I need a part time income to make more money, tell me pros and cons of these part time jobs
This is a casual look at pros and cons of different activities that generate part time income to make more money in Singapore. They include Singaporean stereotypes. I cannot fully empathise fully with the feelings in each job but readers please correct me if I am wrong. Please don’t flame ok?
Does not need a high setup because working Singaporeans and youngsters already got computer. The skills needed to blog can be picked up online although it may be difficult to find a niche or positioning to talk about. Successful bloggers here seems to be:
- funny and entertaining people, some are very skilled and the envy of the rest of us e.g. make very good podcasts or got special skills like rapping
- like to create sensation online so as to go viral
- talk about food a lot but it is our national obsession
Money comes from online ads. Good bloggers got brands to endorse. Blogging appears to be low barrier to entry but mastery is required. Frankly I think it is a method that trades time for money although when an individual can hit the sweet spot, a successful blog becomes a cash cow. It might even become a passive income since traffic and ad revenue can continue for some time even if blog is inactive.
Features: low barrier to entry, needs special thought, can be passive income
Sell multi-level marketing or MLM products
This one is a popular choice for middle to older aged Singaporeans. Typically merchandise are health and beauty oriented. I think that it is a good choice because enterprising individuals can do very well. Downstream income can even be monetized early by selling the network to a willing buyer (I have heard of one example). However, not everyone makes a good sales person and not every product can excite buyers. So selecting which network to join is a must. MLM is also low barrier to enter unless you participate in one of those that ask you to ‘invest’ stock upfront. Perseverance is important. Individuals who join this line must remember not to farm their friends or they will avoid you like the plague.
Features: low barrier to entry, can monetize early, acumen needed to decide which product to sell
Part time agent for insurance, property, car
This path is the traditional path to take. Recently, regulations require more qualifications from agents so old-timers with a lot experience may be disadvantaged. However those who want to perform well are those who stayed in the business long to build recognition. The downside is that the business is cyclical just like economy so must adapt to up and down. I realise some property agents look prim and proper and still smell nice after 10 hours outdoor. Some look like an untidy wreck after 30 minutes. Property agents who rode the property boom from 2006 must have enjoyed every moment. Many late-comers who joined from 2009 struggle to seal 1 deal a month.
Features: paper qualifications required by regulation, business is cyclical, needs time to see the fruits
General part time jobs
There are many around. Unfortunately commuting in Singapore is expensive and traffic-jam prone so that arriving punctually at a part time job is quite a challenge. Many jobs are menial and may have age limits. Employers may not bother to provide training so individuals do not pick up valuable skills. This is really going to pay by man-hours only so for individuals who want a long term solution to solve income problem, working general part time jobs are not a good strategy.
Features: income based on man-hours, not the right strategy for those who are looking at long term horizon, may have age limit
Forex trading has low barrier to entry. To achieve success however requires time because there are many things to master (it is a skill-based activity) and risk management requires individual discipline (which comes natural to some and a huge challenge to others). There will be set backs along the way since day to day market has a lot of noise so there may be financial loss. Individuals who fail either internalise it as bad luck or externalise the fault to the method they use. Those who have mastered forex trading agree that it can benefit for life because forex trading is very easy to scale up (how to increase an individual’s trading capital for forex trading?) It can make more money because of forex leverage. Also it is a valuable skill that can also be imparted.
Features: low barriers to entry, can face day to day losses, make more money with leverage, can be imparted
One man’s meat is another man’s poison
Forex is not suitable for everyone (just like all other jobs isn’t it?) Adopting forex trading as a part time job or part time income requires individuals to give a good thought, to ask questions before jumping in. After jumping, work hard and don’t surrender too quickly. If you are interested to learn forex trading, feel free to write me or Chief Trainer Binni Ong or attend our free forex seminar so that we can share more with you.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.