Waited before I made this posting. Didn’t want to spoil anyone’s vacation.
It was so wonderful to see so many of my FB friends going on vacation with their families. I saw so many countries visited. From all corners of the globe. Truly fantastic to spend quality time with family.
Recently had dinner with an old friend from varsity. He’s a very successful businessman, running a multi-million dollar enterprise for more than two decades. And what a kind heart. He has helped so many of the poor and downtrodden all over the world. May Allah azzawajal Bless and Protect him. But I digress.
He said that never before on the more than two decades of doing business has he seen the situation so bad. Not the 2008 financial crisis. The 2003 SARS one. Or any one of the financial downturns in the last two decades.
MAS recently made the announcement that we should be circumspect with our spending, putting away savings for the coming financial headwinds. I honestly can’t remember the last time they did this.
Anecdotallly u can see signs of a slowdown if u look carefully. Juz yesterday went to IKEA. Normally on a weekend they will be quite a queue at the checkout. This time around I hardly had to wait to be served.
Bringing me to my main point.
We should look upon the impending financial slowdown as an opportunity. So we should create a financial ‘war chest’ to be used when the time is right.
For e.g. My car is 8 years old. Alhamdulillah it still purrs like a kitten. So in the event of a financial slowdown, the coe will fall. If and when it does I’ll be ready to take advantage.
And the niyyah (intent) is to try to steer clear of interest costs (riba). Hopefully the coe will fall at the time I need to renew the coe. That way, I InshaAllah will pay cash for the coe and get another ten years of usage without incurring any riba. Incidentally 8 years ago I bought the car and paid cash in full. So InshaAllah I can have usage of it for the next 10 years without paying any installments and be virtually debt free.
Another person may be looking to get a bigger flat coz of growing family etc.
So financial savings now can mean one can strike when the iron is hot. Also if u r a hi income earner, u may want to think of getting a second property. The objective is to get a steady stream of passive income, such that you don’t have to be so dependent on the promotions n bonuses at work.
This is important methinks. If one is too focused on promos n bonuses it would take up slot of time and energy. And you pay a price, because less time N energy would be spent serving the Deen of Allah azzawajal and investing for the Everafter. The opportunity cost is not worth paying.
Also if u r too dependent on the monthly income, U will be unable to speak up at work when the situation calls for it.
So we need to think strategically. Link our financial goals towards freeing ourselves to serve His Deen.
In the meantime, Live simply. Don’t juz live within our means. Live BELOW our means. And keep our intentions pure.
If we are strategic now, we can take advantage of any financial headwinds that come our way.
At least we won’t be saddled in debt. The modern-day slavery.
Live in this world. Live for the next.
And God Knows best. Wallahualam.
Source: Syed Danial
