There’s nothing wrong to take a loan.. but..

Did the title catch your attention? I know it did when I first saw it appear on my Facebook newsfeed. I hope you didn’t miss out the end part “first, ask yourself these 5 questions”. What are they? Can you afford a repayment? Will a loan help you reach an essential goal? When will yourContinue reading “There’s nothing wrong to take a loan.. but..”

Who invented investing?

The following is my answer to a Quora question: “Who invented investing?” When the first hominid set aside some food for the next day instead of eating everything in that one meal, so that it could be traded for favours in scarcity, that was investing. Investing is putting aside assets for later use, or greaterContinue reading “Who invented investing?”

What arguments exist for whole life insurance over term life insurance?

The following is my answer to a Quora question: “What arguments exist for whole life insurance over term life insurance?” Both whole life and term have their uses. Generally, I recommend whole life when the client is younger. If they can afford it, I recommend a limited pay whole life, so they pay for theContinue reading “What arguments exist for whole life insurance over term life insurance?”

Of Shariah-compliant investments

[This post was originally shared on my FB profile on 27 December 2019.] When asked about shariah-compliant investments, I personally would steer towards realm of permissibility as it would widen a client’s option. I personally do not view investments for Muslims to be too rigid as how some would portray it under the claim ofContinue reading “Of Shariah-compliant investments”

What are the best ways to give money to your heirs while you are alive?

The following is my answer to a Quora question: “What are the best ways to give money to your heirs while you are alive?” You have many options, and many forms of transferring wealth. One of the best ways is to set up a revocable or irrevocable trust, with yourself as settlor, and trustee. YouContinue reading “What are the best ways to give money to your heirs while you are alive?”

What bank will pay me to open an account?

The following is my answer to a Quora question: “What bank will pay me to open an account?” I would hardly consider this money free. Banks may give you incentives for opening accounts with them, but these extra monies come with some strings attached, such as keeping a certain minimum sum for a specific periodContinue reading “What bank will pay me to open an account?”

Zakat on Savings: Multiple Accounts

[Zakat in Practice (part 11)] [Introduction: This series is a sharing on zakat from the perspective of a financial planner. It is hoped to be educational, informative as well as practical to help readers better understand Zakat, especially Zakat on Wealth, as a Muslim in Singapore. Topics to include: Zakat on Investment, Zakat on Savings,Continue reading “Zakat on Savings: Multiple Accounts”

Dollar-cost Averaging or Periodic Investing?

So you probably read DCA is not what you think it is and wonder, was my agent/broker wrong? Did he confuse two different investing strategies? Wide variety of readings in this instance would help you better understand, and not rely on one source of reference. The author at The Simple Sum argues that people useContinue reading “Dollar-cost Averaging or Periodic Investing?”

“My mortgage is late. Should I call my bank and explain why?”

The following is my answer to a Quora question: “My mortgage is late. Should I call my bank and explain why?” Yes. When it comes to taking loans from any financial institution, it is always important to be in constant communication and update them. A bank can tolerate late payment if they understand the reasonContinue reading ““My mortgage is late. Should I call my bank and explain why?””

Why do I feel like I am gambling with my life when I buy insurance?

The following is my answer to a Quora question: “Why do I feel like I am gambling with my life when I buy insurance?” On the contrary, I contend that you are gambling if you do not buy life insurance. Without liability protection, do you have sufficient funds set aside in the event of disabilityContinue reading “Why do I feel like I am gambling with my life when I buy insurance?”

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