For many Ramadan is a time of new beginnings. It comes at a time when our hearts need it most. Ramadan is a time of reflection, contemplation and the development of new levels of consciousness. One relationship we seldom think about developing during Ramadan is our relationship with wealth. Ramadan has numerous lessons to teach us regarding our approach towards wealth. Some of those lessons are the following:

The fleeting illusion of desires

I recall my first full day of fasting as a child. I had to wake up at 3:30 in the morning to have the pre-dawn meal (suhur). Iftar came 16 hours later, and I was starving. Understandably, I was convinced I would have a feast once magrib set in. I soon realized that despite an entire day of fasting I quickly become satiated. Despite an entire day of fasting, I consumed less than I would on a regular day. The illusion of wealth is the same. Our desires are constantly pushing us to strive for more and more and more. However, as human beings we can only consume so much. Ramadan teaches us that our desires aren’t rooted in reality. This month teaches us that in reality, we need much less than we think we do. We can actually survive – and even thrive – with less food, sleep or time. The exact same way we can survive with less wealth. This is why Allah teaches us:

Wealth and children are the adornment of the life of this world. But the good righteous deed that last, are better with your Lord for rewards and better in respect of hope. (Qur’an 18:46)

Setting goals

During Ramadan we see the better version of ourselves. We realize how much we are genuinely able to achieve. Many Muslims complete the entire Qur’an during the month of Ramadan, yet struggle to do so over the other eleven months of the year. This teaches us the importance of setting goals which are optimistic and pushes us to our limits, however, it is still rooted in reality. It teaches us how important consistency and a good environment are to achieving success. That same methodology can be transferred over to wealth. With proper goals, good company and consistency we can achieve so much more.

Gratitude

During Ramadan we learn to show gratitude for all that Allah has given us. Unfortunately, it is human nature that we often only really recognize a blessing when it is removed. Ramadan is a time where many things which were once halal, such as eating, becomes haram. This causes us to develop a sense of gratitude for all the favors of our Lord. One aspect of wealth management that is often neglected, is to develop a mindset of gratitude towards our Provider. It comes in the Qur’an:

And when your Lord proclaimed, “If you are grateful, I will certainly give you more. But if you are ungrateful, surely My punishment is severe.” (Qur’an 14:7)

Allah knows best