Islamic financial planning is essential, because for every trip you need to have a road map to be sure to get to your destination, along with your financial well-being you need to have a map to make sure you get to where you want to go. go. , who becomes a rich Muslim inheriting Jannah. It will be your GPS on your way to great wealth and Jannah inshaAllah. For each of the stages in your life, design a map based on the needs of that stage. By passing this knowledge on to your children, you will ensure that they are on the right path to financial success and wealth management.
“A Muslim should prepare for the next world as if he was going to die tomorrow, but at the same time work hard to improve all his worldly comforts as if he was going to live forever.” (Reported by Al-Dailami)
Islam is a complete, integrative and holistic religion which governs all aspects of life, major and minor, personal and social, spiritual and materialistic and connects this worldly life with the hereafter. This means that we should practice Islam while we are doing our business and economic activities. Muslims encourage planning of their life and make efforts to achieve the set goal, then ask Allah for help. The final step is tawakal for the result and regards it as the fate granted by Allah.
Financial planning is fundamentally a discipline of wealth management that applies to the unique needs and concerns of each individual. As a Muslim, even if a person does not have any form of wealth, they still have to engage in a financial planning process as they would either leave debts or children with the trusted person. To get started, manage your expenses to save and invest 10-20% of your pre-tax income. Ideally, this can be achieved by investing in your retirement plan with your employer. The sooner you start this habit, the less likely you are to find yourself in financial difficulty later in life, when it becomes more difficult to make up for lost time.
When creating your financial plan, plan for your death. Prepare for your death, have your affairs in order, explain to your family how your estate should be divided, and write a will. Death is inevitable, it is better to prepare for it than not. As you begin to build a career, family, and network of friends, life seems to run in a vicious cycle. This underlines the importance of managing your finances and your long-term goals. It is of the utmost importance to master the techniques of building a solid financial foundation to become a rich Muslim inheriting Jannah and achieve peace of mind.
Discuss your finances with your spouse. Let them know if you are in debt and your net worth. It will show your self-confidence and allow them to understand your stress as well. You must both be co-signers of your long term plan and your decision to become rich Muslims. Regularly review and adjust your finances with your spouse, discussing your investment options and taking their views on investing. This will lessen the risk between the two of you and reduce the risk of impulse investments, which can often lead to bankruptcy. Unfortunately, too many of us do not reach the required savings levels (this is the level that would be needed to sustain ourselves if we stopped working).
Many Muslims adopt an all work and no play lifestyle that is detrimental to their health and wealth. The constant work routine forces them to avoid the necessary decisions that must be made in order to become wealthy Muslims. As you continue to implement your investment program, it is important to monitor your portfolio on an ongoing basis and to ensure that you rebalance your portfolio as appropriate.