Paving the Path to Financial Independence
We explore five engaging side hustles, evaluating how viable each option is for the average Singaporean looking to retire before 45.
1. E-commerce
- Competition: Intense, with major players dominating.
- Startup Effort: Moderate, requires strategic planning, settling of logistics, liaising with suppliers, marketing & more.
- Investment: Depends on the supplier & product sold, but generally for new entrepreneurs who aren’t certain of the demand for their products & do not currently have good reviews, it can be tough to start.
- Time Commitment: High, if you need to keep managing the marketing aspects & packing/shipping out products, plus answering customer queries
While e-commerce offers opportunities, it’s becoming increasingly challenging for ordinary Singaporeans.
The market is crowded with major players, and recent layoffs in the industry suggest a shift towards cost-cutting and efficiency.
Success in this space now requires innovative strategies to stand out.
2. Freelancing
- Competition: High, with global remote players.
- Startup Effort: Low, based on existing skills. You’ll need time to build up your portfolio & source for clients.
- Investment: Depends if you already have the skills. If not, you’ll need to invest in a course to grow it.
- Time Commitment: Flexible.
Freelancers in Singapore face competition from low-cost workers globally, particularly from regions where the weak currency allows the freelancers in that country to charge low fees for their services.
This requires local freelancers to uniquely position themselves, either through specialized skills or superior quality of service.
You might even have your fees reduced significantly just to get the job, making it not worth the time spent on the job.
3. Tutoring
- Competition: Moderate, there are many tutors in Singapore but with the declining birth rate and less emphasis on grades in school, competition could increase as the demand for tutoring drops.
- Startup Effort: Moderate, but requires keeping up with changing syllabus
- Investment: Low, mainly your time and knowledge.
- Time Commitment: Flexible, but preparation is key.
This side hustle demands staying abreast of the latest educational developments to remain relevant and effective.
Not to mention, the syllabus also keeps getting harder, with many adults these days struggling to even complete primary school math.
BONUS: Forex Trading
Most people think of a side business or utilizing their existing skillsets when thinking of potential side hustles, but here’s why you should consider Forex trading as well.
While some might be hesitant to approach it, its potential as a side hustle should not be overlooked.
When navigated successfully, it could potentially be a lot more rewarding than the other side hustles due to the following reasons:
- Competition: NIL, you can profit as long as you understand how to read charts
- Startup Effort: Moderate. You could even get a bot to trade for you.
- Investment: Low. Start small and scale.
- Time Commitment: Highly flexible. Best for busy professionals.
In fact, it can not just be a side hustle but replace your full-time job fully.
Meet Lloyd, a photographer who joined this free trading webclass by a leading forex community in Singapore.
In just 2 years, he successfully managed to quit his job to trade full-time & is now more or less retired at 34 years old.
Watch more about his journey below!
Why We Feel Forex Trading Beats Other Side Hustles
- Get paid what you deserve: There’s no need to negotiate with clients & there’s no risk of getting scammed by them into not paying you.
- Less time needed: You’ll only need 15-30/ min a day trading, to make the same amount that you spend hours doing in a typical side hustle.
- No need to work for others: No dealing with unreasonable demands from clients & being limited in the flexibility that you can have when working!
Here’s one of the best, free Forex trading classes we think you can sign up for, to see if it’s suitable for you.
We heard they have a risk management technique where you can trade without losing your capital. (& no, it’s not a demo account because you can withdraw your profits!)
Plus, you get a free forex starter guide upon signing up!
Conclusion
| E-commerce | Freelance | Tutoring | Forex | |
| Competition | Intense | High | Moderate | NIL |
| Startup Effort | Moderate | Moderate (Need to market yourself) | Moderate | Moderate |
| Investment | Depends on product & supplier. Buying in bulk cuts unit costs but upfront costs is higher. | Low if using existing skills | Low | Low |
| Time Commitment | High | Flexible start & end but the time period for each project can be long. | Moderate, rigid since its based on a fixed schedule | Flexible (15 to 30 min/day) |
These side hustles each have their unique challenges and opportunities.
Selecting the right side hustle can be a powerful tool in your quest for achieving FIRE (Financial Independence, Retire Early).
Trying them out via attending free classes can enable you to determine what would be best for you.
Remember, “The future depends on what you do today.” (Mahatma Gandhi)
Click the banner image below if you’d like to sign up for the free forex trading webclass
