4 Profitable Side Hustle That Works in 2022 (my fav is #2)

Earning more is never wrong.

Especially if you’re diversifying your income sources as well as monetizing your spare time instead of wasting it.

#1 Low hanging fruits: App-based services

Think of app-based services such as:

  • Food delivery: DoorDash, UberEats, GrabFood
  • People transport: Uber, Lyft, Grab
  • Parcel/item delivery: uparcel, LalaMove

and a lot more other similar businesses.

The good:

  • You can plug into the gig economy quickly and easily, simply by downloading the app(s) and applying to be a service provider.
  • Once they have approved your application, you can start work almost immediately (usually less than 7-14 days wait) and earn extra money daily
  • You can work around your schedule
  • Get paid quickly

The bad:

  • small-ish amounts

#2 Website + affiliate marketing (my fav)

This is by far my favorite.

The good:

  • you own your own website, which is similar to an online magazine that belongs to you (and no one can take it away from you – it’s your asset that you can grow or even sell or even give to your kids if you want to)
  • no income ceiling – you can earn a lot (there are bloggers earning $10K+ a month and more)
  • you can be as creative as you want
  • you can sell anything…as long as there is market
  • scalable with technology
  • 24/7
  • work from anywhere

The bad:

  • it takes time – at least 18-24+ months to see your first dollar
  • high learning curve (tech can be overwhelming in the beginning)
  • sometimes you can get hacked

It’s one of the hardest type of businesses to build, but it’s worth it when it works.

I learn how to build a profitable online business with Wealthy Affiliate (affiliate link). Sign up for free and no credit card needed – test it, speak to the community there, and then if, and only if, you’re ready to commit to building profitable online business, sign up.

#3 Buy low sell high

This is one of the fastest way to make money, but you need to be in the know. It’s one of the oldest form of business, where you buy (or make things) and sell it for a profit.

Some ideas of things you can sell includes baby wearing wraps and carriers, carpets, furniture, food and drinks (think bakes) as well as collectibles like NFT and pokemon cards.

The good:

  • it works
  • can be fun

The bad:

  • carrying inventory can be stressful or complex (if it can rot/spoil, like food)
  • you will also need to be active in your community, such as FaceBook groups, craigslist, flea markets etc.

#4 Convenient to-you services

This will be my 2nd favorite way to earn more, which is to provide convenient home services.

It can be massage, physical therapy, physical training, nail works, plumbing, electrical, handyman, pet sitting/walking, grass cutting, house sitting etc

The good:

  • people will pay for convenience AND
  • people will pay when they dont know how to do it

The bad:

  • its a service, so you need to show up and do the work
  • you need to collect money

Earn more so that you can invest in investments that can pay you interests and dividends, or to go for holidays and dinners. Your money, your choice.

I’m Buying The Crypto Dip (my simple reason why)

This is NOT financial advice and neither am I calling you to invest in what I’m doing – I’m showing you what I’m doing and why I’m doing it.

Also, let me also stress that there is a high chance that crypto market as a whole can go lower.

Bitcoin (BTC) and Ethereum (ETH) can go down another 20-50%.

The top 10-15 crypto projects can drop another 40-60%

ALT coins can go down another 50-80%+.

Who knows?

My simplistic basis of re-entering the crypto market is really

  1. I fundamentally believe in the technology and emerging asset class of crypto. I’m taking an asset view AND utility view for the middle to long term. So 3-5++ years of hodling, I’m good with that. 10 years or part of my legacy also is considered.
  2. Bitcoin and Ethereum has gone down at least 65-70% of their recent at the highest (ATH), and I am unable to time the crypto market at all. I dont mind buying good assets with 65%+ deep discounts, and though they may dip more the next 6 months, I will just buy more and hodl my crypto bags.
  3. I have taken some profits back to fiat (never wrong to take profits).

My goal here is that I’m not able to time the market effectively to buy at the bottomest bottom (is there even such a term) and hence zero loss. Nope, I’m not that good (though I wish, lol)

I’m happy to buy good assets with steep discounts and wait for them to zoom up during the bull cycle again.

Resource

I use https://nigelchua.com/crypto (cryptodotcom) for most of my hodling

Time To Buy The 2022 Dip? (crypto and stocks crash)

Feds raise fees by 75 basis points

With feds increasing interest rates and both the stock market and crypto markets seemingly on meltdown (at this time in writing, bitcoin is hovering around $20K, which is “peak” of 2017 and down 60% from all time high of $65K).

…which brings about some questions:

  • Is it time to buy the dip?
  • Should we buy the dip?
  • When is it time to buy the dip?

Short answer: Who knows?

I take the approach of first dollar-cost-average (DCA) which means that if the market goes down, my pre-set budget buys.

If the market goes up, my pre-set budget buys.

I dont like or want to spend too much time looking at charts and being too absorbed or up-and-down monitoring the market (which I am very guilty of lol). 2nd approach is when I have extra surplus, I do extra investing as prices dip.

That’s pretty much most of it.

Reports show that time IN the market is more important than timing the market, and I am definitely not smart enough to time the market at all.

Resource

I use https://nigelchua.com/crypto (cryptodotcom) for most of my hodling

Your First Million Dollars (what I learnt that you can do too)

I made my first million when I was 32.

Making your first million isn’t luck – it’s strategy, consistent efforts as well as knowing what to do and also, very importantly, what not to do. It’s not that easy, but doable for those who are hungry and willing to put in the time, effort to improve and self-correct.

The 3 core steps

  1. Earning (and earning more)
  2. Spending the same rate or percentage of your income
  3. Taking the surplus to invest regularly and consistently in low fees, low risk investments such as index funds
  4. Accelerators:
    • Starting a side hustle to earn and invest more
    • Taking a portion of the surplus to put into higher risk and returns

The money is nice of course…but it’s also a lot of fun learning, growing, meeting new people and helping others.

The most important factor and start to your first million is to earn more first and foremost (this increases your investing rate) followed by (2) rate of return of investment.

I fell again and again, the first doctor thought I had a stroke! (strong reminder to retire early)

Resources (Affiliate Links)

  1. Get 2 free websites + learn how to build an online business nigelchua.com/wealthyaffiliate
  2. Get a business logo nigelchua.com/fiverr

Falling and falling again

I still remember how I woke up in the morning of 20th May 2022, and as I got out of bed, I fell to my right onto the floor. I thought it was just too early in the morning and “my body hadn’t woken up” lol, so I stood up, but my body and head suddenly lurched to the right side, and I had to hold onto the wall to steady myself.

Even brushing my teeth I had to constantly and actively try to keep my body and head upright straight (kept feeling like it was falling right). Good news is that I didnt feel any numbness or weakness in my right, but to be safe, I told my wife what happened and asked her to bring the kids to school.

Lying down didnt make me feel like I’m falling to the right. Those experiences only came in sitting or worse in standing. It got a little better, and I slowly moved to the cupboard to pack my bag so I can check myself into the hospital.

At the hospital accident and emergency (A&E) department, the nurses there told me that there were no rooms available, in that hospital.

Ugh.

I asked to see the doctor anyway, since I was there already.

He was worried, and checked for sensation, movement, strength, stability. He wanted to do a brain MRI just in case, but I told him I wanted to ward for it but since cant ward as there was no bed, and as I felt about 40% better, I opted to make an outpatient appointment with the neurologist the next day.

Next day, when the neuro assessed me, he assured me that it wasnt a stroke and told me to go home – I was definitely assured.

Reminder To Retire Early

This incident definitely gave me a kick in the ass reminder to not waste time, and to work on my early retirement game plan, and finally execute it.

To stop fluffing around wasting time and get retirement cashflow income and investments sorted so that we can focus on the stuff that’s most important to us.

I dont know you personally, but I can confidently say this – time is the greatest resource, secondly only to love. If you have dreams to love, dreams to pursue things that you care for and are willing to die for, then, as quickly as possible, please, for your best sake, to build your portfolio of income-producing assets.

Make as much as you can, save as much as you can and keep investing in good assets that keep producing income for you and your loved ones.

Salaries will kill your hopes and dreams (here’s what to do about it)

Resources (Affiliate Links)

  1. Get 2 free websites + learn how to build an online business nigelchua.com/wealthyaffiliate
  2. Get a business logo nigelchua.com/fiverr

Salaries Are Dream Killers

Salaries are a drug that many companies use to kill your energy, time, motivations and dreams. It makes it comfortable to keep working for a salary as it pays the bills…at the expense of your hopes and ideals.

I get it, we all start somewhere, and we need to eat and have roof over our heads. I understand. But dont give up on yourself and your dreams – it is worth it to fight for a life worth living.

Do watch the video to find out the 3 ways salaries will kill your dreams, and what the 2 things you can do about it.

4 Proven Ways To Make (More) Money (#3 is my personal favorite)

Resources (Affiliate Links):

  1. Get 2 free websites + learn how to build an online business nigelchua.com/wealthyaffiliate
  2. 2) Get a business logo nigelchua.com/fiverr

Making money isn’t complex – it’s mainly steep learning curve in the beginning, and then it’s work.

Watch the video to find out the 4 proven ways to make money, and I like #3 the best (it’s my personal preference).

Let me know what’s your favorite =)

Thank you for watching 4 Proven Ways To Make (More) Money (timeless classics)

Grow Your CRO Faster (what I’m doing to grow my CRO bag update)

I’ve been a cronos (CRO) crypto hodler since 2019, when it was first known as MCO (monaco coin). Went through the rebranding process and conversion, and boyyyyyyyy things have changed a lot since I started back then.

In a previous video, I shared on the 6 ways I used to grow my CRO bag then, but as there’s been lots of changes since then, I’m updating the most current way I’m growing my cronos crypto stack.

Watch the video for the delicious 2 core ways, and find out the 3 bonuses too if you use the method I am using to grow my CRO and CRONOS crypto coin =)

Lost all my crypto?

What happens if I lost all my crypto holdings and portfolio?

I had a nasty nasty nightmare, that woke me up in shock and it took a couple minutes before I realized it was a dream (it’s a scary realistic nightmare man).

It’s probably a combination of trauma and reminder of my deep-seated unspoken fear about investing and speculating in cryptocurrencies (so easy to lose all your holdings by losing your security keys!)

…especially triggered with the recent UST – Luna – Anchor Protocol crypto collapse as well.

Deep and very serious reminders to:

Do not invest more you can afford to lose

Dont invest more than you can afford to lose and definitely, definitely do NOT borrow to invest (speculate or gamble) in high risk investments.

Crypto is definitely highly volatile and you can lose everything you put in there.

Take profits

My 2X rule now is that whenever an investment 2X (or ideally 3X), I need to take out 1-1.5X out.

Let the remaining amount go as far as possible.

Diversify beyond crypto

Don’t go all in or balls-deep into crypto (or any ONE investment).

Look, I believe in crypto, but it’s highly volatile AND doesn’t provide me cashflow like rental or dividends, so me and missus are now researching into income-generating assets to diversify into.

Start a side hustle to

  1. diversify your income (multiple sources of boss-less income)
  2. grow your network
  3. profits can be used to invest in other income-producing assets or reinvested
  4. potential to grow and scale

Remote bookkeeping side hustle? (really?? How much can you make per hour?)

Resources

  1. Free website tool to promote your virtual bookkeeping business http://nigelchua.com/wealthyaffiliate
  2. Online Payment (paypal.com, payoneer.com)
  3. Accept crypto payments, create account here https://nigelchua.com/crypto
  4. Hire freelancers to design your logo and namecards here https://nigelchua.com/fiverr

Bookkeepers are very, very important professionals in any businesses (even personal lives too, if you take your money seriously).

They

  • make sure your revenues and expenses are tracked carefully
  • bank statements are reconciled and tallies
  • any outstanding amounts are chased after
  • can even do payrolls and more

…but that being said, one of my biggest weakness…is that I cant stand to do bookkeeping and accounting.

I know cos I’ve been paying for remote and virtual book keeping ever since I started my first business, waaaaaaaaay back in 2008. I remember the first month of me futilely trying to do the accounts. It was so difficult, stressful and I dont know how many hairs I pulled out of my head in frustration.

More than 48 hours but still doesn’t tally or makes sense, whimpering, sad noises.

And our accountant sorted out in just 1 business hour lol – very obviously my lack of attention to details works against me. And knowing fellow entrepreneurs like myself, I assure you that bookkeeping will never, ever go out of fashion (you were right, dad, too bad I just suck at bookkeeping lol)

We still pay for bookkeepers and accountants till today.

Why virtual bookkeeper?

First, as I mentioned above – it’s a freaking necessity.

All businesses need to make sure their accounts and books are in order, if not they may be in for a nasty surprise if they’re not clear what’s happening with their numbers eg if they need to do more sales, cut back more unnecessary spending etc.

Secondly, it is behind the scenes and very important role.

Not everyone wants to be CEOs, directors or sales – there are much important responsibilities and things to do such as accounts and bookkeeping and finance that is very important too. Like how I do well in face-to-face, marketing, sales and management, there are others who just shine when it comes to numbers (not me lol.

Third: Remote!

This work can be done from anywhere – your hometown, during your travels, visiting friends and loved ones, or even as you care for sick loved ones.

How to start

No license required

I was surprised when I found out about this, and of course, most employers prefer someone who has formal education eg having a diploma or degree in accounting.

But there are many entrepreneurs like myself who would pay a bookkeeper if the bookkeeper is professional, accurate, efficient and well priced. Having good attitude goes a long way too.

If you want to be a virtual book keeper, you can

Formal studies

This is like going for college and universities for that diploma, degree or masters in accounting.

This is the most formal and long-route to becoming a bookkeeper, and it can take you years to graduate and come out to work as a bookkeeper. Usually a professional bookkeeper.

However, there is another path, which is simpler and quicker:

Self learning

Like attending courses and getting certificates in accounting.

You can do these online or in institutions in your town typically.

Your first virtual bookkeeping client

First, get your basic marketing stuff ready

You dont need more than 7 days (I did say basic eh), just

  • name cards with your name, contact and services
  • website with more details
  • bank account

Then, reach out to your direct network

This is calling and speaking personally to people you directly know, such as

  • First tier: close family
  • Second tier: extended family
  • Third tier: friends
  • Fourth tier: colleagues
  • Fifth tier: social media

Practice sharing what you do eg:

Hey NAME, I’m starting a virtual book keeping service business. I help businesses with book keeping, accounting, monthly and quarterly reporting and even payroll. If you know someone who may benefit from my services, please refer them to me. Thank you so much.

Notice I didn’t market, promote or sell directly – it’s an indirect sale, and I find it works better by not turning people off and when others refer others, word of mouth is even more powerful.

Paid networking?

Consider joining paid networking events and memberships as well for you to get steady referrals and leads.

An example of paid networking is BNI (business networking initiative) which costed me something like $500 per year (weekly gatherings also incur food and beverage costs) and the interesting thing is that the members of the group will refer specifically to someone within that group.

eg if they meet someone who needs your virtual bookkeeping service, they will connect you up

Of course there are more admin stuff involved including one-to-one meeting with each other, larger meet ups, admin duties etc (think of it like a business club).

Fees – what to charge?

The easiest is to call 3-5 of your competitors to ask them for their fee structure and services and then you can collate the information and decide.

Generally it falls into 2 categories

Per hour billing

Per hour billing, as its name, is basically billing by the hour.

Sometimes, some businesses wants a once-off so they go by hourly, but most of the time, businesses like mine prefer something more consistent, bringing us to:

Retainer

Retainer model is the same as membership and subscription.

You can tier up your retainer model by number of transactions or by hours (whichever easier for you) and bill your clients based on their needs on a monthly basis.

Lastly, protection

To be safe, I will always recommend bookkeepers to purchase general insurance:

  • general liability insurance
  • professional indemnity insurance

in the event something goes out of whack (mistakes do happen – we’re all human and sometimes we cock up).