2nd October teaches us the power of determination, perseverance, truth, nonviolence, and the significance of public sentiments and their participation in nation-building. Don’t just consider it as one more holiday!
Mahatma Gandhiji’s life itself teaching to all of us. The values on which he walked on throughout his life can be applied in all parts of our lives. We can apply those values in our Personal finance too.
# Simplicity: Gandhiji’s basic motto of life is Live Simple. Apart from the basic needs that too very minimal he never wanted anything more. We too can keep our life as well as our finances simple. Understand what are our Needs and what our Wants. Restructure our spending habits. Keep our investment super simple. Invest in those financial products only which you can understand.
# Cleanliness: Bapu was very keen on cleanliness. He always kept his surroundings clean and neat. We too can take up this cleaning activity not only for our house, the surrounding area but in our investment portfolio too. Periodic cleanliness is required in the form of matured policies, matured Fds, wrong investments done, or not needed traditional insurance policies. It is very important to take bold decisions to clean all our investment mistakes and remove unwanted products from our portfolio.
# Small is beautiful: Bapu always took small but significant steps for India’s independence. But these steps truly turned into major and giant steps. We can too start investing small amounts in the form of SIPs or in small saving schemes. Consistency and patience in investing will help us to create long-term wealth.
# Truth: Bapu walked on the path of truth and non-violence throughout his life. That’s why he never feared anyone and stood firmly in front of the mighty British Raj. We too can be true while filling our taxes, disclosing all our sources of income, and showing all our high purchases. Instead of Tax evasion focus on Tax planning. It helps us live a stressful and worry-free life.
# Discipline and consistency: This virtue makes Gandhiji the man of this height. His life is an example for all of us where he never ever missed a single day of doing all his regular activities. Bapu was very disciplined and consistent in all his activities. Be disciplined in your monthly savings, SIPs, investments. Be consistent in pursuing passive income ideas.
# Enroll everyone in the mission: Gandhiji could get us Independence only because he made the whole nation contribute to this cause. We should also enroll our spouse, adult children, and other family members in household finances. Each and everyone’s views and suggestions can be unique and can add value to household finances.
# Honesty: Bapu always gave emphasis on Honesty to be live life happily. We too can be honest with our family members about our financial situation. If you are going through any bad patch such as fear of job loss, a big loss in the share market, unexpected emergencies, or taken any loan kindly be honest to your spouse. Have faith that the spouse will understand the situation and support you in your bad times.
# Care for everyone: Gandhiji never lived his life for him. He dedicated his life to the nation and to his fellow countrymen. We too should take care of our loved ones by taking adequate Life Insurance by a TERM insurance plan so that the family can maintain its lifestyle in the absence of us. Take health insurance policies for you and your dependents. Mitigate the risk of emergencies by the adequate Emergency fund.
# Swadeshi: Bapuji was a great promotor of swadeshi. He had a great belief in our nation and our people. You should believe in our country’s fundamentals. Believe in its growth and progress. Believe in fellow countrymen’s capacity and strength of Indian companies. Our PSU companies, bank, and corporate houses have tremendous potential to lead India and make our country and its people rich.
I hope we all get the inspiration from Mahatma Gandhiji and Lal Bahadur Shashtriji to live life simply and meaningful !! And this will be our biggest tribute to those great leaders of our Nation.
We still need you Bapu and Shatriji !!