Most spiritual thought leaders clearly seem to respect the importance of prosperity and financial security for your family. It is clear that financial security is important to achieve your personal and social goals in life.
No matter what religion we follow or none at all, wealth creation for our families would be an essential goal for almost all. In this all too common endeavor, can we apply some lessons from the spiritual aspects of our life?
Here are a few lessons from spirituality (of every kind) that can help us do a better job of creating wealth.
#1. Live within your means. Spend your money for your needs, not for your desires
A very common theme, this seemingly preachy principle can make the difference between financial security and declaring bankruptcy.
Living within one’s means and limiting your spending to needs makes sure that you are taking the first step towards wealth creation. After all, the more money you can save thanks to your frugality, the more money you can allocate to investing.
Frugality is linked closely with humility – once again a trait valued by spirituality. Be it Bill Gates or Warren Buffett, neither are known for showing off their wealth (despite being worth more than some countries). We have people like Azim Premji in India, someone who is known for his simple lifestyle.
#2. Prosperity is a necessity, but not the only factor for a content life
Money alone should not be the purpose of your life. Spirituality has many lessons on the ill effects of an obsession with making money. Knowing what you need to lead a comfortable life and working towards it is more important than aiming to have more money than you can spend.
A sense of purpose, the love of our families and your health - these are more precious than money.
#3.In the path of wealth creation, maintain calm and don’t allow negative thoughts to lead you away from the chosen path
It is difficult to attain spiritual growth or monetary growth without discipline and an ability to handle the distractions and troubles that life throws at you.You will meet setbacks on the path to financial independence. Your investments might be affected negatively for a while due to bad market conditions. In the long term, however, good investments always deliver.
What you need to understand is that setbacks are normal and only temporary in most cases. Do not fall into a negative spiral. Take the help of those more knowledgeable than you who can guide you through tough situations which might overwhelm you.
If you have made mistakes, remember that they can be rectified in most cases but require patience and calm.
#4. Avoid temptation and greed – have realistic expectation and realistic goals
Greed is something against which spiritual thought has warned us time and again. Our desire to make a quick buck often leads us to make less than ideal financial or investment choices. An online shopping sale makes us spend on things we don’t really need.
We thought investing in a fast growing company would have translated into overnight riches, only to see it crash and burn.Temptation for the quick gain and greed are not just bad habits, they are often the reason behind financially disastrous moves a lot of us are guilty of making.
#5. Do your bit - spend wisely, save regularly, invest appropriately
Spirituality tells us that acting according to the natural order ensures peace and stability. Wealth creation is defined by our actions and if our actions are right or according to the natural order, we ensure the success of our efforts.
If we take simple but critical steps like spending based on needs, saving before spending, and investing in the right instruments based on our goals, we are more likely to attain our goals.
To help you stick to the right path, seeking out a mentor can help. This is especially important when you need help getting out of situations your financial mistakes create. They have been in your shoes before and have the benefit of experience.