Saturday, November 10, 2012

Earn Money

Every Wednesdays and weekends, one can just take a look at the snaking crowds which form outside the Singapore Pools outlets and if you have the time, you can count the number of people in the queue. The lines form due to one simple reason which is simply the fact that Singaporeans want to hit the jackpot, the Toto and 4D and earn more money!

As an average Singaporean, I can understand just how important money is to the lives of Singaporeans. With the high cost of living in our society, inflation and a rising Singapore dollar, it is rather a reality that Singaporeans want to earn more just to live!

After one graduate, one has to contend with the fact that he is embarking into a debt-ridden life. First of all, one has to earn enough to pay off the study loan that his parents have painstaking saved up or loan  from a bank. After which he has to pay for the marriage preparation cost and after getting a highly expensive flat in this island, he would have to contend with paying monthly mortgages plus the interests every month (provided one is to marry)! And for those who want more, they would have to pay for the monthly cost of car ownership, credit card loans, short termpayday loans  as well as insurances!

Unless you are a scholar having a nice rosy life without much worries or the heir of a profitable business, I am sorry to say that you would need to slug it out to sustain a living here or to lower down your dreams such as holidays and material pleasures in life. There are 66,000 (a report I read some days ago, put this number to 77,000, due to the rising Singapore dollar?) Singaporeans with a minimum net worth of US 1 million dollars, excluding property obligations. As such, we have on one end of the spectrum, the very rich and the other end of the spectrum, average Singaporeans like me who are either trying hard to subsist in this high cost society or are trying harder to be a millionaire and join the ranks of the 66,000 or 77,000!

So how to get that coveted passport to ensuring a good or millionaire life in Singapore?

First of all, one can study hard and get a degree and earn a better bargaining power in terms of salary when one starts work. The lies a caveat: only obtain degrees from recognized universities and not some degree mills. The reputation of Singapore as an education hub has recently been dented when it was discovered that some college or university programmes run by foreign universities here are just degree mills. If you can, do well in your studies and cocurricular activities and earn that prestigious scholarship, I heard of some scholars getting $5,000 upon entering into the workforce.

Secondly, one can start to explore investment and look at passive income. There is no magic formula here, one needs to put in effort and brace for the uncertainty of the financial markets as many were burnt in the recent financial meltdown! Do your homework before you explore this option.

A third method would be to take the practical route which is to do some part-time jobs such as tutoring, babysitting, being a waiter to augment one’s income. Check for your company’s HR policies lest you become a ‘moonlighter’.

Fourthly, take the accelerated step towards financial freedom. Just open up the newspapers everyday, you will see internet marketers, property entrepreneurs beckoning you to attend their talks and learn the money-making secrets from them (at a cost of course!). I attended some of these seminars but have never signed up because I am not convinced till now. Some of these ads have run on for so many years that one female entrepreneur always appearing in these ads has grown long silky hair! (just one tactic to attract more people into her seminars?). I used to have immense envy for Option trading expert Dr Clemen Chiang who ran heavy newspapers publicity blitz until it was discovered that his Phd is from a degree mill!

Last but not least, one can explore becoming a financial adviser, insurance advisor, property agent or MLM seller and work one’s charms around people and get sales! It pays that you have a large contact network to begin with if you pursue these options and have the aptitude for sales. I have a friend who has such a great talent that she easily earns $10K and more per month after just one year into the line.

There are of course illegal means to earn money but one will either soon be caught and exposed (e.g. T T Durai and Ren Ci’s Ming Yi embezzlement of funds) or jailed and even be sentenced to death for e.g. drug trafficking, robberies, theft, etc. These are crimes not revenues to earn money. Some also sold their bodies for money, e.g. prostitution. But I say, when we earn money, we do it the rightful and moral way so that we can enjoy a good night sleep everyday.

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