Managing Your Finances Using the Wisdom of Nelson Mandela
The story of Nelson Mandela is one of both tragedy and inspiration. Growing up, Mandela was told stories by the elders in his village of Mvezo, in the Eastern Cape of South Africa, of the heroism and courage demonstrated by his ancestors as Africans fought battles in the struggle against racism and resistance.
Mandela dreamed of one day participating in and contributing to the push for freedom for his people. But it would be a long road, and he would sacrifice greatly, beginning with his identity. Although his birth name was Rolihlahla, he was given the name Nelson in primary school in accordance with the custom of African kids being designated "Christian" names.
He was bright and driven, earning a BA through the University of South Africa and eventually obtaining an LLB after which he practiced law for several years. However, Mandela's future had something else in store. He entered politics and, due to his leadership ability, became one of the key figures in the armed struggle against racial oppression. Mandela's fight, akin to Martin Luther King's struggle for civil rights and the young United States’ war against the suffocating oppression and brutality inflicted on the citizens by British tyranny, is a testament to his courage and determination.
On June 11th, 1964, Mandela and seven others were convicted of sabotage and sentenced to life in prison. He would serve 26 years in prison, a testament to his unwavering resilience and resolve. Despite his time in confinement, Mandela never lost hope and kept fighting with his pen, spirit, and mind. In 1993, he was awarded a Nobel Peace Prize, and in 1994, he voted for the first time in his life. Less than a month after voting, he was inaugurated as South Africa's first democratically elected President.
Not only can you apply Nelson Mandela's wisdom to your own life and overcome struggles small and large, but you can also use his insight when managing your finances. Consider these ideas in your own life.
“Education is the most powerful weapon which you can use to change the world.”
Acquiring knowledge and becoming educated is so important, especially when dealing with your finances, because one bad financial decision could impact you for years down the road, even into retirement. Doing your own research and getting help from a financial professional are great ways to educate yourself to help mitigate risk and address potential concerns you may have.
“Do not judge me by my successes, judge me by how many times I fell down and got back up again.”
When you are managing finances, you are not going to get it right every time. The trick is not to get discouraged; figure out what didn’t work and try not to repeat it. The most advantageous way to learn something is often through our missteps. If you happen to get knocked down, pull yourself back up and try again.
“It is in your hands, to make a better world for all who live in it.”
One way to make the world a better place is through charitable giving. Donating has several benefits, including:
- Receiving a tax deduction.
- Helping other less fortunate people.
- Uplifting communities and creating positive change.
- Helping to cultivate generosity within your family.
- Supporting organizations and causes that help improve society.
“I learned to have the patience to listen when people put forward their views, even if I think those views are wrong.”
This quote touches on two essential concepts: patience and the willingness to listen to others. When it comes to finances, like many things in life, patience is critical to the potential benefits of financial investments and wealth management. Along with patience is a willingness to listen to people around you with an open mind. Everyone has different life experiences and training, and you can learn a lot from somebody, such as a financial professional if you have the patience to listen to them.
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Many people struggle daily with their financial situation, and sometimes, you may feel like you aren't making any progress no matter how hard you work. In cases like this, it might help to learn about people like Nelson Mandela, who have overcome unimaginable struggles in life by practicing certain habits and maintaining a way of thinking that helped them overcome their struggles.
Like Mandela, don't let your struggles define who you are. But before making any financial decisions that could impact you, consider reaching out to us at Ambient to review your finances and goals, and to help you modify or create a strategy that addresses potential risks or roadblocks as you work toward your financial vision.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
Sources:
Biography of Nelson Mandela – Nelson Mandela Foundation
This article was partially prepared by LPL Marketing Solutions
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