72nd Independence Day: As India enters into the 72nd year of independence, it's time to mull over the sacrifices of our great leaders.
As Indian enters completes 71 years after Independence, and enters into the 72nd year, it’s time to reflect on India’s past struggles and remember the sacrifices of great leaders the nation has produced, and also contemplate on our strengths to propel us to greater heights in the future. “From being seen as among the fragile five, India is now the land of reform, perform and transform. India’s voice is being heard effectively at the world stage,” PM Narendra Modi said during his speech from the ramparts of Red Fort. But, does India’s freedom movement also hold lessons for investor? We bring to you 5 investment lessons from India’s freedom struggle.
Put in effort to achieve your financial freedom
As Netaji Subhash Chandra Bose once said, “Freedom is not given, it is taken,” it is quintessential to put in the necessary hard-work to achieve your investment goals. “If you want to move towards financial freedom identify your goals, squeeze the maximum savings out of your regular income and let the power of compounding work hard in your favour. The opportunity is there for you to be financially free but the onus is on you take up the gauntlet and make it work,” Angel Broking said in its blog.
Focus on the controllables
Angel Broking notes that in the financial world, there will be things out of our control. “The Nifty could correct 40% and you have little control over it. But you can work your strategy around it by opting for systematic investing through SIPs,” the firm noted in a blog. Therefore, it is imperative to follow Jawaharlal Nehru’s adage to focus on what you can control.
Develop passion for investing
Nothing can be achieved without passion, let alone wealth creation and financial freedom. As Sarojini Naidu once said, “I am not ready to die because it requires infinitely more courage to live.” Hence, Angel Broking says that you cannot attain financial freedom or be a successful investor by adopting an attitude that is pessimistic, cynical and fatalistic.
Planning and propagation
“An idea needs propagation just as a plant needs watering,” Babasaheb Ambedkar once said. Hence, investors must take their family members into confidence on their investment plans and goals. “Financial freedom is a great idea with obvious advantages but unless it is rightly and consistently propagated, it is unlikely to yield results,” notes the report.