Cleanwealth Guide to Financial Intelligence: Faith and Money in 21St Century

By Dr. Omar Fisher

Do you want to regain control of money, have visibility on your spending, or simply want to learn how to save? CleanWealth Guide provides answers. This Guide empowers you, boosts your confidence in making money decisions, and helps clarify your relationship to money on a deep mindset level.

CleanWealth Guide is a step-by-step, non-technical blueprint to help you design your financial life. Most financial literacy programs and personal finance books fail to describe how to change unwanted money habits and how to update finance tools and terms made popular in the 1990s. As we enter the 3rd decade of the 21st Century, finance is rapidly being reengineered and blockchain, cryptocurrencies and digital tokens are commonplace. Headlong we are being propelled into a cashless society. Are you ready?
Habits of the rich and successful are explained. A growth mindset is explored and how to modify the mental paradigm that determines your money behaviors. Access to simple exercises, case studies and templates are provided to learn about cashflows, balance sheet, budgeting and risk exposures. Also, references to ancient scriptures give guidance on charitable giving, wealth distribution and leaving a positive legacy.

CleanWealth Guide helps you to discover a pathway to permanent happiness. Clear insights are offered into 8 Universal laws of success and principles for Exceptional Living.

• Language: English
• Publisher: Xlibris US
• Release date: May 6, 2021
• ISBN: 9781664152984

Dr. Omar Fisher

When he was 18, Dr. Omar crossed half the USA in a yellow Mustang convertible making photos of the stunning nature with a 35mm Nikon. He toured 8 EU countries by motorcycle in 1970. Prior to entering ADL School of Management, he completed a study tour of PRC China being among the first-ever 54 Americans granted exchange visas in 1978. During his +40 year business career spanning 3 continents, Dr. Omar co-founded 10 startups in fields of equipment leasing, project finance, investment banking, insurance, digital technology and educational services. He previously authored Takaful Principles (2004 Lebanon), The Islamic Wealth Guide (Bahrain 2005) and numerous articles on risk and finance invited by international publications. Tapping into his conference speeches, academic courseware and webinars, Dr. Omar delivers here a non-technical, highly interactive playbook on personal finance and life success so you can stand on his shoulders and see further.

Book preview

Copyright © 2021 by CleanWealth.me - Dr. Omar Fisher. 821847

All rights reserved. No part of this book may be reproduced or transmitted in

any form or by any means, electronic or mechanical, including photocopying,

recording, or by any information storage and retrieval system, without

permission in writing from the copyright owner.

The views expressed in this work are solely those of the author and do

not necessarily reflect the views of the publisher, and the publisher hereby

disclaims any responsibility for them.

The Noble Quran, in the English Language, Dr. Muhammad Taqi-ud-Din Al Hilali

translator and editor, Islamic University of Al Madinah, Darussalam publishers

and Distributors, Riyadh, Saudi Arabia, 15th revised edition, 1996.

KJV

Scripture quotations marked KJV are from the Holy Bible, King James Version

(Authorized Version). First published in 1611. Quoted from the KJV Classic

Reference Bible, Copyright © 1983 by The Zondervan Corporation.

Xlibris

844-714-8691

www.Xlibris.com

Rev. date: 05/05/2021

CONTENTS

Acknowledgements

Foreword

Chapter 1     INTRODUCTION – DESIGN YOUR FINANCIAL LIFE

1.0 Faith-Based Statements

Three Keys to Benefit from this CleanWealth™ and Personal Wealth-building Guide

1.1 Quick Overview

1.2 Why Design Your Financial Life?

Reasons To Design Your Financial Life

1.3 Responses that Cause You to Postpone Making a Plan

1.4 Dimensions of Your Plan to Build CleanWealth™

Matrix Of Starting Points

1.5 Importance of Personal Energy

1.6 Proven Methods to Build CleanWealth™

1.7 Threats to Financial Success

1.8 Plan to Succeed

1.9 Afterword

1.9.1 What are Your Expectations for this Interactive Guide?

1.9.2 Pledge of Two Commitments

Chapter 2     CONCEPTS TO CLEANWEALTH

2.0 Faith-based Concepts to Create CleanWealth™

2.1 Money is Not Wealth

2.2 A Faith-based View of Wealth

DIMENSION ONE: Attitude about Wealth

2.2.2 DIMENSION TWO : Accumulation and Preservation of Wealth

2.2.3 DIMENSION THREE: Donation

2.2.4 DIMENSION FOUR: Distribution of Wealth

2.3 What is Wealth?

2.4 Wheel of Life and Role of Finance

Diagram 2.6: Wheel of Life

2.5 Eight (8) Money Functions

2.6 False Ideas about Money

2.7 Resolve to Design Your Financial Life

Chapter 3     MONEY RELATIONSHIPS

3.0 Purposes and Brief History of Money

Why do we struggle with Money?

3.1 Money Relationships

Money Mindsets

3.2 Future of Money

3.4 Worldwide Savings Habits

3.4.1 Wealth-Poor Americans

3.4.2 Comparative Statistics on Savings Habits

3.5 Importance of Insurance to Savings

3.6 Misconceptions about Debts

3.7 Guidance to Live Debt-Free

3.8 How to Reduce Debts and Obligations

3.9 Protect Your Good Name

3.10 Avoidance of Unlawful Earnings

3.11 Threats to Success with Savings

3.12 Tips for Saving

Chapter 4     PERSONAL FINANCIAL NEEDS

4.0 Personal Needs Assessment

4.1 Wealth Energy Hierarchy

4.2 Mindset and Viewpoints of Rich and Poor

4.3 Facts of Life— Faith-based Perspective

4.4 Four Techniques to Build Real World Wealth

4.4.1 Building Wealth through Compound Savings

Tips for Savings Smart

4.4.2 Building Wealth through Investments

4.5 Cost of Waiting to See when Investing

Chapter 5     BALANCE SHEET

5.0 Personal Balance Sheet

5.1 Why Make a Personal Balance Sheet?

Basic Equation

5.2 What Are My Assets?

5.3 What Are My Liabilities?

5.4 What Is My Net Worth?

Chapter 6     CASHFLOW AND INCOME

6.0 Personal Cash Flow Statement

6.1 Why Make a Personal Cash Flow Statement?

Basic Equation

6.2 What Is My Income?

6.3 What Are My Expenses?

6.4 What Is My Net Cash Flow?

Chapter 7     UNDERSTANDING RISK

7.0 Understanding Risk and Assessment of Risk Exposures

7.1 Risks can be Classified into Two Types

7.2 Not all Risks are Insurable

7.3 Five Responses to Risk

7.4 Faith-based References to Risk

7.5 Basic Elements of Mutual Takaful

7.6 Differences between Conventional Insurance and Takaful

7.7 Why You Need Insurance or Takaful Risk Protection

7.8 Advantages of Risk Protection using Insurance

7.9 Disadvantages to Insurance

7.10 To Live is to Encounter Risks - examples

7.11 What are My Basic Risk Exposures?

7.12 Elements of a Risk – Response Plan

Chapter 8     BUDGET

8.0 Monthly Budget: 7x7 Magic Boxes

8.1 Personal Money Basics: 7x7 Magic Boxes

8.1.1 Income Items

Money TIP:

8.1.2 Expense Items

8.2 Final Word on Savings and Investments

8.3 Cross-Over Point to Financial Freedom

8.4 Tips about Keeping a Monthly Budget

Chapter 9     ACTION AGENDA

9.0 Personal Action Agenda

9.1 How to Complete My Personal Action Agenda

9.2 Troubleshooting My Personal Action Agenda

Chapter 10   RETIREMENT

10.0 Rationale for Retirement Planning

10.1 How Much Funds Do I Need for a Comfortable Retirement?

10.2 Retirement Benefits some Examples: under Social Security in USA

10.3 Retirement Benefits under GOSI in Saudi Arabia

10.3 How Much Risk Protection do I really Need?

10.3.1 Income Replacement Formula:

10.3.2 Stage of Life Value Formula:

10.4 Tips for Increasing Retirement Savings

Chapter 11   PIOUS DEEDS

11.0 Concepts of Charitable Giving and Pious Deeds

11.1 Permanent Record of All Deeds and Intentions

11.2 Pious Deeds Spiritual Accounting

Chapter 12   WEALTH DISTRIBUTION

12.0 Principles of Wealth Distribution

12.1 Objectives of a Faith-based System of Wealth Redistribution

Chapter 13   PERSONAL INVESTING

13.0 Vehicles for Personal Investing

Green Bonds

Financial Futures

Crypto-Currencies and Tokens

Collectibles

13.1 Choosing an Investment and Risk Tolerance

13.2 Rates of Return

13.3 Asset Allocation

13.4 Unit (Dollar) Cost Averaging

13.5 Investments: Setting Financial Objectives

13.6 Nine Common Mistakes made in Investing

13.7 Trade-Off Between Risk and Return

13.8 Robo-Advisory

13.9 GAME: Do You Know Your Money Personality?

Chapter 14   CAPITAL MARKETS

14.0 Capital Markets and Personal Investing

14.1 Capital Markets and Stock Exchanges

14.2 Crypto-Currency Exchanges

14.3 CrowdFunding

14.4 Guidance on Ethical and Faith-based Investing

Chapter 15   PERMANENT HAPPINESS

15.0 What are Chief Findings of Science of Happiness?

15.1 What is Happiness? How do We Experience it?

15.2 Theories of Being Happy

15.3 Global Survey of Well-Being

15.4 Road to Permanent Happiness

15.5 Principles of Success and Exceptional Living

15.6 How to Engage the Universal Laws of Success and Exceptional Living

Chapter 16   CONCLUSIONS

16.0 Wrap Up and Conclusions

16.1 Global Financial Marketplace

16.2 Recap Infographics

Chapter 17   APPENDICES

Bibliography

ACKNOWLEDGEMENTS

I am so grateful to the following persons who supported the initial publication of the iwealth guide in 2005: Sheikh AbdulLatif Al Shelash, Ayman A. Sejiny, and Sheikh Yousuf DeLorenzo.

Many mentors and teachers have provided me invaluable guidance, feedback and insights that are reflected in these pages; some notables here are: Bob Proctor, Mary Morrisey, Tony Robbins, Robin Sharma, Jack Canfield, Deepak Chopra, Vishen Lakhiani, Napoleon Hill and Wallace D. Wattles.

Also, I deeply appreciate and acknowledge the care, prayers, continuing love and sacrifices made by Salwa Al Abd and our four grown children who endured patiently as I developed and refined this playbook over the past three years.

FOREWORD

This Financial Intelligence and Personal Wealth-building Guide is dedicated to individuals (believers) who seek to create CleanWealth™, to manage personal risks and to distribute their Wealth in accordance with sound, ethical, green and Faith-based principles. This Guide is designed with specific reference to young people who typically have not yet developed the concepts and practices that promote wealth-building and responsible personal financial management.

One important key to achieving real wealth and personal financial success is to make an early start. Take this Guide that is now between your hands and resolve to begin today to make a difference in your financial Life. This Guide combines 2 inter-connected Life Goals: amassing CleanWealth™ and building an ethical, happy and successful personal Ethos (ethos in Greek means character).

The Almighty Creator – Source of energy and intelligence in all living and non-living things – makes abundance everywhere to surround us. It might be invisible to our eyes or we may not be yet ready to receive this Light. However, it is abundantly clear that our world has crossed the threshold of the 21st Century and into the decade of 2020s, which era is marked by remarkable uncertainties, unexpected risks, global upheavals, social dislocations and illness and even a tragic pandemic – which affects all aspects of our daily Life and serves only to heighten challenges to effective financial planning and personal accumulation of assets. Building up a fresh awareness of finance and wealth-building techniques, a positive attitude towards money and setting out written financial objectives remain proven tools that can assure a calmer more satisfying Life as well as riches.

Moreover, by adherence to Faith-based principles, including sharing some of the resultant new-found wealth through giving back to others (society), charity, trusts, and personal legacy donations, so individuals can help assure a truly healthier community, a greener environment, more social justice across our globe along with a sense of singular spiritual upliftment and deep abiding personal well-being.

My fondest wish is that you dear Reader will benefit greatly from this Guide in building CleanWealth™ both for your Worldly Bank Account as well as your Pious Deeds Deposit Account in the Hereafter.

And the Book will be placed in the right hand for the Believer and in the left hand for a Disbeliever, and you will see the Mujrimun (sinners) fearful of that which is recorded therein. They will say: ‘Woe to us! What sort of Book is this that leaves neither a small thing nor a big thing, but has recorded it with numbers!’ And they will find all that they did, placed before them and your Lord treats no one with injustice. Surah Al-Kahf V.18:49 ¹

On the Day you will see the Believing Men and the Believing Women: their light running forward before them and by their right hands. Glad tidings for you this Day! Gardens under which rivers flow (Paradise), to dwell therein forever! Truly, this is the great success! Surah Al-Hadid V.57:12

Honor thy Lord with thy substance, and with the first fruits of all thine increase. Proverbs 3:9 ²

What good will it be for a man if he gains the whole world, yet forfeits his soul? Or what can a man give in exchange for his soul? Matthew 16:26

These extraordinary times demand of each of us new attitudes, new skills, tolerance, new knowledge and a renewed focus on healthy habits that prosperity might flourish. Let this Book be your Guide.

Author/Publisher

Dr. Omar Clark Fisher

Dubai, United Arab Emirates

January 2021

CHAPTER 1

INTRODUCTION – DESIGN YOUR FINANCIAL LIFE

1.0 Faith-Based Statements

This Quran is a plain statement for mankind, a guidance and instruction to those who are Al-Muttaqun (pious). Surah Al-Imran V. 3:138

That men may know, from the rising of the sun and from the west, that there is none besides me; I am the Lord, and there is no other. I form light and create darkness, I make weal and create woe, I am the Lord, who do all these things. Isaiah 45:6-7

Three Keys to Benefit from this CleanWealth™ and Personal Wealth-building Guide

To make the most of the precious time and effort you will invest in reading this Guide, we recommend that you first make a Commitment to Yourself that you will read the entire Guide, do the exercises and, most importantly, put into action the Action Agenda and Personal Wealth Plan © (PWP) that you design and decide on during this Program. Your customized PWP without sincere implementation will not change your current situation. Only by putting your savings, investment and risk management decisions into practice can you hope to realize your financial goals and dreams.

Secondly, you must make a Commitment to your chosen Financial Planning Advisor that the personal financial information you gather, analyze and disclose is an accurate, honest and complete picture of your situation. Without objective information about your assets, liabilities and other financial resources, the Advisor cannot provide you with the best possible advice. These Advisors should be knowledgeable about accounting, financial rules and tax regulations. Similarly, if you are following this Guide without an Advisor, then certainly be honest with yourself and use all the latest financial data, relevant tax information and accurate figures wherever available for best results.

Finally, the concepts and methodology for this Guide is founded upon Faith-based principles – with references to core principles of major religions; namely Islam as described in the Holy Quran and Sunnah and Christianity as described in the Holy Bible³. To develop a proper attitude and understanding about wealth-building, finance and risk management, we should become familiar with guidance provided in these valuable scriptural sources and so throughout this Guide there are references cited from these primary texts. As the author is not a religious scholar, the references are simply presented yet meant to be interpreted by you, dear Reader. It is hoped that whatever are the Reader’s religious beliefs, this Guide elucidates how real Wealth is created and protected, how wealth and risk can be managed effectively on an individual basis, how wealth generating activities can strengthen a person’s clean character, plus nurture a wealthy mindset, and how resultant real Wealth can be distributed in accordance with fundamental humane values and ethics that are consistent with all Abrahamic faiths.

The author’s term "CleanWealth™" means: permissible, good, pure, ethical, lawful and Halal.

1.1 Quick Overview

Three Keys:

1. Commit to Yourself to implement your PWP

2. Commit to share accurate and complete information

3. Commit to develop a correct Attitude about real CleanWealth™.

It is becoming increasingly obvious that most people today are working very hard for money, whereas money should be working hard for them!

There are two intertwined problems here: (1) we are working longer hours and more days a week just to pay our bills and maintain a minimum comfortable lifestyle and so are gradually becoming slaves to money earnings, and (2) we are being sucked up into a consumerism mentality whereby we employ our leisure hours to buy more things that prove we have the Good Life. Yet all that money can buy is not bringing the happiness we seek. There is a pervasive consumer myth: that more is better, the more we own of products, goods and gadgets, the better we can live and the better we should feel. However, in reality this is a false truism.

We strive for affluence and eagerly buy more because of our conditioning—featuring a concept of Wealth whereby we try to meet most of our needs, wants and desires through money. Gradually the line between wants and needs becomes blurred. We seem to have grown accustomed to buying everything and so we no longer live life—we consume it! After all, Life’s simple pleasures are already free. Moreover, no true spiritual fulfillment can be purchased. Somehow, we have lost our way and the roadmap to wealth (our relationship to money) is either missing, not available or needs to be updated.

The tools and techniques contained herein will provide you will a new, revised 21st CE Wealth Roadmap [Personal Wealth Plan ©] that enables you to redefine your relationship with money so that it flows naturally to you, works harder and smarter for you. Simultaneously this readjusts the concept of wealth we are holding in our mind so that spiritual satisfaction and personal fulfillment are achieved while assuring that our wealth-building actions and distributions are sustainable and coherent as well as consistent with ethical Faith-based principles, including Biblical and Quranic injunctions.

Throughout this Guide, Ethos is a central focus. Ethos, means character in Greek, is defined as awareness of personal actions and decisions as consistent with rules, norms and customs that advance betterment of self and society (i.e. common good).⁴

Topics are introduced here in a logical manner that is easy to understand so that the average person can fully grasp the methods and financial skills with confidence that s/he can implement them in their daily lives. Naturally, some complex financial matters have been simplified yet that is one of the main benefits of this Guide. Those readers who upon completion of the Program desire to learn more in depth about investing, money management and financial planning can obtain additional articles, books or textbooks written on specialized topics to supplement information provided herein (please refer to Bibliography section and listed internet resources).

This Guide is deliberately designed to be interactive. Readers are encouraged to engage fully with the learning experiences, exercises and templates presented by the Guide:

• Narrative lessons

• Exercises

• Case Studies

• Small Group Projects

• Digital games & Simulations

Overall, your learning experiences are designed to be fun, friendly, informative, and enriching. So, let’s begin!

1.2 Why Design Your Financial Life?

This simple question may never have occurred to you. Yet is holds a grain of universal truth: if your Life is characterized by too little wealth, you must first come to a realization that although you may have dreams and goals, in the absence of a clearly defined Plan these marvelous goals may never be achieved. Many people confuse wishful thinking with real life actions- believing that desires will manifest without actually doing any real work. In most cases, the challenge is not to work still harder but rather to work smarter. A wag once said, Money is dumb. This means that money by itself cannot make decisions or do anything to grow, it can only be directed and channeled by an intelligent human being into productive uses.

Thus, an important goal of this Guide is to help you develop Abundance Thinking, a kind of prosperity consciousness, a fresh understanding and every day awareness of CleanWealth™. This awareness can lead on to informed and persistence actions driven and directed by inner positive energy that naturally attracts the wealth and riches you deserve.⁵

Common Mistakes We Often Make in Approaching Financial Plans

◆ WE do not set measurable financial goals

◆ WE make a financial decision without understanding its effect on other financial areas

◆ WE neglect to re-evaluate plan regularly

◆ WE look for a quick fix instead of long-term program

◆ WE expect unrealistic returns on investment

◆ WE think financial planning is only for wealthy

◆ WE confuse financial plans with investing

◆ WE wait until a money crisis occurs to begin financial planning

◆ WE think that having a financial plan and an advisor means losing