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Personal Finance BFIN2033 February 2013

Personal Finance BFIN2033 February 2013. Al Madinah University Faculty of finance and administrative sciences Mohammed Konte. A Fool is Soon Departed From His Money. – AN ENGLISH PROVERB. A Stark Reality in Personal Finance. INTRODUCTION. QURAN

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Personal Finance BFIN2033 February 2013

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  1. Personal Finance BFIN2033 February 2013 Al Madinah University Faculty of finance and administrative sciences Mohammed Konte

  2. A Fool is Soon Departed From His Money – AN ENGLISH PROVERB A Stark Reality in Personal Finance

  3. INTRODUCTION QURAN • “Then you shall certainly be asked that day about the delight” [102:8] • “Those who, when they spend, are not extravagant and not niggardly, but hold a just between those.” [25:57] HADITH • Ibn Mas`ud reported: The Prophet (PBUH) said, "Envy is permitted only in two cases: A man whom Allah gives wealth, and he disposes of it rightfully, and a man to whom Allah gives knowledge which he applies and teaches it.''[Al-Bukhari and Muslim]. • Related by Ibn-Abbas; the Prophet (PBUH) said, "Grab five things before five others: your youth before your old age, your health before your illness, your wealth before your poverty, your leisure before your work, and your life before your death." [al-Hakim in al-Mustadrak The Need For Personal Finance Advocated in Islam – Islam provides the guidelines for life in all of its facets. It touches upon the many different realms of human life (health, hygiene, worship, social interrelationships, governance, etc.). Economics and Finance also play a key role in Islam. In fact, one of the goals of the Shariah is to safeguard wealth. Furthermore, wealth should not be squandered nor hoarded, but rather it should be treated as a responsibility for the one who possess it.

  4. INTRODUCTION • Assessing Oneself • Measuring Financial Health • Increase Savings and Decrease Spending • Wise Investing To Ensure Financial Success – Personal financial success is attained through strategic planning and disciplined application of time-tested principles. These principles are rooted in 4 key concepts: Assessing Oneself, Measuring Financial Health, Savings & Spending and Wise Investing.

  5. INTRODUCTION Keys To Personal Financial Success • Taking Charge of Finances • Avoid credit purchases of consumer items • Avoid credit card debt • Live within your means • Save 5 -10% of income • Understand and use Employee Benefits • Research before buying • Avoid items with high commissions and expenses • Avoid emotion-based decisions • Make investments based on long-term benefits • Own your home • Prepare for life changes • Read and Research • Prioritize goals and start working towards them Bestselling Author Eric Tyson, “Investing for Dummies” identifies keys to personal financial success:

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