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Oct 13

8 ways to make extra money in Malaysia legally

Money is never enough. That’s a phrase you’ll never get tired of hearing, especially during this tough time and chances are, you’re experiencing it too. As the pandemic continues to affect the economy, more people are getting laid off which gives rise to unemployment.

At the moment, it’s tough to predict when things will return to normal. With endless uncertainty surrounding economic recovery, the International Monetary Fund (IMF) predicts an impending global recession, one that’s worse than the Global Financial Crisis back in 2007-2009.

If you’re lucky to still have a job during this pandemic that brings you passive income in Malaysia, , you may want to look for more ways to grow your earnings and how to make extra money as well.

That way you can fund your hobbies or support any additional responsibilities in your household instead of relying on the financial relief schemes introduced by the Malaysia government.

With the internet becoming an essential part of our lives, you can expect to earn extra money online by monetising on your skills and knowledge. Besides, you get to sell your services not only in Malaysia but also abroad which may yield greater income.

However, you’ll need to be extra cautious in picking the platform so as not to get cheated.

Moving forward, we’ll be sharing eight ways how you can earn extra money online in Malaysia.

8 Methods to Make Money Legally in Malaysia

1. Monetise your writing skills

If you’re good at writing and composing articles based on the given topic, you may want to put your skills to use. When you have excellent writing skills, you can deliver the message effectively with precision.

That said, if you write a piece that appeals to the public, someone somewhere may notice your work and get you to write for them. Just be sure to draw a line where necessary so that your skills are fully appreciated.

With good writing skill, you can expect to earn RM16.70 per hour. That’s only the average hourly rate. If you intend to make a living out of writing or as a side hustle, be sure to do your research for the best possible outcome.

2. Be a content creator

It’s no secret that content creators can make a living from creating an array of content. This includes social media posts, sponsored posts, advertisements, and public appearances.

For you to become a successful content creator and be able to earn extra money from it, you’ll have to put in the effort and time. The result will only be visible after a consistent stream of content that is relevant to your audience. Your creativity is also crucial to keep them coming

If you like the spotlight, you can consider making it a full-time job like the influencers or YouTubers you see on Facebook, Instagram, Tik Tok or YouTube. However, do expect to invest in quality shooting materials to create better quality content.

Depending on your preferred platform, the quality of your content, social interactions, and the number of audiences, you can expect to earn US$1 per 1,000 views from YouTube. The more original content you create, the more money you can expect to earn.

3. Get involved in affiliate marketing

Affiliate marketing is another way to earn extra money. What you’ll be doing is promoting other people’s products and you get a commission if people buy the product thanks to your marketing strategy.

If you find a product that appeals to you, you can create a product review and earn some commission as an affiliate marketer. This requires you to be honest and transparent about the product as your audience may rely on your opinion to make their purchase.

Your ability to promote a product will determine how much you can earn, so it’s based on your performance. You can expect to earn between RM2,000 and RM10,000 in a month depending on the number of people who made their purchase after seeing your review.

4. Sell your photography

Stock images have seen growing demands as bloggers, creative agencies and businesses use them on websites and as promotional materials. If you have a passion for photography, you can turn it into a side hustle.

Taking good and unique images can be tricky if you don’t understand your camera. Before you can sell your images online, be sure to discover your specialities and focus on it. That way, you can take plenty of images that are unique and may appeal to the masses.

A picture is worth a thousand words. That said, stock images sites like Shutterstock, Getty Images, and Adobe Stock pay their contributors well for high quality and meaningful images. Depending on the platform you choose to sell your images, for example Shutterstock, you can expect to earn US$0.25 for every download of your image.

5. Be a virtual assistant

Aside from working your full-time job, you can also provide such assistance to a different employer from the comfort of your home, especially during this trying time.

The pandemic has in fact slowed down global economic growth, including Malaysia, rendering some companies to cut cost by retrenching their human resources. Some companies hire virtual assistants to aid in their business operation without the need to be present in a physical office.

Among the tasks that can earn you extra money as a virtual assistant are administrative tasks, financial tasks, social media engagements, market research, customer service and email management.

When you're starting as a virtual assistant, you can expect to earn RM20 to RM103 per hour. You can also determine your hiring rate based on your expertise and amount of time you’re willing to work. The more specialised you are, the more you can earn.

6. Provide online tutoring

Do you enjoy teaching and are good at certain subjects? Chances are you can turn it into a side hustle which may earn you extra money. By providing online tutoring, it allows you to help people to learn new things without the need to be physically present.

Besides, you get to teach what you enjoy such as yoga or accounting to students who have difficulty understanding the subject. Not only that, but you also get to enjoy the flexibility that comes with online tutoring – no fixed schedule. You can pick the times and days that work for you.

Depending on your tutoring speciality, you can expect to earn RM30 per hour. If your students refer you to their friends, you might just be able to turn this side hustle into a full-time job.

7. Try forex trading

Trading in any investment market can be tricky and complex if you have little knowledge of the mechanics. Surely, you’ve heard of forex trading and how people get to earn extra money by participating in it. It works by trading currencies and you either make a profit or loss from the price difference while trading.

Forex trading is one of the high-risk investment platforms that you should be aware of. In some parts of the world, forex trading can be completely unregulated. Which means you’ll be doing the trade at your own risk. Besides, it requires plenty of technical knowledge to earn some extra money.

Depending on your investment capital, you can expect to earn between 5% and 15% per month. If you’re not prepared to lose your investment, it’s best to stay away.

8. Be a personal shopper

If you enjoy shopping and travelling to other places, you can expect to earn extra money from becoming a personal shopper. In fact, such a service can be rewarding as you get to travel and shop while making money.

The opportunity to help bring some of the items that are not available in Malaysia will also allow you to provide the service at a rate you deem reasonable. That way, you can make a profit if the price of an item increases.

Make Money in Malaysia with Endless Possibilities

At the end of the day, you’ll have endless possibilities to earn extra money in Malaysia. The choice is in your hands. Just be sure to do your research and find the best possible outcome.

If you’re looking to diversify your investment, GeneApp Malaysia offers a financial plan that can multiply your wealth, manage and increase your digital assets.