Salam,
Hope everyone is doing great.
In this post I'm hoping to discuss and gain some knowledge about the ideas which generate monthly income. Obviously the first idea is to have rental property that pays rent every month, however i am sure we have more ideas to discuss here.
Thank you for your time.
Rent your garage. Rent your car. List goes on…
Thank you for your feedback Sheikh saab! How about any scheme where lets say you invest 5 lakh and get monthly few thousand Rupees?
Net cafe
Car Rental is good
Start doing business in thing u have interest , a small step take you further,if u r job doing person and plans to do it as long u can ,take some holidays and go abroad spend few week and comeback invest on your self.
I see a lot of good feedback here. How do you guys rate the bank schemes that pay monthly income? Anybody doing that or have any experience in that?
In my view point rent a car is not an attractive business as it has many complications attached with it…Just buy small cars on investor price and sell it to gain some profit…Do not go for bank as they will pay you just nothing for ur investment…
Firstly let me clarify, (sood) bank interest is haram in the first place. So your option would be to invest in the profit/loss Islamic sharia abiding savings account, which unfortunately do not pay good profit. They pay you peanuts, you will get more money if you begged in the streets of blue area Islamabad than you will gaining any decent profit from there.
You can possibly gain good monthly income in investing in a franchise catering fastfood takeaway / eatery. I have seen a lot of big name brands (i.e: kfc, pizza hut, mcdonalds) etc... That are very busy and making a lot of money. This would provide good monthly income, but you need good money to invest in the place. You need a good busy location also.
Mr. Tahir mentioned in his post that he wants to invest 5 laks but respected forum participants are suggesting him investment opportunities that require investment in crores (i.e: kfc, pizza hut, mcdonalds). Let’s stay in his budget and advise him something within his reach.
Thank you Mr Amir for the close observation. You are right I originally wanted to discuss the investment ideas where too much work is not involved like running a full business. I wanted to have ideas where you have an initial investment put it on a side and it grows and also pays you little bit on the side.
Rest of the people, I appreciate your time that you took to think and reply here.
Shaikh saab! I agree with you on the interest part and also that Islamic banks don't pay much on your investments.
Let this thread grow and see what other people can suggest.
In your case, putting money in bank and earning interest on it would be something to consider…but I am not sure what interest rates paki banks are offering at this time because I live in usa…I don’t think interest rate would be high enough to justify your investment or earning goals…one has to come up with a business plan which falls within your investment range and requires minimum or no work at all…so that’s why I came up with the net cafe idea which pretty much runs on its own…but other members might be able to come up with better ideas
You have a very limited budget, which if your sticking to religiously maybe difficult to find anything decent. I think the best form would possibly be to rent a car, but only issue is the people renting the car do not look after it, which can get a little messy unless you know exactly who your hiring the car to. (i.e friend, or far relative.) if your hiring the car to a stranger then their is always a risk of absolute headache involved.
I think the most obvious answers have been given. But if anyone else has any ideas, then lets hear them...I would like to hear them also. Good thread!...
@Tahir, I would suggest you to invest 5 lakh in stock market. This way you would just sit on your computer and FULLY control your investments and do independent decision making. If you play safely you can at least make 10-12% per annum along with your money growing to some extent. Which would give you some 4-5K per month return (in sharia compliant scrips only). I had 19 lacs invested and after a couple of years Alhamdulillah it soared to 28 lacs plus with additional 250K in my bank account through dividends. For one investment I was only left with 219,000 as cash in hand. I invested it in a growth stock and after around 8 months I sold it for 409,000 which means a profit of 190,000. I ONLY worked in sharia compliant shares. I am doing my job and just give some time in evening to device a strategy and then just few clicks and you are done. Once you buy good stocks then you don't need to spend time in it daily. Just need to be informed though about the proceedings. But please keep in mind that stock market is also a VERY RISKY business. So its a high risk - high reward game. In above details I mentioned only my profits but the mentioned gains are NET gains. Along the way I also had to incur great loses like sometime in one day I had to bear a loss of 2 lacs :-) Hope it would show you both sides of investing in stock market. Youcan now make independent and informed decision.
Stocks markets is gambling. Whats the point of that. If your going to do that you may aswell get your 5 lakh and put it down a slot machine!
Stock market is extremely risky…100% gambling…u have more chances to loose everything than gain anything at all…plus u will be spending a lot of time on computer trading stocks so that’s another negative…and the upside is almost nothing…u should stay within ur original goal that you wanted to invest in something that can earn you decent profit on monthly basis…and stock market is clearly not the answer
@Intern...I really appreciate your detailed thoughts on this post. Stock Market is definitely is a great area to go with specially when one is playing with Mutual Funds. They are not very high risk and sometimes pay dividend which can generate quarterly income/pocket money.
Thanks again for the valuable feedback
Buy gold bar when you think the price is falling because now a days its too much going up & down. You have to see the graph of gold price on internet and invest when you feel its good time to buy. But when you invest think you are looking for halal income inshallah GOD will help you too. Best of Luck
Albaraka bank and Mezan bank have Islamic schemes that offer 10% annual return and if one invest more money (around 5 mil) then bank offers around 13.5% return too. Seems like it's same ROI as having rent from a 1 kanal house.
Gold is ok for investing if you just want to wait. It can't generate monthly income.