Can I make money on currency exchanges? For example, I deposited 100 USD (which was almost the same as $100 CAD) in my US account in 2013. If I were to get them converted to CAD now, I’ll get $130 – i.e. I “earned” $30 due to currency exchange.

Listen to the answer here

The post 018 – Ask Rizqwise: Can I make money trading foreign currency (forex)? appeared first on Rizqwise.

If trading stocks for fun isn’t the path to creating wealth what is?

The reason people confuse trading with investing is because trading is easier to understand. Buy when they’re low and sell when they’re high. Simple enough.

But the truth is, the most practical path to creating wealth in the stock market is to buy good investments and never sell them ever.

Tune in to this week’s episode to learn:

Listen here…

The Berlusconi Scandal Explained

The post 017 – Why You Should Never Sell Your Investments appeared first on Rizqwise.

Budgeting is difficult for me is because I don't have a steady income, it's either more than I need or more often less than I need every month. So I am always struggling to make ends meet. According to the 50/30/20 rule I think I am spending 95% of my income on necessities. And when I cannot meet those ends I tend to borrow and as of today I am not comfortable with the debt I am in. What is your advice for me?

Listen to the answer here…

The post 016 – Ask Rizqwise: How can I stop living beyond my means? appeared first on Rizqwise.

Investing is about buying and selling stocks, right? Buy low, sell high how much more could there be to it?

The financial media, and Hollywood, would lead you to believe that picking the right stocks and timing the market is the path to building wealth. If Warren Buffett did it why can’t you?

In this episode, we’re going to clarify the critical difference between serious long term investors who actually make money in the markets and the get-rich-quick amateurs who lose their shirts.

Tune in to learn:

Listen here…

The post 015 – The Difference Between Investing and Trading appeared first on Rizqwise.

I subscribed to this podcast thinking it would provide a good opportunity to learn about how to manage and invest money in an Islamic manner, that is: what to invest in, what to stay away from, etc. All of the tips, however, are geared towards an un Islamic financial system. Take the compounding example for instance. You mention that it can apply to non-interest bearing investments, but give no example of how that is possible in the actual podcast.”

Listen to the answer here…

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

The post 014 – Ask Rizqwise: Isn’t compound interest haram? appeared first on Rizqwise.

Is your house an investment? What about education? Is that an investment?

In this episode, we’re going to take back the word investing and clarify, once and for all, what an investment actually is and what it’s not.

Tune in to discover:

Listen here…

The post 013 – The Only Two Investments that Actually Make Money appeared first on Rizqwise.

Should I invest with a large investment firm or learn to invest in stocks on my own? I am not confident in the latter but don’t feel like being duped by the former.

Listen to the answer here…

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

The post 012 – Ask Rizqwise: Should I invest on my own or hire a professional? appeared first on Rizqwise.

We’ve got some bad news for you.

You know that money you have sitting in the bank? The money you worked really hard to earn?

Tomorrow, it’s going to be worth less than it is today. And the day after that, it’ll be worth even less. Eventually as the days, months, and years pass if it stays in the bank it’ll eventually become worthless (dramatization).

This is an uncomfortable realization for most people. The idea that the longer you hold on to your money, the less it’s worth. What’s even more uncomfortable is the fact that the entire economic system is actually setup to make your money lose value over time.

So what do you do? Throw caution to the wind and spend it all before it’s worthless? Not exactly.

Tune in to this week’s episode to learn:

Listen here…

The post 011 – Why Your Money Loses Value Every Single Day appeared first on Rizqwise.

I’m getting married and we recently started discussing joint finances. I’ll probably be the sole income for the first few years while she pays off her student loans. We’ve been having a discussion about renting/owning a place to live. She’d like to rent, but I don’t know, I feel like it’s throwing away money. And if I can earn enough for a downpayment before we get married, wouldn’t it just make sense to put that money into owning a place to live?

Listen to the answer here…

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

The post 010 – Ask Rizqwise: Should I buy or rent a house? appeared first on Rizqwise.

Still haven’t built a budget? Somehow, we’re not surprised.

Budgeting is not an easy process and getting started is probably the hardest part. But even after you get started, there are many obstacles that can trip you up.

Specifically, there are 3 very common ways people fall and stumble during the budgeting process despite the best of intentions.

In this episode, you’ll learn what the most common mistakes are people make during the budgeting process so you can avoid them altogether.

Tune in to learn:

Listen here…

The post 009 – Three Reasons Why Budgets Fail appeared first on Rizqwise.