[The Skills Series ~ #6] Money Skills
Part 6 of 11: Essential Skills Every Youth needs to Excel
How would you complete the following statement?
Money is _______________.
Well, depending on what money means to you – your general outlook, money skills, perspective through which you approach money issues and other personal hang-ups, you will answer differently from your friends & colleagues.
But regardless of what view you hold, you will find yourself occupied with making money and spending it in one way or the other. Undoubtedly, money is one of those things that you cannot avoid dealing with – whether directly or indirectly.
What is important is how you utilise it as a tool for its goodness and use it in ways that it will enhance your life, ease your daily tasks and serve as a means of worship. You can achieve this by aligning your intention to your money activities & goals.
”And whosoever fears Allah and keeps his duty to Him, He will make a way for him to get out (from every difficulty). And He will provide him from (sources) he never could imagine.” [Q65: 2-3]
You may be familiar with the saying that goes, ”you need to spend money to make money”. Likewise, you make money to spend it.
The important question is, how do you make your money and on what do you spend it?
”On the Day of Resurrection the feet of the son of Adam will not move away till he is questioned about five matters: on what he spent his life, in doing what he made his youth pass away, whence he acquired his property, on what he spent it, and what he did regarding what he knew.” (Tirmidhee)
In order to have a balanced attitude regarding what you earn & spend; You need to have a correct understanding of money & manage it well in order to become money wise & financially literate.
Nothing major like getting a degree in Economics.
Rather, you can acquire the correct skills you need to start managing your personal finances well.
You need skills such as smart spending & budgeting in order to balance between your earnings, spendings and savings. You will also benefit from good planning skills, how to plan ahead and avoid getting into debts, interest based and unclear/prohibited transactions.
Become a quality decision maker with regards to your general money dealings and find ways to seek lasting benefit from your day to day income & business.
Good investment skills will allow you to benefit from Zakat, charity, and endowments opportunities which are long lasting and beneficial to the society.
Similarly, goal setting skills will aid you in planning for your short and long term money goals. And with a sense of lifelong reading and learning, you can acquire knowledge of the financial laws of the state/country where you live and use your money.
This awareness will keep you attuned to the resources around you or how you can create what you need.
You can use your financial literacy skills to become a social entrepreneur, a concept that was intricately meshed into the lifestyle of the companions of the Prophet (saw) as exemplified by their leader and mentor Muhammad (saw).
– Treat money as a provision & gift.
– Spend wisely.
– Be honest in your monetary dealings.
– Seek money in permissible ways.
– Fulfil all contracts.
– Give from the little you have.
– Be negligent of your financial duties/ responsibilities.
– Be wasteful or extravagant.
– Consider your earnings = ‘your intelligence + effort only’.
– Indulge in unlawful transactions such as usury based dealings.
– Hoard money.
– Look down on those lower than you on the financial ladder.
Always guard your money as you would your relationships, knowledge, health and well being. They are all given to you as a trust and a means of attaining worldly and hereafter success.
Money gives you the opportunity to do so much good – you can use it to take care of your basic needs, assist others and engage/invest in various businesses.
Money matters in all aspects of our lives and having sound knowledge of how to utilise such an important resource is important for every purpose driven Muslim.
Whether you are blessed with much of it or only a little – develop an attitude of thankfulness and consider it a gift to be used with a heartfelt appreciation. Commit to mastering important money skills everyday, so you can earn the reward of worship, in addition to profits and earnings.
Yours should be a financial attitude of ‘money creation’ & ‘money giving’ as opportunities to facilitate your worship. The realisation that sustenance comes from Allah, whether in form of children, bling, spouse or property is your first step to financial literacy.
Combining this step with hard work, correct knowledge & skills regarding Islamic ethics of use of money in trading, investments, transactions, payments, negotiations etc leads to a better financial awareness.
”The best earning is the labour a man does with his hand and a blessed trading (accepted by Allah)” (At-Tabaranee)
When engaging in your money making activities and other money matters – Be the Master. Don’t make the focus of your life money – centred relationships & activities. Instead, learn to use money to support your worship – centred relationships and activities.
So let’s get real, what does money really mean to you?
And how did you complete the above statement, Money is ___________.
Please share your ‘money thoughts’ below.