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Common Myths You’ll Hear About Making Money Online

Today, we hear a lot of things about the Internet and one of that is making money online. For one, it just seems ridiculous to hear how a person can make thousands of Singaporean dollars on the internet. But wait, is it actually true? That and many common myths are circulating today, and here are some of them.

The internet is full of scammers
This myth might have come from the idea that you should not trust everything online. Logically, it is true that you shouldn’t trust everything you see on the internet, but it also doesn’t mean that everything online is a scam. If you do want to avoid getting scammed you should only sell your services to websites or people who are reputable and have established themselves as trustworthy businesses.

Additionally, you should only proceed with your transactions if you’re completely comfortable with offers. Nonetheless, not everyone in the internet is a scammer. You will find a lot of legitimate websites where you can earn money.

There’s only one formula to make money online
You will usually hear this from people who claim to have the formula that can make you “earn S$40,000 a month”. This is all too common, but there is not at all one sole formula that can make you earn money online. You can teach online courses, trade stocks online, take paid online surveys, make money through blogs or YouTube videos. Sure, one approach can be more effective than the other, but there are so many ways to make money online!

“The internet is used by almost everyone, you can easily make money”
The first part of the sentence is true, the second? Not so much. Just because the internet opens up new ways for a person to reach out to an audience, it doesn’t mean that money will start flowing instantly. Making money on the internet still takes some hard work and some brains. “The internet is used by everyone”, so you’ll have to work and use your experience to know how you can engage with people and earn money. This basically means that you use the internet not just as a platform for business, but also as a tool.

A website/blog is all you need
You get to see all these famous Singaporean bloggers write about mouth-watering food, or travelling, and now you think a blog is all you need to earn money. This is a usually a rookie misconception, but still a wrong mindset. When you decide to start a blog, for example, you’ll have to be good at writing articles. Even then, you won’t have many readers if you’re just starting out unless you market yourself well. You’ll also have to consider SEO (search engine optimization) to know which topics or words people look for the most.

There are so many things to consider, and nothing comes instantly. So, don’t set your expectations too high and work hard!

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The 3 Important Steps to Manage Your Finances Better

Sometimes, managing your money can be complicated. To budget your income well, you need to simplify the processes and you can keep your financial habits secure and your expenditure straightforward.

Here, we share to you three important steps to keep your spending organized.

1. Keep track of your finances
First of all, know where your money goes in order to budget it properly. Make use of some apps, your computer’s MS Excel or an accounting book to help you keep track of your spending.

Keep a weekly, monthly or even yearly record, so you know how much money you usually spend on a certain expense. Write down your income per month and deduct from that amount your fixed expenses like the mortgage and utility bills. Then, subtract the amount you want to put onto your savings from what remained from what remained. The amount of money you get after your savings is deducted is how much you can spend on personal expenses.

2. Evaluate the things you’re spending your money on
Evaluate every expense and determine which of those are necessary and while are worthwhile in the long run.
Rethink how you do your everyday activities. Do you often waste gas or transport fare by doing repeated trips to the same place on different days when you can just group the errands together in one spot all on the same day?
Do you really have to buy that expensive pair of shoes or just say no because you don’t really need another one to add to your collection of footwear?

Think hard about how and where you can cut corners so you can prioritize more important expenditure and more meaningful needs.

Ask yourself whether it’s really important and something that you need every time you are about to make a pricey purchase. Also, if you already have a family, ask yourself what’s more important. Perhaps, not the material things, but rather experiences and memories that will strengthen your family ties. So, instead of buying your kids the latest gadgets, save up for a vacation by planning your finances wisely.

3. Plan for unexpected expenses
It is smart to be always prepared and have a buffer in times of emergencies. Emergency funds should always be a part of any financial plan. Regardless of the situation, as much as possible, never touch your emergency funds, instead let it sit in the bank and earn interest. If something unexpected came up, such as losing your job, an accident or an unexpected expense like a family member got sick or your car broke, this is the time when you can take money from it.

Being able to manage your finances will make your life so much easier. Being organized will save you time and from potential headaches in the future.