Written by Huda Hamid
Office hours. Shifts. No matter what time of the day we’re working, the majority of us work a fixed number of hours per day. Thus we are limited by the amount of time to earn our monthly income.
In our previous article, we have shown you ways of how you are able to cut down on your expenses so that you’ll have enough money to set aside as savings. However for some of us who are newly married or just became parents, your expenses are fixed and cannot be reduced further. That’s where we need to learn how to earn multiple streams of income.
Our main income will always be from the salary of our jobs. Let’s say for an example you’re a Marketing Executive and earning $3000 a month. As an executive, even if you work longer hours than what’s needed, you won’t be receiving overtime pay, unlike blue collar workers. Some of you supplement your income by tutoring over the weekends, or baking cakes to be supplied for birthday parties. However, this will eat up time from you having a good rest or enjoying with your family.
Do you know that you can earn income without spending continuous amount of time working for it? It’s called Passive Income. It is an income received on a regular basis with little effort required to maintain it. How is that possible you might say?
Look around your house. Are you fully utilizing all the rooms in your house?
To read more on “How to Earn Your Passive Income”, subscribe to our Oct Issue here
About our writer
Huda Hamid is the co-founder of Blissful Studios and IncomeProtection.SG. Raised by her late Dad with an entrepreneurial mind from the tender age of 8, Huda develops ideas after ideas on how to earn passive income even whilst studying at NUS. Making financial education her mission, Huda hopes to inspire many others in her community on financial independence. For support and help, please contact her at email@example.com