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Many investment principles in practice today have been around for a long time, yet many pay the price of ignoring them.
Today, we will relearn a few such principles prescribed by Chanakya (375 BCE). He was a statesman, philosopher, kingmaker, and the author of the book Arthashastra(अर्थशास्त्र).
Here are Five Maxims for Successful Investing and long-term wealth from Chanakya.
"One who can't determine his goals; cannot win"
Financial Goals provide the necessary motivation and direction to save and invest. They provide the framework for making appropriate investment decisions and keep you focused during adverse situations.
It is crucial to decide your financial goals and investment objectives before you start investing.
While this might seem elementary, many people do not have clear and written long-term financial goals.
People just go about earning and spending or living hand to mouth due to the lack of goals. So they are unable to do anything significant in their life.
Even if they have, they typically aim low and focus on short-term goals.
When it comes to investing, it is essential to think big and focus on the long term.
"Decide your work and action based on your capacity."
In 2022, many lost tons of money investing in Crypto Currency, meme stocks, and high-growth technology stocks.
Instead of investing based on their risk appetite, they blindly followed Finfluencers, friends, and social media.
While it is a good idea to get inspiration from various sources, it is also crucial to do due diligence and risk assessment before investing.
"A mere trickle of the tiny drops of water can fill the pitcher; The same way we must keep on collecting knowledge, Dharma, and money."
Here Chanakya is talking about the power of regular savings. No matter how small, it is essential to start saving regularly.
Many wait for the right opportunity and time and have a million excuses for not saving money. Little do they realize that
"Small, consistent steps in the right direction can take you farther than occasional giant leaps scattered all over."
"Save your wealth against future calamity. Do not say, "What fear has a rich man of calamity. When riches begin to forsake one, even the accumulated stock dwindles away."
This quote gives us two very crucial lessons.
"Once you start a working on something, don't be afraid of failure and don't abandon it. People who work sincerely are the happiest."
Market corrections happen every now and then. You should not be perturbed by short-term market movements and pull out your long-term investments.
Once you decide on a sound investment strategy, you must stick with it like a stamp until you reach your destination.
Relearning these five principles is the task for Day 25 of the Win with money challenges.
Have you come across such insightful and relevant quotes from the past? Feel free to share them with us.
See you tomorrow.
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