4d (edited) • General discussion
Eid is two days away. Here is the one halal investing move to make before it.
Eid al-Fitr is approximately two days away. Here is the most lasting gift you can give yourself before the celebrations start.
IF YOU DO NOT HAVE AN INVESTMENT ACCOUNT YET
Open one this week. Not after Eid. This week. The psychological barrier of doing it later is real. Do not let it win.
US investors: Roth IRA at Fidelity or Schwab. Free to open, 10 minutes. Then buy SPUS.
UK investors: Stocks and Shares ISA at InvestEngine or Trading 212. Free. Then buy HIWS.
EU investors: IBKR or Trade Republic. Then buy HIWS or MWIM.
Markets dropped 10% this year. You are buying in cheaper than three months ago. That is the gift.
IF YOU ALREADY HAVE AN ACCOUNT
Do two things before Eid prayer:
1. Zakat al-Fitr (Fitrana) - compulsory and must be paid BEFORE the Eid prayer. About $10-15 USD or 8-12 GBP per person in your household. Local masjid, NZF in the UK, or Islamic Relief. This must be done first.
2. Annual Zakat on wealth - if your Zakat anniversary falls in Ramadan, calculate it now. Formula: 2.5% of total portfolio value plus cash savings. On a $10,000 portfolio that is $250. Do not defer past your anniversary date.
IF YOU HAVE BEEN WAITING FOR THE RIGHT TIME
The right time was the start of Ramadan. The second right time is today.
One question: what is the one financial action you are committing to before Eid? Drop it below.
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Eid is two days away. Here is the one halal investing move to make before it.
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