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5 Best Ways to Earn Passive Income

Author

Joy

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Financial Affairs

Posted on

2022-09-06

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Yeah sure no one likes to work and you often find yourself stressing about the future… Can I earn enough money? Will I have time for my family? What if I can’t find a high paying 9-5 job? You have probably also scrolled through the internet and found some people who have become “self-made millionaires” without working their butt off. So here are some ways that you can start earning more money in Singapore.

Yes, we know not everyone is an influencer or wants to be one and this does not exactly require zero effort either but if you have a love for fashion, beauty or even just reviewing products, you can try out affiliate marketing.

First of all, what is affiliate marketing anyway? Affiliate marketing is a marketing technique whereby online stores pay commission to third-parties to generate traffic and sales from their referrals. Most websites might tell you that you need a website but the thing is you don’t necessarily need one, all you need is a platform such as your Facebook or Instagram that has traffic (traffic refers to the users who visit your platform).

Next, find and join affiliate programs in Singapore such as the Lazada Affiliate Program. Take up offers to promote and share the link to the offer on your platform. If people click on it, you will earn a commission. Something to take note is that affiliate marketing takes time to build, if you are just starting out and your platform does not have either a high traffic or a large volume of users, you might not want to quit your 9 to 5 job just yet.

How much can you earn

As I have said before affiliate marketing does take some time and effort to build up. If you are just starting out you are likely to earn up to $200/month. However, if you are successful, you are looking at earnings in the thousands.

Here are some affiliate marketing programs you can look into:

Yup you heard me, I mean literally sell your things. It can be anything from your old clothes to your school notes. If it is still useful and can be recycled, consider selling it on Carousell, create a telegram channel or ask around via your social media platforms. The only work you would need to do is to simply put up a post about it and maybe deliver the item to your buyer. Unlike running a small business, selling your things does not require the effort of making an actual product because… the product is already made! Just make sure the things you are selling are of decent condition though.

Example of things to sell:

  • Clothes
  • Shoes
  • School notes
  • Furniture
  • School textbooks

If you own a property or maybe even several properties, consider renting a room or your house out, it is possible to live off your rental income. To find out more about HDB rent regulations, click here.

If you have money to spare you can buy another property as an “investment property”, this would obviously require more time and effort but in the long run it could be profitable depending on the market conditions.

How much can you can earn and where to list them

To start, there are many factors that go into determining the value of the room you are intending to rent out. Such as location, size of the room, condition of the room, does it have a toilet attached and the list goes on. However, a good estimate will be anywhere between $500 - $1000 per month but it can definitely be higher than that.

A good way to find out roughly how much you can rent your room is by going onto websites such as carousell, 99.co, rentinsingapore and looking for rental listings in your area to get a rough gauge. Conveniently enough, you can also post your rental listings on these websites as well.

Read: Can You Really Earn 6 Figures By Doing Sales?

So what is a robo advisor? A robo advisor is a digital platform that collects information from the user about things such as their riskiness level and uses that information to automatically help them invest. If you are starting out in investing or you are still a student without much income then a robo advisor may be for you.

Investing using a robo advisor is kind of a “no frills” method of investing, it doesn't require much time or effort and processes such as monthly deposits can be easily automated.

Examples of robo advisors in Singapore:

  • Stashaway
  • Syfe
  • SquirrelSave
  • OCBC RoboInvest

Read: Where will my hard-earned CPF money go after I die?

As many of us know, investing is becoming more popular be it in stocks, cryptocurrency, ETFs and even NFTs. The world of investing is definitely daunting for a beginner, which is why proper research would need to be done before diving in. It would be best to get someone who is well-versed in this area to help guide you. Here is some basic information about the common things people invest in…

Stocks

Let’s start with stocks, stocks are also known as shares, meaning if you buy a stock you will own a fraction of the company. People would normally buy a stock expecting it to appreciate in price and making a profit out of it.

Cryptocurrency

Heard of Bitcoin before? Yes, that is a cryptocurrency which is basically a form of digital currency that is bought via an exchange. Similar to stocks, the price of a crypto coin can fluctuate. However, the crypto market is significantly more risky and volatile to that of the stock market so it is important to do your research on it.

ETFs

ETFs is an acronym for Exchange-Traded-Funds. An ETF is a basket of securities and they are traded on an exchange just like stocks. Basket of securities would mean that it contains various types of investments such as stocks or bonds. To break it down even further, an ETF holds multiple assets unlike a stock which is just one. One common example would be the S&P 500.

So which is better, stocks or ETFs? Both have their pros and cons. Stocks might be better since the returns are normally higher and especially so if you have done your research and you know which stock to pick. While on the other hand, an ETF might be better as it is usually considered less risky due to portfolio diversity.

NFTs

NFTs stand for Non-Fungible Tokens. Non-fungi — what? Non-Fungible means unique. NFTs are tokens that are unique and cannot be replaced, similar to a one-of-a-kind rare pokemon card for example. NFTs are becoming popular and can be absolutely anything digital, such as artwork, a game character or even a ticket to a virtual concert. While there is some debate about whether or not NFTs are truly considered investments, they can be termed as collectibles. My advice would be to always do your research first as usual.

Read: How To Gain Extra Income For University Students?

Written by

Joy

Digital Marketing Executive

For more information or enquiries, please contact Joy at hello@workclass.co