The world is a beautiful place with all the innovations which keep happening from the nooks of villages to the millenium cities. At times it amazes me to see the solutions crafted by artisans for day to day problems and on many other occassions the creativity behind some antics equally amuses me. Like the below forward that I received yesterday on the occasion of Gandhi Jayanti : )
I couldn’t stop grinning from cheek to cheek and realised that the Gandhian Principles have such deep relevance across various facets of our life including investing. Infact in the world constantly craving for your attention be it the media for your screen time, brands for your share of wallet or financial institutions for your savings, its important to get back to basics and adopt these principles in the our investing lives. My own take on these aspects is as follows:
a. Ignore the Irrelevant analysis
This refers to the truncated illustrations thrown at us which show stupendous returns when in reality it may not be true. More often than not proposals that appear too good to be true needs more questioning and diligence before acceptance – as what is shown may not be true reflection of what it actually entails and thus better to not see half truth.
b. Cut the crappy noise
There has been a mushrooming of financial news channel, whatsapp and new-kid-on-the-block telegram groups which are flooded with advice on trading often misunderstood as investing. It is important to cut the noise and stay focussed and disciplined. Identifying a right channel and heeding to it will help maintain sanity.
c. Prune Procrastination
To my mind this starts from the first step of personal finance which is savings. Savings have an inverse relation with expenses and as another Gandhian value suggests that we should aim to live within our means. Thus, we should avoid debt particularly the large credit card bills which are typically spend on consumption. As actions speak louder than the words, flashing of branded accessories, check-in alerts about upmarket eateries and insta stories with frequently refreshed wardrobe are just few aspects we can prune a bit to have a healthy financial life.
Hope we learn to embibe Gandhian principles in true spirit in our life of which personal finance is an important aspect.