A couple of years ago, my only source of income was from my job and living off pay check by pay check. It only dawn onto me that this is not effective when my peers started getting retrenched and was unable to find a job to replace their income. It didn’t help many did not have emergency funds to tap into. Gone were the days where have a job means security and this is also true for women who solely depend on their husband for allowances. It is essential to have multiple source of income, not only for financial security but also for your own sanity. I have seen many relationships strained because of the sudden change in lifestyle due to retrenchment or women completely lost when their husband decides to leave them and that was their only source of income.
Creating several source of income is not rocket science, yet it is not a ‘1 size fit all’ solution. You want to find those that suit your interests and personality, which is the best way to keep you going for the long haul. 1. Sell products online This can be as simple as selling your pre-loved clothes or items online on platform such as Carousell, E-bay, Craiglist and etc. Statistics has shown that an average person has $5000 worth of unused items are home sitting around. 2. Affiliate marketing Have a book you enjoy or product you have confidence in? Many of these have affiliate programs which enables you advertise them on your website. When a user makes a purchase via a link from your website, you get a cut. 3. Start a freelance project Are you good at creating websites or are skilled in graphic designing? Pick up freelance project from sites such as Fivver on the side. 4. Sign up for OCBC 360/ UOB OB One Accounts / Bank of China SmartSaver If you do not have one of these accounts, get one ASAP! The yearly accumulated interest is as high as 3.55% which is better and some fixed deposit schemes in the market 5. Pick up a part time job Pick up a shift at your nearby super-market or retail place at your down time. Most of us spend weekends lazing at home when we can spend a couple more hours earning the extra cash. Hours in front of the TV dulls the mind, being out sharpens it. 6. Drive Uber or Grab taxi Sign up as driver with Uber start picking up passengers on your way to work or back. The extra buck daily can stretch a long way and these programs have competitive incentives if you hit their commission targets. One driver I spoke to comment that the extra commission can go as high as $1000 extra on top of what his is already earning. 7. Start investing Get into the habit of putting aside a portion of your income and start investing in index funds. The average returns in for Singapore STI is between 4-7% annual including dividends and S&P 500 averages between 8-12% annually. If you are beginner and wish to learn more about investment, I highly recommend Tony Robbin’s book Money: Master The Game (you can purchase them from Amazon) or his upcoming book Unshakable. I started investment about 1.5 years back and my current portfolio is at about 8-9% returns, not too bad for a rookie. 8. Coaching/ Teaching Do you have a skill or hobbies that you are good at? You might want to consider coaching or teaching on the side. Teaching swimming or piano 1 -2 times a week might be a good way to earn that extra income. 9. Real estate In Singapore, it is considered illegal to rent out your place via Air Bnb (unless it is rented out for more than 6 months or if you own a landed property). Therefore most locals buy a SOHO condo or lease out 1 room in their apartments to make additional income. If you are residing outside of Singapore, rent your apartment via Air BnB might be a good source of additional income. There are many other ways to create other sources of income. At the end of the day, find a few that you are interested in and put in a bit of work. A few extra hundred bucks a month can go a long way.
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Author"Earn more, spend less, invest the difference." Archives
February 2017
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