What is the thing most people misunderstand about money and personal finance?
Personal finance is a tool of the rich to impoverish people and steal their future
In the capitalist system, personal finance is a tool for absorbing the efforts of middle-income people from the consumer class, and no matter how committed a person is in repaying personal finance, he is in all cases the loser with several economic factors that make him always in a cycle of repaying the loan and its interests and rescheduling it. The bank deals with money as a burden that must be operated in order to be able to compensate the interest it pays to depositors, but the simple profits of depositors are not compared to the compound interest returns of personal loans that the bank obtains from its financial services designed to suck out the last drop of blood from the poor borrower.
How does religion work for you rather than against you?
The only case in which personal financing works for you is that you have entered a profitable real estate project funded by the bank in full or with most of the value, paid off the loan from the proceeds of the project, and kept the asset, the cost of which became zero for you, and there are no taxes on you according to the real estate ownership systems applied globally, so you have won the asset for free. , and save taxes and double the strength of your bank history. But people rarely think this way and are often motivated by an unproductive consumer mentality.
Money has no real value, just printed papers with attractive colors
Since 1971, when US President Nixon announced the unlinking of the value of the dollar to its equivalent in gold, in what was known as the Nixon shock, cash currencies turned into air and became worthless, and over the past decades trillions of worthless dollars were printed to barter this trivial paper for all the valuable assets and real efforts of hundreds of millions of people. !
The world is on the verge of an economically dangerous stage in which printing more papers will no longer be feasible, nor will there be a solution to the economic crises accumulated for decades, and there will be a series of correction processes for all this imbalance to rebalance amidst this massive inflation.
And with the spark of the first war that erupts in the world in the struggle over natural resources and influence, an economic shock will occur that will change the world as we have not known it before, and currencies will collapse against real values such as gold, silver and real assets. There are economic and financial entities that will be erased from the face of the earth in the midst of this storm that Made by greed, greed, failure and mismanagement.
Yes.. there are many of the most important ones:
Do not borrow at all, and especially do not borrow from the bank to finance a consumer good such as buying a car or an electronic device. Just use the loan to your advantage to finance a profitable real estate project that generates income from which you pay off the loan and win the principal for free.
Do not deal with a riba-based bank so as not to lose your life and the next. In addition to the legal aspect, which is the most important, the usurious bank has high-risk financial practices, and at the time of the global financial crisis, the major banks went bankrupt, and only a few Islamic banks that deal with real assets and do not deal with usury were spared from the storm.
do not keep your savings in the bank; In a time of prosperity, you will lose due to inflation and the depreciation of the currency, and the annual return will be paid as zakat to your money, and you will not gain anything; In times of crisis, you will lose most of the value of your money when currencies collapse against gold and real assets.
Employ your money in investment projects with revenues, or buy with your money gold and silver coins if you do not need this money for long periods, but keeping paper money is a guaranteed loss.
If you have money, wait for the crisis, and prepare in times of crisis to buy valuable assets whose price drops below their true value. If you have real money, you will be able in times of crisis to buy investment assets that you never dreamed of owning in your life.