By Narmeen Abdulla

I have been coming across many posts where the young generation ( 1st generation immigrants) are struggling with balancing their work life, home life and their responsibilities back home. These 15 pointers would help to avoid future problems.

1.      Please set expectations straight with immediate family and family back home. In this part of the world to have a secure future and a good lifestyle no more is $100,000 a good income. To be forward-looking and for that, both partners may be required to contribute financially.

2.      Have more than one source of income. You never know what the future holds. Multiple sources will save you from potential recessions and job losses.

3.      Share household responsibilities. There is no house help or is expensive, develop a culture where everyone contributes to the home, because everyone is a household member.

4.      Seek financial education. Learn how money works in Canada the right way. Don’t rely on banks.

5.      Save 10% of your income. Pay your family bill (savings) first; all other bills make others rich.

6.      Invest the income, dont keep it in chequing. Even in Canada, there are halal funds available(I know this because I offer).

7.      Budget! Figure out ways to spend time with family instead of only dining out. Having quality time with family doesn’t always require heavy spending.

8.      Don’t post bigger-than-life posts on social media, you are setting the wrong expectations for viewers, extended families, etc.

9.      If your parents visit, please set expectations beforehand, they will come around to it. It may take time but pleasing them where not necessary will burn you out.

10.   Encourage your children to work, introduce value for money from an early age, and inculcate the value of savings. Invest their savings for them (there are many ways I can show you how) by the time they are older, they won’t have to struggle for milestones.

11.   Don’t fall into the trap of buying consumer items you don’t need. If you leave the mall and forget about it. It was never a need.

12.   Connect with each other and spend time talking and discussing religion. Be educated so you can have healthy discussions.

13.    Involve yourself in community service and networking events. Your network is your net worth.

14.   Develop the habit of personal development. Your children don’t listen to what you say, but they mimic what you do.

15.   Take care of your health, health is wealth, don’t rely on your employer to protect you against adverse health conditions, that’s your responsibility.

About the Author

Narmeen is a Talent Acquisition Specialist in the IT industry by day and is also a licensed Life, Health and Wealth Advisor. Narmeen along with her husband has a financial brokerage focusing on educating Canadian households on the financial systems and how they can achieve their financial dreams.

Insta: @nabdulla