Over the last few years, we have been working with Muslims across Canada so that they can achieve their financial goals in a halal way. Whenever we work with clients we like to treat their circumstances as unique and make sure everyone who is a client of Canadian Islamic Wealth receives a financial plan. That being said, there are some common goals that many of our clients share. So we have compiled a list of the most common financial goals for muslims.
1) Buy a house
Almost every call, email or inquiry we get has Muslims asking if there is a halal way to buy a house. For many, this is simply out of reach. Either, they go to the bank and get an interest-based mortgage or they choose a halal option which requires a 20% down payment and is usually more expensive. Whatever the goal, we try to help muslims get their downpayment together more quickly and find the best choice for buying a home.
2) Paying for Kids Education
The average cost of a college degree can be anywhere from $6000-$10,000 per year for undergrad. For things like medical school, law school and dental school it will be even more expensive. Every Muslim with small children realizes that education is expensive and parents who can afford to, want to help their kids go to university or college and achieve thier educational goals. This is an amazing thing and helps kids stay away from huge amounts of student debt. We help our client maximize the grant money they can get from the government and invest the money in a halal way so that there is enough for university.
We all realize that at some point we will all be to old to work. Many Muslims come to us with that realization and want to plan out their retirement. The main things we look at is regular investing, income needs in retirement and taxation. If we can solve those 3 issues retirement will be a breeze.
4) Saving for Hajj
Hajj is exepnsive. It can cost upwards of $12,000 per person to go to hajj. We recommend two things. First, make the intention you want to go to hajj. Second, start taking the necessary steps to go to hajj. If you can afford $100 per month you should be able to afford hajj in 5-6 years. If you can affor $500 per month, maybe 1-2 years.
Everybody we work with has a unique set of circumstances and goals that we are committed to catering to. That being said, these are some of the most common goals muslims have when it comes to their finances. If any of these sound like you, book a free call with us and we can share our strategies and expertise.