Published on Sept 26, 2022Updated on Jul 17, 2023
Mahatma Gandhi is popularly known as “The Father of the Nation” and is the primary face of India’s freedom struggle from colonisation. India, over the years, has seen numerous revered icons, and Mahatma Gandhi is one of India’s most honoured freedom fighters.
There are numerous learnings that one can take from Mahatma Gandhi, including non-violence and co-existence. Along with many of the learnings he shared with us, significant ideals and financial freedom are two.
Our history textbooks speak so much about Mahatma Gandhi, and every year we read about him on his birth anniversary, falling on 2nd October. However, it is never enough. His learnings come from a vast ocean that provides key takeaways to individuals.
Mahatma Gandhi had several principles that he truly abided by. For example, he introduced the idea of “economic self-sufficiency” through the Swadeshi Movement and promoted the use of Indian products. He understood how significant it is to establish factories and turn the economy of India around to enhance it.
Mahatma Gandhi knew the importance of growth and investment. Similarly, there were plenty of other principles that Gandhi stood by.
So, what are the personal finance lessons from Mahatma Gandhi that one can learn?
Let’s head at it to find out.
The golden rules of Mahatma Gandhi were strictly inclined on how we should take care of our finances.
According to Mahatma Gandhi, we must do some things even if they seem unimportant at the current moment.
For instance, from a financial perspective, it is good to have a balance between your expenses and savings. The trick to have a secure financial future starts from savings.
It is often difficult to master the art of personal finance, and Mahatma Gandhi’s approach was simple and straightforward and can be adapted by anyone all throughout their life. This is primarily why we hear about principles like emotional control, self-discipline, and patience. As someone who is keen to save in the long-run, there is much to learn from Mahatma Gandhi’s life lessons.
Usually, we don’t think before making a decision. Sometimes, we even take a decision to make someone else feel good about it.
Saying “No” is a hard choice to make, and most of us often fail due to certain factors like respect and love. Saying “Yes” out of respect and love is alright, but if it occurs out of obligation, it makes no sense, especially when it meddles with our finances. It is absolutely not required to say “Yes” to anything that you don’t require or puts your money at risk.
Financial planning has so many layers to it. It is not just about making money. With the effective ways to work on your savings, anyone can focus on the future and can save a generous amount.
Start small but it is important to at least start somewhere. Work closely with your financial advisor to work out your financial goals that take place at different stages. Once the metrics are clear, you can accomplish the power to personalize your savings efficiently.
According to Mahatma Gandhi, there is so much that life has to offer than just going with the flow. This, again, has great relevance when it is about learning the tricks of patience and steadiness.
It could be a disastrous decision to fall for dubious schemes that small and mediocre firms offer to lure customers to expand their earnings. This is where one should differentiate well between “risk” and “return”. The gimmick of making “quick money” is irrelevant. So, it is extremely crucial to follow a disciplined approach especially when it concerns your money.
Gandhiji stood by simplicity and self-discipline. He never believed in possessing expensive ornaments or clothes to flaunt what he had, but instead, ate simple food and wore simple clothes. This was his key to pursuing a living habit and encouraged others to follow a simpler lifestyle too.
Similarly, for being financially stable, self-discipline is extremely important. One should always stick to their goals, no matter what, and follow the rules of savings that are helpful for them. One should avoid falling into the trap of “magic” investments because such things do not exist.
There is no hard-and-fast rule to maintain a strict balance financially. The personal financial lessons from Mahatma Gandhi are applicable to anyone who is planning to make an investment in the near future and for the long term.
To help deal with your financial situation, anyone can opt for a personal loan with reasonable individual loan interest rates. SMFG India Credit is your one-stop solution for such financial needs. We understand the diverse behavior of our customers and believe in “making it happen for you”. Additionally, with its personal loan calculator, you can easily calculate the EMIs of the loan for repaying them whenever it is feasible for you.
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