29 avsnitt

Wealthy Muslim Women podcast is your resources for learning to acquire and grow wealth. We will discuss subjects like budget, debt, retirement, and investments.

Wealthy Muslim Women Saima Ali, MD

    • Investering

Wealthy Muslim Women podcast is your resources for learning to acquire and grow wealth. We will discuss subjects like budget, debt, retirement, and investments.

    Ep #29: Authentic Self

    Ep #29: Authentic Self

    One of my friends recently asked me how I have my life put together ? And the honest truth is that I do not. I struggle. I worry. I am learning. The skills that I have learned over the last couple of years have really helped. I am glad to say that I am at a spot where I am content with myself and my surroundings, however, I still have a lot to learn. One of the major secrets I’ve learned is that we cannot change other people, we have to learn to adapt to our environment. As I was learning all these things, I wanted to share this with all, thus the reason for starting this podcast. In this day and age, it seems like we are living fake, pretend lives. There are two examples :People who do not have wealth, are living in debt, are pretending like they are living rich lives by showing the expensive food, clothes, bags, and vacations. On the other hand, we have true wealthy people, who have figured out the secrets of life, they have found success with money and in relationships, but are not willing to share. Their reasons for not sharing vary, from the fear of being judged because they have it all, vs. fears of jealousy. And my view on this is that these are both lies. Whether we pretend to be living happy lives when we are sad, or we are pretending to be living unhappy lives when we do have it all. Please don't forget to subscribe, rate, and share the podcast if you are enjoying. 

    • 18 min
    Ep #28 : Investing for Kids

    Ep #28 : Investing for Kids

    Teaching financial responsibilities to kids is crucial. It is unfortunate that most states do not require financial education during school. Financial knowledge is a vital skill. It is never too early to start saving for you kids. College costs keep creeping up. If your child has a job, you can start a retirement account for them. One of the major advantage kids have is that money has long time to grow, given they may not need the money for retirement for another 50-60 years. Some accounts to consider are :-529s - every state offers them. Some states also offer tax deduction benefit. However, the major benefit of these accounts comes from tax-free growth and tax-free withdrawal. One of the major expense in this country is taxes! This will help avoid that. -Roth Retirement account - Again, major benefit being tax-free growth and withdrawal. These accounts are also wonderful in that you do not have to reach retirement age to use them. You maybe able to use some portion towards buying your first house. -UGMA and UTMA are similar to irrevocable trusts. The money does not belong to you anymore, and full control transfers over to the children at age 18 or 21 depending on the state. -Other regular custodial investing accounts are also allowed for kids. They can learn to purchase their favorite companies like Disney. If you like the podcast, please subscribe and rate it. Also, do not forget to visit the website to read further articles about life and finances. www.wealthymuslimwomen.us 

    • 14 min
    Ep #27: Financial Resolutions for 2020

    Ep #27: Financial Resolutions for 2020

    Podcast #27 : Financial Resolutions for 2020What are your 2020 resolutions ? I like to revisit goals/resolutions everyday, every week, and every month. Everyday is a new beginning, do not get discouraged and abandon the resolutions for the entire year if you are not keeping up with them after January. Re-evaluate, and see if you still want to accomplish those goals and what you can do differently to achieve them.  It is also helpful to look at our prior year and see what our best investments were. My best investment for 2019 was learning to manage my own emotions. This has improved my whole life. Once you learn to recognize your emotions : sadness, anger, anxiety, happiness,  this gives us power. Then being able to just sit with our emotions, instead of reacting with actions like over spending, over eating, yelling back, is empowering.  For me, the cycle was feeling awful for whatever reason, eating to try to feel better, feeling guilty about the eating, then eating again, it was a perpetual cycle.  I am glad that I invested my time in reading different books and listening to different podcasts. I am still learning, but this was a major accomplishment.  My big suggestions for next year :   Invest in yourself → it can be time set out for yourself to read a book, workout, or do nothing!  Read a financial book, I recommend : https://wealthymuslimwomen.us/product/the-bogleheads-guide-to-investing/ Check out the book section for my other favorite books. Books open up a new world.   Track your spending : knowing where your money is going is the key to better finance. You can do it for free on a paper, google sheets, microsoft, mint. Or other apps like YNAB.   Calculate your net worth. I have been doing it almost monthly now since entering positive net worth phase, but you can do it every 6 months. This is an easy calculation, assets minus your liabilities.  https://wealthymuslimwomen.us/net-worth-calculator/  Learn to pay yourself first, start saving. Get in the habit, even if it is little money.   Make a plan to pay-off your debt. My goal is to be under 100k for my student loans by December 2020.   Learn to invest your money. Money sitting in cash at home loses value. Let your money work for you, instead of you working for your money. There are tremendous amount of resources out there for this.   Write your Will, this is highly emphasized in Islam. I want to review my will again and see if any changes are needed.  Lastly, money is very important, money buys us time to spend with our kids and our loved ones. We love money. But the point of money is to have time and spend it where we value it the most.  Some of my personal goals are : to learn quran again with tafseer and deeper understanding, gym 2-3x/ week, meditation, and continue to eat right.  For my Kids: discover new games with them. We are now learning chess. Jenga is our favorite. Also, deciding for school.  My couple goals with my husband : Planning date night dates, learn how to dance , more bicycle tours this year, iA.  For Wealthy Muslim Women: I want to take this to another level. I have big goals and aspirations.  I would love to hear what you are planning to do next year. Please do share.  Also, please subscribe and rate the podcast if you are enjoying. And do not forget to share it with your friends.

    • 23 min
    E #26: Weight Loss

    E #26: Weight Loss

    Health is wealth. Our bodies, are one of the biggest assets we have. We must learn to take care of ourselves. Obesity can lead to many medical issues. We are aware of how to lose weight: we should not over-eat, we must avoid processed, junk food, high in sugar.However, we are still not able to accomplish this. Food is pushed on us from every direction. You'll see food commercials everywhere. We are taught to eat when we are sad, we are taught to eat when we are happy. Prior to 90s, we mostly had breaks from food during the day, later snacks started being pushed as well. Now, our bodies do not get a break from eating throughout the day. The sugar also acts as addictive substance, raising dopamine. At the same time, this food not nourishing. Thus, our bodies are always hungry, asking for nourishing food. Food needed to survive is very little. What helped me with losing over 45 lbs is becoming more aware of my thoughts around food. Other crucial steps which helped me are :*Sleeping at least 8 hours per night*Drinking water, sometimes thirst cues are confused for hunger*Intermittent fasting , Ramadan helped with this*Not over-eating.*over-coming scarcity mindset*Exercise has tremendous amount of health benefits, however, it should not be used as vehicle for weight loss. We should aspire to exercise for the health benefits, including weight loss, but be aware of this turning into an excuse to eat anything. Please subscribe, rate, and share the podcast if you are enjoying. Also, visit the website, www.wealthymuslimwomen.us , for more content.  

    • 25 min
    Ep #25 : Becoming a physician

    Ep #25 : Becoming a physician

    “Success is not final; failure is not fatal: It is the courage to continue that counts.” –Winston S. ChurchillThe road to becoming a physician has not been an easy one.-I cried to sleep on so many countless nights-I felt isolated, working >80 hours per week, spending holidays away from family-going through an abusive marriage during residency did not help with the circumstances-becoming a mom is the greatest gift I have received. However, other challenges like: no maternity leave, being asked to breastfeed in the bathroom, having to trust strangers to take care of my most valuable possessions, were difficult to navigate through.But was it all worth it? Absolutely!Follow your passion. The road may not be easy, but it'll be worth it. Being an epileptologist was a dream career that I did not even know existed. Things will fall into places. I love it when my daughter pretends that she's "on call", or when she says that she's going to be a doctor just like her mom. If you enjoyed this episode, please subscribe and rate the podcast. It will help tremendously. All feedback is welcomed. Also, don't forget to visit the website for more blog articles : www.wealthymuslimwomen.usAnd do not forget to checkout the webinar →  https://courses.wealthymuslimwomen.us/offers/pWvnpCs2/checkout   

    • 32 min
    Ep #24: Money talk with your spouse

    Ep #24: Money talk with your spouse

    Podcast #24 : Speaking with Your Spouse about MoneyFinancial disagreements can increase the chances of divorce significantly.  If you are having money problems, there may be other issues underlying it. Some tips to navigate this :Learn to agree to disagree.  You will not 100% agree on all issues with another human being. This is not a problem, this is normal. It is OK to have some different opinions. Having different perspectives does not mean that you do not belong together. Schedule these talks : Do not bring up the bothersome topic at every chance you get. This will ruin the relationship and your time at hand. Schedule either weekly, or monthly meetings to discuss these topics. Outside of this scheduled time, enjoy each other’s company. Do not bring up things that will stir trouble, you can make a habit of writing down the thoughts in a journal to discuss at the next meeting. Talk about their money beliefs. How did their parents handle money? Were there money fights? Were they allowed to spend money as desired or very restricted? Discuss your own money beliefs. Our behavior is greatly impacted by our environment. Come prepared. Bring your budget. Speak about your money mistakes. Speak about your common goals. When would you like to retire? What vacations would your like to take? Do you want to send kids to public or private schools? Do you want to fund their higher education? Last, but not least, always remember that your spouse is NOT the problem, the problem is the problem. You are trying to work on achieving common goals. Do not blame each other as a person, but discuss how the issue at hand might be solved. If one person is over-spending on shoes, clothes, or other items; it may lead to less money for other things as: financial independence, vacation budgets, education funds. Please subscribe, share, and rate the podcast, this will help tremendously. All feedback is welcomed. Visit the website for more blog articles : www.wealthymuslimwomen.usDo not forget to checkout the webinar →  https://courses.wealthymuslimwomen.us/offers/pWvnpCs2/checkout

    • 18 min

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