Ways To Earn Money
In my previous article, I discussed tips to save money. I hope you have found the tips useful to spend less and save more.
In this article, I want to cover the ways in which you can earn money. Depending on our own financial commitments, sometimes just saving up might not be enough.
The Covid-19 pandemic has disrupted the economy, leaving us with uncertainty and worries about how we can be financially secure in the days to come.
During such extraordinary times, there may be virtually no such thing as an “iron rice bowl” or a “stable job”.
Furthermore, the costs of living will only continue to rise in the midst of this pandemic. Having more than one income stream is quickly becoming necessary for us to reach our financial goals.
Besides the conventional 9-5 job in the corporate job market (which a lot of us are getting laid off from due to the suffering economy), let’s explore the various options available to supplement our income.
Start A Side Hustle
Get up. Go to work. Come home. Go to sleep. Repeat.
Sounds familiar? That’s how most people live. While there is absolutely nothing wrong with that, this is a cycle that can make you feel as though you aren’t truly enjoying life and doing what you are passionate about.
Unfortunately, many people are stuck in such a cycle. A conventional corporate job offers that sense of security - you receive a steady paycheck, your time and capital outlay are all managed by the company you work for. For some, they may be stuck in this cycle because they have no choice, especially if they are breadwinners. For others, it might be because they cling to this sense of security. It is often a terrifying thought to give up that stability. However, these are self-imposing limitations that stop people from pursuing what they are passionate about and keep them trapped in the rat race.
There is no need to give up your job entirely and switch to being a full time entrepreneur. The time, money and risks involved are indeed significant. Doing some side business or work is a lot easier and potentially lucrative, which works well as another stream of income.
Start by considering what you are passionate about and where your expertise lies. Going into a side hustle with no idea what you’d like to be pouring your time into can cause frustration and drain you out. By focusing on your area of passion and expertise, you can position yourself as the expert and provide valuable insights on whatever service/ product you offer. This gives you an edge over the competition as you know the topic inside out, value adding to those who come to you.
I believe all of us have an area in our lives where we create the maximum value and as a result can potentially earn the maximum income and satisfaction.
Begin by finding out your area of maximum value. What do you love to do and what are you naturally good at? What is your area of expertise? Remember, as long as you love something, there is always a way to turn your passion into profits.
Sell Stuff Online
With the increasing number of online shopping platforms such as eBay, Shopee and Lazada etc, anyone with an internet connection can start an online business and sell anything online.
Just register yourself as a seller, create your item listing, and sell online.
Carousell is also a good platform for those looking to declutter while earning some extra money. You can sell your used items and categorize them under clothing and accessories, home and lifestyle, hobbies and gadgets, and even entertainment.
Time to start your decluttering process and turn those old books, clothes or bags and so on into cash!
If you have a particular product or service you can provide, you can consider building your e-commerce website, or partner with us to build your personal branding and take your presence online.
Sell Other People’s Products
In other words, become an affiliate marketer for others’ products. This works well especially if you have no finances to start any side businesses and have no products or services that you can provide. Being an affiliate marketer allows you to make money right away even if you lack your own products or services.
As an affiliate marketer, you basically promote other company’s products and services. For every buying customer you refer, you will earn an affiliate commission which is a percentage of the sales price.
You can promote one product at a time or even a whole range of competing products and services at the same time.
Join an affiliate program, find products and services of good value, start promoting through your marketing efforts and start earning your commission for sales.
Do Online Surveys And Reviews
Ever received a small token appreciation such as a pen for completing a survey? Did you know that you can earn actual money instead for filling surveys in your free time? Yes, you can. Research companies are constantly engaging new members worldwide to test new products and fill out surveys.
For a few minutes of form filling, you can make a couple of dollars which is paid as cash or rewards.
The amount earned from a few surveys or reviews might seem like peanuts in the beginning, but as you continue these small efforts and the amount earned accumulates, you’d be surprised at how much you’ve saved up overtime. It can even be of great aid during rainy days.
Build Your Blog
Do you like to write? Do you have valuable insight and experience that others would find useful? We all have unique skills, talents and capabilities which we can write about that others would find useful. Start a blog and write about your experiences, expertise and offer tips through your blog. It is not complicated to start a blog and there are many free blog hosting sites.
Think about what you’re good at and decide on a niche topic or theme to write about. Feature content that would be useful and valuable to your readers. Explore sharing your articles through online communication/ social media platforms like WhatsApp, Facebook and Instagram.
Over time, your audience will grow large enough for you to start marketing services or products to, which will then be another income stream.
As long as you write insightful content, people will keep coming back and staying to read.
With a steady stream of regular visitors, you can also sell ads and place ads on your blog, and every time someone clicks on the advertisement, you can get paid.
Become A Delivery Rider
You can earn some extra bucks with some energy, a vehicle (car, motorbike or bicycle), and some time - by delivering parcels or food. We’re sure everyone is familiar with delivery specialist companies like Deliveroo, Food Panda and Grabfood. After all, many of us have become quite well acquainted with these companies during the Circuit Breaker period.
These delivery companies always require new riders, so go ahead and try it out! You’re allowed the flexibility to plan your own work schedule.
For those who seek even more of such opportunities, you can even try to directly contact restaurant chains or local takeaway shops and ask if they require delivery services.
Due to the rising demand of E-Commerce logistics, taking up a delivery position can bring some amazing monetary benefits for you.
With over 3 million customers internationally, some E-Commerce platforms present you with the opportunity to join their team to assist in issuing out packages across Singapore! There are E-Commerce platforms that retail anything under the sun - from consumables to shopping goods and deliver them right at customers’ doorsteps.
Investing And Trading
While this isn't necessarily an easy way to make money, investing and trading can be lucrative if you learn to do it properly and safely. By the same token, you may suffer significant losses if you don't take it seriously.
Check out my article on the 7 habits of a highly effective investor.
From October 2020, the sales charge for CPF investment is slashed to 0 per cent.
And portfolio wrap fees is reduced to up to 0.4 per cent .
This means lower investment costs and potential higher returns.
Do book an appointment with us to help you get started on your investment journey.
There are no unresourceful people, only an unresourceful state of mind.
We already possess the resources needed to earn that extra income. Even if you have absolutely nothing, you can create your own resources.
While we may not know when the pandemic will end, we can make the best use of all the readily available resources we have.
Stay safe and be well.