1. 5 personal finance lessons from MCD election results

5 personal finance lessons from MCD election results

Life has come a full circle in Delhi over the last two years. In 2015 it was the BJP which had to eat a humble pie and face near extinction. AAP then emerged as a promising and powerful political force in Delhi. Nobody could have imagined, let alone forecast, this debacle happening in MCD elections, after two years.

By: | Published: April 26, 2017 11:41 AM
The BJP’s decision to go for a completely new team was a very bold step and it helped them get back the voter confidence.

Life has come a full circle in Delhi over the last two years. In 2015 it was the BJP which had to eat a humble pie and face near extinction. AAP then emerged as a promising and powerful political force in Delhi. Nobody could have imagined, let alone forecast, this debacle happening in MCD elections, after two years. In fact, the BJP loosing MCD was almost a conclusion at that point of time. But, as they say, life and politics are full of uncertainties.

Keeping this fact in view, it is high time to take some money lessons from the MCD results:

1. Never take your voters, customers or something else for granted. This is the mistake which AAP made by focusing on Punjab, Goa and other states and taking Delhi for granted after the 2015 results. Similarly, if a company takes its customers for granted and compromises on its product quality, then it is most likely to lose its customers over time. Likewise, if somebody has invested in a financial product and is taking the returns for granted, and never bothers to review the performance of the product, then he is unlikely to meet his financial goal.

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2. Don’t make excuses all the time. “There are no perfect situations in life. One has to do the best in whatever the given circumstances are. Opposition and competitors will always make life tough for you. But you have to negotiate hurdles and get your work done. AAP lost because instead of getting on with their job, AAP was all the time concentrating on criticising and blaming the Centre for whatever wrong was happening in Delhi,” says Ashish Kapur, CEO, Invest Shoppe India Ltd.

Similarly, you won’t be able to reach your financial goal or accumulate an adequate nest egg for your post retirement life if you just keep blaming your poor salary for not being able to save anything for the future of your family.

3. Admit mistakes and go in for a course correction. If your team is not working, then go for drastic and bold measures to get back the customer or voter confidence. MCD had become a den of corruption and inefficiency. The BJP’s decision to go for a completely new team was a very bold step and it helped them get back the voter confidence. Similarly, if an individual is not able to save enough for the future, then he should introspect and see what financial mistakes he is making and why he is unable to save enough for his future requirements.

4. Do not insult or threaten your customers. The threat from the AAP leader to the voters of Delhi that they will be responsible for Dengue deaths if they voted for the BJP was the biggest mistake. No one likes such aggressive statements. Similarly, if as a company or organisation, you keep threatening your customers or employees, then you are inviting a big trouble for yourself.

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5.Blame yourself for a debacle and not the system. For instance, “voting machines and all other technologies may have some drawbacks, but are more efficient and transparent than manual systems. Therefore, instead of blaming EVMs, the focus of AAP should have been on accepting mistakes and coming out with improvements after the Rajouri Garden bypoll debacle. However, by blaming the system AAP appeared to be poor losers and further eroded their credibility,” says Kapur.

Similarly, you as an investor are unlikely to gain anything if you just keep blaming the circumstances or your poor salary for not being able to save enough for meeting your financial goal. Remember that how much you earn has nothing to do with your savings!

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