Sticking to an Investment Plan for Decades
Mar 29, 2024
As-Salaam-Alaikum everyone! Welcome back to Muslim Women Invest.
One question I get asked frequently is, “How have you stuck with your investing plan for decades?”
It’s not nearly as difficult as you think. As I’m sure you know, the first step is the hardest. When I took the initial step of becoming an investor, I did not know that it was going to lead to such abundance. But I’m grateful now that I did it, and I’m grateful I set it up the way I did.
Here’s how you do it…
Rainy Day Fund
The first thing you need to work into your plan is the ability to set aside some money for a rainy day fund.
Your “rainy day” could be a health emergency. It could be a death in the family. It could be any kind of crisis that forces you to take time off work or take time to care for yourself and your family.
This is something that you should always be prepared for, because as Muslims, we already know that Allah is going to test us with life, property, food, and more. As Muslims, we have a firm faith that Allah is going to test us with any of these calamities. And when they come, the thing that will sustain us is a rainy day fund, because it will allow us to grieve in peace or pass through the test in peace.
Having an emergency fund must be a part of your investment plan. The rest of your investment plan can vary.
Set Goals
Another thing that can help you stick to an investing plan is setting goals to fulfill with it.
For example, if you have a long-term goal to do Hajj in the next few years (which is an obligation if you are able to), you can actively save money bit by bit to go. Having an investment plan in place helps you achieve your goals by making apparently unattainable goals achievable.
Be Flexible
The third thing to know about sticking strictly to an investment plan: you don't actually need to commit that firmly to that particular plan.
For example, if something changes and you are in no position to invest the amount of money that you were investing every single month, you can always change that amount to something that you can afford.
If you have listened to me long enough, you know I have always been an advocate of investing the least possible amount of money. It could be five dollars, it could be ten dollars, whatever you can afford to do, but it doesn’t have to be a huge number.
If you start investing that money every single month, I promise you it will turn into something significant one day.
This is how you stick to an investment plan for decades: you always come back to that insignificant amount of money that you can spare every single month, no matter what’s happening in the market.
Change Your Family’s Financial Trajectory
When you get in the habit of being responsible financially, it is going to have a ripple effect on people around you.
Whoever you want to influence—your children, your siblings, your friends, etcetera—will understand the importance of all of this when they see that you are not just preaching these things, but that you are practically implementing them as well.
Not only does it save you from setting a bad example, it actually allows you to set a precedent that is going to change the trajectory of your family financially.
If you think you can invest even five dollars a month,if you want to understand which investment fund is good for you, if you think there is value in having a rainy day fund and setting a good precedent for your family, and if you want to make an investment plan that is flexible and works for you, I have an invitation for you.
My master class, Creating an Investment Plan that Works for You, is now open for registration.
It's a $47 workshop that gives you one-on-one time with me. Normally, a one-on-one consultation with me is $400, and it's quite extensive. But if you want to start with a basic plan, you can do that. Come and invest this $47. Give it to yourself as an Eid gift, or give it to a family member as an Eid gift.
Come, learn, open an account, and begin investing. It is simple. It's actionable. And you’ll be learning from an investor who has been investing for over 21 years now!
You can find the link to register—and to find out more—below. I can’t wait to see you there!
WORK WITH MIRAL:
Join my masterclass now and create a simple investment plan that works for you and your family: https://www.invest4lifemk.com/offers/jCmdPRYj
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