Rizqwise

In the first instalment of Ask Rizqwise, Ahmad kicks things off with a question about how to budget for the things that are hard to budget for.

Tune in to hear about Ahmad’s recent visit to the mechanic that left him with a hefty and unexpected bill and Saeed’s advice on how the situation could’ve been avoided.

Listen here…

Got a question? Send us an email at [email protected] and we’ll answer it on the show.

The post 008 – Ask Rizqwise: How do I Budget for Irregular Expenses? appeared first on Rizqwise.

Does the thought of building a budget bore you to tears?

You’re not alone. For most people, the very thought of tracking their spending is enough to induce anxiety attacks and severe migraines.

The good news is budgeting doesn’t have to be as painful as it sounds.

In this episode, you’ll learn why having some kind of a budget is critical to making better financial decisions and you’ll hear us argue about what that actually looks like.

Tune in to learn:

Listen here…

The post 007 – How to Build a Budget that Works appeared first on Rizqwise.

I found the road to wealth when I decided that a part of all I earned was mine to keep. The Richest Man in Babylon

It’s easy to identify all the things you’re doing wrong with your money…

But how do you do it right? What are the rules of the game? What do you need to do differently to become financially successful?

In this episode, we pay homage to George Clason’s classic personal finance book, written way back in 1926, called The Richest Man in Babylon.

Clason tells the story of how Arkad, a working class man who made a living carving inscriptions on clay tablets, became the richest man in Babylon by following seven simple rules.

We’ve repurposed the rules a little bit to make them easier to understand. But believe it or not, these seven rules are just as relevant today as they were back in 1926.

Listen here…

The post 006 – Seven Simple Rules to Master Your Money appeared first on Rizqwise.

I’m sorry… but you’ve been lied to.

Unless you’re a finance or economics major, no one ever sat you down to teach you the mechanics of money. As a result, you probably have some deep-seated beliefs about money that are not only wrong — but also destructive to your financial future.

Things like…

Do you know why these lies are destructive?

Listen to this week’s episode to find out…

The post 005 – Five Lies About Money That Are Holding You Back appeared first on Rizqwise.

Why do you have such a hard time achieving your goals?

Is it because you’re not disciplined enough? Perhaps you don’t have enough willpower? Maybe you’re just not driven enough?

The truth is a bit less dramatic than that. It turns out willpower and discipline are like muscles if you use them over and over again without rest, they get tired.

A study conducted by Columbia University found that judges were more likely to grant parole to inmates whose parole hearings were scheduled first thing in the morning or after lunch than any other time of day.

Decision fatigue applies to financial decisions as well. Another study found that people with lower incomes performed worse on cognitive function tests when asked to ponder an expensive car repair than when asked to ponder a cheaper repair.

Bottom line: you’re terrible at making decisions.

If you want any chance of achieving your financial goals, you need to find a way to take yourself out of the equation and make good decisions automatic.

In this episode, we discuss:

Listen here…

The post 004 – Why Discipline Is Not Enough to Change Your Financial Habits appeared first on Rizqwise.

In Episode 2, we talked about why intention is the key to financial success.

But good intentions won’t simply make all your problems go away. To bring those intentions to life, you need to turn them into actionable goals that will drive your behaviour.

In this episode, we discuss:

Listen here…

Their intentions for seeking wealth are:

Their SMART goals are (written from Abid’s perspective):

The post 003 – How to Turn Good Intentions Into Actionable Goals appeared first on Rizqwise.

Do you know what you need to do — but have a hard time doing it?

You’re not alone. It’s human nature to choose immediate gratification over longer term rewards. Whether it’s eating out, buying clothes, going on vacation, or whatever — we’re all guilty of spending money on things we don’t need at the expense of our future goals.

How can you bring your actions in line with your goals? It all begins with your intention.

As the Prophet Muhammad said: “Verily, actions are judged by intentions.” If you don’t have a clear intention for why you’re earning money and seeking wealth, it’s no wonder you’re not making progress.

In this 24 minute episode, we discuss:

Listen here…

The post 002 – Why Intention is the Key to Financial Success appeared first on Rizqwise.