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.

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

Crypto.com Revives CRO Coin Card Crypto Staking (were we trolled?)

2nd of May 2022, Crypto.com announced in an email that they are killing their famous crypto card cro staking program (see this video: https://youtu.be/M1X9SZxTZok)

Of course there was very vocal hoo-ha and complaints.

There were many large amount sell orders too, in the millions of CRO coin being sold. Personally, as a mixed income investor and growth investor, CRO was up my alley because it provided me with income

  • 12% from Earn and
  • 12% from Stake

When the Earn program was knee capped by adding the tiering in (basically anything above USD 30K, the earn is pittance) – I knew their earn program days were over.

So I felt it was still okay that I could still lean on 12% from CRO card staking.

But when they announced overnight (literally the night before, as I got the email on 2nd May but the effects started 1st May), it was brutal and sincerely, fucking unprofessionally annoying.

I considered, and since I couldn’t get income from CRO, I think my CRO bag is too much, so I decided to

  • unstake my Icy White tier CRO amounts
  • sell those CRO amounts for both top ten crypto as well as to fiat (withdraw to my bank account)

I still have a good chunk of CRO staked in the exchange, but I’ll think about what to do with it later when the staking is finished.

Is CDC out of money?

Some of the hearsay (lol, in a nod to Depp vs Heard case) is that Crypto.com is outta money because they spent too much in adspend (advertising spend).

It’s unlikely they are out of money. This year itself, in January, they set aside USD 500 million to invest in early stage crypto start ups (ie crypto venture capitalism), paid out of their balance sheet (ie cash from business operations). They have cash.

So….if they weren’t outta cash, then why?

A few reasons in my speculated theories (hey, I’m no insider, but I can estimate why)

  1. It was in their plan all along to reduce such non-revenue-generating expenses. Paying out in crypto earn and cro staking doesn’t generate revenue for them at all. It was good and sexy to attract clients and users* (the keyword here is USERS. They want users who use their platforms and trade, so that it generates revenue).
  2. Secondly, they burned 80% of CRO so it’s possible that they need to create a buy-back event AS well as shake out passive, non-active non-revenue generating hodlers.
  3. This isnt their first time reducing earn or stake rewards since they started operations.

What should you do?

Dr Crypto Finance said this in this article: https://drcryptofinance.substack.com/p/crypto-dot-com-cdc-cro-crypto-crisis?

  • Don’t Sell Your CRO Right Now —> CDC is changing its fundamentals. This doesn’t mean it has lost its fundamentals. I, personally, believe it will succeed in its rebrand and will give Binance, BSC, and BNB a run for their money. Don’t sell for a loss now when you can sell for a profit 2 years from now (inflation-adjusted…)
  • Don’t Buy Anymore CRO Right Now —> market conditions are currently very volatile and I, honestly, have no idea where the price of CRO will settle. I believe CRO will not fall below 0.20 USD/CRO but I also might be wrong if CDC takes actions to move the price further down. At the end of the day, I think you have 2 years of bear market instability on your side.
  • Prepare To Buy More CRO In The Next 6-12 Months —> if you haven’t lost faith in the company, you may consider buying more CRO but at the 0.20-0.25 USD/CRO price point. Bear in mind that your DeFi wallet will continue to offer you ~12% returns on staking your CRO through various validator nodes if you do choose to buy CRO in the next 6-12 months.

What am I going to do?

For me, as I prefer and need to have income as well as growth (capital gains), I cannot just wait for CRO price to increase. I know their price will increase gradually with their

  • defi
  • cronos chain
  • crypto early-stage investing
  • others

But I need income to live. So for me, I liquidated a chunk to both

  • fiat, which I’ve drawn out to my bank account
  • top 10 non-stable coin positions

I’ll be withdrawing more crypto to fiat purchasing a rental property that has more stability.

Am I still in CRO?

Hell yeah.

I believe they can be a strong contender to Binance as they grow. I am still annoyed at the way they communicate and do things, and moving forward, I am setting my expectation that eventually there will be zero earn and stake rewards, and my returns on CRO will be purely on price action of CRO coin.

Crypto.com stops and kills card staking program (no more crypto passive staking income!)

Sorry news indeed

I received this sorry, sorry news today, 2nd May 2022.

In a nutshell:

  1. decreased CRO cashback across all cards (most notably, all staked card cashback: Obsidian drops from 8% to 5%; Icy White/Rose Gold drops from 5% to 3%, Indigo/Jade drops to 1.5% and blue doesn’t earn any cashback at all)
  2. capping of CRO cashback below Icy White/Rose Gold and Obsidian – Indigo/Jade max $50/month and Ruby Steel max $25 CRO cashback per month
  3. the hardest hitting was the entire killing of crypto stake returns, which was the primary reason why I (and perhaps many others like me), still held onto staking

End of crypto.com?

To me, it marks the end of good crypto passive income (technically, crypto passive staking income) which I got as a Icy White CRO VISA card holder.

It was pretty good too, at 12% returns per year.

As I mourn this, I’m not dumb – I knew it’s a matter of time, but as I mentioned, there should be better tiering like say, go from 12% to 10% or 8%, is still acceptable.

But oing from 12% to 0%?

That’s way hard nerfing man, crypto.com.

Well, it was good while the earn and stake lasted, and I dont think it’s the end of crypto.com – they still have their developing cannons:

  • DeFi
  • Cronos chain
  • ?NFT (not sure if they’re strong with this).

What am I doing from here?

Well for me, there is little point to hold onto the card anymore, and I have shelved the idea of upgrading to Obsidian black. Zero benefits of locking $40K or $400K for zero stake returns as well as 3% and 5% CRO cashback.

So as my card stake has already hit the 180 days (6 months) staking, I unstaked it and sold my CRO for USDC. I am still holding onto CRO coins, just rebalancing and spreading out the love.

I will also be cashing out a portion to invest in more traditional investments, such as

  • rental property
  • index funds

Still have chunk in crypto of course

I think we’re still early to the crypto party, just that now we’re in bear market and winter, so I’m just gonna hodl after I withdraw profits and principal amounts, and camp on.

Can Bitcoin price go up to $950K with adoption and government regulation?

Disclaimer: crypto is volatile and there are lots of scams out there – you can make a lot or you can lose a lot (or everything). Do your own research – this is not financial advice. I’m just showing what I’m doing, and I’m taking risks on my end too. I’ve been both right and wrong before, so do your research.

How I started in crypto

I entered crypto speculation in late 2017 when my best friend introduced me to it, and of course I was freaking skeptical when I first saw it. I was very cautious of it being a scam as I hadnt really heard of bitcoin or crypto before that (I’m in the offline physical therapy world).

I pored over whitepapers, got involved with different crypto and blockchain projects.

Of course, I definitely got rugpulled a number of times across different projects (the highest risks are with new projects with lots of hype and fluff and promises of high returns).

At the end of 2018, there was a massive crash (or correction?) as bitcoin went I sat on a paper loss of 80%++ – I was so sad and guilty when I told my wife, but I stayed for both the tech and adoption, which I believe will increase the price.

True enough, in 2021, my speculations in crypto sits currently at 300%+ of my original investment amount, and I’m sensing that it should have another good run as governments and regulations on board and after it gets regulated, the returns should be “normal like financial markets”.

Note #:1 regulations usually means that financial institutions, sovereign/wealth funds, pension plans etc will have more exposure to crypto as a whole.

I chanced upon some videos/articles and wanted to share this with you:

  1. Kevin O’Leary: Crypto Will Be the 12th Sector of the S&P https://www.youtube.com/watch?v=gSPSRVDN8l4
  2. Kevin O’Leary: 20% of my portfolio is in cryptocurrencies https://www.youtube.com/watch?v=vqkC_XcxxJg
  3. Kevin O’Leary: Buy The Dip And Chill For 1 Year – They Want To Fool You, Don’t Listen To Them https://www.youtube.com/watch?v=FKqEOFwTO2A
  4. Kevin O’Leary: This Is Your Last Chance To Become Millionaire – My Most Sincere Advice To You https://www.youtube.com/watch?v=5_cyE10Ljms&t=5s
  5. BlackRock, Fidelity and others to invest $400M in USDC stablecoin issuer Circle https://techcrunch.com/2022/04/12/blackrock-fidelity-and-others-to-invest-400m-in-usdc-stablecoin-issuer-circle/
  6. Coin Gecko https://www.coingecko.com/
  7. 2021 financial market value https://www.statista.com/statistics/421060/global-financial-institutions-assets/

I believe that crypto including bitcoin, ethereum, solana, ripple and other crypto/blockchain projects would be regulated soon enough, and that itself will lead to a global increase of crypto market cap value as a whole.

No dang crystal ball

Of course, I dont have a crystal ball though that’d be nice lol, but I am ready to hodl my crypto speculations for a good 5-10+ years and longer. Why this is the case is as crypto becomes mainstream, it’d become “normal” to have, own and use crypto as methods of making and receiving payment =)

Note #2 I made a mistake – I thought the global financial market is worth 105M (see link #7), but it’s actually closer to $460 trillion in 2021. And I hadnt factored in other types of investments such as real estate.

For reference, crypto market cap April 2022 is $1.9T. That’s a conservative 230X comparatively.

What you can consider

For those who want to dip their toes / speculate into crypto but unsure, you can consider

  1. speculating into the top 10 / 50 / 100 of listed coins on coingecko
  2. ask your employer/side hustle jobs to pay you in crypto/btc
  3. invest into companies that have crypto exposure such as Tesla, MicroStrategy, NVidia etc

Remember, direct crypto speculation can be very volatile though is an emerging asset class – do your research and assume you can lose your invested amounts.

I’ll be holding onto my crypto and 5-10 years plus and equally as important, is to cash out (take out principal invested and profits) regularly – makes me sleep like a baby because my loss-related stress levels go down significantly =)

As Kevin o’Leary said in one of his videos: buy the dip and chill.

How to get money to finance your passive income goals (and dreams)

How To Get Money To Finance Your Passive Income Goals

Sometimes when I share my story where I started from zero to build up a 7-figure portfolio, people dismiss and summarize my wealth journey as fluke, that i’m somehow a lucky bastard.
Some think I was born rich because I look rich lol
But bros…I was born in a middle-class-to-poor family, and I have lots of memories of how we grow up pretty broke, some examples:
  • standing at the glass window of KFC and my embarrassed mother shoo-ing us away
  • returning cash gifts to my parents to “recycle” and give back
  • I ate a LOT of bean sprouts and eggs and carbs
  • oh the carbs – we would bulk buy plain biscuits and noodles from MAKRO, no longer around, and had lots of oatmeal, rice, porridge (oats or rice)

I really, really, really worked, learnt, saved, learnt some more to get to where I want to go, this was the typical life I had last 8+ years:

  1. Grind/worked 16-hour days, 7 days a week for 8 years after graduating (still working tho)
  2. Reinvesting every dollar, living very frugally
  3. …whilst people around me go on holidays, parties and buying whatever they liked

Is it easy to build passive income and retire early? Hell no!

It’s bloody tough and hard….if it’s easy, everyone would have lots of money, six pack abs and look forever 16 right (ehehe).
Of course I do it because it’s worth it – to me it means a lot to get streams of passive income as early as you can in life, ideally before 45 – so you can spend the next 45 years of your life playing and doing shit that’s important to you.

Ben Settle’s Gran Torino Story (from a movie) and what the movie taught me

I got an email from Ben Settle, and it summarizes how I began building my wealth and passive income journey. I figured it’s a good sharing story too.
Let me tell you the story told in Ben’s email:
==== Snippet from Ben’s email ====
So the snippet from the “Gran Torino” screenplay.
In the scene the old grouchy main character Walt — played by Clint Eastwood — is talking to the young loner teen Tao who he befriends about the valuable tool set in his garage, and how he got it.
TAO: I can’t afford to buy all this stuff.
WALT: I didn’t buy all this stuff at once, blockhead. I’ve lived here for fifty years. A man stays in one place long enough he tends to attract a decent set of tools.
TAO: Yeah, but…
WALT: Look, kid, I think I know where you’re going with this. You don’t need everything to maintain a house. I’m going to let you in on a little secret.
[Walt slaps down THREE items in quick succession.]
WALT: This is for you. Roll of duct tape, can of WD-40, and a pair of vise-grips. Any man who’s worth a shit can do half his household jobs with these three things. In the odd chance that doesn’t work out, you can borrow something.
And so the script goes…
==== End snippet from Ben’s email ====

2 points I picked up from Gran Torino story:

#1 – Start wherever you are, and start now.
Maybe it’s saving and investing $100 a month first. Or less or more, I don’t care.
Just start and keep going.
#2 – Keep it simple basic when you’re starting out
  1. Roll of duct tape = earn more / side hustle
  2. Can of WD-40 = stop buying shit that don’t advance your passive income goals
  3. Pair of vise-grips = investing and reinvesting into safe and reliable defensive assets

You just start where you are

You dont need a million dollars to start the ball rolling.

You dont need the best phones or computers or softwares or people.

Just start where you are and keep going.

I chose to freelance, and increased my base salary by at least 100%.

Entrepreneurship to earn more

So, I mentioned that I have / had some skills right? I’m a trained and license occupational therapist, so I can do related work in nursing homes, house calls etc.

I contacted an agency and secured a freelance job, which within first month increased my take home from $2000 before bonus to $4800 net.

Now before people start mentioning that I’m “luckier than some” because I had these skills and parents that funded my studies, I will agree. And I will add that you start where you are. Some of you will have skills and some dont. Some will have debt and some dont.

Whatever it is, start where you are.

It is waaaaaaay more important that you start and keep going, rather than having perfect line-up in your situation

I had no money when I started, so I spent what I had: time. I read blogs, books from libraries, met people and asked questions. As we earned more, we invested everything into growing the company. I went for classes and bought books and attended seminars on sales, money, management, marketing etc to improve my skills.

Made so many mistakes by upsetting clients or vendors, all the mistakes in the book.

We undercharged so much, and made little.

I was shit at negotiating, fearing that clients wont be happy.

I read and re-read all the marketing blogs and seminar materials I paid for.

And continued serving.

70% were happy, and 30% weren’t.

These got me experience dealing with realities of money, business and clients. It also got word of mouth going. The 70% referred me more clients.

Whenever possible, we took out some money to pay down our home so that we lived without debt.

I continued learning from the lessons and the processes on money, business and clients. I’m still learning and growing today, since I started my first business when I was 20 years old. I’m 40 years old today.

I continued to apply as I learned, and we grew the business more and more, and it was eventually acquired for a tidy 7-figure sum. I took that money and put some in real estate, and somehow, much went into crypto.

I’m going for classes to learn how to build an online business as well as use the money generated from crypto to live on where I pay for taxi, meals, grocery, even my power, water and gas bills!

So on and so forth.

Repeat until done

You may start your passive income and early retirement journey in debt or from zero, but as you stick with it long enough, keeping unnecessary costs low, earning more with side hustling and investing/reinvesting, you will find that your portfolio will grow and compound with time and continued investment.

You dont need to start out with a huge amount.

If you’re like me, starting out from zero, then you only need the retire early equivalent of duct tape, WD40 and vise-grips. My answer and conclusion is to start and keep going. Even if it’s $100 a month. Start there, keep at it. Pickup a side hustle, earn a couple hundred or more and chuck that into Vanguard. As you earn more, invest more and more

Work, save, invest, reinvest.

Do this again and again, over time.

Until you reach your portfolio target and ideal take home from investments.

Then you’re done, and onto the next.