How to Earn A Side Income in Malaysia
In a matter of months, the Malaysian workforce has had to adapt many times due to adverse conditions caused by the pandemic. White-collar workers transitioned to remote work, while some had to be retrenched as a result of the unfavourable economic climate.
The global pandemic has affected the lives of many, some of which who rely on a daily or weekly wage. Not only that, but some businesses have had to cease operations to prevent further loss. While it may not be intentional, this has contributed to the rate of unemployment in Malaysia.
According to the Department of Statistics Malaysia (DOSM), the unemployment rate was up by 0.1 per cent to 4.8 per cent in November 2020. While it seems like a small percentage, the number of unemployed persons increased by 2.2 per cent, which is equal to 16.3 thousand persons.
With impending uncertainty surrounding the pandemic, many people have started to future-proof their career (and bank account) by taking on some side hustles. And as we continue to navigate life during this pandemic, earning a side income may just be the new work norm.
Moving forward, we’ve come up with a list of side jobs for you to earn that extra income to fuel your passion or make ends meet along with the benefits of earning Malaysia side income.
Side Jobs You Can Do in Malaysia
1. Affiliate marketing
As you spend more time at home, consider affiliate marketing by adding a link to your blog or social media account. This can help you to grow an email list to draw attention to your blog or direct people to products or services that they’re interested in. That way, you can earn some money when someone clicks on the link and buys something.
2. Invest in a high-yield savings account
Much like placing your money in a conventional fixed deposit account, investing in a high-yield savings account can help you earn a passive income. Research the country's top saving accounts for highest interest rates. That way, you can grow your wealth without having to worry about the risks that come with most investment plans.
3. Advertise on your car
Did you know that you can earn some extra money by simply driving your car around town? The advertising industry is one of the most important aspects of a business. You can contact an advertising agency to find out whether you're suitable for the job. In some cases, drivers can be paid by the distance they drive which means you can earn more the farther you drive.
Benefits of Earning A Side Income
There are several benefits to having a side job. Some of which include:
1. Earning more money
Money is never enough. That’s a known fact if you work 8-5 or 9-6 daily. Working a full-time job may be rewarding but when you need to work overtime and some employers don’t pay overtime, you may as well continue your work on the next working day.
Assuming that you’re not taking on more jobs than you can handle, having a side job is one way to earning more money. Just make sure you choose the right kind of work that you can fulfil without the extra stress.
2. Support the lifestyle you crave
With technological advancement, more people are taking their chances at freelancing or juggling several part-time jobs as the working schedule and arrangement is different from the corporate desk job.
Assuming that you're a millennial who grew up with technology and mobility, a flexible working schedule would certainly appeal to you more than the classic corporate desk job. Same goes for having a side hustle. It allows you to be independent and support the lifestyle you crave.
3. Helps you work toward your life goals
It’s a wonderful feeling when you’re working toward your dreams, goals, and ambition. But, not everyone is lucky to have a full-time job that they’re passionate about. Having a side job, on the other hand, can help you work on skills that you want to develop and explore a side of yourself that can be wildly intriguing.
That said, working through your day job is easy but if you’re not passionate about it, there’s no meaning to what you’re doing. Instead, you can try to focus on long-term and short-term goals for both sides of your work life to avoid living a mediocre life.
When it comes to earning a side income, there are various ways to do it aside from the gigs mentioned above. Gene offers an investment plan that can multiply your wealth, manage and increase your digital assets. You can also earn a daily income and convert your earnings to invest in property and jewellery.
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