Totally Blown Away with Jewish and Muslim Financial Challenges

Have you ever wondered that Religion can play a great role in managing your finances. As a Catholic I am trained to manage my finances in terms of Christianity. But after I read about finances of other religion including that of Jewish and Muslims, I am really in utter shock that Money can actually play different roles in terms of religions.



I was just reading one of the articles in Money Magazine when I came to know about financial religions of different communities and trust me I was just blown away after reading it. It was really a wonderful article where it showcased stories of three different community families with different faiths and how they cope up between their financial stability and values. You can found the stories here.


I was really moved away after reading the article. The christian part was very known to me but the Jewish and the Muslim part, I would definitely like to discuss as it was more interesting and taught me some really good values of religion and money. I do not want to give any long lectures to anyone of you. It is just that I want to share what I have learned.

The Muslim Family Part :

1.) As per Quran, the holy book of the Muslims, You can never earn nor pay any interest. This is very difficult on the part of us, The Americans.

2.) Since no interest can be paid, therefore, no mortgages, no credit cards and limited amount of retirement portfolio.

3.) Education is always an exception here.

4.) The most shocking is that the charitable donations should equals to 2.5% of the net worth. I have no idea how they calculate the net worth, But I am sure they give more percent than what is exactly allocated.


The Jewish Family Part :

1.) They prepare high, extremely high, budget. The cost of a biscuit is not less than $14.99. I wonder what they earn and how they live a living.

2.) The veg and the non-veg items are always kept separately. That means they always have 2 sinks, 2 refrigerators, and almost 2 of everything.

3.) Each and every family members needs to have everything separate. No matter its a car or a house.

I am sure that the financial religion between different communities are taking place in US also, the only difference is that here it is more challenging.

Jewish Tokens

I would love to hear from all of you, what religion you practice and how you manage your finances with it. No matter what our faith is, the only thing i know is that it should be practices with best of our abilities.

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Consumers Feel Protected with new Credit Card Laws

A Reform that was much awaited since quite a long time has now came into existence when President Obama signed into a new law regarding credit cards. The reform was well supported by the house as well as the senate. Trust I am very happy with this decision since it has given a relief breathe to all the consumers. The best part is the legislation passed even when the credit card industry people were against such a decision.

President Obama declaring new credit card reforms

The decision came into act when President Obama came to know that the credit card industry people are taking advantages of the consumers and violating the rights. The legislation was brought up in between because so many people started falling into the trap of credit card debt.

But in my opinion the worst part is that the legislation will make the rules effective not before 2010 which is quite far away from now.

Let me quickly discuss the ways in which this new reform would help the consumers :

1.) Nobody will be allowed to keep the credit cards until he/she is 18

2.) The rate will be increased if in case you are 60 days late and will restore the original rate after 6 months of minimum required payments.

3.) By order, all the credit card companies need to post rules on the internet.

4.) In case of any interest rate hikes, the credit card companies are need to inform the consumers in advance 45 days.

5.) It forces them to apply for payments for the highest interest rate first.

6.) No credit card companies will be allowed to increase the rates, no matter you are late on payments to any lenders.

I am really impressed with these new rules, but only one thing with which I am not satisfied is the effective date which has been fixed in Feb, 2010. Avoid paying any kind of penalties if you don't have credit card debt. Now there is no need to wait for the government to help you. You can easily help yourself. 

I just noticed that our President is left-handed. I wonder how many left-handed presidents we had? Let me know how many of you are satisfied with Obama's New Reforms.

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I found a Money in an Unexpected Place

Last night when I was cleaning my book shelf, in one of my books I found $50 cash lying in between the pages. I was so happy to see them. Obviously it was an unexpected place for me and I had no clue how it came inside the book. I do not even remember if I have ever kept any amount of money inside a book.



It came as a surprise to me. I immediately went to my husband and told him about the incident. He was not able to hold back his laughing. The best part is I have never lost even a penny in my entire lifetime and this $50 inside the book came as a surprise to me. So where did this $50 came from?

Here are few theories which might have just taken place : It is just an assumption.

1.) Might be it was a return of cash that the shopkeeper gave it to me and in a hurry i kept it inside the book.

2.) Maybe I have kept it as a page mark.

3.) I am born lucky. So luck always favors me.

4.) Nothing but a MAGIC!!

Honestly speaking I have no clue from where that money came, but it got me thinking whole night from where it came. My wife came to me and told me it was nothing but a money that I found in an unexpected place.


Does these type of things has happened with you? Do share your experiences with us.

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Do not Worry, I Am in Good Health

I know I know you guys are really very angry with me. The reason is very simple, I was away for past few days, infact quite a long time. I was not well. But now I am really in a good health. I know how badly I was missing to blog and keep all of you updated. But doctor had strictly asked me to take rest.

I was advised a complete bed rest by my doctors

But Trust me I was so relaxed these days, totally away from my computer, my work and everything except taking rest. I actually realized all this days why I blog, What satisfaction it gives it to me. But now I am back. And I am very happy that I am all set once again to keep all of you updated regarding the personal finances.

In these few days I have thought some good ways of paying off my debts which I will share with all of you slowly and steadily. I can't promise, But I will try my best to blog atleast 3-4 times a week and keep you updated.

I am seriously very grateful to all my readers and I really appreciate that all of you take out some time from your busy schedule to look into my blog. If you have some really interesting topics in mind do not hesitate to ask me. Just email me. I will be waiting eagerly for your comments and suggestions.

Thanks once again.

Take Care friends.

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