Assalamu Alaikum,
I just read someone's article on 'how to make a million' (http://finance.sympatico.msn.ca/Investing/CanadianBusiness/Article.aspx?cp-documentid=5957750)on MSN finance and I decided to contact them. It sparked my desire to do something about my economic life... They are an editor on www.canadianbusiness.com...
I am 22 years old, married now for a year and a half alhamdulillah, turning 23 in less than 20 days and I really enjoyed reading the article and here is the reason why...
I am currently employed doing the good ol' 40 hours a week type job (with overtime here and there). I am naturally looking for promotions and higher pay, and there's plenty potential to that, given the time within the IT field, however I am definetely not satisfied with this line of thinking in my economic life.
My responsibilities at the moment include my wife, my rent, the food, the bills and the ocassional purchase of extra house/cloth items... alongside a rather expensive sportscar hobby. To further add to the salad, I have officially become Muslim since 2003 and that leads me into not dealing with interest based investments, otherwise I could keep shuving as much money as possible into some sorts of interest based savings account and just let it grow overtime.
Since the last two years I have been thinking about business, about investments, yet with no guidance... I know no body that could help me and the internet has articles that tend to be rather superficial, and not concrete/straight forward (until I found this website which I am going to spend much time reading while at work...).
Furthermore, most people that you do not know personally tend not to want to share much information one on one, even the people at the bank, they just throw out information fliers and give no real pratical explanations, mostly just fluff.
What can I do, with an income of 40k, covering my expenses, having a sports car hobby and having some extra money, and 23 years with plenty years to come inshAllah...
I most certainly ask of Allah (swt) to grant me rizq as he is Al-Raziq.. and He does, however in this regards I do not want to do something that is haram... and likewise I know that just sitting all day long thinking about how it would be nice for money just to happen is not realistic.
I need a sense of education on investments and how to make money, other than my day to day career... I mean subhanAllah people in emirates, in saudi, qatar, etc... they are born with lots of money and with family status, Allah (swt) has blessed them in this regards by providing them so much Rizq to begin with, but here I am just a simple servant of Allah (swt), hard working, little born status, other than respect from the people I have had the opportunity to meet in life... and I ask of Allah (swt) to make me rich in this life and the next inshAllah... I know that giving sadaqa fisabillah is one way to increase the rizq from Allah (swt), and I know that trade and investment of sorts and business are things the prophet (saw) encouraged with lots of baraka in it as long as its halal, and he himself (saw) used to do... but in this world today and with little ties with people, where can one begin?
Brokers? Banks? Who just really want your money rather than help to guide you, especially as they are non muslim....
What kind of investments are there that do not deal with interest? What kind of investments exist where I do not have to take loans, but can deal with my own money whether I have little of it saved up every month or piles and sums of it saved up in nothing but hard valuable cash not fluff credit.
How does a person start something like this even... where, how, with who, etc...
Second, what kind of issues come across with taxes as I live in Canada... no one ever mentions this, they just mention put your money away. Everyone hates taxes, and I definetely do not wish to fall into that trap either. A fellow brother told me how he invested in mutual funds and ended up getting back almost as much as he invested in it as the 'broker' or whoever or whatever it was took away a humangous sum back out of his savings pocket.
I am young, eager, full of desire as every human is, but very hard working as well. We all have goals, and wish for the easy buck, but I know that's not how life works, hard work pays back... however, there has to be more intelligent ways to make hard thinking pay back more.
So my plight is for advice :) I can not deal with interest, I do not know how to quite do this, where to start, what to do... It almost sounds superficial.. but what can I do? Save loads of money on the side and then expect it to magically grow? That's only doable with interest, and that's not halal.... I too want to make a million and quite frankly if possible tax free :)
Regards,
Br. Angelo Ahmed Arifi
-Bilingual Technical Support Analyst
Toronto, Canada
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