Money spins the world around. It’s what turns good people to criminals and worthless people into hardworking professionals. Everyone wants and also needs some extra wealth because no one can or will work for all their lives on the same desk. The problem is old age. Everyone has to leave their energy and enthusiasm behind and just lay down on the rocking chair waiting for it to end. Which is why everyone tries to make the best out of their lives and earn enough wealth which can support them at the twilight years of his or her life. Extra income is generally needed for savings. People are always looking for extra cash which can be utilized while saving a big chunk of money from their primary income source.
Extra income
It is not only because of old age that people want to earn extra income. The world is full of temptations and we’re mere humans. Everyone wants a better lifestyle than what they have right now. Everyone wants to buy better clothes, eat out at fancy restaurants, take their family for a vacation and book a resort. Ok, that is too much, but you still want it
What is active Income?
Active income is the salary you earn from your everyday job. It is the main source of income for any person that is working a full-time job. It is called active income because there is effort applied in the process of earning it. There is always a regular activity in progress in order to make active income. It is not important that the activity has to be a strenuous exercise or physical activity. In fact, it can be a desk job at an office which employs the working of the brain.
There is always some activity or work included when it comes to active income. The average income of the common Singaporean public is SG$4400. While some less fortunate people earn even lesser. But active income is the key to survival in the concrete jungle, you should never make it. It is what puts food on your table. Here are some examples of how you can have a good active income.
Get a Job
I’m not trying to offend you, but if you do get offended and get motivation for a job, it’s good, you now earn active income every month. If you’re sitting at home doing nothing, either it’s your parents who still earn, or you’re dead. Your parents won’t always be there for you and the government does nothing for people who are unemployed. So, if you have a college degree, go look for a job, check the classifieds section in the newspaper and go use something that you think is within the area of your expertise or knowledge.
Utilize Your Hobby
Everyone has a hobby that they have developed during their learning years. It could be painting, computer graphics, photography or photo editing. Whatever your hobby, find a market for your hobby. There are a lot of websites that connect clients with skilled people. Hence, you can even go ahead and sell your work to people on online markets like e-bay. Social media has also emerged as a way of connecting professionals. You can advertise your work through your Facebook newsfeed and get customers for your own business. For example, if you like making graphics and artwork you can display them on your newsfeed and people who need it can connect with you. It is an opportunity for a well-running business that you can create.
Social media has also emerged as a way of connecting professionals. In fact, you can advertise your work through your Facebook newsfeed and get customers for your own business. For example, if you like making graphics and artwork you can display them on your newsfeed and people who need it can connect with you. It is an opportunity for a well-running business that you can create.
Start Freelancing
Freelancing can be a fulltime job if you give your time to it. Many people consider freelancing to be a thing for lazy people. But you are not lazy if you apply maximum hours for your work. There are a lot of freelance websites that provide skilled people with work opportunities. Hence, you can go to such websites and look for clients that need your skills. The skills sold on such websites can be anything from writing content to designing parts of a building if you are skilled enough.
Testing Video Games
Love playing video games all day? This is going to be fun for you. Video games are an ever-growing industry today. Hence, the effects of it can be seen in the massive popularity of PUBG. Video game tester is a real job profile and many companies hire gamers from around the world to test their games and check for programming bugs and graphics glitches. It includes long hours of playing games and has a good income. So if you really think you’re a pro at gaming, go get that money.
What is passive income?
Passive income is the money that your money earns. I know that was confusing, let’s clear it up. Everyone needs some extra wealth so that they can save what they earn from their daily jobs. But after your work hours, you don’t have enough time or energy to be indulged in some other activity. Here, the concept of passive income helps you. In fact, passive income can be earned by investing a part of your money into the market. The money flows through the market and comes back to you in multiplied amounts. Here are some examples of how you can earn passive income.
Investing in Real Estate
Everyone in Singapore adores the idea of investing in real estate. In fact, real estate has always been the best place to invest money. It offers passive income with ease and you can manage it from your phone. Buy a rental property and invest in its renovation and maintenance you’ll surely get satisfactory results and you can have some extra dollars in your pockets.
Invest in Stocks
This has been a global investment plan for many people. In case, you’re saving a considerate amount every month in your active income, you can invest the amount for buying stocks of public firms. The amount you earn when the stock prices rise can be reinvested into the market. This will allow you to grow your wealth. You can invest in blue-chip stocks using STI ETFs or REITs.
Invest in Annuities
This can be the solution for your retirement planning. In case, you’re saving money for your old age, this is the best place for you to invest the saved money. Annuities are the monthly amounts paid to you by an insurance company after your retirement. To make sure you gain max benefits from an annuity plan, start investing early. Make sure you keep paying the monthly savings amount to the insurance company because you’ll lose a significant amount of money if you surrender the policy.
Preservation
Wealth is something you need to preserve for your lifetime. But preservation is impossible due to the way money works, so the only way is to multiply it by using investment policies. Start saving from the day your first salary hits your bank account. It is the key to financial stability for the whole life.
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