By Sgwealthbuilder (guest contributor)
Many Singaporeans find the cost of living very high in Singapore. This is especially so during the last few years due to rising inflation. In spite of the global economic downturn, the unemployment rate remains low in Singapore, but most Singaporeans struggle with the rising costs, as their salaries remain stagnant. Hence, many of us are concerned about whether we would make enough money to retire comfortably in our twilight years.
Recently, a good friend and I were lamenting on the rising cost of living in Singapore and pointed out that the same bowl of $2.00 noodles selling in the hawker centre stall now costs $2.50 or more. That represents a 25% increase in prices and we wondered how the average Singaporean could cope with this sort of inflation. We came to the conclusion that to beat inflation and get out of the rat race, we need to be rich. And there are mainly three ways to get rich in Singapore:
1. Doing business
The risk is high as an entrepreneur and there are no fixed monthly pay checks, CPF and bonuses. On top of that, there is no guaranteed success, and any setbacks can be financially fatal. But as the saying goes, high risk, high return, and no pain, no gain! To me, being a real estate agent, stockbroker and insurance agent can also be considered a form of business as you are essentially “minding your own business” – commissions are based solely on your hard work. Other good business opportunities include setting up online shops and creating mobile apps.
2. Investing in property
This is one of the most trusted ways to make money in Singapore due to the scarcity of land. You can earn passive income from your investment property through rental or you may opt to sell the property for capital appreciation. But the cons of property investing are that it usually requires a large amount of capital and is very illiquid. Unlike stocks and gold, you usually need 6 to 12 months to liquidate your investments. In addition, government measures and policies may also affect the property outlook and affect prices and demand.
3. Sales job
Every business needs sales, period. Sales executive and managers who deliver can earn good money, especially those in the financial sector. However, the art of selling is a skill which not many people possess.
Are there other good ways to get rich in Singapore (and no, TOTO and the lottery do not count)? Share your thoughts in the comments below!
By guest contributor SG Web Reviews, a Singapore blog on business ideas. Posted via www.MoneyMatters.sg, your guide on how to make more money, save smarter, invest intelligently, and enjoy your money like a pro. Click here to get our free report on what you must know about financial freedom.