So I have to donate 2.5% of my net worth for zakaat and I’m 26. My parents are asking me for 2.5% of my net worth, but my parents don’t know how much I have saved and I also don’t want to to donate even though I’m a a Muslim. I currently have 500k net worth, with 480k in HYSA and 20k in 401k. I made insane gains in the market this year, up 300k. My parents keep bombarding me for the money, but if I give they will know how much I have, and I also want to put this money in the market instead. If they find out how much I have, they will never stop asking me for money. How can I handle this, and if I give, how can I make it back? I’m a Muslim but I hate giving away that much money, does this make me a bad Muslim/cheap? Id have to donate 12500. I want to donate, but like 2 - 3k, almost 13k is so much. This is my only social media app, and idk anyone else who could be in the same position I’m in or know anyone to ask for advice, so i have to ask blind, or maybe specially the blind Muslim community. #personalfinance #money TC: 220k YOE: 2
Donate to whom? If it's for your parents you could pay their bills etc over time instead of a single lump sum
My parents want zakaat from me to donate to families in need. I am supposed to give 2.5% worth of my net worth, but I deem that to be so much. That’s the problem.
You do not need to provide zakaat on your net worth, the principle amount is your leftover earnings for the year.
You can donate 2.5k and say that you have 100k NW :)
Exactly, can you just donate the amount you want, who is going to check if it is 2.5% or not.
Are they asking for 2.5% your net worth or asking you to donate 2.5% of your net worth? Why not donate a few thousand dollars to Wikipedia and call it a day?
Donate 2.5% of my net worth.
It will only get worse and they will demand more next time. The moment you stop you will be declared a selfish person. Use good judgement.
This isn’t a huge dilemma given what we see in the world. Money will never be enough to be satisfied. Give what you can and you will make more down the line. What will 10k do for you today?. It’s sitting in a hysa. But it could Make an instant impact to many lives.
found the freeloader
What is the money used for?
Donation to the poor, some family, but some people my mom sends the money I don’t even know but all people that need it.
A lot of this money ended up funding terrorists who blew up markets in my home town. If you're going to donate do it via a vetted charity not these informal networks.
I struggled with this too but I think I'm going to donate it, it's pure luck that I'm as wealthy as I am right now and I feel like I owe it to God/ the universe to do some good (I'm Muslim too btw)
Oracle seems to be islamophobe
What is islamaphobia? Sam harris explains https://m.youtube.com/watch?v=-fCiMQviTiw
Turns out zakat is only paid on current assets? According to this redditor anyway https://www.reddit.com/r/IslamicFinance/s/vrErPUoP23
So the trick is to buy a bunch of real estate to reduce the amount subject to zakat
That'd get funky because of Islamic banking rules
how did you make so much?
Put a lot of money down in nvidia and meta
Donate 2.5% and then grow it 25%
Bro that’s not how islam works!