Independence Day opens up a flood of emotions in every Indian. While the Indian freedom struggle teaches patriotism, grit and sacrifice, you can also learn valuable investment lessons. Following are some valuable lessons that we Indians can learn from the country's freedom struggle and its leaders.
Determination and Perseverance Pays
"Swaraj is my birth right, and I shall have it."
The famous slogan from Lokmanya Tilak still gives goosebumps to every Indian. If you dig deeper, you will know that the slogan is more than just a call for self-rule (Swaraj).
Lokmanya Tilak raised the slogan in the 1890s when the power and influence of the British empire were unchallenged in the world. And yet, a demeanour middle-aged dhoti-clad lawyer from Bombay challenged their authority, asking them to leave.
Here comes one of the first and foremost investment lessons. Big goals are not achieved overnight. You need to be determined and work consistently toward achieving your investment goals with grit, patience and perseverance.
Diversify your investments
The East India Company defeated Nawab Siraj-Ud-Daulah, the last independent ruler of Bengal, in the battle of Plassey in 1757. One of the many reasons for his defeat was the betrayal of his commander-in-chief, his most trusted aide.
Never put a large sum of money in one investment class or instrument. Always diversify your investments to lower the risk of non-performance or a potentially wrong decision.
Decision Making Required Courage
"No real change in history has ever been achieved by discussions"
While Subhash Chandra Bose said this in the context of fighting the Britishers, this can apply to investments. You cannot change or upgrade your financial status merely by discussions or gathering knowledge. Take firm decisions to achieve financial freedom and act upon them.
Remain Open to New ideas on Investment
"Bombs and pistols don't make a revolution. The sword of revolution is sharpened on the whetting stone of ideas."
Bhagat Singh always insisted on accepting and experimenting with different ideas for revolution. The same can be true for investment as well.
Think beyond the traditional investment instruments such as bank fixed deposits, physical gold, post-office investment schemes etc. Revolutionize your finances. Consider new avenues such as mutual funds, gold ETFs, shares, etc., as well.
Challenge the Status Quo
"People get accustomed to the established order of things and tremble at the idea of change. It is this lethargic spirit that needs be replaced by the revolutionary spirit."
In this quote, Bhagat Singh is not talking about the revolution itself. Instead, he wanted to imbibe the right spirit in his countrymen. The spirit to break the status quo.
The journey toward financial independence starts with questioning the circumstances.
Dream big and believe in your dreams. Working till your retirement, having decent financial stability, and other such ideas are the established norms of society. Question them, challenge them and work toward a financially independent life.
Planning and Organizing
The first war on independence in 1857 was grand in its scale. It caught the East India Company off-guard. Almost all the then British India participated in the mutiny. Although it had an everlasting impact on the Indians, it failed in its objective to achieve independence. The chief reason for failure was that it was not properly planned and organised. The attack on the East India Company was uncoordinated.
Plan your investments well. Do not rush toward your goal. Organize your finances. Do proper homework and start investing regularly with discipline and planning.
Be Prepared for Opportunities
The second world war made the British empire weaker. However, in the absence of any freedom struggle, they would not have left India meekly. The persistent struggle for Independence went overdrive during this period. The tales of Bhagat Singh, Ashfaq Ullah Khan, and other revolutionaries were already a beacon for the youth.
The Indian Newspapers extensively covered the Red Fort Trials. There were reports of unrest from the Indian Navy as well. The Imperial government knew that it was time to part with the crown jewel of the British empire.
You will surely get many opportunities to achieve financial independence if you remain prepared for them. India is a booming economy, and it will continue so in the near future. So, work persistently toward your goals, stay updated and grab any opportunities that come your way.
From Our Country's Freedom to Our Financial Freedom
In Rabindra Nath Tagore's words, independence means "Where the mind is without fear, and the head is held high". How can your mind be without fear if you are not financially independent? It is high time that we take inspiration from our freedom struggle. Being financially independent can be one of the best ways to pay homage to those who laid down their lives so that we can breathe in an independent nation.
Have a financial plan and get yourself the freedom you deserve. Invest Today!
Disclaimers:
Mutual Fund investments are subject to market risk, read all scheme related documents carefully. This material is part of Investor Education and awareness initiative of UTI Mutual Fund. The information herein should not be considered as 'investment advice'. Reader is requested to make informed investment decisions and consult their Mutual fund distributor or financial advisors to determine the financial implications with respect to investing in Mutual Funds.
