One of my personal goals for year 2017 is to hit my first MDRT (Million Dollar Round Table), the shariah compliant way.
By reaching out to Muslim families in Singapore who like to plan their finance, the halal way. The shariah compliant way.
That is my personal goal. To achieve your own personal goals, you need strategies.
Here are 3 important questions you have to ask yourself first to uncover proven, confirm to work strategies that can help you achieve your goals.
1) What new knowledge/skills do you need?
2) Who can help you achieve your goals?
3) How do you achieve your goals faster?
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1. WHAT new knowledge/skills do you need?
There is a saying, “INSANITY is doing the same thing over and over again and expecting different results.”
Which means you cannot just rely on whatever knowledge and skills you have now.
Life is a constant learning journey: the arrogant is he who thinks he knows or has everything he needs to succeed.
Once you start to seriously move towards your goals, you’ll realize you’ll need new knowledge or skill.
Sit down for a moment and really think through this question.
What new knowledge/skills do you need? 🙂
Personally for me to achieve my MDRT, these are the new knowledge and skills that I need.
I need to acquire knowledge on how to attract qualified leads. It can be online or offline strategies.
I need to upgrade my knowledge on Islamic Finance. Sure, I took an Islamic Finance module during my degree
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And Islamic Finance Certification with Australia Centre For Islamic Finance few years back.
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. . It is time to refresh and upgrade myself with a new Islamic Finance certification for year 2017! The industry is changing rapidly, and getting an additional certification will bolster my knowledge and effort to advice my clients better.
2. WHO can help you achieve your goals?
There’s a famous saying: No man is an island.
We cannot possibly do things on our own.
Our knowledge, skill and understanding of the world is limited. We will need help. With the example of saving up, who do you think can best help you achieve your goals?
Maybe you can approach a financial planner (or me! hehehe).
And together we work out the best plan to to achieve your goal. 🙂
Or perhaps your spouse can help keep you accountable. If you know you can’t be disciplined to save, then she can be the ‘unofficial’ banker.
This might mean going to her every month and asking her to help hold on to the money you plan to save.
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For me personally, to achieve my MDRT, I look for qualified people that can help me achieve my goals too. I surround myself with these people.
– This year itself, I have signed up for Ethica’s Certified Islamic Finance Executive™ (CIFE™) course.
Ethica’s Certified Islamic Finance Executive™ (CIFE™) is a globally recognized certificate accredited by scholars to fully comply with AAOIFI, the world’s leading Islamic finance standard.
Till date, I do not know of any practicing financial planner in Singapore who are trained AAOIFI compliant certifications. AAOIFI compliant is the de facto standard in over 90% of the world’s jurisdictions. Let me be the FIRST amongst the 20,000 financial planners in Singapore! Insya’Allah… 🙂
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– I have also signed up, for an online marketing 2 days practical workshop, where I will learn more on facebook marketing. Many of you today, my blog readers are already my clients.
You get to know me over the internet after reading my blog posts or viewing my youtube videos.
Insya’Allah, I will find qualified people to help me, in my mission to spread the goodness of Islamic Finance to our fellow Singaporeans.
Let us make every single step to find rezeki in the world, an ibadah. May our efforts benefit us in this world, and hereafter. Insya’Allah…
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– Next week, I am meeting my lawyers to discuss further on trademarks, that I will register for my signature programs, “Unlock Your Money” session and “Your Financial M.A.P.” session.
I first learnt about trademarks and copyrights, when I was a full time student in Ngee Ann Polytechnic many years back.
I took Business Law as one of the modules, while undertaking Diploma In Accountancy.
Little did I know, many years later, I would be liaising with lawyers to register my own personal trademarks. Exciting!!! 🙂
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– I have also reached out to my Arab teacher in Egypt, where I will continue back learning Arabic Language via Skype with him every Monday, after Subuh prayers.
In my opinion, the best time time to learn or memorise something, is before you sleep, and after you wake up.
Learning Arabic Language has been very tough for me.
It is no easy feat. :/
Pray for me that I will istiqamah in my journey to learn how to read, understand and speak Arabic Language with confidence. Insya’Allah! 🙂
3. HOW do you achieve your goals faster?
Alright, you’re almost ready to make your goals come true.
So the 3rd question you should ask yourself is how do you achieve your goals faster?
I like to add some buffer, whenever I set my goals.
So even though, I target to achieve MDRT for year 2017….. I shall target to achieve my MDRT by 31st October 2017, which happens to be my birthday! 🙂
But how? Easier said than done! 🙂
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I remembered, one of the quotes of wisdom, by a Singaporean entrepreneur, Sant Qiu, “Whatever you can do, you can do it bigger, better, faster…… with the right team. So assemble the right team as early as you can and achieve bigger, better results faster.”
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You might have heard about Robo Advisor.
I am in the process of creating my own personal shariah compliant Robo Advisor.
I will also be engaging para planners.
They will work hand in hand with me to assist me in developing comprehensive, powerful shariah compliant financial planning strategies for my clients in Singapore.
My team will comprise of robots and humans.
We will alter the history of the financial planning industry in Singapore, the way financial planners run our financial practice in Singapore.
By introducing my personal, revolutionary financial planning practice hybrid model- that combines the best of high-tech and high-touch.
It never happen before, and change is inevitable.
In fact, the process has already begun. You might have heard about Takaful.sg
That is one of my fintech intiatives, which is already “live” in Singapore.
Many, many, more exciting things to come! 🙂
So, there I cover 3 important questions you have to ask yourself first to uncover proven, confirm to work strategies that can help you achieve your goals.
1) What new knowledge/skills do you need?
2) Who can help you achieve your goals?
3) How do you achieve your goals faster?
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If you like to receive undivided attention from me as a financial planner, to help you plan your finance the shariah compliant way in Singapore, you can schedule an appointment with me here. Or just whatsapp/SMS me direct at 96520134.
Because of my busy schedule, I can only accommodate additional 5 slots every week, so do click the link, and schedule an appointment with me now.
Time flies…. January 2017 is almost over and now February is approaching fast!!!.
Have you set your new year resolutions? 🙂
It has been over 10 years since I’ve worked as a financial consultant. Helping thousands of Muslim families plan their finance,
the shariah compliant way in Singapore.
Fulfiling. Satisfying. And fun meeting people from all walks of life. 🙂
(Picture of me, when I was first interviewed in Berita Harian, many years back)
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Alhamdulillah… We’re blessed to be able to ‘start over’ again.
So celebrate our achievements and forget our disappointments of 2016.
And let’s focus on achieving our goals in 2017!
It’s never too late so here’s the S.M.A.R.T way to do them.
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1. S for Specific
In my financial advisory practice, I realize one thing.
Many people set vague goals.
I’ve asked my prospects why they meet me.
Some say ‘I want to save up money.’
“I want to make more money”
I told them that when they set any goals in their life, all their goals have to be specific.
Because our mind understands detailed instructions best.
Which is why in Islam, Allah doesn’t make vague commands like ‘pray daily’.
Through our Prophet Muhammad s.a.w, we know we, Muslims have to pray 5 times a day, and each prayer has its own sets of raka’at.
So when anyone comes to me and tell me, vague goals, unclear financial objectives, like “I want to save money”.
I asked them, “What do you want to save up for specifically?”
Retirement?
Child’s Education?
Improve Living Standards?
Cash Emergencies?
or wealth accumulation to become rich?
Choose 1. Be specific!
When you have a specific goal in mind, you will feel empowered.
Energised. Powerful.
Easier for me, as your financial consultant to help you craft up your laser focused,
powerful shariah compliant financial strategies
for you to achieve your financial goals.
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2. M for Measurable
Goals have to be measurable. Quantifiable.
Better, if you can count it with your fingers.
If you want to lose weight or save up money for your retirement, having an actual figure means you get to track and measure your progress.
Example, if you want to lose weight, you need to know, how much is your current weight now in kg.
How much is your target, your ideal weight in kg.
And how much you need to lose in kg.
And how many X months specifically, you have to lose that X kg.
My fitness coach says that losing weight and staying healthy,
80% of it is your diet and 20% is exercise.
Definitely, we need to control what we put in our mouths to lose weight.
7700 calories equate to 1kg.
To gain 1 kg, you need to have a calorie gain of 7700 calories.
To lose 1kg, you need to have a calorie deficit of 7700 calories.
And calculate specifically for your body weight, the ‘X’ litres of water you need to drink specifically to detox.
See, everything is measurable. Quantifiable. You need to put it in numbers.
Numbers that you can count, track and measure. 🙂
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Same goes to achieving any of your financial goals.
You have to ensure, its measurable.
Example, you want to save for your retirement.
What is your age now, and when do you want to retire?
When you retire, how much you want to spend every single month? $1000/mth, $2000/mth, $5000/mth or more?
Everything has to be measurable. Quantifiable.
Then, it would be easier for me, as your financial consultant to help you craft up your laser focused, powerful shariah compliant financial strategies
for you to achieve your financial goals.
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3. A for Achievable
Don’t set impossible goals.
Your goals have to be achievable.
Because otherwise your mind creates a resistance and you’ll give up easily.
So if you want to save up for your retirement through investment, don’t put high hopes to invest in an instruments that gives 100% returns per year, risk free. (if the deal is too good, to be true, its indeed too good to be true).
Many fall prey to Get Rich Schemes because of greed.
Remember, if the deal is too good to be true, its indeed too good to be true!!!
Do your research, check your finances and budget accordingly.
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4. R for Realistic/Relevant/Rewards
Most of us understand our goals need to be realistic.
I advocate another acronym to it, Rewards.
I advocate this concept called, Pain/Pleasure principle.
You have devise a system to reward yourself, whenever you achieve any small goals leading to your big goal.
For those who watch their diet like me, we have “deviation days”. After 14 days of careful eating, we have a day where we can indulge in our favourite food.
Reward ourselves. Pizza maybe? :p
Similar to halal financial planning. Reward yourself along the way, when you achieve your financial mileage at every single juncture. Pain Pleasure principle works well!
Myself as a financial consultant, I always give my clients, words of congratulatory affirmation, encouragement, when I realise that they are consistent in working hard to achieve their financial goals when I did a financial review session with them.
I will tell them, “Well done!”,
“You are doing well!” “Awesome. You are on track!”
4. T for Time-bound
Setting a time frame helps you stay focused and on track.
Different time frame requires different set of strategies.
Example: Retirement? How long more is your retirement?
10 years? 15 years? 20 years?
Singapore retirement age has now been extended to age 67.
Do you want to follow the mass, or you have your own retirement age? 🙂
Child’s Education?
What is the age of your child now? Boy or girl?
If boy, you need to account he would go for national service in the future.
Wealth accumulation, the shariah compliant way. What is your investment time horizon?
1 year? 5 years? 10 years? 20 years?
Shariah Compliant Financial strategies for investment time horizon of 1 year is very different than shariah compliant financial strategies for investment time horizon of 20 years.
So, when you set goals follow the S.M.A.R.T goals formula! 🙂
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………………….. 5. How To Achieve Goals
So now that you have your goals nicely done up, here are some quick tips to help you achieve them.
a. Mindset
The first step is to always have a proper mindset. Tell yourself this is the year you’re going to make a difference in your life.
b. Draw up action plan
Goals are nothing without action. So if you want to lose weight or save up, figure out exactly what needs to be done.
c. Print out goals and paste somewhere visible
The mind needs visual reminders, so print out your goals and action plan and paste them at your dressing table, cupboard door, fridge etc.
d. Do a vision board
Besides words, the mind also reacts positively to images. If you want to save money, imagine what that looks like once you’ve achieved the goal. Are you checking your bank account happily? Are you holding crisp cash in your hands? Get some relevant images and make posters. Or get a vision board app from iTunes or Google Play.
This is my own personal vision board that I placed in my office! 🙂
I wish you all the best for year 2017. May you achieve all your dreams, goals and aspirations. Amin… Insya’Allah… 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
At times, when I discuss wealth management strategies with my friends, they say it’s difficult to make money the shariah compliant way in Singapore.
It’s easier in Malaysia.
In Indonesia. In Bangladesh. Or in Saudi Arabia.
But not in Singapore.
As a Muslim financial consultant who specialises in helping Muslim families plan their finances the shariah compliant way in Singapore, I am here to debunk such limiting beliefs.
I sum in up with my secret ABCDEFGH formula… I learnt it from my friends, fellow financial practitioners, and then innovate it further to ensure that it is customised and suitable for Muslims in Singapore.
With only the price of a plate of nasi lemak with crispy chicken wing ($5/day),
or $150/mth, you can kickstart your investment plan.
You can start planning your finance the shariah compliant way in Singapore.
Yes… With that $150/mth you can have access to shariah compliant stocks in our shariah compliant fund.
Shariah compliant stocks like….
Apple Inc
Microsoft Corp
Intel Corp
Google
Adobe
Harvey Norman
You DON’T have to fork out hundreds of thousands of dollars to buy shares.
Yes! At a price of a plate of nasi lemak with crispy chicken wings ($5/day)
OR only $150/mth,
you can begin to invest in shariah compliant fund that consists of these shariah compliant stocks. Super affordable right? 🙂
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Better Returns
You and I know that there is this thing called inflation.
It means that the value of your money erodes. Your purchasing power reduces.
Simply to say, your plate of nasi lemak with crispy chicken wings that costs you $5 today, will DOUBLE in price 10 years down the road.
The only logical choice that you have is to invest.
Make your money work harder.
Invest and grow your money to hedge and beat inflation.
And while you are at it, why don’t you do it the shariah compliant way?
Arrange “Your Financial M.A.P.” session at Takaful.sg for FREE.
And I will share with you more of my simple, easy to follow and proven financial strategies, that can help you get an effective PROFIT rate of between 3-5%/annum for an investment time horizon of 20 years.
That is better than leaving your money under your pillow or perhaps for some of you, in
your Khong Guan biscuit tin.
Do it with me.
And do it the shariah compliant way at Takaful.sg
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Coverage
Gone are the days, where when we mentioned coverage, we have to do it the conventional way.
Today you can have Death, Total & Permanent Disability AND Critical Illness coverage, the shariah compliant way.
You can adjust the coverage, that you want.
And the plan comes with a shariah compliant underlying fund.
In addition to that, an aqad contract can be done to remedy Maysir (Speculation) and Gharar (Uncertainty).
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Diversification
With a limited amount of money, you can diversify your funds.
Yes… With that $150/mth you can have access to shariah compliant stocks in our shariah compliant fund.
Shariah compliant stocks like….
Apple Inc
Microsoft Corp
Intel Corp
Google
Adobe
Harvey Norman
You know the old saying, “don’t put your eggs in one basket”.
Again. Arrange “Your Financial M.A.P.” session at Takaful.sg for FREE.
And I will share with you my simple yet effective shariah compliant diversification formulae.
In addition, to the diversification strategies, I shared above.
It is customised specifically for Muslims who live in Singapore.
Schedule a session now! 🙂
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Easy Investment
A lot of my clients invest in stocks.
When I mention invest in stocks, I really mean it.
They do their homework.
They download the companies annual report.
And read the director’s statement.
To understand the companies direction better, they do a SWOT analysis on the companies.
Fundamental Analysis. Calculate the profitability, liquidity and investment ratios….
Vertical, horizontal analysis on the financial statements.
Calculate the intrinsic value of the particular stocks. Immerse themselves with further technical analysis.
100 days moving average, 150 days moving average. Many, many more time consuming researches…
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In the end, I looked at them sympathetically and asked them… “Tired or not???”
Most replied with a look of despair on their face, “Of course tired lah!!”
And I probed them further, “Where do you find time to do all those time consuming research?”
Most replied when they came back home after 10 full hours of office work.
Go back home.
Straight to their computers.
Staring at the screen.
Busy punching numbers into their excel spreadsheets.
Stared hard again at the flickering charts on the screen.
Every. Single. Night. Vicious cycle. And it continues on and on.
I told the, why not choose the easy way?
Dollar Cost Average… Put money monthly every month, and top up when the market price goes down.
Still can make a good, fair share of Halal profits.
And, now imagine.
All the time, you save, from having to spend countless hours of research,
you begin to spend it on your wife and kids,
your love ones.
(Myself with my wife, enjoying ourselves during our honeymoon at Morocco)
That is why I love this formula.
Easy Investment = More Quality Time With Your Love Ones = Happier, Blissful and More Fulfilling Life
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Flexibility
You can choose to take premium holiday.
Meaning today you start with the shariah compliant investment plan.
In the future, if unfortunate circumstances, cause you to be financially tight, you can stop paying the premium for a while.
And resume back when you are financially OKAY.
You can also adjust your premium accordingly.
Now you start your shariah compliant investment plan @ $200/mth.
In the future, when your pay increases, you can always increase to $500/mth or vice versa.
Super flexible right? 🙂
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Great Support System
Let me share with you a little secret.
Almost half of my clients who engaged me for shariah compliant investments have finance training background.
They either have a Diploma or Degree in Accountancy/Finance.
Or professional certifications like ACCA etc2.
The reason why they choose investing with me, is because of Great Support System.
We leverage on the expertise of professional fund managers.
Remember the scenario I shared above.
Today, you screened a stock, and you deemed it shariah compliant.
Another 6 months down the road, the stock may no longer be shariah compliant.
Because shariah compliant is not just “No Pork, No Lard”.
There are certain financial ratios that we have to abide to.
Where can we find TIME to analyse it every single month?
Precisely. Leverage on the expertise of professional fund managers.
There is so much, I have to share on the beautiful part of Great Support System.
But I will not divulge it here in my blog. Because some of them are my trade secrets.
Trade secrets that differentiate me from the rest of the 20,000 financial consultants in Singapore.
Arrange “Your Financial M.A.P.” session at Takaful.sg for FREE.
And I will share with you how you can benefit personally when you engaged me as your financial consultant.
Your partner to help you grow your wealth, the shariah compliant way in Singapore.
Insya’Allah. 🙂
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Halal
There is really a lot of strategies for you to earn your money.
No point make money, when it’s not Halal. Your rezeki is everywhere.
In the subsequent blog post, Insya’Allah, I will share with you in greater detail on shariah screening methodologies that is currently used in the world.
For now, we stick with these simple, yet powerful formula.
So, next time, if anyone tell you that it’s difficult, to plan your finance the shariah compliant way…
Tell them this simple, yet powerful ABCDEFGH secret formula.
See you around soon. Jazakallah Khayran! 🙂
p.s. By the way, if you wish to discover a simple & halal way to create a positive monthly cashflow and calculate your net worth for FREE, then please click here…
First and foremost, I will to wish all my Muslim clients, Happy Asyura Fasting!
Muslims are encouraged to fast today.
The fasting is to commemorate the day when Prophet Moses (P.B.U.H)and his followers were saved from Pharaoh by Allah S.W.T by creating a path in the Red Sea.
Prophet Muhammad (P.B.U.H) said,
“The (act of) fast of ‘Asyura, how I dearly hope to Allah to forgive all my sins of the year before” (HR. Muslim no. 1975).
This is from the bounty of Allah towards us: for fasting one day He gives us expiation for the sins of a whole year. And Allah is the Owner of Great Bounty.
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Now, back to the topic! 🙂
In my mission to be debt free, I read a lot of books, biographies of successful individual leading a debt free lifestyle.
One of the books that I love is 4 Laws of Debt FREE Prosperity, by Blame Harris and Charles Car.
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There are basically 4 Laws of Debt FREE Prosperity! 🙂
Law #1: Tracking- the first law of debt free prosperity
For quite a while, a lot of people have asked me.
Since in Singapore, there is no shariah compliant financing facilities to buy a house, how do we clear our interest based housing loans as soon as possible?
What are the strategies?
Before I even lay down my strategies on how to save, accumulate and grow their money the shariah compliant way, I always ask them one question.
Do you track your housing loan repayment?
Most don’t.
Its a cycle. A routine. Every month, get their salary, they will just automatically pay their monthly mortgage.
They are not aware, how much of their monthly instalment are used to pay off principal, how much to pay for interest.
At the end of 5 years, 10 years, 15 years or 20 years, many are clueless to the balance outstanding amount.
If you don’t know, the outstanding amount, how to clear your housing loan?
That is why the first law of debt free prosperity, Tracking, is important. You got to measure it BEFORE you can manage it.
When performance is measured, it improves.
So, if you want to clear your housing loan, you must track!
(Part of an excel spreadsheet, I have done for my client. If you like to have one, go to Takaful.sg and sign up for “Your Financial M.A.P.” session with me for FREE! )
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………. Law #2: Targeting- the second law of debt free prosperity
The second law of debt free prosperity is Targeting!
Setting goals is IMPORTANT!!!
When do you want to clear your riba based housing loans? In 5 years?
10 years? 15 years? Or perhaps 20 years?
The goals must be written. Goals not written down are wishes.
They must be your own.
They must be measurable and specific.
They must be stated in the most visible terms available.
AND they must contain a deadline.
Personally, I target to clear my housing loan of $300,000 by 31st Dec 2020.
(hahahh… It’s a good thing that I blog here. I am confident of my strategies to achieve it and I will revisit this space again in the future.)
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Law #3: Trimming- the third law of debt free prosperity
Live on less than you earn so you can have a surplus to get you out of debt and invest in assets that appreciate.
A lot of people thought, if someone earns big, immediately he or she will become rich.
My experience as a financial consultant tells me otherwise.
I have met someone who earns more than $10,000/mth who cannot afford to get savings plan from me and at the same time, someone just earning $1,500/mth who has a few policies with me.
Your lifestyle determines how rich you are, not your income.
No one, regardless of income, can be financially successful unless they live on less than they earn.
Pay yourself first, and then live in what’s left over.
Law #4: Training- the fourth law of debt free prosperity The book mentions that “The people who understand money spend it on assets that generate wealth. Those who don’t understand money, spend it on things that consume wealth, and thus the rich get richer and the poor get poorer.”
I have to agree with the statement in the book.
We all know that Singapore has one of the highest Gini Coefficient in the world.
Meaning the income disparity between the rich and the poor is wide!
To me the only solution is to continually upgrade ourselves in terms of our financial literacy.
Learn. Learn. And continue to learn. There are no shortcuts.
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I hope you learn something from my sharing. If you will like to learn how to manage your finances better, and clear your riba based loans, visit Takaful.sg to schedule “Your Financial M.A.P.” session with me, Financial Consultant, Helmi Hakim for FREE! You can also SMS/Whatsapp me directly at 96520134.
In my profession as a financial consultant, I always experiment with different techniques.
Different concepts.
And different strategies to help my clients solve their financial objectives/problems.
One of them is using Edward De Bono 6 Thinking Hats.
As humans, sometimes, when we face a problem, we tend to find ways to solve our problem, looking at it from only ONE perspective. ONE angle.
AND because of that, sometimes the decisions that we made may not be the best.
Simply because we don’t have a clear process.
That is why Edward Debono 6 Thinking Hats can help us understand and solve problems more efficiently.
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Let’s apply this to a financial objective.
“Clearing your housing loan debt.”
Each hat represents a specific thinking role/perspective.
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1. The White Hat (Facts and Figures)
First, put on this thinking hat.
The White Hat deals strictly with facts and figures. No emotions or idea generation should happen here. So for our problem, the facts will look something like this:
My housing loan is $300,000, payable for 30 years.
My monthly instalment is $1201.02/mth.
Out of $1201.02, $650 goes to pay for interest, and $551.02 goes to pay outstanding balance.
Ceteris Paribus, after paying for 10 years, my outstanding balance will be $224,579.
If I can save up, accumulate and grow my money the shariah compliant way… having $224,579, on hand, at the end of 10 years, I will have cleared my housing loan debt.
Fact and figures. Pretty straightforward.
2. The Green Hat (Creativity)
Now that you’ve got all the facts, it’s time to come up with solutions.
Save $224,579 by the end of 10 years?
Easier said than done! 🙂
The Green Hat symbolizes creativity.
It’s about generating ideas and exploring possibilities.
So list all the ways you can think of to save money or get money.
E.g: – Open a separate shariah compliant savings account, BUT don’t have ATM card. Every month, get my pay, I do a FAST transfer to my separate savings account. It’s called FORCED SAVINGS.
-Clean my house, and set aside all my junk stuffs. Take picture and sell them at Carousell!
– Have a coin box. Everyday, just use notes to spend. All the coins, save it up in your coin box….
The list, continues…. Go on and on… Let your ideas flow. Like streams of water in the river…
3. The Yellow Hat
Awesome! Now you’ve got your ideas, it’s time to play pros and cons.
The Yellow Hat symbolizes optimism (because it’s such a bright, happy color).
It focuses on the positive aspects and benefits of your ideas.
In this thinking role, you have to pretend that everything will work out fine.
E.g.
Idea #1: Open a separate shariah compliant savings account, BUT don’t have ATM card. Every month, get my pay, I do a FAST transfer to my separate savings account. It’s called FORCED SAVINGS.
Positive Aspects: Awesome!!! It is a super quick way to save up and accumulate money.
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Idea #2: Clean my house, and set aside all my junk stuffs. Take picture and sell them at Carousell!
Positive Aspects: Awesome!!! Its like killing 2 birds with one stone, or the Malay saying, “Sambil menyelam minum air.”
I have a clean house, clearing all the clutters away AND I make some money.
Idea #3: Have a coin box. Everyday, just use notes to spend. All the coins, save it up in your coin box….
Positive Aspects: Awesome!!! My wallet wont be bulging out with coins. And I save more money.
You’ve got the positive benefits of your list of ideas. Now do the opposite.
The Black Hat deals with negativity. You’re going to play the devil and come up with all sorts of excuses why your ideas won’t work.
Idea #1: Open a separate shariah compliant savings account, BUT don’t have ATM card. Every month, get my pay, I do a FAST transfer to my separate savings account. It’s called FORCED SAVINGS.
Negative Aspects: Alright. Though I can force myself to save my money quickly, how much are the returns/hibah that I am getting? Can it beats inflation? I doubt so.
Idea #2: Clean my house, and set aside all my junk stuffs. Take picture and sell them at Carousell!
Negative Aspects: Alright. Will anybody really buy my junk stuffs? Why would they buy when it is all JUNK?
Right?
Idea #3: Have a coin box. Everyday, just use notes to spend. All the coins, save it up in your coin box….
Negative Aspects: Can I really save much money, just by saving my coins everyday? Substantial enough to pay off my housing loan in 10 years?
5. The Red Hat
Ok, so far you’ve used your mind to do all the work. Now use your heart.
The Red Hat represents emotions/feelings.
Go through your ideas, looking at both their pros and cons.
Ask yourself, am I comfortable with this idea?
Do I feel strongly for it?
Is the sacrifice worth it?
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6. The Blue Hat
This is the final hat. Your objective here is to make sure that you’ve done all the previous steps correctly.
Then summarize your results and you should have a clear overview of what your final decision(s) is.
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E.g.: Alright. Perhaps all the methods above can work.
Opening up a separate shariah compliant savings account with out ATM card.
Selling unused stuffs in Carousell.
Having a coin box can help.
Alhamdulillah…. It can help me accumulate my money fast.
It can help me accumulate a sizeable capital amount.
But to accumulate $ $224,579 in 10 years, is no easy feat!!!
So what I can do, to make it looks more realistic is perhaps to extend my time-line to 15 years. Instead of 10 years.
AND find ways on how to grow my money, the shariah compliant way in Singapore.
Beating inflation, and accelerate the returns so that I have enough to clear off my housing loans in the future.
7. Conclusion
This thinking tool is really useful, especially for problems that require serious consideration.
You can apply this to any area of your life, such as career choice, insurance choice etc.
I personally went through this, when I designed “Your Financial M.A.P. Model”
– A Standard Step By Step Guide to Grow Your Money And Wipe Off All Your Loans With Riba, using Shariah Compliant Financial Strategies.
If you are interested to learn more, go to Takaful.sg, for a FREE “Your Financial M.A.P.” session!
In “Your Financial M.A.P.” session, you will also learn on how you can calculate your net worth in less than 10 mins, which allows you to fully understand your financial situation and create a master plan to get started on your journey to achieve the financial freedom you desire.
You will discover bulletproof strategies on how you can increase your savings by 20%, even if you have not saved a single dollar before (It’s like having money growing from your pocket out of nowhere)
I will share with you 8 financial ratios that acts as a financial compass, giving you the direction to the oasis of financial promise land.
I will also share with you a Quick way to save up money for emergencies. This will give you a peace of mind, rather than panicking and trying to scramble up money from nowhere. You know, you have a safety net to protect you 100%.
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The first 100 who register will receive a Special Bonus. You will get an exclusive, personalised housing loan riba spreadsheet for FREE. (previously only available for paying customers and not available elsewhere).
You will be able to know how much of your monthly loan instalment goes to riba, and how much exactly goes to pay off your outstanding balance.
You can also find out how much riba you can save every year by paying your principal amount quickly.
Go ahead! Register for FREE “Your Financial M.A.P.” session at Takaful.sg!
See you soon! Insya’Allah! 🙂
Some of you might have known me as the financial consultant that help Muslim families, plan their finance in a shariah compliant way in Singapore . You might have seen me in the papers, on national TV, dispensing financial advice specifically for Muslims in Singapore.
(Snapshot of my recent interview at a show, “Demi Cinta” in Suria. Picture from Toggle.sg)
One of the most common questions that I always get, is how do I get the motivation.
The strength.
The energy to push forward, in my journey to promote Islamic Finance in Singapore.
I have to admit, that it seems an arduous task ahead.
As an entrepreneur running my own financial practice, sometimes, my business is up.
AND sometimes, my business is down.
When I feel down, I read on the translation of the Quran and Seerah (biograghy) of all the messengers of God, from Prophet Adam to Prophet Muhammad (May Peace and Blessings Be Upon Them All).
Here are some learning nuggets that I learnt, that motivate and inspire me to continue to work hard to promote Islamic Finance in Singapore.
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1) Follow the power of focus of Prophet Noah (Peace Be Upon Him)
When I am feeling down, I remembered reading about the story of Prophet Noah (Peace Be Upon Him).
Allah S.W.T commanded him to build a ship.
“And construct the ship under Our Eyes and with Our Inspiration and address Me not on behalf of those who did wrong; they are surely to be drowned.” (Quran 11:37)
Prophet Noah (Peace Be Upon Him) chose a place outside the city and far away from the sea to build his ark.
Some mocked and laughed at him.
Making comments about the ship’s location, far from any water source.
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They had no comprehension of the power and magnificence of God.
SO they could not understand why Prophet Noah (Peace Upon Him) would build a ship, on the top of a hill, far away from the ocean.
They called him crazy and laughed out loud.
The ship began to take shape and when it was finished, Prophet Noah (Peace Be Upon Him) patiently waited for the command from God.
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When others said, many Muslims in Singapore don’t mind taking riba (interest)… The market is not big enough… When others questioned me on why I need to talk about Islamic finance, I remember the story of Prophet Noah (Peace be Upon Him)
I ignore these voices. I stay focus.
If I can help even 1 client plan their finance in a shariah compliant way, I have done my job.
If I can show 1 client, how they can reduce their riba/interest payable by even 1%, I have done my job.
Even if I meet with rejections upon rejections, after proposing shariah compliant initiatives, I have done my job as a Muslim financial consultant in Singapore.
2) The Importance Of Planning
Prophet Muhammad (Peace be Upon Him) planned very well when doing his Hijrah from Mecca to Madinah.
The Hijrah of Prophet Muhammad (Peace Be Upon Him) is one of the most important episode in the history of Islam.
Allah S.W.T could have just instructed the Angels to carry Prophet Muhammad (Peace Be Upon Him) from Mecca to Madinah, without effort.
However, we all know that the Hijrah does not happen that way.
Our beloved Prophet Muhammad (Peace Be Upon Him) had strategies and plans, in place. Some of them are….
– Asking Sayyidina Ali (May God Be Pleased With Him) to replace him at his sleeping place
– Went out of his house, when the sun is scorching hot, something that those who were travellers wont do at that point of time
– Choosing Sayyidina Abu Bakar Assidiq as his companion for hijrah to Madinah
– Choosing alternative route to Madinah which is further and not the route commonly used by others
– Asma’ bt Abu Bakar and Abdullah Bin Abu Bakar to send information and food supplies while he is hiding at at Thur cave
– Amir bin Fuhairah, the individual to remove the footprints of Prophet Muhammad (Peace Be Upon Him) and Sayyidina Abu Bakar
(Source: “Panduan Cashflow, Apa Yang Kamu Tuai Simpanlah Bersama Tangkainya” book, by Suzardi Maulan (Pakdi))
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My take is that if our beloved Prophet Muhammad (Peace Be Upon Him) planned very well when he is doing his hijrah, we should also have a plan, in doing anything in our life.
Everyday, I think of strategies.
Strategies on how, to get more people to plan their finance in a shariah compliant way in Singapore.
How to get more people plan their finance the shariah compliant way in Singapore?
Facebook marketing.
Blogging.
Words of Referral.
Making Educational Videos etc2…
I work hard to introduce these systems in place.
Alhamdulillah…. Till date, I have over 600 clients who trust their finance with me, not only from Singapore, but also from Malaysia, Indonesia, Bangladesh, India and many other countries… 🙂
Remember, my friends.
Anything you do, plan and prepare in advance.
If you don’t have a plan, you will go haywire. Create a plan and stick through your plan. Follow the footsteps of our beloved Prophet Muhammad (Peace Be Upon Him).
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3) Motivation to get out of debts with interest
I adviced my clients on strategies to reduce riba, yet I have to admit that I am still servicing my housing loan. In Singapore, there is no murabahah financing, so its darurah, for us to take loan with interest to get our house.
We need a roof over our heads.
Everyday, I make doa/prayers/supplication to Allah S.W.T. to grant me the strength, the rezeki to accumulate as much cash as possible so that I don’t have to take loans with interest.
My motivation to stay away and get out of debts also propel me to me to work hard everyday, because interest/usury is haram. In addition to that, I need to walk my talk as an ambassador to promote Islamic Finance in Singapore.
I am also a firm believer of the ‘Man jadda wajada’ principle which means whoever puts in the effort, God willing, they will get what they work for.
Make doa. Put in a lot of effort and focus on your work. Tawakkal….
Insya’Allah…You will get what you work for.
4) Motivation to help my community grow strength by strength
Everytime, I read the news, I see Islam being potrayed in a negative light. What I learn in my part time madrasah (religious school) and what I see in the newspaper is totally different.
Of course, to explain the beauty of Islam is the jobs of our Islamic scholars. We seek their leadership to guide us, on how to live our life, in accordance to the Quran and Sunnah of our beloved Prophet Muhammad S.A.W.
I am glad that Asatizah Recognition Scheme (ARS) is now made compulsory, to ensure that our religious teachers and scholars are reliable guides for our community.
We need their expertise. We need their guidance. Reading and interpreting the Quran (God’s words) is not like reading a story book. We need… We depend on our Islamic scholars to interpet the verses of Quran and Hadith and apply them in Singapore’s context.
Nevertheless, I feel everyone has a role to play. Even in my position as a financial consultant in Singapore, I have a role to play. Empowering our Muslim community with financial knowledge is crucial. My job is real.
I advice my clients and their children, that whatever we do in life, we give our level best. Aim to be the best. Prophet Muhammad (Peace Be Upon Him) says, “The best of people are those that bring most benefit to the rest of mankind.” (Daraqutni, Hasan)
I hope, in the future, some of the children, I plan for becomes a scientist, becomes a lawyer, becomes a school teacher
or even become an Olympic Champion!
I hope, some days, I can see, my clients’ children names on the headlines of the newspapers, bringing glory to our community by being the best in their specialisation, in their chosen field.
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With the following reasons above, I am more determined than ever to help with the development of Islamic Finance in Singapore.
Takaful.sg serves as a platform for me to educate. Empower.
AND reach out to more Singaporeans who are interested to know more on the practicality and relevance of Islamic finance, in Singapore’s context.
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In Takaful.sg, you can sign up for “Your Financial M.A.P” session (Worth $500) for FREE.
“Your Financial M.A.P. Model” is A Standard Step By Step Guide.
To grow your money.
AND wipe off all your loans with riba,
using Shariah Compliant Financial Strategies.
……………………………………………………….
……………………………….
You will also learn on how you can calculate your net worth in less than 10 mins, which allows you to fully understand your financial situation and create a master plan to get started on your journey to achieve the financial freedom you desire.
You will discover bulletproof strategies on how you can increase your savings by 20%, even if you have not saved a single dollar before (It’s like having money growing from your pocket out of nowhere)
I will share with you 8 financial ratios that acts as a financial compass, giving you the direction to the oasis of financial promise land.
I will also share with you a Quick way to save up money for emergencies. This will give you a peace of mind, rather than panicking and trying to scramble up money from nowhere. You know, you have a safety net to protect you 100%.
Go to Takaful.sg now and sign up for your FREE session today! Insya’Allah… 🙂
A certified financial consultant, Helmi Hakim has won praise for his patience, perseverance and practicality when solving his clients’ financial concerns. For more information on how you can manage your finances better, contact Helmi Hakim at 96520134.
