Science & Technology

The Chandrayaan-3 mission teaches us five lessons about personal finance

Chandrayaan-3 mission

In addition to making Indians proud, congratulations poured in from all corners of the world when Mission Chandrayaan-3 successfully landed at the south pole of the moon on August 23 at 6.04 pm IST.

The common man can learn from this extraordinary achievement, just like from major scientific achievements. Here are some examples:

Prepare to play for a long time-mission chandrayaan-3

An important milestone in India’s space exploration has been reached with Chandrayaan-3, and it illustrates the importance of a long-term strategy. Scientists at the Indian Space Research Organization (ISRO) worked for decades to develop Chandrayaan 1, India’s first moon mission.

In personal finance, successful wealth creation is also often determined by sustained efforts and patient investment strategies. The mission’s journey echoes the gradual but rewarding process of building wealth over time. Financial security and prosperity require disciplined, consistent efforts. It is important for investors to recognize that long-term decision-making and dedication to their goals pave the way to financial success.

The key to success is persistence-mission Chandrayaan-3

Similarly, the world of finance teaches us that substantial wealth is created through consistent, disciplined investing over time. Chandrayaan-3’s contribution to India’s space trajectory is symbolic of the value of a patient, long-term approach. Investors should recognize that success in the market can be achieved by making prudent decisions, committing, and keeping an eye on long-term goals, just as the mission’s trajectory unfolded gradually to reach its destination.

Chandrahaan-3 illustrates that success often requires weathering challenges and staying the course, just as successful wealth accumulation requires the stamina to endure market fluctuations and maintain a commitment to strategic investments. Achieving long-term goals requires a balanced combination of preparation, dedication, and willingness to pursue long-term goals, whether it be reaching the moon’s surface or reaching financial milestones.

Prepare for contingencies

To safeguard the mission against challenges and secure a safe and successful landing, ISRO adopted a failure-based design strategy. In addition, it will still be able to land if two of the engines don’t work this time too. As a result of this design, ISRO chairman S Somanath said, it should be able to handle many failures as long as the algorithms work properly.

Additionally, when it comes to your personal finances, you should plan for possible contingencies and implement risk mitigation measures.

To be ready for an emergency, it is essential to set up an emergency fund with the aim of having six months’ worth of expenses on hand. Additionally, health cover should be in place to keep medical bills at bay and life insurance should be taken out to safeguard your family.

Compounding is a powerful tool

Chandrayaan-3 did not undertake the same voyage as other countries’ spacecraft. It applied the Oberth effect by performing elliptical orbits around Earth in order to gain velocity for its closest approach and generate enough energy to reach the moon’s orbit. This phenomenon is defined as the Oberth effect, a concept where a propulsion system’s efficiency is enhanced when there is higher speed in a gravitational field. Consequently, Chandrayaan-3 was able to arrive at its destination cost effectively, making use of the gravitational power available.

The Oberth effect can be compared to the compound interest. Compounding is also an important factor in the accumulation of wealth. When you earn interest on your initial principal as well as your accumulated interest, your wealth grows exponentially over time. As the interest you earn generates further interest, this compounding effect leads to accelerated growth.

When you are nearing retirement, manage your risks

In a similar way, Chandrayaan-3’s advanced landing gears demonstrate the importance of minimising volatility during the crucial phases of retirement planning.

Individuals nearing retirement should focus on preserving their savings, just as the spacecraft’s landing gear was designed to absorb shock loads. The importance of capital preservation over aggressive growth becomes increasingly evident during retirement years. To minimize financial shocks as retirement approaches, a balanced allocation between stable options like debt and a gradual reduction in equity exposure is crucial.

Also Read:

Editorial Director
I'm Shruti Mishra, Editorial Director @Newsblare Media, growing up in the bustling city of New Delhi, I was always fascinated by the power of words. This love for words and storytelling led me to pursue a career in journalism. In this position, I oversee the editorial team and plan out content strategies for our digital news platform. I am constantly seeking new ways to engage readers with thought-provoking and impactful stories.

Leave a Reply

Your email address will not be published. Required fields are marked *