How to Plan Your Yearly Financial Goals Effectively in Just 30 Minutes
Feb 09, 2024
As-Salaam-Alaikum everyone! Welcome back to Muslim Women Invest.
Today, I'm going to introduce a term that I coined for the financial planning session I have at the beginning of the year. I call it “Finstorm”—short for financial brainstorm!
The concept is simple: I just choose one day in the beginning of the year, and I put down the things that I want to do that year that require money, and I plan out how I am going to achieve those financial goals.
For example, I homeschool my children, so experiences are important to me.
I do not care much about fancy birthdays or other more frivolous things. My priorities have always been to gain skills, have experiences, and travel.
During my “Finstorm”, I lay out six things that I want to do within the year. And today, I'm going to share my own Finstorm so you can take a peek at what my financial goals for the year are and get an idea of what yours might be.
Some of my financial goals are consistent throughout the years. For example, maxing out my Roth IRA is a financial goal every year. It’s not a lot of money; it’s only $7,000 this year.
The IRS raises how much money you can put into a Roth IRA every single year, so I try to max it out. I also try to max out my children's minor Roth IRAs.
I also try to invest some kind of money in farmlands. I love investing in farmlands because they're so sustainable, they’re a huge hedge against inflation because all of us need to eat, and they're clean investments, which means that normally they're bought out and they are not mortgaged.
After that, I focus on my business goals. This year, I'm optimizing my services through investing in high-quality quizzes, which takes a lot of research. When you are developing a quiz that is going to have the results that people are looking for or have some really cool insights, it takes a lot of back work, a lot of research, and a lot of thought to put it together.
Another goal I have is to travel the Muslim world. I want to participate in their economies, and I also want to learn more about my roots.
Lastly, a consistent financial goal of mine is to be giving. I always aim to be the hand that is giving; I always want to be the one who is in a position to give and give and give and give and give. My inspiration is how the Prophet Muhammad Sallallahu Alaihi Wasallam was during the time of Ramadan. He was like the wind, and everybody could benefit from him.
That is what I aspire to be. I aspire to be that generous and philanthropic, but in order to be that kind of person, you need to have a plan to make money. You need to have a plan to be able to invest and harvest this money and then pour it back into the community. That has always been my goal.
I hope that Allah Subhanahu Wa Ta'ala puts barakah in my Finstorm, and I hope that He puts barakah in your Finstorm, as well.
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