In the last couple of days, India has celebrated not one but multiple festivals. Festivals of Baisakhi, Vishu, Rongali Bihu, Naba Barsha, Vaisakhadi and Puthandu-Pirappu being celebrated all across the country reflect India’s diversity and also emphasize unity. Traditionally associated with the harvest season, these festivals celebrate the vitality and abundance of nature.  

The celebrations coincided with Mahavir Jayanti and Ambedkar Jayanti, followed by Hanuman Jayanti, Good Friday and Easter.

The intent is not to present the holiday calendar to you all but to highlight that we have diversity all around us. Still, we think in binary terms – Right/ wrong, Good/Bad, Yes/No, Happy/Sad, and so on, visible in all aspects of our lives.

I will share another incident that would clearly illustrate this thought process. Cooking dal is a fundamental activity in everyone’s kitchen. However, the ideal method of cooking it might differ. Some may wait for the cooker to let out three whistles, and some may pressure cook the dal by keeping the pressure in and not releasing it multiple times, wasting time and fuel.

The basic premise is that there is no ABSOLUTE one correct answer. For instance, we all know two multiplied by two is 4, which is correct but is not the only right way to get the answer 4. Different alternative paths can be followed like 4*1, 5-1, 2+2, etc.

Absolutes are blinders that don’t allow room for empathy, curiosity, or imagination. It makes us hard-hearted, brittle, and angry. Angry, dogmatic trolls, reacting violently at a difference of opinion and demanding homogeneity over diversity are all the result of this very attitude.

What can be done?

The first is to be aware and then allow yourself to understand that there is more than one way to cook the dal, get four as the answer and even achieve financial goals.

Next, take inspiration from Google Maps, which never condemns even if one takes a wrong turn. It simply re-routes and shows the next best possible alternative. It acknowledges that there are possibly many different ways to reach the destination, and one can choose their path. There is no point yelling, scolding, or feeling bad about taking a less travelled road. The intent should always be to help fix the problem and not blame.

Be aware of the biases that lock our thinking. ‘If all you have is a hammer, everything looks like a nail.’ With limited tools, people often apply them inappropriately or indiscriminately. Usually, a person familiar with a single subject has a confirmation bias that it is the answer to everything. We prefer to do what we have rather than look for a better alternative.

There’s more than one way to skin a cat!!

There are multiple ways/ approaches to solve one problem. Specifically, applying these thoughts in financial planning would mean diverse ways to create a portfolio, explore new asset classes, new geographies and expand your horizon.

Diversity is even more critical today when one needs a resilient portfolio to face the challenges posed by the energy prices and interest rates. Some sectors are energy-dependent, while others benefit from high energy prices. It is crucial to ensure that the portfolio isn’t all pointing in the same direction on interest rates.

Integrating the right tools with the right mindset is vital to achieve in life – be it mental peace, financial prosperity or professional success.

Be the Google Map for everyone you care about and even yourself!!

Dr. Tarunika Jain Agarwal Ph.D.

Alpha Research