How to lay your financial bed!

Image courtesy of ahmet guler at FreeDigitalPhotos.net

The way you lay your bed is the way you lie on it. Those words are popular. Today, I will be talking about your financial bed. So how do you lay your financial bed so you are able to lie on it comfortably? I will give you some tips to abide by

- Always give out zakat when its due. It is obligatory.

- Always give out regular charity. This is because Allah loves charity and He multiplies it in reward for you. Its called sadaqa (its not obligatory but its really good for you)

- Always save 30% of your income (halal account).

- Always save first and spend after.

- Always have more than one source of income.

- Make sure you build or buy a house

- Have a well diversified investment portfolio

- Make sure you tackle a challenge immediately it occurs, the longer you take to react the longer it takes you to effectively overcome the challenge.

- You should spend and invest your money in a halal way.

Everything should be done deliberately for the sake of Allah. Part of doing something deliberately for the sake of Allah is hoping for a reward (both in this life and the life after). Everything happens according to the will of Allah.

Halal means anything lawful Islamically.

Keep checking my blog daily. Cheers!

Comments

Eid Mubarak

Hope you have a good one

How can your strategy be successful

Hello readers, today I will be telling you about ways to make your strategy a successful one. The scope is your strategy must be fit, in other words your strategy must be consistent with the environment your business operates in. When I say environment, I am talking about both external and internal environments. Thus, you must understand the political, economic, socio-cultural, technological and legal environments your business operates in. The environmental protection that affects your organisation must also influence you when formulating your strategy. Therefore, PESTEL analysis can be used to understand the external environment of your business. The internal environment also needs to be understood, as your strategy must also be in alignment with the internal environment. Understanding your internal environment will help you know the resources your business has, the capabilities of your business as well as the structure and system. The SWOT analysis can be used to help y...

The Istikharah Prayer

Hello readers , today I will be telling you about the Istikharah prayer. It is a prayer of guidance. When you want to make a major decision in your life, it is best you seek Allah's guidance. You should always pray to Allah to guide you through the right path in your daily activities. Istikharah prayer is recommended for a major decision such as getting married, starting a business and others. How do you perform the Istikhara prayer? Make two rakats (Nafila). During your first rakat, after reciting Surat Fatiha recite Surat Ikhlas, during your second rakat after reciting Surat Fatiha recite Surat Kaafirun. After saying Asalam Alaykum Waramatullahi to the right and then the left recite this: "Allahumma inni astakhiruka bi-ilmika wa astaqdiruka biqudra-tika, wa as'aluka min fadlikal Azeemi fainnaka taqdiru wa la aqdiru, wa ta'lamu wa la a'alamu, wa Anta Allamul-Ghuyubi, Allahum-ma in kunta ta'lamu anna [then mention the thing to be decided] khairun ...

Islam and Business Finance

Search This Blog