muslim cohabitation than the Goddess Bonbibi, worshipped by both communities in the dense Sundarbans forest on the Bengal coast.
The name Bonbibi literally means lady of the forest. Since the appellation bibi is used by Muslim women as an all-purpose surname, that makes it a unique name for a Bengali goddess. Daughter of a sufi fakir, Bonbibi is the great adversary of Dokkhin Rai, literally southern lord. Rai is a zamindar who takes the form of a tiger to prey on the inhabitants of the Sundarbans. Allah chooses Bonbibi to end Dokkhin Rai’s tyranny – a task accomplished easily enough after a short trip to Mecca and Medina. The Bibi, however, decides not to kill Rai and instead makes him promise that he will not harm anyone who worships her. In the Sundarbans, where death can come quickly, its inhabitants have worshipped Bonbibi for centuries as protection from the jungle’s many dangers.
Modernity vs syncretism
However, the worship of Bonbibi is receding now as modernity intrudes into the jungle. In Bokkhali, a small tourist resort at the edge of the Sundarbans forest, the Bonbibi mandir is located on the beach. It is, however, sparsely visited now even as more orthodox Hindu festivals such as Durga Pujo are celebrated fully.
As Bonbibi recedes in importance, there are also attacks on her syncretic character. Jadav Pramanik, a clerk at a nearby bank, carries out the duties of the priest at Bokkhali’s Bonbibi temple (given their unorthodoxy, Bonbibi temples rarely have Brahmins who officiate). He is, however, uhappy with Bonbibi’s cross-communal character and wants to rename her Bonodebi, to “remove a Muslim name from a Hindu goddess”. This hardening is represented in the temple itself which along with Bonbibi also has the idols of more orthodox Hindu deities, making it highly unlikely that a Muslim would use this as a place of devotion. In fact, the principle deity of the structure is now Durga, occupying a central place, as Bonbibi gets relegated to her side.
Pramanik’s ideas are increasingly reflected amongst Muslim Bengalis in the Sundarbans too, who see the worship of Bonbibi as against Islam’s strictures against monotheism and idol-worship. However, in Bokkhali town itself, Pramanik’s ideas seem to have little currency. The name “Bonodebi” is unknown and the town’s sweet shop is named after the goddess’ original name.
Want to retire at 45? Make your money work for you
Common sense and some discipline are all you need.
Dreaming of writing that book or taking that cruise when you hit your 40s? Well, this dream need not be unrealistic.
All it takes is simple math and the foresight to do some smart financial planning when you are still young. If you start early and get into the discipline of cutting down on unnecessary expenditure, using that money to invest systematically, you can build wealth that sets you free to tick those items off your bucket list sooner than later.
A quick look at how much you spend on indulgences will give you an idea of how much you can save and invest. For example, if you spend, say Rs. 1,000 on movie watching per week, this amount compounded over 10 years means you would have spent around Rs 7,52,000 on just movies! You can try this calculation for yourself. Think of any weekly or monthly expense you regularly make. Now use this calculator to understand how much these expenses will pile up overtime with the current rate of inflation.
Now imagine how this money could have grown at the end of 10 years and overcome the inflation effect if you had instead invested a part of it somewhere!
It is no rocket science
The fact is that financial planning is simpler than we imagine it to be. Some simple common sense and a clear prioritization of life’s goals is all you need:
Set goals and work backwards: Everything starts with what you want. So, what are your goals? Are they short-term (like buying a car), medium-term (buying a house) or long-term (comfortable living post-retirement). Most of us have goals that come under all the three categories. So, our financial plans should reflect that. Buying a house, for example, would mean saving up enough money for up-front payment and ensuring you have a regular source of income for EMI payment for a period of at least 15-20 years. Buying a car on the other hand might just involve having a steady stream of income to pay off the car loan.
Save first, spend later: Many of us make the mistake of putting what is left, after all our expenses have been met, in the savings kitty. But the reverse will have more benefits in the long run. This means, putting aside a little savings, right at the beginning of the month in the investment option that works best for you. You can then use the balance to spend on your expenditures. This discipline ensures that come what may, you remain on track with your saving goals.
Don’t flaunt money, but use it to create more: When you are young and get your first job, it is tempting to spend on a great lifestyle. But as we’ve discussed, even the small indulgences add up to a serious amount of cash over time. Instead, by regulating indulgences now and investing the rest of your money, you can actually become wealthy instead of just seeming to be so.
Set aside emergency funds: When an emergencyarises, likesudden hospitalisationor an accident, quick access to money is needed. This means keeping aside some of your money in liquid assets (accessible whenever you want it). It thus makes sense to regularly save a little towards creating this emergency fund in an investment that can be easily liquidated.
Don’t put all your eggs in one basket: This is somethingany investment adviser will tell you, simply because different investment options come with different benefits and risks and suit different investment horizons. By investing in a variety of instruments or options, you can hedge against possible risks and also meet different goals.
How and Why Mutual Funds work
A mutual fund is a professionally managed investment scheme that pools money collected from investors like you and invests this into a diversified portfolio (an optimal mix) of stocks, bonds and other securities.
As an investor, you buy ‘units’, under a mutual fund scheme. The value of these units (Net Asset Value) fluctuates depending on the market value of the mutual fund’s investments. So, the units can be bought or redeemed as per your needs and based on the value.
As mentioned, the fund is managed by professionals who follow the market closely to make calls on where to invest money. This makes these funds a great option for someone who isn’t financially very savvy but is interested in saving up for the future.
So how is a mutual fund going to help to meet your savings goals? Here’s a quick Q&A helps you understand just that:
How do mutual funds meet my investment needs? Mutual Funds come with a variety of schemes that suit different goals depending on whether they are short-term, medium-term or long-term.
Can I withdraw money whenever I want to? There are several mutual funds that offer liquidity – quick and easy access to your money when you want it. For example, there are liquid mutual funds which do not have any lock in period and you can invest your surplus money even for one day. Based on your goals, you can divide your money between funds with longer term or shorter term benefits.
Does it help save on taxes? Investing in certain types of mutualfunds alsooffers you tax benefits. More specifically, investing in Equity Linked Saving Schemes, which are funds that invest in a diverse portfolio of equities, offers you tax deductions up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act.
Don’t I need a lot of money to invest in MFs? No, you can start small. The returns in terms of percentage is the same irrespective of the amount you invest in. Additionally, the Systematic Investment Plan (SIP) allows you to invest a small amount weekly, monthly or quarterly in a mutual fund. So, you get to control the size and frequency of your investment and make sure you save before you spend.
But aren’t MFs risky? Well many things in life are risky! Mutual funds try to mitigate your risk by investing your money across a variety of securities. You can further hedge risk by investing in 2 to 3 mutual offers that offer different growth stories i.e. a blue-chip fund and a mid-cap fund. Also remember in a mutual fund,your money is being managedby professionals who are constantly following the market.
Don’t I have to wait too long to get back my returns? No! Mutual Funds, because of the variety of options they offer, can give you gains in the short or medium term too.
The essence of mutual funds is that your money is not lying idle, but is dynamically invested and working for you. To know more about how investing in mutual funds really works for you, see here.
Disclaimer: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
This article was produced by the Scroll marketing team on behalf of Mutual Funds Sahi Hai and not by the Scroll editorial team.