By now, you will have known that Pokemon Go has just been released a few days ago in Singapore.
I personally tried it out and it was fun! I feel adventurous discovering different types of Pokemon in their natural habitats and learning about their behaviors. It’s like having virtual pets as your collections.
(My latest collection as of now. Note: I am no expert as I only play the games, while waiting for my clients for appointments.)
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Pokémon Go is fun seriously! 🙂
Nevertheless, anything you do in life, there are risks involved. Below are some risk management strategies, you should take when playing Pokemon Go. ……………….
1) Do not play the game while you drive your car or ride your motorcycle at the same time… even when there is a traffic jam.
Or when your vehicle is stationary, because the traffic light is red.
It’s DANGEROUS and you cannot do both safely.
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2)Watch where you are walking, be aware of your surroundings and do not walk out into roads/car parks without looking.
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3)If you are at a park (there are many Pokemons for you to capture).
And you will like to focus your eyes on your phone, stand aside! Don’t block other people!
Have a lookout for cyclists/joggers when you resume your journey.
You don’t want to bump against them!
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4) There have been reports of armed robberies in other countries in areas with high concentrations of Pokemon Go players.
It’s obvious that when you are too engrossed with your games, some unscrupulous characters or perhaps pickpockets will take advantage.
Stay alert at all times!
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5) Get in touch with your financial consultant, to understand better.
Insurance coverage that you should take, in the event accidents happen, even though you have taken the necessary precautions above.
You can whatsapp me, Financial Consultant, Helmi Hakim at 96520134 to arrange an appointment to discuss further. Insya’Allah…
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Share this blog posts with your love ones because you care! 🙂
Time flies… Now, we are moving to the third week of Ramadan. 🙂
Alhamdulillah… For the past 1 week, I have a flurry of clients, asking me on the existing cash values of their insurance policies.
My clients need to know the cash value of their insurance policiesso that they can calculate collectively, how much zakat to pay for the year.
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Zakat which literally means purification is the 3rd Pillar Of Islam.
Allah (S.W.T) has made Zakat compulsory on all Muslims. It is a religious obligation for all Muslims who meet the necessary criteria of wealth.
Here, to give Zakat implies purifying your wealth and soul by giving a portion of your wealth to those in need. The word Zakat appears in the Holy Quran a total of 32 times.
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There are 2 types of Zakat.
1) Zakat Fitrah
Firstly, Zakat Fitrah.
We pay Zakat Fitrah in the month of Ramadan, before Eid prayers.
The Zakat Fitrah rate that is obligatory on every person is one sa’ or 2.3kg of the staple food of the territory in which the person is in.
In Singapore, the staple food is rice.
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Since 2005, Muis has introduced a two-tier Zakat Fitrah rate.
This is in accordance with the Syari’ah and allows the payer to choose the rate that is most suitable for them based on their daily consumption.
Normal Rate ($5.10 per person in 1437H / 2016):
Based on the median price of 2.3kg of rice (normal/average grade) that is consumed as a staple.
Higher Rate ($6.90 per person in 1437H / 2016):
Based on the median price of 2.3kg of rice (higher grade) that is consumed as a staple.
(MUIS Website)
2) Zakat Harta
2ndly, is Zakat Harta.
Zakat on your wealth.
For those of you, who have cooperative insurance plans or investment in Takaful fund with me, you can just SMS/whatsapp me and I will tell you the existing cash value of your policies.
OR you can choose to check your existing cash value yourself using ME@INCOME.
-Go to income.com.sg
– At the top right hand corner, you will see, ME@INCOME LOGIN. Log in from there to check the cash value of all your policies with me.
(Example, after you log into POLE)
If you started your policy for more than 1 year (haul) and your total surrender value of all your policies is above the nisab value, you calculate total zakat payable this way.
Your Zakat Payable for your insurance policies is Total Surrender Value ($) x 2.5%
So, example, if your total surrender value is $10,000, you need to pay $10,000 X 2.5% = $250
You can pay your zakat online too. This is the link. https://www.muis.gov.sg/epayment/Zakat.aspx
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I will link to end my blog post with a very good story that I get through whatsapp, sharing on zakat. Do share with your friends if you find it beneficial too! 🙂
*Story of 2.5%*
One day, a very wealthy man was walking on the road.
Along the way, he saw a beggar on the sidewalk.
The rich man looked kindly at the beggar and asked him why he was begging.
The beggar said, “Sir, I’ve been unemployed for a year now. You look like a rich man. Sir, if you’ll give me a job, I’ll stop begging.”
The rich man smiled and said, “I want to help you. But I won’t give you a job. I’ll do something better. I want you to be my business partner. Let’s start a business together.”
The beggar blinked hard. “What do you mean, Sir? ”
I own a rice plantation.
You could sell my rice in the market.
I’ll provide you the sacks of rice. I’ll pay the rent for the market stall.. All you’ll have to do is sell my rice. And at the end of the month, as Business Partners, we’ll share in the profits. Tears of joy rolled down his cheeks.
Do I keep 5% and you get 95%?
I’ll be happy with any arrangement. The rich man shook his head and chuckled.
“No, I want you to give me the 2.5%. And you keep the 97.5%.
For a moment, the beggar couldn’t speak. He couldn’t believe his ears. The deal was too good to be true. I want you to give me 2.5% of your profits so you grow”
The beggar now dressed a little bit better, operated a store selling rice in the market. He worked very hard. He woke up early in the morning and slept late at night.
And sales were brisk, also because the rice was of good quality. And after 30 days, the profits were astounding.
At the end of the month, as the ex-beggar was counting the money.
He told himself, Gee, why should I give 2.5% to my Business Partner?
I didn’t see him the whole month! I was the one who was working day and night for this business. I did all the work. I deserve 100% of the profits.
The rich man came to collect his 2.5% of the profits. The ex-beggar said, “You don’t deserve the 2.5%. I worked hard for this. I deserve all of it!”
If you were his Business Partner, how would you feel?
This is exactly what happens to us….
_ALLAH is Our Business Partner. ALLAH gave us life, every single breath. ALLAH gave us talents, ability to talk, to create, to earn money_
_ALLAH gave us a body, eyes, ears, mouth, hands, feet, a heart_
_ALLAH gave us a mind, imagination, emotions, reasoning, language_
_Giving 2.5% (your Zakat) is an expression of gratitude and love_
_Dont forget to give back what u owe_
_Jazakallahu Khairan_
*Humble Reminders*
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…
Today’s topic which I will like to share with you is “How To Save Money During The Month Of Ramadan?”
You see, Ramadan taught us Muslims GOOD VALUES like….
1) Peace (Brings you closer to God, thorugh your night prayers, taraweh)
2) Patience (control your hunger from dusk till dawn, break-fast)
3) Empathy (think of how the poor survive without food)
4) Moderation
5) Charity
Yet, we see a lot people in the month or Ramadan splurge instead of saves. Why? Because it is easier to splurge than save. The desire to spend is there.
…and the desire to spend INTENSIFIES when…
…you take a look at the wide choices of buffet advertisement in the papers, with a hungry stomach
….you take a look at the HARI RAYA PROMOTIONS that is going on, especially with no money downpayment needed
…you went to the bazaar and entice with so much, delicious, sweet, colorful, tantalising kuehs, and end up buying more than needed.
I will like to introduce you a simple, yet powerful concept that you can use to avoid OVERSPENDING in this fasting month. The concept is….. 3Rs…
REDUCE,REUSE,RECYCLE
REDUCE wastage
When buying food to break your fast, see for yourself, whether you can finish eating, what you buy.
You do not want to end up throwing away excess food. It is against the spirit of Ramadan.
REUSE and RECYCLE
When you shop for hari raya, differentiate between needs and wants.
Do you need to spend few more thousands for the curtains decorating the windows of you house, or is it okay to REUSE and RECYCLE, the one that you still have?
Do you need to buy with ZERO downpayment needed that very comfortable sofa, to fit in your main hall, or is it okay to just hold on to what you currently have?
I just came back from my holiday trip to Europe a week back, and I received a lot of emails, whatsapp messages, asking me specifically on retirement planning in Singapore. I am still following up, one by one. 🙂
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Since the Rebecca Lim’s fiasco, many of you have asked me on how to calculate how much you need to save today, so that you have enough money to retire comfortably in Singapore, and the best part, how to do it in the shariah compliant way. 🙂
(My mum and dad approaching their retirement years, relaxing at Table Mountain, in South Africa)
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I always share with my clients that how much you need to save today, is dependent on the type of retirement lifestyle that you want to lead when you choose to retire.
You choose whether you want to lead a sedentary lifestyle or a lavish one when you retire, or simply maintain your existing lifestyle.
Many of you, if you have been spending, example, $3000/mth today, you would not want to drastically reduce your spending power to $1000/mth when you retire right? Simply because you are not working and there is no cashflow coming in as before. 🙂
You will want to MAINTAIN your lifestyle.
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Today, I am going to share with you a very simple yet powerful retirement planning concept.
Let say you are 30 years old now. You would like to retire at the age of 60. Mortality age for average Singaporeans is about 90 years old. (Of course, there are people who lives much longer, but we take the age of 90 for this example.)
The period from 30 to 60 years of age is what we call the Accumulation Period.
Whereas from 60 years old to 90, is what we call the Retirement Period.
My question to you is this: When you retire, how much do you want to spend every single month?
If you ignore inflation, and you ignore investment return on your savings, how much exactly do you want to spend every single month?
$3000/mth? $5000/mth? $10,000/mth?
Write Your Answer On A Piece Of Paper: I want to spend $________ every single month when I retire.
Now take a look. Your ACCUMULATION PERIOD is 30 years and your RETIREMENT PERIOD is also 30 years.
Ignoring inflation and investment return, if you want to spend example, $3000/mth, when you retire, you have to also save $3000/mth today, for you to retire.
Right? 🙂
How much you need to save today, is dependent on the type of retirement lifestyle that you want to lead when you choose to retire.
You choose whether you want to lead a sedentary lifestyle or a lavish one when you retire, or simply maintain your existing lifestyle.
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When I share this concept with my clients, most are astounded. It is a very simple, but profound concept that you can use to calculate, how much you need to save now, every month to have the DESIRED retirement lifestyle you can have in the future.
Of course. After you know roughly, how much to save, the next question is how to grow that money, the shariah compliant way in Singapore.
Many of my clients understand that I build a long term advisor-client relationship with them to help them grow their investable assets (go download and read my book, if you don’t know what is investable assets) and at the same time grow their networth the shariah compliant way in Singapore.
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In Singapore, there are a few ways to grow your investable assets, the shariah compliant way.
Firstly, buy shariah compliant stocks, direct from the market. (recommended only if you have the financial knowledge)
For me, this is a good long term strategy to include shariah compliant stocks in your portfolio to grow your money for your retirement.
Have a watchlist of shariah compliant stocks, and start doing your homework.
Download the companies’ annual report. Know how the company makes money. Calculate their profitability, gearing and investment ratios. Analyse deeply the trends, if the gross profit margin, the net profit has increased consistently for the past 10 years.
If the sales has increased, gross profit has increased, net profit has increased over the years, go through the company’s cashflow statement, to check that the company do not just have credit sales (close sales but customers owe them money in credit) , but can also are able collect money (cold, hard cash) from their sales.
There are many fundamental analysis that you should do when analysing and choosing shariah compliant stocks. The above is just 1 example. Learn about them first, before investing your money direct to the stock market. This is important because you would not want yourself to involve with maysir (speculation), when your niat (intention) is already to grow your money the shariah compliant way.
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……………. Secondly, buy commodities like physical gold bar.
I see this more of a wealth preservation strategy. In your effort to accumulate your wealth, it is good to diversify and commodities like gold.
However, make sure that you buy gold bar, you can sell immediately to the seller if you urgently need money.
By the way, I wrote a 4000 words report on investing in gold. If you are my existing clients, and you are interested to learn more, you can request it from me (and get advice when you meet me for financial review). 🙂
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Third strategy, which is my favourite strategy is investing your money in shariah compliant funds. This is my favourite strategy because I can do it passively.
I will skip my explanation on what is the difference between shariah compliant fund and conventional ones. What is riba, maysir, gharar. Imam Nawawi Riba rulings etc2…. (If you are interested to learn more, just fix an appointment with me, and I will share more)
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In this blog post, I will share why investing in equity funds are different that investing in stocks. I will speak in the perspective of making money ONLY. Usually, when my clients plan for their retirement, they will have a long investment time horizon. Perhaps 15-25 years.
The thing about investing in stocks, specifically penny stocks (small caps stocks), the stock price can go up and can go down, and can even go bust.
A professional manage shariah compliant fund works differently. The fund price can go up and it can go down, however, long term wise, it will always go up. Why?
Firstly, inflation. Example, you love drinking coffee. You drink it everyday.
(An “atas” coffee, I made for myself… )
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How much did you pay for your coffee? $1?
Another 10 more years, will your coffee still cost you $1?
Definitely NO, because the price will have increase because of inflation. Similarly, because the price of the coffee increase, when you check the trading, profit and loss statement of the coffee company, the sales will increase, the gross profit will increase, the net profit will increase, everything in the financial statement will increase, thus the stock price and in effect the fund price will also collectively increase.
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2nd reason, human population growth. Now, maybe in Asia Pacific, I assume, 10 million people drink coffee everyday. Another 10 years, will the figure remain the same?
Definitely NO.
Due to human population growth, more people will drink coffee. Similarly, because more people drink coffee, when you check the trading, profit and loss statement of the coffee company, the sales will increase, the gross profit will increase, the net profit will increase, everything in the financial statement will increase, thus the stock price and in effect the fund price will also collectively increase.
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3rd reason, you have professionals to manage your fund. There is a set of rules (qualitative and quantitative) for fund managers have to follow when selecting stocks specifically when it comes to shariah compliant fund.
One of the examples, if that the gearing ratio cannot be above 30%. Thus diligence is exercised when the fund managers select shariah compliant stocks in the shariah compliant equity fund.
If the stocks does not meet the criterias, and at the same time, are not performing well, it will be removed by the fund manager and replace by a better performing one. That is why shariah compliant fund price, specifically, can go up and down. However, long term wise, it will always go up.
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4thly, specifically for my clients, you have me to rely on, giving you advice when to do a top up, when the fund price is selling cheap. Example, you buy apples today. Price of an apple cost you $1. One day, it drops to $0.99.
$0.95.
And $0.90. What will you do? Just ignore it. You dollar cost average.
However, when the apple price goes down to $0.70, $0.60, financial advisors like me, will ask you to buy more apples, so that when the price goes up back to $0.90, $0.99 or even $1.10, you make more money. You enhance your portfolio returns by so much more. 🙂
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Alright….. I hope you benefit from my sharing. This is a recording of a video (which I recorded 6 years ago) , of a simple way on how to gauge how much money you need to save so that you can retire comfortably in the future.. A simple yet powerful strategy on retirement planning. Watch it now!
P.S. : If you find my sharing beneficial, do share this blog post with your love ones. Insya’Allah… 🙂
P.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…
Alhamdulillah, my name is featured in Straits Times for being one of the top financial consultants in Income and belonging to the prestigious Income Summit Club. 🙂
I would like to thank my clients who have supported me in my journey as a financial consultant to promote cooperative insurance and shariah compliant fund in Singapore. Thank you for trusting me. Thank you for believing in me! 🙂
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…
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.
