Irrespective to whether it’s because you’ve newly started earning on your own, or you are concerned about how halal your spending and saving habits are, we believe that it’s never too late to change things up in this front. Here are a few tips to help you achieve just that…
Doing the research
Regardless to whether it’s about spending your money the halal way, saving it, or investing it the halal way for the right purposes; unless you do a research on the subject, you will not know if what you are doing is right. For example, imagine that you hear about halal insurance for your business or commercial building (or even yourself!). How would you know if it’s authentic, or something created to drum up more business? And this also applies to other aspects of your life as well! So always do a thorough (beyond the internet) research; just so you feel reassured that you’re not making a mistake.
Knowing the rules
Generally, as a whole, people are not very fond of following rules. More often that not, the general public familiarizes itself with the rules not with the intension of following it, but just so they can find the loopholes in it, or other ways in which the rules can be bent or worked around. However, as a practicing Muslim, you will already be used to following certain guidelines; like the guidelines of prayerso following the Sharia rules regarding finance is not going to be an issue for you. It also pays to remember that knowing the rules makes it so much easier to avoid breaking them.
Using the correct professional guidance
Try as we might, it’s nearly impossible for a single individual to be an expert in all aspects of life. The human brain is created in a way, in which it’s possible for use to be good at doing some things; but not so great in other aspects. For example, some might be brilliant with their education, but their business instinct may be nearly none existent. Getting professional guide, in this case the advice for Islamic banking Australia, can be more beneficial to you than you’d expect.
Knowing where your money is going
Knowing what exactly you plan on doing with your money, and where exactly your money is being spent is extremely vital. If you’re making investments on shares, it’s possible that you might be investing on things like alcohol or non-halal meat or even pornography without your knowledge. Having a clear idea about where your money is going, and doing an efficient investment screening through professionals will help you eliminate the possibility of this happening with you; and you spending your money the haram way…
Comments Off on Tips For Making Sure Your Spending, Savings And Investments Are Halal
Many young people in this day and age have opted to start running their own businesses over getting a full time job which is great because being your own boss is a lot less stressful and it is also a lot more profitable. Of course starting a business can be a very scary experience because of the unpredictability factor but once you have established your business and you have built up your name and customer base, you should be perfectly fine as long as you have a solid long term business plan and marketing goals.
Dealing with problems that may arise
However, while running a business can be a very successful experience, it is certainly not something that is without problems. There can be many problems that can come up when it comes to handling money within a business because you will find that not everybody is as honest as you are with money. This said however, you as a sole business owner will not be able to go looking for people and debtors to get your money back and chasing after people because you have your own business to run. This is why there are companies that work as a debt collection agency where their sole job is to collect money back from people who owe money to individuals and also to companies.
You might think that it is going to be a difficult job however these people are professionals and experts therefore they will have a much bigger chance of getting your money back for you than you will have on your own. While some cases of debt and money will be easy and fast others may even get to a point where serving court documents is necessary and this is something that you will not want to get involved in on your own as a small business owner. Legal battles of this sort can drag on for many months or even years and therefore you will need to have a good lawyer to back you up.
Taking proper precautions
There are various problems that can arise when running your business and it is important for you to try to foresee or predict problems that may occur and take precautions to avoid them from happening. No matter who it is you are dealing with, even if it is your best friend or a member of your family, make sure that you always have signed receipts and papers to prove the trail of the money that is given or taken at all times to avoid legal problems.
Comments Off on Managing Your Monies In Your Business
Some may think that achieving a bank loan is a piece of cake. However, in reality, this is quite not the case. In fact, there are many things that you need to consider before taking this drastic step which makes you a debtor for a considerable time period until you have repaid your debt in instalments, along with an interest. Achieving these bank loans come with a certain chain of procedures that you need to follow and questions that you need to ask yourself as well. Here are some such directions for you on achieving a bank loan.
The first instinct for you would typically be to run to you bank and to apply for a personal loan in Hong Kong. However, keep in mind that your bank is not the only one who offers these. Some banks may even have better loan packages which actually suit your needs perfectly. You are advised to conduct some online research on the financial institutions around you in order to pick the best and most beneficial loan for you; as you are financially tight, you might want to consider the down payment as well.
Selecting a personal loan online apply is not sufficient. You cannot completely rely on the little information provided to you regarding it online. Therefore, you will need to confront them regarding certain questions you have. It matters not as you are hoping to obtain the loan and therefore you have the right to question them on each and every aspect of it. Do not rush into it as you might fall into a pit of debts that you may never be able to come out of.
Every person has a credit rating. What is a credit rating? A credit rating simply stands for the credit worthiness of an individual. It tells on how much the bank or whichever financial institution that you selected to obtain the loan from can trust you to give you a loan. If you have bad history with loan repayment, you may want to consider cleaning up that record first before applying for a new one.
What are your expectations? You must have a clear goal on why you are applying for the specific loan and how you are expecting it to assist you in whatever the task. Not knowing the direction to head in is only going to put you into trouble at the point of applying.
Therefore, consider all these steps before getting into the legal procedure of applying for one.
When it comes to your funds, then who better to manage it than yourself, but make sure you are ready to take on the responsibility. Make sure that you know everything that is required and if you think you are ready, then go ahead and talk to the person managing it currently. If you are already contemplating taking it over, then more than likely you are ready, so go ahead and get started. You will be able to take over the decisions regarding what should be purchased and how the funds should be used, so make sure that you understand everything.
Starting your Fund
The smsf will require you have a significant amount of money readily available that you will be able to use for investment purposes or to start the fund. Most agencies will recommend a larger amount, but you really only need around $100,000 to manage it, but the more funds you have the more you will save. This fund is one of the best ways that will allow you to have a good amount of money in the future, so make sure to get the required advice when starting it. You can ask anyone in the industry and they will help you to determine which way to go along with the current best investments to undertake.
Risking it All
However, one of the worst things that you can do with the smsf is to invest it all in one area, especially in large quantities. Make sure to start investing slowly to ensure that you know what you are doing and to see what returns you get. This will allow you to learn and help select the better investments as time goes on, so make sure to not risk everything because then you might just lose it all. It is better to simply invest small portions, which you can easily afford to lose, in different areas and then up the amounts as you get the better performances. You can easily and quickly go from everything to nothing, so make sure to avoid that.
However, you can avoid all of these problems if you simply make sure that you know what you are doing. This means that you should start reading up on these funds and how they work and how they can benefit you before you start or as you go along. Make sure to get advice from the experts if you need it, to ensure that you don’t lose everything. Go ahead and get started now so that you and your family can have a brilliant future.
Comments Off on How To Know If You Should Start Managing Your Own Funds