Personal Finance

Worst Side Hustles of 2020

Finding a good side hustle can be your key to financial freedom.
When searching for a side hustle, it’s important to keep in mind that not all side hustles are created equal. Some can potentially offer great returns while others are horrible wastes of time, effort and money.
In this article I share my list of worst side hustles in terms of return on your money, time and effort:

Buying a car with installment payments at a higher price: Is it Halal?

If you’re shopping for a car and trying to avoid interest-bearing debt it’s likely that advertisements claiming 0% APR (Annual Percentage Rate) car financing have caught your attention.
Naturally, the savvy Muslim consumer should ask: is there a catch to this and is it truly Halal?
If you’re in this position you’re in luck because I’m about to answer these two questions for you so keep reading…

Investment Biases How to Make Better Investment Decisions

Becoming a successful investor is more about making unbiased judgments than raw intelligence.
Biases are tendencies in our thinking that interfere with our ability to make the best decisions.
Belief Perseverance Bias is the tendency for people to hold their beliefs as true even when there is ample evidence to discredit this belief.
Representative Bias can happen when things are erroneously categorized and it can also happen when people incorrectly assume that a small sample size is representative of the entire population.
Illusion of Control Bias happens when people think they can influence or control a particular outcome when in fact they cannot.
Hindsight Bias: When looking back, people have a tendency of seeing past events as having been easily predictable.
How to counteract biases:
Actively seek out contrary viewpoints.
Diversify your investments.
Realize that successful investing is an exercise
in probabilities and not certainties.
Keep written records of your investment rationale.

How Should You Invest Your Bonus? Periodically or in One Lump Sum?

Should you invest all at once or periodically over time?
Which strategy is the most advantageous?
Like many things with investments, the appropriate course of action isn’t easy to discern. This article helps you weigh the pros and cons of each strategy.

How Much Should You Save to Achieve Financial Independence?

In this article we examine the following topics:
How much should you save?
Examining the 50/30/20 budgeting method.
How much money do you need to have to be Financially Independent?
How to reach your savings goal?
The importance of a side hustle.
Should you save or pay off debt?

The True Cost of Medical School

The obvious cost of obtaining a medical degree is the tuition that medical schools charge. However, there is also a high opportunity cost to pursuing a medical degree to the tune of hundreds of thousands of dollars in missed income.

How to Retire an IRA Millionaire

In this article, I give a crash course on individual retirement accounts. I compare Roth IRAs with Traditional IRAs with 401ks. I analyze the tax advantages of each of these retirement accounts and when you should use each based on their tax advantages. I also look at the contribution limits for different IRA retirement accounts, when you can pull your money from a Roth IRA both penalty and tax free. I point out that you can pull your principal out of your Roth IRA penalty and tax free at any time.
How much do you need to contribute to become an millionaire in your IRA savings by the time you are 65? I analyze what it would take to get to $1 million in retirement savings if you start at 20, 30, 40, 50 and 60 starting with $0 in savings.
I cover the order in which you should contribute to your IRA accounts starting with getting all of your employer’s match in your 401(k), then contributing to your IRA until you max it out and then contributing to your 401(k) until you reach its limit.
After reading this article, make sure you take action, open an IRA account whether Roth or Traditional and set up automatic contributions!

Life Insurance Halal or Haram?

Is life insurance Halal or Haram? This article thoroughly examines the arguments on both sides of the debate and comes out with a clear conclusion. It always comments on the financial wisdom for the different life insurance product including Term life insurance and permanent life insurance.

Getting started in the Stock Market

The stock market is an invaluable tool for building wealth. Muslims in particular can benefit from investing in the stock market given the prohibition of alternatives such as bonds.
In this article I’m going to cover:
• What is a stock?
• How to buy stocks?
• Types of Stocks
• Winning philosophy for picking stocks.