Exploring side gigs as an additional income source
If you are looking at this blog post, then perhaps you are one of the many Singaporeans who wouldn’t mind having more disposable income. Our desire for more pushes us to actively explore other sources of income. In fact, The Straits Times reported a rising trend in side gigs amongst Singaporeans, with as many as 180,000 individuals pursuing primary freelance work last year. Additionally, there was an increasing number of graduate students taking up side gigs and freelance work after graduation. Almost 33.1% of NTU Arts, Design, and Media students took up such jobs. While the gig economy is slowly becoming the “in thing”, does it really pay well and can we be doing more with our time?
How much can you earn?
Recently, American online lender Earnest conducted an analysis to see which side gigs net you the most cash. In their study, data regarding side gigs such as Airbnb, Doordash, Etsy, Fiverr, and more, were collected from over tens of thousands of hardworking individuals.
Image by Earnest.com
Many of these services, like Doordash, have Singapore equivalents (Deliveroo, etc). Across the 2 years of data collection, Earnest.com discovered that over 85% of workers made less than USD $500 a month. The study also offers us valuable insight into the relative earning potential of such services.
Interestingly, Airbnb hosts earned the most. Hosts rake in an average of USD $924 monthly, far beyond the USD $364 average monthly cash Uber drivers can earn. We did our own number crunching and found out that Singaporean Uber drivers bring home between S$6-10 an hour (find out more here). Unfortunately, not everyone magically has a spare car lying around or even a house for rent, so we have to rely on trading time for money. Without services like Airbnb and Getaround, the average earnings plummet to USD $380, a far cry from USD $924.
Get more with your time.
For all of us, it boils down to this question: How much better can you monetise your time? If an average part-time job nets you $10/hr, then just working 4 hours a day can help you earn SGD $800 a month. Even after accounting for the currency difference, a part-time job still earns you more money than the average side gig. Furthermore, this eliminates worries like car rent or inconsistent income. Of course, you might ask, “Isn’t it difficult to find part-time work that pays well?” Fear not, we’ve got you covered.
With Freeboh, you can easily find part-time jobs from over 700 employers, hiring for short shifts, morning shifts, weekend shifts, and more! Browse through the listings to find the part-time job that fits your life. Want to start monetising your time now? Apply for the latest jobs below!
Read the original article here at Learnvest