Making money from home in Singapore - The Key Considerations

The last two decades have seen sustained technological advancement across the globe, and this trend shows absolutely no sign of abating any time soon.

This has certainly helped to create a more purposeful and accessible Internet, which is now accessed by around 3.9 billion people (or 59.1% of the world’s population). The corresponding number in 1995 was just 16 million people, and there’s no doubt that this will continue to grow exponentially in the future.

 

The growth of the Internet has also made it easier than ever to make money and create additional income streams in nations such as Singapore. Here are a few of the best and most lucrative:

 

1. Create a Blog

 

Ten years ago, the art of ‘blogging’ was considered to be one of the easiest and most accessible ways of making money online.

 

Of course, Google’s regular algorithm updates and increased focus on the quality of content published (as opposed to quantity) has made it a little harder to become a successful blogger in 2020.

 

Despite this, it remains a viable way of earning additional and convenient income online in Singapore, particularly if you’re able to produce good quality content or have viable expertise in a specific area.

 

There are also minimal barriers to entry online, as the startup cost is relatively low and you don’t need advanced programming skills to create a blog site on platforms such as WordPress.

 

2. Trade Forex Online

 

Another viable, if slightly riskier option, is to consider trading forex and international currencies online.

 

Sure, this requires some startup capital, while knowledge of the marketplace and the underlying laws that govern daily price shifts is also necessary if you’re to succeed over an extended period of time.

 

However, the potential rewards are huge, not least because currency is a derivative asset class that can be traded on margin and enables investors to earn far more than their initial deposit.

 

Online brokerage sites can also help novice traders to succeed in the digital age, with forex demo accounts widely available and capable of providing a simulated, real-time market where they can hone their various strategies.

 

3. Market Your Skills as a Freelancer

If you’re uncomfortable with the notion of forex trading and prefer to pursue active over passive income streams, you may want to consider marketing your existing knowledge and skills as a freelancer.

Like forex trading, this option can be pursued alongside an existing, 9-5 job, creating a scenario where you can really optimise your earning potential or lay the foundations for a new and more lucrative career.

There’s also a raft of freelance career opportunities that are subject to particularly high levels of demand, including website and mobile development, content creation and photography.

Just remember that time-management is key when attempting to combine freelancing with a full-time career, while you should also review your employment contract to ensure that such activity isn’t prohibited.