(Image source from: Money management skills that you can learn from Narendra Modi})
The 16th Lok Sabha polls gave India not only a new leader, but also a proficient orator and excellent marketer in the form of Narendra Modi. The jury is yet to be out on whether he will live up to the gargantuan expectations of his countrymen. But at least the retail investors seem to be having “achche din” now.
The gain have been tangible so far with the the BSE Sensex, the 30-share benchmark index of the Bombay Stock Exchange (BSE), registering gains of 20% in 2014, compared to 9% gains in 2013. That aside, the investors can learn a lesson or two on how to take care of their finances from Prime Minister Narendra Modi.
Lesson 1: Be disciplined in your investments
Narendra Modi's name is synonymous to discipline. Come what may, he will not break it. Everyone must learn and emulate this trait of our Prime Minister. As an investor, having a systematic and disciplined approach towards investing can make your financial goals more achievable. Have an investment plan to meet the financial goals and invest accordingly.
Lesson 2: Ditch the clutter
Prime Minister Narendra Modi is a stickler for cleanliness and will not stand clutter of any sort. No wonder, as soon as he joined office, he initiated the 'cleaning drive' beginning with the babus. The Prime Minister made it clear that all presentations must be succinct and focus only on important issues.
Lesson 3: No place for underperformers
Modi has zero tolerance for slackness and it's no news. Each member of his Cabinet and the babus are required to be on their toes. Or else heads will roll. Keep underperforming stocks out of your portfolio too. And the same holds true for mutual fund schemes. If a scheme is underperforming, compared to its peers, sell out and deploy the funds elsewhere.
Lesson 4: Be undeterred
Modi is known for his harsh decisions. Similarly, if you have taken an investment decision after sound research, have the conviction to stand by it, no matter what others have to say.
AW: Suchorita Choudhury.
