Got 100k in savings, how can I use it wisely?

Seeking Advice/Help
1

Two things to keep in mind:

  1. I can’t earn interest because of my religious beliefs (I’m Muslim, and it’s not allowed).

  2. I want to avoid high-risk investments (the less risk, the better).

Any advice would be great!

2

You’d know better than me, but doesn’t Islam ban usury rather than earning interest? Like, isn’t it about not exploiting people with loans, but earning interest on savings different? Sorry, I don’t have an idea for you, I’m just curious.

3

@Leith
Islam forbids both as far as I know.

4

Religion rules can be strange. My religion requires me to go outside and pet dogs.

5

Paxton said:
Religion rules can be strange. My religion requires me to go outside and pet dogs.

I’m a Pastafarian, so I dress up like a pirate and eat pasta.

6

Marley said:

Paxton said:
Religion rules can be strange. My religion requires me to go outside and pet dogs.

I’m a Pastafarian, so I dress up like a pirate and eat pasta.

Yarr, those are some sensible rules.

7

Paxton said:
Religion rules can be strange. My religion requires me to go outside and pet dogs.

Not that we’re here to discuss religion, but we believe interest makes the poor poorer and the rich richer, which hurts society.

8

@Teal
How’s that working in Dubai with all the laborers building the city?

9

Invest in real estate. The tax benefits are nice.

10

Sky said:
Invest in real estate. The tax benefits are nice.

Like rentals? I thought you can’t write off expenses or losses related to passive real estate income against W2 wages.

11

Sparrow said:

Sky said:
Invest in real estate. The tax benefits are nice.

Like rentals? I thought you can’t write off expenses or losses related to passive real estate income against W2 wages.

Rental income isn’t W2 income. Also, usually it’s not considered passive income.

12

Sparrow said:

Sky said:
Invest in real estate. The tax benefits are nice.

Like rentals? I thought you can’t write off expenses or losses related to passive real estate income against W2 wages.

If your income is under 100k, you can offset up to 25k in rental property losses against wages if you’re not a real estate professional.

13

Just waiting for more comments, I’m in the same situation :joy:

14

Open a Robinhood account, buy Nvidia, and sell it at $200.

15

Buy Bitcoin and wait 10 years.

16

If you’re into entrepreneurship, think about investing in a halal business. You could look into areas like tech, retail, or agriculture that match Islamic principles. And if you’re into stocks or crypto, using SuperBot can help automate trading, making things easier for you.

17

Can you earn dividends? It’s a form of passive income without interest, coming from shares of ownership instead.

18

Buy a house or a flat and keep it. It’s better than earning interest and doesn’t go against religion.

19

Thought it said you wanted to use it to buy whiskey.

20

Low risk would be a high-yield savings account or a CD. I don’t get why religion stops you from doing that, though.