When I read what “self-made” millionaires Barbara (of the Shark Tank fame) and Grant had to say about saving, I was reminded of a beautiful hadeeth.
(NB: there’s no “self-made” anything. No one is able to achieve anything without first the help of Allah and then the help of many others.)
“I’m just not a believer in saving money,” Barbara said in a CNBC report.
“Saving, saving, saving won’t bring you wealth,” Grant said in a recent tweet.
According to them, you build wealth by spending and investing.
It reminded me of the beautiful Hadeeth Qudsi in which the Prophet (ﷺ) narrated from Allah: “O son of Adam, spend and I will spend on you.” (Sahih al-Bukhari and Sahih Muslim)
From an Islamic perspective, we are encouraged to spend, invest, and save in a balanced way. But we are warned against both: wasteful spending and hoarding.
What else would one expect from the religion of balance!
Allah’s Messenger (ﷺ) said, “Spend in charity and do not count it, lest Allah count it against you. Do not hoard it, lest Allah withhold from you.” (Sahih al-Bukhari and Sahih Muslim)
Ibn Hajr explained the hadeeth in his Fath al-Bari: “The meaning is do not store wealth in a vault and thus be miserly in giving charity, lest you are recompensed in the same way for that.”
Islamic teachings highly encourage us to spend on beneficial causes like investing for your and your family’s future, giving charity, investing in businesses that help society, and so on.