How do u get rich without leverage and OPM?

[hissho]

Hi all
i was told by my Muslim friends that dealing with interest is evil and should be avoided, which makes me think how one can get rich without leverage and OPM...

i'm not trying to discuss religion/politics here, just wondering how strict Muslims buy properties...and obviously they can't/won't do margin loans, CFD trading etc etc., anything that has something to do with interest

does anyone here know any great investor who is a strict Muslim and follows the rules exactly? i would like to ask him/her how to get rich without leverage and OPM...

cheers
hissho

 

[nioka]

It's easy. It just takes a little more time.

Point 1. Control your spending.
" 2. Have a savings plan.
" 3. Invest wisely.

Good luck. ( You make your own luck.)

 

[wayneL]

Hi hissho,

Not an expert, but they have ways of working around it by using different terminology. Of course it is de facto interest, they just don't call it that.

One e.g. I heard of:

Banks buys house forr $xxx,000

You buy the house from the bank and pay of the cost price interest free over a number of years...except the price the bank charges you for the house is (2 x $xxx,000, or whatever)

It's not called interest, but effectively, thats what it is.

That's how I understand it.

 

[2020hindsight]

http://www.wisdomquotes.com/cat_wealth.html
:topic
If you want to learn anything - I mean ANYTHING, skip to the next post
Three (four?) different and probably contradictory views :-
http://www.wisdomquotes.com/cat_wealth.html

Henry David Thoreau: That man is richest whose pleasures are cheapest.

Mark Twain: I am opposed to millionaires, but it would be dangerous to offer me the position.

Winston Churchill: We make a living by what we get, but we make a life by what we give.

2020 : Any woman can get rich by using her cleavage.

As for leverage - gotta be just a case of "living in the fast lane" surely. Sorry I gave up barbituates two weeks ago (and I gave up petrol sniffing today with the obvious result in USA midterm elections).

The yanks talk to each other on CB radios as they drive the highways "breakdown in the granny lane at intersection route 66 and 87 etcetc" Granny lane = the one near the kerb, sandwich lane = the middle one (of 3) and "hammer lane" = the fast one.

Mate if you've got a strong heart, go for it
.........
Disclaimer.. rather than let me lead you into anything you'd be better asking my seeing eye dog.

 

[Julia]

I've heard the same thing as Wayne described. Just a matter of teminology really.

Julia

 

[nizar]

Hi all
i was told by my Muslim friends that dealing with interest is evil and should be avoided, which makes me think how one can get rich without leverage and OPM...

i'm not trying to discuss religion/politics here, just wondering how strict Muslims buy properties...and obviously they can't/won't do margin loans, CFD trading etc etc., anything that has something to do with interest

does anyone here know any great investor who is a strict Muslim and follows the rules exactly? i would like to ask him/her how to get rich without leverage and OPM...

cheers
hissho

Firstly, what does OPM mean?
Secondly, its quite easy as noika has pointed out. Just work, invest, and save.

 

[phoenixrising]

OPM = Other people's money