Setting Your Financial Priorities
By Saghir Aslam
Rawalpindi, Pakistan

(The following information is provided solely to educate the Muslim community about investing and financial planning. It is hoped that the Ummah will benefit from this effort through greater financial empowerment, enabling the community to live in security and dignity and fulfill their religious and moral obligations towards charitable activities)

Balancing your financial responsibilities can be difficult, but there’s one constant: Find way to save.

Happiness is the place between too little and too much. What should you do? Make plan balancing act: paying bills, saving wisely in the event of emergencies, and investing in anticipation of children’s college tuition or your own retirement.

I love this because our culture is so driven by having more, no matter what you have. The desire for more” stuff “actually contributes to a financial bind for many families. According to, roughly two of three American would struggle to raise $1,000 in cash for an emergency expense. In many cases, a lack of financial priorities leads to overspending, leaving too little money to cover expenses and saving. As a result many have little choice but to continue working into their retirement years.

For most Americans, however, retirement will span three decades-and that key thought should be near the forefront of your planning efforts. “It should cause you to think differently about planning for the future.

Overcome shame and get started

Avoid temptation to plow ahead with no plan, possibly because they think they don’t earn enough to save or because poor decisions have left their finances in such a mess that they don’t want others, including family members to know.

You should never be embarrassed about what you make or the situation you are in, “it might similar to theirs. Many are struggling to make ends meet; and many don’t think they can save. The worst thing an individual can do nothing, seeking a trust and competent advisor who is associated with a reputable institution, one whose credibility stands on its own.

Move saving up your priority list

Smart planning starts with a simple principle; pay yourself first. “Typically when we budget, we budget all of the required obligations that we have-mortgages, car loans, utilities-and then we budget our spending”. I wrote earlier that I will write more on selecting a financial adviser.

First if your financial adviser is talking about selling you limited partnerships, insurance policies other products with higher commission. You can be sure he is trying to get rich quick.

His interest is basically how much he makes out of this deal and how fast. He is not what I call a financial adviser. He is very much interested to get rich quick. It is easier to identify them if you carefully read what I have written this time and what I wrote previously. Over the last few decades I have dealt with lot is so called financial adviser and they are easy to spot.

I will try to elaborate this in another article as this is very important to get the best financial planner.

Please allow me to share with you. Some time people say it’s easier said than done. My respectable brothers and sisters want I want to share with you is not  theory. It  is what practically I have done when I was poor working student trying to pay my college expenses and living expenses some time living on just plain old beans and cheapest bread I could find to fill the stomach, even then every single pay day I set aside few pennies for rainy days. 

It just so, happen Allah. S.  T. blessed me thanks for all his blessing all my life. I had 401. K plan when I worked. When I started my own business I created employee benefit plan trust.

Whereas I had to put in same percentage of their salary in savings as I did mine. Many shirt sided people think and say why should I put money for the workers I can save alone without the plan. All of us know some times it is difficult to discipline ourselves and save regularly without the plan. I am very thankful to Allah      S. T that I did, it not only saved for myself and my wife who was working in our business it help many workers to accumulate money. Whatever plan you want to adopt not just try practice to save every pay day you will be glad that you did.

I did not count words must be enough.

(Saghir A. Aslam only explains strategies and formulas that he has been using. He is merely providing information, and NO ADVICE is given. Mr Aslam does not endorse or recommend any broker, brokerage firm, or any investment at all, nor does he suggest that anyone will earn a profit when or if they purchase stocks, bonds or any other investments. All stocks or investment vehicles mentioned are for illustrative purposes only. Mr Aslam is not an attorney, accountant, real estate broker, stockbroker, investment advisor, or certified financial planner. Mr Aslam does not have anything for sale.)



Editor: Akhtar M. Faruqui
2004 . All Rights Reserved.