Basically, if you want to gain extra money in Singapore, you have to work hard and take many opportunities. The concept of making a side income appeals to just about every Singaporean, because you can never get too much money after all.
But if you’re actually factoring in the amount of time and energy required to raise money outside of your day job, most people get turned off.
Here are 5 ways to gain extra money in Singapore without putting a lot of time or energy into it.
1. You Can Sign up for a Services like GrabHitch
If you have a car, there’s something like GrabHitch you might profit from. That way, once you reach the road you can pick up passengers along the way.
After you leave the building, you can quickly pick up a passenger, and welcome one more on your way home. This is a brilliant idea for those who want to go out late at night when there’s not a lot of road traffic.
2. Set up an Airbnb Experience
Make your hobby an profit by making it a ‘experience’ You might build an experience on Airbnb, which is historically a site for people to rent out their homes, where you can teach other skills related to your hobby.
3. Rent Out Spare Rooms in Your Home
Since homes in Singapore are seen as assets, it’s time to milk yours for all that’s worth. You can rent out spare rooms on Airbnb if you live in a condo or on a landed property. Overseas there are also several people who rent out their living rooms for a small fee to visitors. Only notice that the standard short term rental period is at least 3 months.
Though short-term leases of less than 6 months for HDB flats are legally not allowed in Singapore, the government has so far done little to track down and prosecute private property owners who rent out their rooms to tourists. If you live in a HDB apartment, don’t try this trick as you could get your entire home confiscated.
4. Look After People’s Pets
Babysitting the children of other people takes a lot of time, as you are required to keep an eye on them during the day. Fortunately, it’s not that hard to sit cat. Pet-sitters on Pawshake have the option to turn their homes into a pet kennel of sorts by letting people take their pets on vacation with them.
5. If You Have Some Spare Cash, Invest in Dividend-Yielding Stocks
Another way you can see the quick returns on your investment is to invest in dividend stocks.
Remember, however, that these come with a certain amount of risk, like all stock investments, while fair dividend-yielding stocks appear to be very stable blue chips.
On the downside, that means you should not expect those stocks to skyrocket overnight in value. And if you’re young and/or have a higher risk tolerance, you probably don’t want these to be your only portfolio investment.