Part 1 of 3 in the series of Thinking Wealthy
Today, we'll bust some myths and get real about the hard work and dedication it takes to build a thriving financial future. We're going to dive deep into the often misunderstood world of passive income. Get ready for an incredible journey that's going to totally transform the way you think about money and success. This episode shows you that having a wealthy mindset isn't just some fantasy. It's the real deal, the solid foundation on which big fortunes are made.
But we're not just talking about making money here. We're going to blend our financial goals with our spiritual values, especially those rooted in Islam. This is all about earning with dedication and contributing in ways that honor our faith.
----------------------------------------------------------------------------------------------------
If this podcast has benefited you, imagine the value of a one-on-one meeting with me! Click below to schedule your FREE consultation. Discover solutions with no obligation.
https://www.islamiclifecoachschool.com/appointments
Part 1 of 3 in the series of Thinking Wealthy
Today, we'll bust some myths and get real about the hard work and dedication it takes to build a thriving financial future. We're going to dive deep into the often misunderstood world of passive income. Get ready for an incredible journey that's going to totally transform the way you think about money and success. This episode shows you that having a wealthy mindset isn't just some fantasy. It's the real deal, the solid foundation on which big fortunes are made.
But we're not just talking about making money here. We're going to blend our financial goals with our spiritual values, especially those rooted in Islam. This is all about earning with dedication and contributing in ways that honor our faith.
----------------------------------------------------------------------------------------------------
If this podcast has benefited you, imagine the value of a one-on-one meeting with me! Click below to schedule your FREE consultation. Discover solutions with no obligation.
https://www.islamiclifecoachschool.com/appointments
Welcome to Islamic Life Coach School Podcast. Applying tools that you learn in this podcast and your life will be unrecognisably successful. Now your host, dr Kamal Uftar. Hello, hello, hello everyone. Peace and blessings be upon all of you.
Speaker 1:Today I want to talk to you guys about the mind gap between wealth and poverty. There is a lot to unfold, but, as usual, I will give you an easy breakdown, concepts that build on each other and help you see how thinking wealthy is not the same as having wealth and thinking wealthy is the prerequisite to having wealth. I have broken down the thinking wealthy podcast into three episodes, again, each one breaking down an easy concept, so it's easy for you to internalize. So the three concepts are around these three points. Wealthy don't fall for a quick money trap. They maximize passive income, but it is not without hard work and failures. Their relationship with hard work is completely different than most people and they leverage their resources. So these are the three main concepts I will talk about, because focusing on just these three will have you thinking wealthy and, as I always say, from thinking comes emotions and from emotions come actions and from there come results. So if you're thinking wealthy, you will have abundant emotions, you will act wealthy and you will create wealth, inshallah. So the first of the three main points is about passive income, without falling for a quick money trap. This is a type of wholesome passive income. The second of the three main topics is your relationship with hard work, and the third is leveraging the resources you have. So these are the three main points that I will elaborate on when it comes to thinking wealthy, and I'm going to do it in a three part series, and each podcast of this series will give your brain enough food for thought that you will just mix my ideas with your own thoughts and churn them up and create a new way of thinking for yourself. That way, you will have a significant head start on most of the population, definitely most of the Muslim women population.
Speaker 1:First of all, the passive income trap, which has to do with misconceptions around passive income, and that is that passive income isn't just chilling on your couch while money rolls in, although that is what we're sold. This is the fantasy of easy money. The mindset between middle class and wealthy around passive income is that middle class thinks it's a quick solution. Wealthy think that passive income takes a nest egg. It takes contribution, effort and patience. In the front end. It's like planting a garden. You don't just toss the seeds and hope for the best. You plant them, you water them and maybe sing to them, if that's what your thing is, but over time you're going to have a blooming garden. Wealthy love that money garden. Where the money grows, they address its needs and they reap the reward. A person with a scarcity mindset is aggravated at the effort that she has to put in the garden. She thinks that she doesn't have resources to plant the garden. She thinks everyone else's garden seems to be blooming and hers isn't producing anything yet. Thinking wealthy is about building something that can eventually run with minimal effort. But there is definitely effort on the front end. So passive income is more like smart and active. Now for rewards, later income.
Speaker 1:If you take a blogger, for example, they don't just write a post and become an internet sensation overnight. They write consistently, they engage with their readers, they learn about SEOs and over time they might earn through affiliate marketing ads and get good at copywriting. So their blog becomes famous. It's work, it's smart and thoughtful and it works and it pays off with passive income at the end If you want a $20,000 monthly payout in your retirement years to keep up with your lifestyle. Yes, that's passive income, but you will need about a six million dollar nest egg to feed you that passive income. Are you working to feed that nest egg? Are you contributing? That's the effort in the front end. The idea of passive wealth is sold as easy money, but this clickbait type of thinking is just a trap. I believe in passive income, I believe in the stock market, I believe in smart investments. I believe all of these are the way to build generational wealth, but I do not believe that it will happen easily or overnight, as is the claim in most clickbait courses.
Speaker 1:Islam promotes the idea of lawful earnings and discourages the whole notion of gaining without effort or contribution. The Prophet Muhammad peace be upon him said nobody has eaten a better meal Then that which one has earned by working with one's own hands, reported in Sahih Bukhari. Now, this doesn't mean you leave your day job and start plowing fields. That's not what's meant here by working with your own hands. This hadith emphasizes the dignity and importance of earning through efforts. There's nothing in Islam that goes against passive income, but it does challenge the idea of idleness and earning without any form of contribution or effort, whether that contribution and effort be intellectual, physical or financial and that's the point I'm trying to make.
Speaker 1:The passive income you're enjoying at any point in your life comes with an investment at the front end, unless you're born in generational wealth, in which case this podcast might not apply to you. Otherwise, you will have to contribute to create meaningful passive income. This type of income isn't a magic money tree. A creator doesn't just post one video and become a star. They consistently create content, engage with their audience and maybe get better at their editing skills along the way. Over time, their channel can create and earn ad revenue even when they're not actively working on it. But make no mistake, there's a lot of upfront creativity and effort involved. Best way to think about passive income is more like upfront work for long term exponential gains, and this work in the front end produces incremental results with the passage of time.
Speaker 1:One of the world's most famous author, jk Rowling, when she wrote the Harry Potter series before her books, enchanted the world, she faced poverty, depression, rejection. The creation of her magical world wasn't a passive journey. It was a labor of love, persistence, imagination and effort against all odds. When finally, her story captivated the world, she'd been through the grind. The myth of passive income being the same as easy and quick is totally unfounded. Any successful person that is labeled as thriving on passive income there's always effort behind them, sometimes years of effort. So someone might be referring to passive income, but what they really mean is an overnight success as a clickbait scheme. Every overnight success comes with a lot of unseen work, dedication and years of effort. So I invite you to challenge the label of passive income in your mind if it's related to easy money.
Speaker 1:My critique of passive income is only the critique of the easy money concept, nothing else. I wholeheartedly believe in passive income. That's how wealthy create their wealth. But passive income does not mean no effort. Creating streams of passive income requires foresight, creativity and a proactive mindset, and the inspirational part is you have all the power to build these assets that work for you. You can create systems that generate value even when you're not actively working on them. It's about smart investment of your money time, be it in property stocks or in your own skills and product. Embrace this challenge and view it as an exciting opportunity to innovate and grow. When you commit to building passive income the right way, you're just securing your financial future and you're claiming your freedom and your ability to make lasting impact.
Speaker 1:In the Quran, surah An-Najjam, 53, ayah 39-42, it says the man can have nothing but what he strives for. The fruit of his striving will soon come in sight. Then he will be rewarded with the reward complete that, to Lord, is the final goal. The idea of passive income in this context is linked to spiritual rewards that come together over time from good deeds done with sincerity and God consciousness. Just as passive income in a financial sense represents ongoing returns from past investments, the reward that is complete, as referred to in this ayah, is seen as an ongoing spiritual and moral benefit that arise from actions performed with right intentions and efforts. And these verses conclude with the reminder that the ultimate return or goal of all endeavors is the attainment of closeness to Allah. That is the ultimate passive income. All this signifies is that, while worldly success and rewards are significant, they are not the final objective. The ultimate aim is spiritual growth and gaining the state of closeness and favor with the Divine, which is the highest and the most fulfilling form of achievement for a believer. This verse tells us that the effort is essential to achieving any gain and the final, most massive return on your investment, on any effort done with God consciousness, any effort of money spent to make this world a better place. The return on that investment in this world is passive income and in the afterlife it is that of a reward that is complete and that is the promise of Allah swt.
Speaker 1:Realizing that passive income requires a firm effort. You can spend evenings researching and setting up a rental property, while working your days to be able to afford that property. All you have to do is understand the pursuit of easy money is a mirage. True wealth and fulfillment comes from effort, struggles, learning, growing. Sooner you start to recognize that and reject the notion of shortcuts towards passive income, the better off you'll be, rather than constantly falling for promising but sketchy investment schemes. Look out for yourself and watch out for your brain's tendency to fall for the easy money trap. You can choose to invest in a well researched, diverse portfolio, or you can choose to invest in higher reward stocks, but also understand that that comes with higher risk.
Speaker 1:The woman that is not able to rely on passive income is sold the idea that it's going to be passive from day one, and that is just not the case. Nobody is really handing you money, even if you invest in stocks. Even if the stocks are giving you high returns, you'll have to have money in the front end to invest in it in the first place. You might even have to research your stocks. You will have to have control of your mind, not to get too emotional and withdraw all of your money every time there's a dip in the stock market. You are putting an upward investment in every kind of passive income. That is my guarantee to you. And with that understanding, make passive income your asset and you don't even have to start with a big sum of money. You can start investing persistently with any amount of money. But in the end, I do want to give you a disclaimer that I'm not a financial advisor. And if it isn't, you field for you. Besides educating yourself, hire a financial advisor for more detailed breakdown.
Speaker 1:With that, I pray to Allah SWT, in the name of Allah, the most gracious, the most merciful.
Speaker 1:O Allah, the provider of risk, guide us in planting of our gardens, the gardens of our dreams.
Speaker 1:Grant us the patience and perseverance to nurture our aspirations. Make them fruitful for the world and the spiritual growth. Teach us, o Allah, the wisdom to understand the true wealth is not just in the accumulation of money, but in the effort, sincerity and purpose behind it. Help us see beyond the illusions of quick gains and easy paths, o Allah, instill in us the mindset of abundance and gratitude, not one of scarcity and envy, and as we strive in this world for wholesome, passive income, for wealth that sustains and provides that you've written for us, remind us that the ultimate reward is only with you, o Allah, let our efforts be means to a greater end, a closer relationship with you, a deeper understanding of your mercy, and clear our path to your pleasure. Make our striving fruitful, our earnings halal and our intentions pure. Keep us grounded in the truth that the greatest wealth is in our faith and actions that are taken for your sake alone. Amen, yerubul Alamin, please keep me near the rest. I will talk to you guys next time.