Definitely, it is not driving a uber or grab car. These only make You help THEM make more money.
At the end of the day, the investor behind these company will make even more money than you drving a uber or grab car.
So, how do you make more money?
First, make a list of how you allocate or spend your money every month.
Document it and have a records for analysis.
Then, go through these items, and ask yourself, do you really need it or you can make it without spending a single cent?
Are the spending going to be effective? or are they going to be useless eventually? Or they simply make you happy buying it?
Now summarize the above and how you could do away and how much you can reduce?
You will be able to see a tremendous saving when you did this.
I would be surpise that you can squeeze $100 – $200 per month by just a simple documentation of what you spend, these returns are infinity.
Examples of these unneeded, not effective items
I cannot come up with an exhaustive list, but from what I gone through with others here are the common ones:
- Cable TV – How much time do you spend on it?
Let estimate, weekdays, after work, and dinner, most probably you on the TV around 8pm and by 10,30pm, I guess you will be probably snoring. 2.5hours for 5 days.
You will wake up late at probably 9am-11pm on Saturday or Sunday morning. Have a late bunch and ready to meet up with friends of some party and dinner.
Most of them will reach home late on Saturday night and most probably spend 1 hr on the TV before you go for a sleep.
Sunday afternoon is the time you spend most of the time with TV as you are lazy to go out and require more rest to work for Monday.
most of them will spend 3-4hours on TV watching the most boring shows.
You spend 16.5 – 18 hours per week or 66-72 hours per month to pay $120-$150 for cable TV where most of the time you are spending on laptop, computers, mobile phone chating and watching youtube about umbella lady and Melon San? Or watching movies on youtube, putlockers that are free and ads free online?
Think about it.
- Having a car in Singapore.
This is one of the most stupid thing to do in Singapore, where with added COE, owning a car in Singapore that less only for 10 years?
Calculation have proven that if you require a 4-6 trips of travelling in Singapore per day, you still spend lesser than owning a car in 10 years time.
On top of it, you have different chauffeur every time. I disagree that Uber and grab partners will make more money, but I totally agree that as a rider, you save much more than taking a Taxi or owning a car.
Nevertheless, if you are not late for work and have good time management, public transport will save you tons of money.
- Sending your daughter to an art class, Extra tuition?
This is a very big cultural problem with Singapore educational system. That help thousands of tuition centers make tons of profit in their pockets.
- Your extravagant meals are too often for the pay you are getting.
People spend on emotion. Control your emotion and you will control your spending.
You want an extra income ?
Many had been spammed by blogs such as Investment Moats that it is better to have more than a single stream of cash flow, other than our natural stream of cash flow from our day job.
But is it really true? Be smart and attend a few seminar or talk you and you will discover that the speakers actually earn more not through the trades or secrets they told you to practice but through the talks you sign up with the that cost a couple of thousand for you to attend.
Value for money? I suggest you to watch more of it from youtube.
So if you really want extra income? Stay tune for the next articles.