Ways to Increase Income in addition to a Job

In the dynamic and competitive economic landscape of Singapore, individuals are increasingly seeking ways to boost their income. While traditional employment provides a steady source of revenue, the rising cost of living and the desire for financial security necessitate exploring alternative avenues. Two common methods for enhancing income are through smart investments and engaging in some side hustles. This article delves into strategies taken by friends for increasing income through different avenues.

1. Smart Investments

Investing is a powerful tool for building wealth and ensuring long-term financial stability. In Singapore, several investment options cater to various risk appetites and financial goals.

a. Fixed Deposits

• FDs: These provide a fixed interest rate for the deposit term which makes the return predictable and a preference for many friends across different age groups who prioritise stability or just starting out. Check out the latest rates here.

b. Stocks and Bonds

• Stocks: Investing in the stock market is a way to yield returns. Singapore’s stock market offers opportunities in well-established companies though it's a little slow recently. Beginners can start with blue-chip stocks known for their consistent dividends. Singapore Exchange (SGX) website provides valuable information for consideration.

• T-bills or Bonds: For those with a lower risk tolerance, T-bills or bonds are safer alternatives. T-bills are short-term tradable debt securities while Singapore Savings Bonds (SSBs) offer an investment option with flexibility.

c. Real Estate

• Property Investment: The local real estate market has shown consistent growth. Investing in residential or commercial properties can provide rental income and capital appreciation. The government’s regulations try to ensure a stable market, making property investment a reliable income source if your rental can cover the interest rates for loan mortgage.

d. Exchange-Traded Funds (ETFs) or Robo-Advisors

• Diversification: ETFs offer a way to invest in a diversified portfolio of stocks or bonds. The STI ETF, for instance, tracks the performance of the Straits Times Index, providing exposure to the overall market performance with ease of trading from as low as one unit.

• Automated Investing: Robo-advisors like StashAway and Syfe offer automated, algorithm-driven investment services. These platforms create and manage a diversified portfolio based on the investor’s risk profile, making investing accessible to those with limited financial knowledge.

2. Engaging in Side Hustles

Side hustles provide a flexible way to earn additional income; leveraging one’s skills, interests, and available time.

a. Freelancing and Consulting

• Utilising Skills: Professionals with skills in areas like graphic design, writing, programming, or digital marketing can offer freelance services. Platforms like Upwork, Fiverr, and others provide a marketplace for freelancers to connect with clients.

• Consulting: Individuals with significant experience in a particular field can offer consulting services. This could range from business consultancy to financial planning, depending on one’s background.

b. Gig Economy Jobs

• Ride-Sharing and Delivery: Companies like Grab and Deliveroo offer opportunities for individuals to earn money by providing ride-sharing or food delivery services. The flexible working hours make it an ideal option for those seeking part-time work.

c. Tutoring and Coaching

• Education: With the high demand for education here, tutoring in subjects like mathematics, science, or languages can be lucrative. Some of us may find the PSLE questions really tough, but giving tuition for lower primary levels is quite viable apparently (high level of patience needed too).

• Coaching: Additionally, coaching in areas like music, sports, or personal development is also in demand. Some friends with understanding bosses do coaching over weekends and earn $25 per hour and those with professional certification / licenses charge more.

d. Content Creation

• Social Media and Blogging: Creating content on platforms like YouTube, Tiktok, or blogging can generate income through ad revenue, sponsorships, and affiliate marketing. Consistent, high-quality content that engages a target audience can lead to substantial earnings over time.

Increasing income in Singapore through investments and side hustles requires a strategic approach, balancing risk and effort with potential rewards. Consider making your money work harder instead of waiting for annual bonus or promotion years down the road. Extra income can increase your savings be it for marriage, travel, new home, children or retirement too.

Smart investments provide a way to grow wealth steadily, while side hustles offer flexibility and immediate cash flow. By leveraging available resources, skills, and opportunities, you can enhance your financial standing and achieve greater economic security. Whether it's through the stock market, real estate, freelancing, or the gig economy, the key is in taking informed, calculated steps towards financial growth.

Master Your Finances Wisely,

Value Vaulter