Below pointers are what I have implemented:
- Buying REITS to collect dividends
- Buying Blue Chip stocks as they are more stable and some even pay out dividends
- Buying into Indexes and ETF's
- Subscribing to Peter Lynch's concept of Beating the Street for my investments
2. Doing Online Surveys
I agree, there is an abundance of surveys online promising participants points in exchange for their opinion. The points can be used to exchange for vouchers or en-cashed.
Personally, I am only actively participating in three of such projects:
- Milieu
You simply download their mobile app and check the app regularly for any surveys which are pending your action.
Doing surveys on Milieu is a simple way to earn some cash vouchers while completing the questions, which are mostly multiple choice questions.
You have to be patient for the points to accumulate while you complete the surveys which can take quite some time before you are able to exchange their points for vouchers, cash, transport credits or charity donations.
This survey is done via online sign- ups. I chanced upon this while surfing Facebook and decided to join for the fun of it.
Fun Fact - they provide the $10 welcome voucher which you are entitled to when you first sign up.
Not so Fun Fact, their survey frequency is not as high as Milieu which means long wait for to claim my next voucher -.- But of course, as with all these gimmicky surveys, there is a referral code for the referrer to earn more points. so... dear reader, you know what to do :)
Edit: Happy Dot has recently revamped its website so do check it out. Users are able to view the poll results in real-time!
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According to their website, Earn (formerly 21.co) is a service that allows users to charge cryptocurrency in exchange for reading and replying to messages. Basically you link your work email and LinkedIn account details to Earn for them to perform a background verification to see if you are legit. Once done, Earn will send their users paid messages and surveys for them to complete. The amount in your account is collected in USD, but paid out to users in BTC.
Edit: Since December 2018, Earn has changed its format to Coinbase Earn, in invite-only mode. Traditionally, people earn cryptocurrency by mining or purchasing the assets they were familiar with. Many were hesitant to explore a new digital asset due to the lack of knowledge. Coinbase Earns strives to close the gap by allowing users to earn cryptocurrency while learning about them.
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And of course, I acknowledge there are 1001 ways to generate passive income. Ultimately, it is your choice how you want to do it and the amount of effort you want to put in.
- OpinionAPP
OpinionAPP is the latest survey for cash that I recently joined. Like any other paid surveys, you are first required to complete your profile in order for the algorithm to match the user to the appropriate surveys.
The OpinionAPP is available for download on both Android and iOS.
3. Earn Cash Back Rewards
- AIA Vitality Program
AIA Vitality is a wellness program that encourages users to keep fit by earning rewards for doing so. At the time of writing, the AIA Vitality program is available in Australia, Hong Kong, Malaysia, the Philippines, Singapore and Thailand. For just $5 a month, you can enjoy a plethora of rewards such as movie tickets at a discounted rate, supermarket vouchers and savings from their partner airline. Users can also enjoy health screening, checkups and purchase fitness trackers at member's rate too. Personally, the benefits that I enjoy can more than offset the monthly fee that I pay. This program is highly recommended. For more information on how you can join, please refer to link above.
- ManulifeMOVE
Similar to the AIA Vitality Program, Manulife has also come up with their customer loyalty program that rewards customers for being healthy. Singapore is the first and only country so far that Manulife that launched this program. The rewards are simple. By maintaining an average daily steps of 10,000 or more, the amount of cashback that you will earn is $50 for every 6 months. However, I feel that this program is lacking as compared to the AIA Vitality program in terms of eligibility and rewards. From what I read, eligibility conditions includes having a regular premium policy with a minimum annual premium of SGD/ USD 3000. I am not sure how many potential members are cut off because of this requirement. Also, the $50 cashback for every 6 months is not as much when compared to AIA Vitality program.
- Credit Card Rewards
I shall leave the research to you, the reader. I do not have any specific recommendations for this. There are too many card rewards programs on offer and personally I feel that these benefits add up to more or less the same. The decisive factor is what kind of reward you prefer, be it cashback, dining, travel, shopping/ entertainment or airline mileage. So choose accordingly to your lifestyle preference!
Places to get started for research include SingSaver and MoneySmart where they provide comparison tools for users to narrow down their credit card selection suitable for their lifestyle and needs.
4. Peer to Peer Lending (P2P)
According to the Monetary Authority of Singapore (MAS), P2P Lending also known as lending- based crowdfunding by business, is a fundraising model where many persons lend sums of money to a company and in turn receive the company's legally- binding commitment to repay the loan at a pre-determined time intervals and interest rates.
For those who are wondering if such means of borrowing is legal in Singapore, the answer is yes. It is regulated by the MAS under Securities and Futures Act (Cap. 289) and the Financial Advisers Act (Cap. 110).
Basically P2P came about as a form of disruption to the lending market. Traditionally when people want to borrow funds, they approach banks and licensed moneylenders. With the strict requirements, possibly higher cost of borrowing and processing time means many potential borrowers are being cut off from this approach.
For as low as $1000 minimum investment, your role as a money lender in P2P will be to lend money via the P2P platform, and receive monthly interest and principal payments in return. The returns are higher than investing your money in stocks/ bonds but the high returns comes with higher risk too. The company that you loan your money to may default on its payments and if the P2P platform closes down, you may have issues recovering your money.
The popular P2P funding platforms in Singapore include Funding Societies and Moolah Sense. However, there are more firms that are growing their presence in Singapore and around the region. Do check out Value Champions and Seedly for their excellent research on the best P2P platforms available.
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