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How To Make It Easier To Be Debt Free in Singapore…

How To Make It Easier To Be Debt Free in Singapore…

Debt Free Singapore

I shared in my last blog post that I cleared my 5 room HDB flat loan at age 34.

https://helmihakim.com/investment/alhamdulillah-i-have-finally-cleared-my-5-room-hdb-flat-loan-at-age-34/

I also share with you my free video, “5 Shariah Compliant Ways To Save More Money in Singapore.”

If you have yet to download it, please download the FREE video now.

5 Shariah Compliant Ways

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5 shariah compliant ways to save more money in Singapore
are like the seeds to grow your tree.

Seed Plant Halal Financial Planning Tree Singapore

 

Without the seeds, THERE WILL BE NO TREES!

Only after downloading and watching the video above, you should proceed to read this post.

Reading this blog post and applying the strategies immediately is like taking those seeds and planting them now.

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In this blog post, I will share with you the roots. The leaves. The trunk.
The branch. The twig. The flowers.
And of course, the FRUITS!!! 🙂

Fruits Riba Free Lifestyle Tree

“Fruits of Riba Free Lifestyle” tree
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I will share with you on how to make it easier for you to be DEBT FREE in Singapore.

Warning: This blog post is quite long. Jam packed with super simple yet powerful strategies.
Bookmark this page so that you can always refer to it.  🙂
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1) Increase your income.

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1 of the fastest way for you to clear your debt fast in Singapore is to EARN MORE.

Earn higher.
I am talking about your disposable income.
Money that goes into your pocket.
Simple logic.

If more money flows into your pocket every month, easier for you to be debt free.

I have created a series of videos here on how to double your income, the shariah compliant way in Singapore.
Listen in! 🙂

 

 

 

 

 

 

 

 

2) You must want it.

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Yes. It is as simple as that.

You must want to be debt free in Singapore.

If you don’t want, no matter what kind of strategies I share with you.
It wont work.

I do know of many who see debt as a tool to become rich.
Its called Leverage.

In fact, today if you were to meet 10 financial consultants,
9 will encourage you to take more debts as long as you  can fulfil TDSR. (Total Debt Service Ratio)
Especially in today’s low interest rate environment.

Fact of the matter, today as a financial planner, I also can show you multiple strategies on how to make money by taking more loans.

But as an Islamic Financial Planner,  I CHOOSE to show you strategies to make money by avoiding, reducing and clearing your riba based loans.
Avoiding, reducing and clearing your Riba based loans to seek baraqah from Allah S.W.T. is the central core of my wealth accumulation strategy.
If we need to leverage, we leverage using Halal means. Without riba.
Because why?
Because we seek redha from Allah S.W.T.
We want to be happy in this dunya. And we want to be happy in the akhira.
Insya’Allah. Allah will make it easier for us when we do our level best following his commandments by avoiding riba.

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Others go by the mantra,
Hutang hari ini, hutang selamanya.

I adopt a different position.
Hutang hari ini, LANGSAIKAN SEMUANYA!

So first thing first, whatever strategies you advocate.
You must want to be debt free in Singapore.

You can have 1001 financial strategies.
Yet being debt free must be your core objective from day 1 you start to plan your financial goals.
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3) You must track it.

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Work closely with your financial advisor. And track your personal finance very closely.

Your networth statement. Your cashflow statement.
Your 7 financial ratios.

To me, this is the most basic thing one must do in Singapore.
Especially if you intend to be Debt Free in Singapore.

Remember the “Fruits of Riba Free Lifestyle” tree I shared with you earlier?

 

 

Islamic Financial Planning Singapore Tree

                ( “Fruits of Riba Free Lifestyle” tree)
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Your networth statement. Your cashflow statement.
Your 7 Financial ratios are like the roots of a tree.

If the roots are not strong and the wind blows,
Your tree will tumble.

You need to know your numbers at the back of your hand. And make sure everything is in order.

 

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Halal Financial Plan Singapore

Halal Financial Plan Summary 1024x680Halal Financial Plan Networth Statement

 

 

 

 

 

 

Cashflow Statetement Halal Financial Plan Singapore

Financial Ratios Shariah Compliant Singapore

 (Halal Financial Plan that I created for my beloved clients)

 

Halal Financial Plan Card 728x1024

(Halal Financial Plan Safety Card that all of us need to follow closely)
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If you want a personalised 10 page Halal Financial Plan like the one I created for my clients above ,
click here to arrange  “Your Financial M.A.P.” session
for FREE via Zoom! 

I will personally curate and share with you your 10 page personalised Halal Financial Plan for FREE
in “Your Financial M.A.P.” session (Zoom Edition)   .

 

***I can guarantee you that this Halal Financial plan is different than any financial plan you can see out there.***
It is designed specifically for our Muslim community in Singapore.
I have removed all the jargons and simplify it for you.
Financial reports that usually run into 40-50 pages (who has time these days to scrutinise 1 by 1 those thick, confusing reports?),
I summarise them into 10 colourful pages.

In fact, I make it so easy for you that even your Primary 6 child can join in and have fun to interpret your numbers! 🙂

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Not only that!

As a special bonus, I will also share with you my exclusive, personalised housing loan riba spreadsheet for FREE.

From there 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.

If you pay housing loan instalment of $1000/mth, how much goes to principal, how much goes to interest?

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If you pay housing loan instalment of $1000/mth consistently for 5 years, what will be your outstanding balance then?
If you pay housing loan instalment of $1000/mth consistently for 10 years, what will be your outstanding balance then?
If you pay housing loan instalment of $1000/mth consistently for 15 years, what will be your outstanding balance then?

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If you know your numbers, only then you can Super Duper Focus on working your way up to reduce your unnecessary expenses and accumulate funds to pay the loans off.

Numbers give you purpose. It gives you energy and momentum.
You cannot hit a target you cannot see.

If you want me to give you Halal Financial Plan
+ exclusive, personalised housing loan riba spreadsheet (only for the first 10 lucky candidates)

schedule “Your Financial M.A.P.” session (Zoom Edition) for FREE now!

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4) You must position yourself to attract rezeki FIRST
and only after that work hard to receive it.

 

Let us do a simple yet profound exercise now.

I want you to find ants in your house now.

Ants 1024x768

If you are in office, find ants in your office.

Do it now!

Search high and low.
Is it easy to find the ants? 🙂

No. Its challenging for most of us! 🙁
Especially if we keep our house or office clean, neat and tidy at all times.
Very difficult to find those ants.
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Now what I want you to do is to change your strategy.

 

Sugar 1024x768

Get some sugar.
And I want you to pour them all over your house.

Wait until tomorrow.
And see what happens.

Definitely, you will see a lot of ants! 🙂




My brothers and sisters,
Similar to our rezeki. Our sustenance.

In order to have more rezeki,
we have to position ourselves to receive more rezeki from Allah S.W.T
FIRST!

BEFORE anything else!

We do so by taking care of our relationship with Allah S.W.T.

By obeying Allah’s commandments
and staying away from what is prohibited.

My brothers and sisters,
You can implement 1001 strategies.
Toil day and night.
If Allah doesn’t allow it to happen, it won’t happen.

How do we do obey Allah’s commandments
in the context of managing your personal finance?

Always seek prayers from your parents
in whatever business endeavour that you do.

Remember to Zakat your cash/investment/
Halal insurance once you reach the Haul and Kadar Nisab.

Infaq.
Sadaqah. Help those who are in need.

and most importantly by ensuring that every single step in our financial planning journey is shariah compliant.
Free from Riba, Maysir and Gharar.
In short, Halal.
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Only after positioning ourselves to receive rezeki, we put in effort and work hard for it.

Yes work hard for it.

My brothers and sisters…. There is no magic pill that you can swallow.
And suddenly make your your riba based loans disappear.

The Malay proverb says,
Yang bulat tidak datang bergolek,
yang pipih tidak datang melayang.
Kalau tidak dipecahkan ruyungnya,
mana nak dapatkan sagunya?

The Arabic proverb says
Man Jadda, Wa Jadda.
Siapa berusaha, dia dapat.

Put in your 101% effort. Trust the process.
And leave the natijah to Allah S.W.T.
Ya Allah. I surrender. I have done my very best. And I leave it to your decree.

 

5) Make Your Money Work Harder
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Last but not least, after you follow my strategies that I shared above, and Masya’Allah, Alhamdulillah…
Tabarakallah…. You become cash rich.

It’s time to make your money work harder for you.
In fact, the secret sauce to wealth creation is to grow the money you have.

Invest in Halal stocks.
Invest in Halal bonds (sukuk).
Invest in Halal commodities (gold, silver, oil etc2).
Invest in Halal businesses. 
Subhanallah! 🙂

Question here.

Will all the Halal stocks,
Halal bonds (sukuk),
Halal commodities (gold, silver, oil etc2),
Halal businesses
in the world make money? 

No. Of course not!

As a shariah compliant investor, you only want to FOCUS
on Halal stocks, Halal bonds (sukuk), Halal commodities (gold, silver, oil etc2), Halal businesses
that can help you MAKE MONEY.

The one that can lose money,
the ones that will FAIL,
you want to
AVOID them!

That is why you need experienced Islamic Financial Consultant like us to understand your needs, assess your risk profile and guide you.
Show you the way. 

Alah………. It’s like you want to want climb Mount Kinabalu.

 

Helmi Hakim Mount Kinabalu

 

 

Helmi Hakim Islamic Financial Planning Mount Kinabalu

 

Islamic Financial Planner Helmi Hakim Mount Kinabalu

(Myself at Mount Kinabalu, one of the highest mountains in Southeast Asia)

 

You need an experienced guide to show you the way.

Educate you on what to do and what not to do.

Share with you tips and secret strategies to not only ensure you reach the peak safely.

You also want to make sure your journey up and down the mountain becomes a memorable and enjoyable one. 

Capture pictures that you can share with your children and grandchildren in times to come. 

Isn’t that beautiful? 🙂
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Now, scaling Mount Kinabalu is very similar to
growing your hard earned money the Halal way

with the intention to finally clearing your riba based loans.

You need a guide.
A competent Islamic Financial planner can help you 10 X your shariah compliant investment power
by sharing with you up to date, tactical and long term investment strategies.

 

Dollar Cost Averaging Halal Investment 473x1024

(Example of whatsapp msg I broadcasted to my clients on 17th March 2020)

 

 

Ntuc Income Takaful Fund Make Money

 

 

 

 

(And in 3 months, Halal investment portfolio value increases by 20% in terms of capital appreciation. Alhamdulillah….)

 

 

An Islamic Financial planner in Singapore is like a GPS for your financial success.
An Islamic Financial planner in Singapore shows you the first lane on the expressway to financial success
by revealing jealously guarded money making secrets you should know.
An Islamic Financial planner in Singapore shares with you common money mistakes people make and how to avoid them.
(You dont need to bang the wall a lot of times or worst go to a dead end. )

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My Bros and Sis.
If you do things that you never done before, you will get the things that you never gotten before.
Your life changes when you adopt rich Muslim money habits.
And it doesnt stop there.

Good money habits you learnt today, you can pass it to your children.
And they can pass it down to their children.
The cycle continues.
Can you imagine our future generation, living life without riba? Masya’Allah! 🙂

And today is the start of that wonderful journey.
Remember the 5 seeds of riba free lifestyle tree that I gave you earlier?
Start planting them now!  Bismillahirahmanirahim….

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Now… I hope you have benefited from my personal sharing, How To Make It Easier To Be Debt Free in Singapore…

If you are seeking a mentor, coach, consultant to share with you practical aspects on how you can plan your finance, the shariah compliant way in Singapore, I am always ready to help you.

You can always whatsapp/sms me at 96520134 to schedule a FREE consultation.
Or perhaps click here to schedule an appointment.

You will want to schedule it asap because I can only accommodate 5 slots for the following month.

Click here to schedule your FREE consultation today!

Take Care!  ?

 

Alhamdulillah. I Have Finally Cleared My 5-Room HDB Flat loan at age 34….

Alhamdulillah. I Have Finally Cleared My 5-Room HDB Flat loan at age 34….

Clear Hdb Loan Singapore 1

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I have to put a clause here.
My intention of sharing my journey is not to riak or to show off.  My intention sharing my journey is to encourage and inspire others to be debt free, as much as they can.

Being debt free is possible in Singapore.

I was in a dilemma if I should create this blog post.
Share my journey, people say I riak. Dont share takut dosa, ilmu simpan sendiri.

However, after much considerations and requests from many,
dengan lafaz Bismillahirahmanirahim (In the name of Allah, Most Gracious, Most Merciful)
I decide to document my journey.

I will share with you 2 blog posts…….
This blog post, I will share, Why I aim to be debt free, my challenges and how to be debt free in Singapore.
The 2nd blog post, I will share, How to make it easier for you to be debt free in Singapore.

Keep an open mind. If not, (I am pleading with you) please don’t continue reading this blog post.
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If you are my client, you know that as an Islamic Financial Planner in Singapore, I have come up with a 4-prong approach to my personal finance.

1) Clear my HDB loan + Comprehensive Halal Insurance Coverage
2) Monthly Investment in shariah compliant fund + Top up when there is a market downturn (like the COVID-19 health crisis)
3) Shariah Compliant Stocks
(Act as turbo booster to increase investible assets value in networth statement for the next 5-10 years. Shariah compliant methodology adopted: Dow Jones shariah screening methodology + AAOIFI)
4) Additional Properties

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Alhamdulillah. I have achieved the first 2 stages.

Clear HDB Loan

(My final payment to fully clear my HDB loan)

 

Debt Free Financially Free Clear Riba In Singapore 1024x892

 

 

Clear Hdb Loan Singapore 768x1024

(and finally Debt Free!)

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Alhamdulillah. Yes! I am now officially DEBT FREE! 🙂

It might look like a breeze at the seaside but fact of the matter, it is not.
It requires careful and meticulous planning.

It takes a lot of research.

Helmi Hakim Wedding

Helmi Wedding 1024x683 1
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When I first got married, I did some personal reflection. (that is when most people start to get serious about life)
I set goals.
Being Debt Free is one of them.

It is ironic because since young, I have been taught about Good Debts.
and Bad Debts.

Good Debts like housing loans are good because interest rate is so cheap in Singapore.
Bad Debts like credit cards with exorbitant 24% interest are bad.
I
t should be avoided at all cost.

That is what mainstream financial gurus of this century has been advocating over the years.
And I agree with them.

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And in my job as a financial consultant, I preach the idea of being Debt Free.
Most people will look at me in a strange manner.
“Biar betik si dekni.”

I don’t fault them. Because I used to think like them.
I thought it was not possible.
I thought if you want to be debt free in this cosmopolitan sophisticated Singapore,
you have to hold high positions.
Maybe if you are an executive director of an MNC. A vice president of a company. A group division manager at least.
You know, someone with positions. Alaaaah…. Orang berkedudukan with status.

Then only can be Debt Free

If not, not possible.

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Yet, the reasons I still stick to my guns, hold on to my dreams and work myself up to be debt free in Singapore because of a few reasons.
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1) Life is unpredictable.
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Being a financial consultant since year 2007, I have experienced 2 crises.
2008-2009: subprime mortgage crisis.
2020: Health crisis that we are facing now.

The prospect of people losing jobs are real.
The prospect of business closing down are real. The prospect of one depleting their emergency funds in a time of crisis is real.

I see it with my own eyes. People are struggling.
Scared of the future.

Nauzubillah…. I pray it won’t happen to you.
To me.
Or to anyone I love….

Yet, it is comforting and a relief to know that if sh*t happens, at least we still have a roof over our heads.
Better still if the biggest financial obligation of our life has been settled.

In short, from a financial advisor’s perspective, my risk profile for home to stay and risk profile for long term investment is DIFFERENT.
As a sole breadwinner in my family, I am very conservative in my approach for house to stay.
Yet, I am aggressive in my approach for long term investments.

 

2) Job disruption due to rapid development of technology
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Even before the Covid19 pandemic, I have seen major changes in the new economy.

Jobs are replaced by machines.
15 years ago, if I want to do fundamental analysis of companies, I have to download the company’s annual report 1 by 1.

Helmi Hakim Financial Ratios 1024x768
(15 years ago, when I was a student in Ngee Ann Polytechnic)
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I had to create excel spreadsheet to do vertical and horizontal analysis.
Calculated the financial ratios. 1 by 1.
Everything did it by myself. Now, with Artificial Intelligence – with just a few clicks of a button, I can get all the answers I want.
Machines help me out with all that.
The role of a financial analyst has being made redundant.

This AI thing is very REAL.
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Let me give you another example in my industry. The insurance industry.

One of the biggest insurance companies in Japan terminated 34 employees in their Actuarial department.
And replaced them with an artificial intelligence (AI) system that can calculate insurance payouts.

The firm believes it will help increase productivity by 30%.
And save $1.2 million a year in salaries.

Now, my point is, If that can happen in Japan, anything can happen in Singapore.

Now, if we are stable with a good job.
If we are stable, with a healthy, profit making business.
It is good for us to be conservative on how we spend our money, clear our debts and prepare for rainy days.
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3) Personal challenge to prove that it is possible to plan our finance the shariah compliant way in Singapore
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In my job as a Islamic Financial Consultant, I always see:

Myths.
Excuses. Justifications.

That in Singapore, it is impossible to plan our finances the shariah compliant way. Too difficult.

Of course, Singapore doesn’t have shariah compliant home financing facilities like,
Murabahah, Ijarah Wa Iqtina or Musharakah Mutanaqisah.
For now, we make do with what we have.
Be it HLE loan or bank loan with the lowest interest. Try to clear it ASAP.
It can be done.
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Of course, Singapore doesn’t have the grand infrastructure or enjoy economies of scale to promote Islamic Finance financial instruments
like our counterparts in Malaysia or Indonesia.

Or even gulf countries like Dubai, Bahrain, Kuwait, Oman or Saudi.

Helmi Hakim Sultan Qaboos Oman
(Me and my wife at Sultan Qaboos Grand Mosque in Oman)

Sultan Qaboos Grand Mosque Interior
(Beautiful interior of Sultan Qaboos Grand Mosque in Oman)

Dai Islam

(Myself and the friendly Dai’s who promote the beauty of Islam at Sultan Qaboos Grand Mosque in Oman)

 

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For now, we make do with what we have.

Start growing your money the shariah compliant way in Singapore with as little as $5/day.

And don’t look down on that small $5/day.
That small $5/day can help kickstart your journey to be a Muslim millionaire in Singapore. Insya’Allah.

My goal as an Islamic Financial Consultant in Singapore is to lead by example. Create more success stories.
When people say, its impossible. Change it to “I M Possible”.
When people say, there is no market. Change it to we will CREATE the market. And will EDUCATE and GROW this niche market.
When people play it safe, we charge ahead and go on the offensive.

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It reminds me of  the Roger Bannister story.
4 minute mile story.

Long long time ago, humans on this earth were led to believe that running 4 miles (equivalent to 4 rounds in the stadium) in less than 4 minutes is impossible.

Back then, nobody can run that fast.
Everybody believed that it was not possible.

They even had scientists and doctors to come on board and make a detailed scientific report
to substantiate with “latest up to date data”.
Substantiate and prove that running 4 rounds in the stadium in less than 4 minutes is impossible.

Scientist 1024x768

Impossible because our human body is just not created in a way
Impossible because of our bone structure, muscle fiber, tissues, anatomy limited by design
Impossible because….. (many more reasons why it wont work)

But you know what?
Roger Bannister believes.

For years and years…. No one was able to break that record
Roger Bannister believes he is able to do it.
And he did it!

Stadium 1024x681 1

The amazing thing for me is not Roger Bannister could complete 4 rounds in the stadium in less than 4 minutes.

The amazing thing here is within the 1st week Roger Bannister broke the 4 minute mile, someone else did it.
And now thousands of people have done it.
Because people have the mindset,
“If Roger Bannister can do it, so can I.”
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Roger Bannister Takfulsg

 

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In my many years journey as an Islamic Financial Consultant, I met quite a number of people already cleared their housing loan in their 30s.
And they look very happy.

And they are just normal people like you and me. Having ordinary jobs.
Working 9-5.
Eat Nasi Padang at coffeeshops for lunch.
And sipping teh tarik gleefully.

The thing here is they look so “normal”. Don’t look like those sophisticated businessmen.
Or the “sovereign” type.
They are normal everyday people like you and me!

That is my aha moment.
My “Roger Bannister” moment.
If they can do it, so can I.


(I watch this video every time I feel down and demotivated)

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Thus, I began interacting with people who share the same values as me.
I begin to ask the correct questions.
How can I make this work?

I began documenting things down. Identify the traits of financially successful people.
I develop Your Financial M.A.P. model and trademark it.

Steps

Trademark Your Financial Map

Unlock Your Money Trademark

 

Islamic Finance Lawyer Trademark Helmi Hakim

 

 

It is a simple 3-step model.

(Whatsapp Financial Consultant, Helmi Hakim at 96520134 to get free video, “5 Shariah Compliant Ways To Save More Money in Singapore”)
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Wallah….. These are the exact strategies I used to accumulate a lump sum of money fast.
Be it for my wedding. For my honeymoon.
For my renovation expenses.
For me to buy my car without loan.
And also Alhamdulillah, for me to clear my housing loan.

Again my intention of telling you all this is not to brag.
I just want to give you the assurance that I am genuine.
I am real. I am your fellow Singaporean Muslim friend who walks the talk.

I understand your struggle and I want to help. Especially in this challenging times.

No bullsh*t. No textbook stuffs.
Simple actionable steps that even a 13 year old can understand.

I am with you.

My advice to you is just listen in to my 7 minutes video.
And just follow step by step.
No need to think too hard.
As long as whatever I share does not transgress shariah, is not haram.
Just do it!

Give your 1oo%! Do your best and leave the rest to Allah S.W.T.

Go key in your details. And start taking action.
I will share in greater detail on how to make it easier for you in my 2nd blog post. Stay tuned. Wait for it. 🙂

 

 

5) Financial Independence is my ultimate goal

 

Many of you know the definition of Financial Independence.

When you are financially independent, it means your monthly passive income > monthly expenses.

When you clear your housing loan, it means you have lesser monthly expenses.
Thus, you need lesser passive income every month to achieve your financial independence.

Another benefit of clearing loan is that you will have lesser stress.
People with lesser money-related stress have a clear mind.
Their brains are not shrouded with how to survive in the vicious, never ending rat race.

Their brains can think creatively.
Innovate.
Create opportunities.

 

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Now… I hope you have benefited from my personal sharing, Clearing My 5 Room HDB flat loan at age 34….

If you are seeking a mentor, coach, consultant to share with you practical aspects on how you can plan your finance, the shariah compliant way in Singapore, I am always ready to help you.

You can always whatsapp/sms me at 96520134 to schedule a FREE consultation.
Or perhaps click here to schedule an appointment.

You will want to schedule it asap because I can only accommodate 5 slots for the following month.

Click here to schedule your FREE consultation today!

Take Care!  ?