Tell us about yourself
I am 27 years old and originally from Tatarstan. Three years ago, I moved with my family to Lincoln, New Zealand. Recently, I obtained my first job as an IT specialist.
What's your money story?
I'm from a middle-class family, so growing up, money was never an issue as far as I can remember. As a child, I was never really taught much about money or how to handle it. All I knew what that I had to work hard to earn money, and that was pretty much where my financial upbringing ended.
I recently took it upon myself to learn more about finance and how to manage my money. So now, at the start of each month, my wife and I sit down to see how much money we have spent and to see whether we have stuck to our spending plan or not.
Why did you start investing?
I started out investing in Muslim funds–it was an easy way for me to invest without having to find halal businesses myself. The fund took care of the research, and I benefited when the fund made a profit. Nobody really introduced me to investing–I just sort of came across it as I had some spare money and wanted to make sure I was doing something with it to beat inflation.
I started dabbling into individual shares about 10 months ago and have used Zoya to help me find halal companies and funds to invest in. My family and I now have an investing plan with a goal to save for Hajj.
How do you choose what to invest in?
Being a Muslim, my first requirement is that the asset should be halal to invest in. Secondly, the asset should be backed by a trusted team so that I can comfortably invest, knowing my money is safe. I also consult with friends or Muslim finance experts to see what's currently trending in the market and whether or not the investment meets my level of risk tolerance.
What are the most important things you’ve learned as an investor so far?
My personal advice is don't hesitate to pay for a good consultation. It's the same thing when it comes to paying for your own financial education–it's totally worth it. The way I look at it is it's like using a shortcut to get all the information you need in one go.
Another thing I have learned is to not expect your investments to multiply in a short amount of time. Healthy investing is about time and consistency. More importantly, try to make a habit of investing, regardless of what is happening around you. Consistency is your best friend when it comes to investing.
What would you say to others who are not sure where to start?
I would suggest that they start by setting up a separate bank account and making regular transfers to this account. Let's say you transfer $5 a week. Give it some time and see whether you can live without this $5 and whether or not there's a larger amount you can increase it to.
Once you have determined a comfortable amount, the next step is to figure out what you want to invest in (it could be individual stocks or even a fund). If you're not ready for this step, use the money you have set aside to invest in yourself and enroll in a financial literacy course. The key thing is to make small steps in the right direction!
Zoya: Halal Stocks, ETFs, Mutual Funds
Zoya makes halal investing easy by helping you build and monitor a shariah compliant investment portfolio with confidence and clarity.