Investroo: Invest Without Compromising Your Values

If you’d like to invest in the stock market but feel overwhelmed by the task of sifting through myriad stocks to find one that’s ethically- or Islamically-acceptable, fear not. A new tool is on its way — Investroo.

What is it? Investroo is not another online brokerage like TD Ameritrade or E*Trade. Rather, it’s a mobile application that provides investors with an interface through which to browse ethically-sound stocks on U.S.-based exchanges.

Investroo does the legwork of screening out companies in certain industries (i.e. alcohol, casinos, weapons) and based on financial data (i.e. highly-leveraged firms). The launch version of the app will only display compliant stocks, although a future version will allow users to subscribe to a non-compliant stock and be alerted if/when that stock becomes compliant.

The app will categorize stocks by sector and by social theme, making it easy to find a stock you’d like to invest in. And because it’s app-based, you can invest anytime, anyplace. Trades are expected to be just 99 cents each.

What’s more, the app will enable investors to purchase fractional shares. So if you want to buy stock in, say, a tech company whose stock price is over $100 per share, no worries. Investroo will allow you to purchase a fraction of a share for as little as $5.

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If you’re not quite ready to throw cold, hard cash into the stock market, the app will even feature a simulated trading environment in which you can practice and build a virtual portfolio. Look for Investroo to launch this fall. Sign up for updates at investroo.com.

To learn more about investing in the stock market, check out my e-book The Stock Market Made Simple on Amazon.

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Got Goals?

Goal-setting might seem like a dreaded chore, but not having goals is like driving with no destination in mind. Goals provide direction in life.

When it comes to setting goals, it’s important to be as specific as possible. Vague goals, such as “I want to get in shape,” are not likely to materialize. On the other hand, if you have a very specific goal, like losing 10 lbs., then it’s much easier to identify the individual actions needed to reach that goal.

Furthermore, writing down your goals creates commitment. Having a document you can refer back to regularly will remind you of what you’re working towards. Otherwise, goals will be out of sight, out of mind.

Goal-setting should be taken a step further with deadlines. If you wish to simply accomplish a goal “some day,” that day may never come. By setting a deadline, you will feel a sense of importance and (healthy) pressure and begin taking the actions that lead to the realization of that goal.

Here’s another way to think about it… If you work a normal office job and spend 8-9 hours at the office, don’t you (consciously or subconsciously) spread out your work during that duration? Now, what if you had to get your work done in 4 hours? It would force you to prioritize your tasks and work more efficiently and productively…and it would leave you with more free time to do the things you actually want to do. In essence, create a sense of urgency.

All the best in achieving your goals!

Fulfillment by Amazon (FBA) as a Business Opportunity

I recently began looking into Fulfillment by Amazon (FBA) as a business opportunity. It sounds like a good way for someone to start a home-based online business while utilizing Amazon’s large customer base and distribution network.

How does it work? One would first choose a product to sell. It should be something you have familiarity or expertise with. If you’re unsure of what to sell, you can look at Amazon bestsellers in a category of your choice. From what I’ve heard, products costing $10 to $50 tend to be ideal choices. Think about what you’d buy online versus what you’d buy at a local store. Lightweight, simple products seem to be a better choice. If you try to sell something high-tech or expensive, it could prove to be more difficult in terms of customer service & satisfaction.

After deciding what you want to sell, you have to find a supplier that can make the product on your behalf with your own branding. One option for finding suppliers is to use a site like alibaba.com and look for Verified/Gold suppliers.

Suppose you want to sell gourmet coffee. You can do a Google search for “private label coffee supplier” or something similar. After interviewing suppliers and choosing one, you’d have to acquire their label template file and design your brand label (or hire someone to design it using a website like fiverr.com). The supplier would then produce the product with your label and ship it directly to Amazon.

Then you need to set up a seller account on Amazon, which does have a monthly fee. Plus, there’s a fee for storing the items in inventory. Amazon would store the product in its warehouse, and ship to customers after they purchase online. Amazon takes care of the grunt work, essentially. For their work, Amazon takes a commission, or cut of the profits. Thus, the product must be priced to account for your cost of manufacturing + Amazon’s profits + your costs for having a seller account.

To market your brand and product, you can use social media and offer free samples to people. You can’t explicitly ask for product reviews in exchange for free samples, but product reviews will help with visibility and ranking on Amazon’s site, and it helps build credibility for your product. Also, be sure to have high-quality photos of your product on Amazon’s selling page, and verbiage that specifies what benefits the customer will receive by purchasing your product.

I have not personally tried Amazon FBA. However, it sounds interesting and I’d like to look into it further. This is just a primer of what it is and what it entails. You can learn more at this link. If you have experience with it, please share your thoughts.

If you’d like to learn about other money-making opportunities and how to invest and build wealth in a halal way, check out my book: Open the Door to a Wealthier Life. It’s available on Amazon and Barnes & Noble.

Charity Does Not Decrease Wealth

In Islam, we believe the charity does not decrease one’s wealth. We also believe that it’s our duty to help our fellow human beings out of the blessings God has bestowed on us. Prophet Muhammad (peace be upon him) stated:

“Charity does not in any way decrease the wealth and the servant who forgives, Allah adds to his respect; and the one who shows humility, Allah elevates him in the estimation (of the people).” (Sahih Muslim)

Hence, I’m proud to announce that half of all royalties from the sale of my book will be donated in charity, insha’Allah.