Based on the Baha’i Writings, the suggestions below may hopefully help you to bring about this fundamental change in your character and your everyday economic actions. There are 53 suggestions but we discuss 9 on this blog.
This list of suggestions may seem overwhelming, and you may not be able to practice all those that apply to your situation. But you have to remember that it is not about the results; it is about sincere and wholehearted efforts. It is a pure intention that counts.
- Increase your economic and business knowledge. The more we know about how economics works, the better we will be able to forecast the future.
- Volunteer for service whenever possible with the spirit of service, following Abdu’l-Bahá’s example, Who served mankind all of His life.
- Give to the Bahá’i Fund and also support worthy charitable organizations. Every act of giving is a small step towards reducing the gap between rich and poor.
- Have or adopt a financial goal in life. As we have teaching plans in the Faith and other goals and plans in our life, it is vital to have an individual financial plan. Goals encourage discipline. This is very important. It is almost impossible to have a comfortable financial life without planning.
- Avoid debt as much as possible since too many financial burdens damage the quality of spiritual and human life. Investigate the rate of interest on mortgages, loans and credit to reduce cost. Volumes can be written about this subject. Debts are one of the most destructive factors that should be avoided.
- Create a habit of saving. Life is full of uncertainty and change and having some money for a rainy day creates peace of mind. Saving should be part of our financial goals. It is a wonderful habit to have. It is not easy to save with the pressure of our consumer mentality today, but nevertheless, it is crucial.
- Spread the word about honest and fair businesses and professionals. It is like giving them free advertising. They need all the help they can get. It has a very enabling power helping honest people and businesses.
- Don’t buy the latest models if the old ones are in working order and provide the same service. Having the latest of everything creates an unnecessary economic burden for an individual which in turn decreases the quality of life. Be practical about material possessions. But it is hard not to want to purchase the latest model of car when everyone is doing the same.
- Avoid keeping up with the Joneses. That is the worst kind of spending. It is also a sign of spiritual and emotional immaturity. And we see it happen every day. It is regrettable that people want the approval of others, while their spiritual destiny is in jeopardy.