This post is an update on my side income. In my previous post, $1500 per month from my side income, I talked about my side income and how much they are bringing me per month. In this post, I will share an update on those side incomes after about a year into them.
First and foremost, my rental income. As most of you are
aware, the rent in Singapore shot up quite a bit post Covid. Well my rental
income went up as a result of that as well. The previous rental rate of $2800
went up to $3400 per month. So after subtracting all the expenses and my wife's share, my rental income went up from $1000 to $1300 a good 30% increase.
However, with government ramping up housing supply, I would expect the rental rate to
soften this year and next.
Secondly, ecommerce. I have added some more products into my
store and it had increased my sales and revenue. I am really glad to have
started this and see it grow. Today, I am generating a round $500/month of
profit from my ecommerce side gig. It is getting quite challenging to juggle between my
other obligation and managing my ecommerce. I will follow up with
another post on the pros and cons of going into ecommerce business hopefully
soon.
Third, Interest/dividend from stocks/bonds and crypto. With
the increase in interest rate, I had been putting more cash into Singapore
Savings Bond instead of doing Housing Refund to my OA. I have also added some funds into
crypto doing Defi yield farming. Crypto is still pretty risky but I am only putting in a small
portion of my portfolio. All in all, this bump up this portion of my income
from $220 to $400 per month.
Lastly, Grab Hitch is bringing in more or less the same
while blogging had been slow. I haven’t been able to find the time to actively blog
due to my other commitments. This is something I need to really work on. Managing my time and try to pen down my thoughts more often. For
now, both of them are bringing in around $50/month for me.
In summary, my side income had grown from $1500/month about
a year ago to around $2200/month today. I am really glad that I managed to grow some of
these side income and they do come in handy in times of high inflation.
However, I had made sacrifices as well trying to juggle all these commitments.
Well there is a price to pay for building wealth. Hopefully all these sacrifice
will be worth it as I reap the fruit of my labor in the future.
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Reviewed by Valuewarrior
on
May 01, 2023
Rating:
Grab Hitch earns so little per month? Is it you only do it randomly? Thanks.
ReplyDeleteYes I don't do it regularly. Usually when I go office around 3 times a week.
ReplyDelete