Tuesday, March 09, 2010

The Optimized Lazy Man Money Making Guide

A lot of us would like to make more money, but we are lazy in different sense. Some of us prefer money to fall on our lap, many of us would not want to face customers and some would not like to manage employees. How can we make money by going around this laziness? We shall find out soon.

What is the Optimized Lay Man Money Making Guide all about? We shall focus on mechanism to make more money by focusing on the following criteria:
  • We are not risk taker, thus we shall not invest more than RM 10K is any form of business which doesn’t guarantee returns
  • We do not start a business which had a physical present (such as a shop)
  • We do not employ a whole bunch of fulltime employees
  • We avoid dealing with customer directly
  • We focus on liquidity and freedom of time
  • We do not plan to work more than 10 hours per day in long term
  • We do not work on weekends or holidays
  • We avoid troublesome or sticky business

This is challenging, right? This is exactly the path I am going through.

The easiest, comfortable and rick-free way to make money is employment. We don’t have to worry about finding business and customer, we just do what we are paid to do, and we get paid at the end of the month without being affected much by our performance. If the job gets too demanding or stressful, we could always change our job. We can always find an easy job out there, though we might need to sacrifice a bit on the pay. Tips: go for European company which discourage overtime.

Stock Investment
I a lot of people like to invest in stock, because it just involves a few clicks on the computer or a phone call, easy right? For those of us who are not so educated on “stock” matter, we can always invest in Unit Trust based on recommendation by The Edge-Lipper Malaysia Fund Awards, or buy government funded bond/unit trust such as Wawasan 2020, Sukuk, 1Malaysia, etc. Though stock investment is risky, most people still believe they can make more money by buying low and sell high (which they didn’t follow most of the time, or turns out to be too greedy). Unless you are a professional, do invest only in reputable company and buy when it is really low (when everyone is afraid of buying in), and make sure you don’t borrow money to do so (too risky). Else, just stay with Lipper-endorsed or Government Bond / Unit Trust.

BTW, remember to put in your extra cash into Monthly Fixed Deposit (which earn you 2% interest compared to less than 0.2% is Saving Account). Choose a bank which supports online transaction for FD placement, so that we don’t waste your time, petrol and parking fee.

The easiest way is to start a blog and earn advertising dollar from AdSense or Nuffnang. You would need to spend quite a lot of time to do it, and good at writing, but it’s easy (no need to look for customer) and risk-free (ZERO investment). Be ready to write at least 1 article per day for a period of 6 months before earning some decent pocket money. If you are money-centric, do pick on topics with better advertisement return. It helps if you like to take photo and good with Photoshop, and even better if you are a tech geek (LiewCF), have a sense of humor (like Kenny Sia) or you are really pretty / handsome (turn yourself into a web celebrity with your hordes of minions like XiaXue).

When I say “easy”, it doesn’t mean almost everyone can make a decent income out of it. Just easy to start and rick free, and you need to be fairly persistent and disciplined in order to succeed.

Online Shop
They good thing about online business is that you don’t need a shop, thus you don’t have to pay rent, employ staffs and take care of the shops during business hours (and worry about robbery and theft).

The cost of starting an e-commerce website (About RM 1 per day) or blog shop (FREE) is fairly low. The trouble is the sourcing of products, or you can create your own handicraft (which is quite popular nowadays). If you have a passion for craftwork, you should consider online shop as you have a unique and customizable product.

Home-based Data Entry Clerk
Though I am not sure how many genuine home-based data entry job are out there, but part-time data entry clerk for MalaysiaMostWanted (my startup) could potential earn RM 80 - 2,000 per month, though many quit after the 1st week (no more openings are available as of this moment).

Others job seems to promise RM 500 - 10,000 per month. Not sure how true is this, or what need to be done.

Grey-area of lazy man business
  • Freelancing – though freelancing could rope in decent income, but we do need to look for clients. For example 1) Makeup artist: RM 600 per day 2) Photographer / Videographer: RM 800-2000 per day 3) Programmer (not website designer): about RM 600 per day 4) Accountant: About RM 300-600 per client every month, or RM 1200-2000 for yearly account. 5) Feng Shui Consultant: RM 600 – 2000 per house
  • Property Investment – it is nice to have a passive rental income, and we have heard of people profiting RM 20K to 200K from selling their property after a few years. The problem is property maintenance and rental collection could be quite troublesome, and the money invested is quite substantial as well. For first timer, we need to be cautious and educate ourselves.
  • MLM Salesperson / Insurance Agent –the risk is fairly low (compared to other business) and the potential returns could be quite enormous. The downside is we need to look for customers and partners constantly, and there is a need to “maintain” them constantly (a very sticky business).

Lazy man might have to sacrifice a bigger income stream (not necessary always true, if you are really good or passionate about it) in order to exchange for a lazy man lifestyle (less risk with more freedom). With the availability of Internet and Technology, as least we now have more options to make a living of our choice.

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