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The Ultimate Guide To Making Extra Income

The start of 2018 sparks new opportunities for growth and prosperity. As we usher in a new year, you must not box yourself to the usual 9 to 5 jobs. Your potential to earn extra income is beyond the conventional choices. Contemplate on these creative ideas:

1. Gone are the days when employers rely on the physical presence of their assistants. Virtual assistants (VA) help ease the workload of business owners through remote support. Become a home-based VA by applying at upwork.com.

2. If you are a skilled driver who seeks an income-generating activity, look into the responsibilities of an Uber or a Grab driver. Your spare time can be spent in this flexible working environment.

3. My father wanted to sell his complete golf set, but he does not know where to start. I decided to post his listing on Craigslist. To his surprise, his inbox blew like wildfire. Selling your items online is a great way to earn income on the side. Be careful during personal meet-ups.

Image Credits: pixabay.com

4. For people who are utterly fond of domestic animals, it is a good idea to consider dog walking or pet sitting. Positions like these enable you to mix business with pleasure. You can either stay at the client’s home or take care of the pet in specific times of the day.

5. One of the easiest ways to make money as a tertiary student is to rent your textbooks to the next batch of students. Embody the process of online rental companies by providing a minimum number of rental days at fixed rates. You may sell the reference books too!

6. Offering tutorial services in a subject that you are skilled with is another way to earn as a tertiary student. You can either help them with their research papers or with their important exams. The possibilities rely on your available set of skills and knowledge.

7. Lastly, you may become an effortless mystery shopper. Mystery Shoppers are paid by the company’s marketing department to report about their experiences as they try the said company’s products, eat at their restaurants, or buy their goods.

Image Credits: pixabay.com

If you accepted a “mystery shopping” job, you will be paid for your time as well as be reimbursed for anything you bought.

3 Ways To Make The Most Out Of Your SRS

Prudent individuals go through great lengths in order to build retirement fund. Many Singaporeans completely rely on the government-mandated Central Provident Fund (CPF). It is a savings plan to fund important expense categories such as retirement, housing, and healthcare. Unbeknownst to some, there is a scheme that is meant to complement the strength of CPF. I am talking about the Supplementary Retirement Scheme (SRS). SRS flourishes your retirement savings by providing tax relief and investment options. Unlike CPF, SRS is a voluntary scheme. SRS members are free to contribute varying amounts which are subjected to a specific limit.

Make the most out of your SRS account by employing these tips:

MAXIMIZING YOUR TAX REDUCTIONS

While helping you cultivate your future, SRS simultaneously reduces your tax expenses at the present moment.

There are different types of tax relief that you can claim, such as the Earned Income Relief, Qualifying Child Relief, NSman Self Relief, and Parent Relief. The first one refers to the deduction of taxable income for every dollar deposited into the SRS account. Furthermore, you can reap tax-free investment gains made through your SRS account (i.e., not applicable to Singapore dividends).

SCHEDULING YOUR WITHDRAWALS

Let us be honest! You can withdraw funds from your SRS account even before you retire. Unfortunate instances such as medical emergencies and bankruptcy are among the significant reasons why this happens. Withdrawals can be completed in the form of cash or investments.

You must strategize your withdrawals to receive the most profitable scenario. You see, there is a chance that you will end up paying more tax if you withdraw the entirety of the SRS account upon retirement. By “more”, I am referring to the comparison between the “withdrawal tax” and the income tax savings. Consider scheduling your withdrawals spanning the period of 10 years.

GROWING YOUR INVESTMENTS

SRS is more than just a scheme to reduce your tax as it is an efficient tool for growing your retirement funds. It is meant to supplement your retirement money by embracing investment options. An increasing number of Singaporeans had been making contributions to their SRS accounts. For instance, the contributions made until December 2015 reached more than S$4 billion.

Why are people drawn to investing their SRS funds? For starters, gains are non-taxable. Furthermore, the long-term returns are higher when invested as compared to leaving your SRS fund in idle. From the retirement age and beyond, only 50% of your withdrawals will be taxable. It goes without saying that your bigger risk appetite is subject to the volatility of the stock market.

Image Credits: pixabay.com

A local institution that allows using SRS funds for unit trusts, index funds, unit trusts, or blue chip shares is OCBC.

Sources: 1 & 2

Delicious And Affordable Dishes From Themed Eateries In Singapore

Did you know edible helium balloons ever existed in Singapore? Well, it does! It exists along with other unique dishes offered at themed restaurants and cafes. Themed eateries usually go above and beyond the average dining experience.

If you are looking for something that steps outside of the box, keep your self entertained at these four establishments:

THE FIRST OF ITS KIND

In most situations, we bring more importance to the first and recent thing that we encountered. This is called the Primacy and Recency Effect. Let us pump up the accelerator on the Primacy Effect as we dive into a pioneering cafe, which showcased a massive collection of board games in Singapore. This cafe is none other than the Settler’s Cafe.

Settler’s Cafe has a collection spanning across its 14 years of existence. From trendy games such as the Game of Thrones Monopoly to the classic games such as Cluedo, you can always find something to suit your preferences.

Image Credits: facebook.com/pg/SettlersCafe

What’s more? You can enjoy an hour of competitive game without having to break the bank! Go for the Chicken Chop (about S$9.90) or the Dory Pasta Spaghetti (about S$10.90).

Location: 39 North Canal Road, Singapore 059295

I’LL BE THERE FOR YOU

As a certified television enthusiast, there are some shows that I can watch over and over again. One of my all-time favorite sitcoms is F.R.I.E.N.D.S. To my delight, founder Lim Jit Min has curated a cafe focusing on the wonders of the said show. The loyal following of this sitcom was highlighted as the cafe was made possible by crowdfunding.

Relive its hit set by taking a trip into the Central Perk Singapore. The interior of the cafe has been intricately designed to recreate the overall vibe of the show. Aside from its hip interior, Central Perk Singapore shines due to the quality of the food and beverages. A proof of that is the recently introduced “Edible Helium Balloons“.

The average price of a complete course can cost you about S$50. Nonetheless, Mrs. Braverman’s Cheesecake (S$12) is the pocket-friendly dish that you must try!

Location: 01-01 Central Mall, 1 Magazine Road Singapore 059567

JOURNEY INTO THE WOODS

Take an aesthetically pleasing journey into the forest as you enter the wooden door of Windowsill Café. When I say forest, I am referring to a couple of trees in the corner and wooden furniture. Not to mention, there is a teddy bear in the middle of the place. Take these all in!

Image Credits: facebook.com/WindowsillPies

The brains behind Windowsill are two brothers named Jonathan and Sean Gwee. Food has been their longstanding passion as they operated some food stalls from Pandan Valley to Takashimaya. Their pies and tarts are crafted in the finest manner with each one being sold at approximately S$8 per slice. Do not skip on the highly-recommended flavors such as S’mores and Banana Cognac!

Location: 95 Soo Chow Walk, Singapore 575382

FALL DOWN A RABBIT HOLE

As a curious child, one of the several tales that I gravitate towards was Lewis Carroll’s “Alice’s Adventures in Wonderland”. I guess the owners of the Hatter Street felt the same way too. This whimsical and bright cafe centers on all things related to the “Wonderland”. The walls were decorated with large stickers of creatures having tea or huge teapots. This is clearly a reference to Mad Hatter’s tea party.

Image Credits: facebook.com/HatterStreet

For people who are fond of the flavor Cookies and Cream, you will enjoy the Oh My Tian Brownie (S$7.50) which playfully fuses a generous scoop of ice cream and a soft brownie. Talk about the goodness that hot and cold can bring.

Location: Block 212 Hougang Street 21 #01-333, 530212

What restaurant or cafe looks most interesting to you? Can you recommend other themed eateries with inspirational interior? Leave a comment down below!

Sources: 1, 2, & 3

Overcoming 3 Financial Issues That Young Singaporeans Face

We encounter several new hurdles as young adults. We no longer receive a daily allowance from our parents and we have to pay the bills. Not to mention, our financial capabilities are seemingly low at the start of our careers.

On that note, here are three financial issues that young Singaporeans face and ways to overcome each one…

ISSUE #1: LACK OF FINANCIAL KNOWLEDGE

We cannot deny the fact that personal finance is rarely taught in schools. According to Kevin Gallegos, a consumer finance expert at Freedom Financial Network, the Millennials’ crying need for more financial literacy cannot be overstated. It is never too late! Financial literacy is something you shape through conscious effort, much like learning how to write.

Image Credits: pixabay.com

Young adults must take the initiative to educate themselves about the important topics surround money. These topics include budgeting monthly expenses, saving for retirement, and managing student loans. Following an online resource like MoneyDigest.sg or MoneySENSE.gov.sg can provide the foundation for you to learn the basics.

ISSUE #2: HAVING A LOW INCOME

Unless you are an heir to a successful company, the start of your career marks the time when your finances will be stretched. Having a low income impacts your ability to fulfill your primary needs such as food and shelter. Proper allocation of funds can help improve your situation.

Young Singaporeans shall distinguish between the needs and wants. If your income is not sufficient to address your primary needs then, you may consider taking a part-time job or freelance projects. Alternatively, you may eliminate unhealthy (and costly) lifestyle choices such as smoking. Imagine how much cash you will exhaust in a week if the price of a package of Marlboro cigarettes is about S$13!

ISSUE #3: CONFUSION BETWEEN SAVING AND INVESTING

Young adults are often experiencing a mix up between saving and investing. The idea behind it is similar, but the “mechanics” are different. Both involves the act of setting money aside for future use. The former is allocated after meeting your fixed and variable expenses. While, the latter is allocated if you want to grow your savings. Maintaining a realistic balance between these two is crucial for wealth cultivation.

Do not be afraid to read about investing as the power of compound interest works in your favor at the present time.

Image Credits: pixabay.com

To conquer the challenges that young adults face, they must educate themselves about personal finance. This will help them manage their spending habits, repayment of student loans, and so on. This is a great start to your financial journey.

May you have the confidence to overcome each financial issue ahead!

Sources: 1 & 2

What On Earth Is ERP?

As far as the majority is concerned, ERP is something that you must avoid during peak hours. Many Singaporeans plan their routes beforehand in order to drive away from the relatively costly charges. But, have you ever wondered why ERP exists?

ERP or Electronic Road Pricing emerged as a means to control the traffic conditions. Managing the congestion is a must as there is a limit to the number of roads that one can build in Singapore.

I have a simple task for you! As you travel to developing countries, observe how demanding it is for drivers to queue up to the appropriate toll booths. The ERP scheme diminishes this problem by deducting your payments in a wireless manner, without seeking further actions from the drivers.

Image Credits: lta.gov.sg

Its robustness paved way for the significant expansion from 2 to 80 distinct gantries (i.e., bridge-like overhead structure with a platform). You see, ERP was activated on the 1998. Its predecessor was known as the Area Licensing Scheme. Drivers in the late 70’s will remember this.

You may wonder how ERP rates are determined. In complex terms: “rates will be adjusted accordingly based on an optimal speed range of 20-30 km/h on arterial roads and 45-65 km/h on expressways”. In simpler terms, ERP rates are determined by a quarterly review of traffic speeds on certain roads. Factors that affect the rates include:

a. the passenger car unit equivalent,
b. the time you entered the restricted zone, and
c. the systemic pattern during peak hours (i.e., charges alter every half hour during peak hours).

Image Credits: pixabay.com

The future of ERP takes form as a Global Navigation Satellite System. NCS Pte Ltd. and Mitsubishi Heavy Industries Engine System Asia Pte Ltd. were appointed to develop this new-age ERP. It will be operational by 2020.

Are you ready for this contemporary shift and its potential effects on the road rates?

Sources: 1 & 2

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