In his quest for freedom, the most influential man in India, Mahatma Gandhi, taught us numerous things with his ideas, philosophies and teachings. But, little do we know about a part of his journey where he anchors on the importance of finance and investment. He was aware of the necessity of making investments and establishing factories that could spur the growth of the Indian economy and its exports. Here are some of the Mahatma's adages to remember when making financial decisions in honour of his birthday:
The Future Depends on What We Do in The Present.
It is important to start today rather than tomorrow. People frequently prefer to enjoy their earnings "today" rather than investing money for the future. But we must choose our future prosperity. People often delay their investment which might have an adverse effect. Gandhiji lived this principle that led him to success in Salt Satyagraha.
An Ounce of Practice is Worth More Than Tons of Preaching.
There's a lot of talking about it, and another thing is to do. Mahatma Gandhi believed in doing rather than just thinking about it. This is good advice, especially in finance, where early investment is key. It is simple to put off investing, telling you you can always start once you have a certain corpus, but it is necessary to ensure the best returns over a long period.
The World is Sufficient for Man's Needs But Not for Man's Greed.
One may become a victim of dubious schemes that promise high returns due to their desire to make quick money. Such rash investments risk depleting your savings. After balancing the risk-return ratio, investing in a reputable programme is always a good idea. As a result, it is prudent to invest in insurance products such as life insurance or term life insurance. They offer good protection.
Seek Not Greater Wealth but Simpler Pleasure; Not Higher Fortune, But Deeper Felicity.
The key is to concentrate on the future you want. Establish specific financial goals for each stage of your life with your financial advisor. When it comes down to it, many variables are at play. According to Mahatma Gandhi, there is more to life than simply accelerating it. When investing, this is relevant again when it comes to the value of patience and steadiness.
Mental Strength Matters a Lot More Than Skill and Talent
Making investment decisions requires skill and talent, but a cool, collected mind can achieve greater feats. When market conditions appear to be deteriorating, it may seem preferable to give in to panic and sell off your stocks, but keeping your investment long-term will yield the best returns. The lessons from the Father of the Nation were numerous, and thousands of people worldwide are still enlightened and led by his teachings today. The Mahatma's teachings could certainly improve the rules for investing.
Winding it Up!
The secret to success in finance is discipline. Mahatma Gandhi's idealogy teaches us to be patient and plan our future with resilience. There will always be a desire to make more money and succeed more. So, keeping in mind the teachings of Mahatma Gandhi, we can successfully plan a better, financially strong future. To celebrate the day, let us make sure we invest our finances in products like life insurance, term life insurance, ULIPs, government schemes, etc. to have a safe & sound future.