Just finished Uni, should have a graduate job by at least next year inshallah but my problem is I don’t want to rely on one income and be stuck in this 9-5 rat race no matter how good a salary is. What can I do? I’ve heard and know well about investing in index funds and ETFs but that’s a long term thing I’ll eventually get around to doing. Share some advice if you’re doing well for yourself
Apollo
VIP
I suggest dollar cost averaging into ARK ETFs:
STOCKS - ARK ETFs
Disruptive Innovation ticker ARKK Autonomous Tech & Robotics ticker ARKQ Genomic Revolution ticker ARKG Next Generation Internet ticker ARKW This is the future. Their ETFs have been outperforming the S&P 500 (500 largest US companies) for years. You can't beat them.
www.somalispot.com
They outperform the market and are not that risky.
But you have to hold for at least five years otherwise don't even bother as short term volatility can make you sell at a low point. You need to hold for at least five years minimum.
I’ll look into thanks but what is the minimum amount worth putting into
Apollo
VIP
Just buy it monthly and use it as your savings account. There are brokers with zero fees.
And as far as the deen is concerned where does this land? Halal?
You can't grow what you don't have. Your first priority is to increase your income then savings and only then look for opportunities with high yields.
Real estate is too heated and the stock market doesn't make sense.
You'll get much higher returns investing in your own skills and a side hustle (using those same skills).
A lot more work required but there's higher chance of success.
Apollo
VIP
There is no such thing as Islamic banking. Every bank uses interest rates, they just change the name.
As for those returns, it does not come from interest rates, but from investing in innovative companies like Tesla etc.
ok thanks
Forex is interesting but that stuff goes way over my head.
I don't like dealing with the leverage you need to make actual money.
Forex without leverage is mostly for large companies that want to minimize their currency risk exposure.
Don't believe programs or people that say they can make a 10% return in a day...
It takes one mistake on a highly leveraged position to bankrupt you...
Get rich slowly
I think the leverage in fx market is all about personal choices, but most of the traders even the experienced fulltime traders are adviced not to take a higher leverages which is more of gambling than trading but rather to trade with 1% or 2% leverage which means if you hold a 10k initial deposit and the market moves 50pips against your predictions, then you would have to lose only 50 dollars.Forex is interesting but that stuff goes way over my head.
I don't like dealing with the leverage you need to make actual money.
Forex without leverage is mostly for large companies that want to minimize their currency risk exposure.
Don't believe programs or people that say they can make a 10% return in a day...
It takes one mistake on a highly leveraged position to bankrupt you...
Get rich slowly
Most of those statistics I've seen about this stuff is scary, indicating that only 1% of retail traders get a positive rewards while all other ones lose their money to a larger institutional companies and brokers.
But the only things I get appealing about fx is that its user fraindly, allows you to trade in the world financial markets at any time and anywhere you are with no hardware logistics and alot of stuff to compile and manage and above all it enables you to minimize your risk when youre wrong and maximize your gains when you are right.
My motto is get rich quick so I think this stuff suits me no matter of the countless warnings about its risks
cuz I dont wanna live for salary through out my entire lifeI think the leverage in fx market is all about personal choices, but most of the traders even the experienced fulltime traders are adviced not to take a higher leverages which is more of gambling than trading but rather to trade with 1% or 2% leverage which means if you hold a 10k initial deposit and the market moves 50pips against your predictions, then you would have to lose only 50 dollars.
Most of those statistics I've seen about this stuff is scary, indicating that only 1% of retail traders get a positive rewards while all other ones lose their money to a larger institutional companies and brokers.
But the only things I get appealing about fx is that its user fraindly, allows you to trade in the world financial markets at any time and anywhere you are with no hardware logistics and alot of stuff to compile and manage and above all it enables you to minimize your risk when youre wrong and maximize your gains when you are right.
My motto is get rich quick so I think this stuff suits me no matter of the countless warnings about its risks
Are you really going to limit yourself to $50?
Only advice here is don't gamble your life savings away. The market never goes as planned.
There's usually a high margin required so if you end up losing everything if the market suddenly puts you 50% in the red.
The higher the leverage the higher the margin requirement.
Then there's the high interest rate for hokding5 positions overnight...
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