Your basic income too low or you just wanna have fun? Ah, you overused money, and saving ain't gonna happen unless you're discipline enough. Hah!
Here are some ways you can earn extra, part of some my experience, and it ain't gonna make you a millionaire. I had already "been there, done that" BUT if you wanna give it a go, why not? Never try, never know...
Here, I have two parts of earning side incomes:-
- GOOD AT SELLING? (3 ways)
- SAVE AND EARN!!!
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Good at Selling?
1. Direct Marketing and MLM - join all types of direct marketing but make sure the entry fee is free. Recruiting is the key. Find all your contacts from phone books, name cards collection, your mom's phone books and any phone numbers you see in FB and car windows.
Expand your network and let them sell for you! Use the products that you sell. I'm a member of Atomy used the products and my downlines use them too. I get about RM250 every 6 months, given that you spent a fortune first. Consider that as a cash back. Let me know if you want to join me.
Don't join the ones that you have to keep a quota, ex. you need to buy RM2000 every month to maintain your membership - get out of there!
- Earnings = about 5% of products that you sold, in a thousand year's time.
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What I did in previous years - selling preloved toys, selling drinks and selling handmade felt caps.
2. Join selling in all types of bazaar and carnival - rent a booth to sell stuffs. Your preloved stuffs, food and drinks and even your direct marketing products. The largest profit margin you can make is from drinks, at least 50% of the selling price.
Try making a unique drink such as "Honey Lemon with Chia Seeds" or "Coffee with Chocolate Ice Cubes". Above, I made Cranberry Mango Tea for sale. Sold out both days. Rent was free! 😁
Sometimes organizers don't charge rental fee. Don't join the ones which are too far from your ideal place, don't join if the rental fee is too high. Always follow the rules and regulations set by organizer, follow the theme._ Don't sell your preloved books in a Sausage Festival._
- Earnings = depends on what you're selling, and whether customers buy your stuff or not.
There's also service income. If you have talents, you may sell it. I sold my service as Henna temporary tattoo artist.
I charge customers RM5 - RM10 per tattoo.
- Earns around 80% profit margin.
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3. Invest your money to a business selling popular items - Nowadays, many investors like to put some money into bubble milk tea vendors. People are crazy for cold drinks, especially bubble milk tea.
Just rent a corner at a shop, restaurant or a small space in the market, and hire a person to handle it - multitasker perferred. Don't rent an expensive space.
Open at a place where there's another bubble milk tea shop. They already created the trend (of bubble milk tea), now make your bubble tea more delicious and get all their customers over to you. It is okay if the other shop hate you, as long as your customers love you.
You may consider giving free gifts or membership card or loyalty card for them to keep coming back. Even better - make a card that they can top up the money in, like Starbucks. Money earned, even before customers spent it.
- Earnings - at least 50% of your sales income.
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Save, save, save!
1. Save money into Fixed Deposits and Saving Schemes
You might need to do some studying here, involving your local banks and insurance companies.
The best savings account I have ever made was a junior savings account in Hong Leong Bank. When the kid opens an account there, they will give the account daily interest and credited every month of the balance inside, from 12 years old until the kid turns 18 years old.
Other than that, all schemes and savings account offers low interest and slow too. If you can wait and demand for safe saving, that is your best choice.
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2. Save every month into Unit Trust
Open account in any banks requesting for Unit Trust Account. Unit trust is like investing in shares but there will be a group of professionals who will use your money to invest in a diversity of industry. You just need to choose your mutual fund, ex. Asia Pacific, China Australia, Islamic Ittikal and many more. Consult the bank staff.
Initial capital is always RM1000. Every month, make sure you save Rm100 into the unit trust. Total investment for a year is RM2200, minus 5% management fees RM110 = RM2090. If the mutual fund performed well, you might earn 1% - 10% interest.
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3. Be a Money Lender!
This is true... Save your money and be a money lender. In fact, people who lends a little, are the people who pay up on time. (Good paymaster). Just charge a little interest, say 5% a week.
Another way is also lending out 90% but getting back 100%. Meaning, if the borrower takes RM900, the payback should be RM1000. Isn't it great? Who's gonna give you Rm100 for free!?
Haha... You just need to find out whether it's legal in your country or not. Otherwise, just do this among your friends and relatives only. However, watch who you lend to, you might not get it back.
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In Conclusion
I have been trying to make side incomes for many years but I ended up using more expenses instead. Therefore, be very careful of what type of businesses or schemes you venture in. Always be smart, there's no fast money. Even if there is fast money, it will only be one time.
For me, I'm earning well enough to support my family - my mother and my son. As a single mother without any support from other sources, I thought that I must find another way to earn. Lastly, I found that my profession already is earning sufficiently.
You may earn a lot of money, the problem is how you spend it. Your spending habit and attitude is making your poor. -
Read a lot and study. This will widen your horizons and you may talk to some smart people who can help you along the way. Thank you for reading my post. Thank yourself, too, for taking the first step to earning side Income.