Gandhi Jayanti 2020: Lessons in financial discipline from the Mahatma

Mahatma Gandhi, known for his messages of truth and self-reliance, has numerous facets to his charismatic personality. His life is filled with examples of patience, self-belief, persistence towards the goal of Independence and it may also have some financial lessons for us.

On the occasion of his birthday, here are a few of the Mahatma's mantras to keep in mind before making financial decisions:

The future depends on what we do in the present

This is perhaps one of the key financial lessons from Gandhi, who led the Salt Satyagraha (1930) with persistence, keeping in mind the independence dream. Often people tend to postpone investment plans for tomorrow and enjoy their earnings “today”. But only today’s decision to bring in financial discipline will bring prosperity to us in our future.

There is more to life than simply increasing its speed

Gandhi’s sole goal was to free India from the British Raj, which he achieved after several years of patience and perseverance. Similarly, one needs to make steady and diversified moves to achieve one’s financial goal. It is a good idea to keep definite short and long-term financial goals.

The world is sufficient for man's need but not for man's greed

One’s desire to make a quick buck may lead them to fall prey to dubious schemes that promise large returns. Such impulsive investments can deplete your funds. It’s always good to invest in a trusted scheme after balancing the risk-return ratio.

A living faith will last in the midst of the blackest storm

The freedom struggle went on for decades and Gandhi faced a lot of challenges but he did not lose faith in his belief that India could be a free bird. Even the road to achieve one’s financial goal is filled with ups and downs. One must always have faith in one's conviction. While investing in the stock market, one must keep the hope alive during difficult market conditions, and identify mistakes as early as possible. Gandhi often said that freedom is of no worth if it does not allow you the freedom to make mistakes.

Whatever you do may seem insignificant to you, but it is most important that you do it

Your decision to invest Rs 500 per month at the starting of your career may seem quite insignificant to you, but you will be surprised to find out the amount you have accumulated in the long run. The steady investment will this inculcate financial discipline but prepare a safety net for the future. During his life, Gandhi always adopted a simple and sure-footed approach to achieve his goals.

Strength does not come from physical capacity. It comes from an indomitable will

One has to learn to face financial adversities and short-term losses to achieve the long-term goal of returns. Gandhi, who lived a life of self-discipline, had a strong will that helped him tide through tough times. Investment goals are not easy to follow but investors need to stick to their commitment, despite everyday pressures.