Making Extra Money At Home – Is that a Dream or Reality?
22 April 2008 9:56 pm Make Money On The Internet, Personal StoriesMaking extra money at home – is that a dream or reality? Just about 5 years ago, it’s totally a dream for me. I never have dream that I could start making extra money at home for myself and family. And the best part of all is, my wife is together with me full time.
It all started in 2005, where we are so “sick and tired” of our day time jobs. We decided to take the plunge. Of course, we did not jumped right into it. We did a lot of planning, and discussion for at least 6 months. Let me share with you some of our experience…
First, let me tell you where my situation is…
We just got married in 2005. We just bought a house where we need to pay over $800 in mortgage every month. Since both myself and my wife have worked for 5 years, we have quite a fair bit of savings. We have used most of our saving for the downpayment of the house, renovation and also our wedding.
However, what we also did is to save up at least 12 months basic expenses. For example, if your basic expenses every month is $3,000. Then you would need at least $36,000 in savings to last you at least 12 months. I strongly encourage to have at least 12 months or more.
Anything less than that would caused you stressed over your money, which is the last thing that you want. And also, since working from home or make money from home is something that we have never done before. We want to make sure we have a safety net.
Most financial books out there mentioned a basic expenses of at least 3 – 6 months. Yes! That’s right, if you are working full time with a stable job. But when you start to be self-employed, or wanted to build a business or online business, be expected to work hard for 6 months or even 1 year before you see some results.
And that’s what I mean.
So, that’s the very critical part that you need when you start thinking of wanting to work from home or build an online business. Tomorrow, I will talk a bit more on some of the other important elements.
Let me hear from you when you think or even share your experiences with me.
To Your Success,
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April 22nd, 2008 at 10:00 pm
Good Blog. I will continue reading it in the future. Nice layout too.
Aaron Wakling
April 22nd, 2008 at 11:12 pm
Hello Roy,
I’m awaiting for your success story buddy. You are one of my idol. I always like to know how you do it!
Looking forward to keep the update from you.
Thanks for sharing. You are Awesome!
Cheers,
Tanady
April 22nd, 2008 at 11:42 pm
Hello Roy.
Like most young people starting out in life, for you I suspect some times are very difficult especially the financial side of things and especially so when you have a new house and a new baby too.
However, Roy spare a thought for young people in the UK where the average monthly mortgage payment for first time buyers is around £1000 circa US $2000. You need a heck of a deposit payment to put down when the average price of a house is around £200,000 or so.
Anyhow, looking forward to your next mailing,
Regards, BP.
April 23rd, 2008 at 9:42 am
Hello BP,
I can totally understand and relate to that. UK is really high in everything, in housing, and standard of living too. I guess Singapore is fast moving into that directions.
Hi Tanady,
Thank you for your compliments. As always mention, you are always most welcome to contact me on any questions.
See you guys,
Roy
April 23rd, 2008 at 8:30 pm
Hi Roy,
Great to hear from you. Starting out with a family is never easy on the finances part especially when you require big downpayment to buy house, car and pay for the wedding.
I guess in Singapore buying a car is also expensive. At least in Malaysia we can still afford a car (used) easily.
I was once broke in 1998 financial crisis. That is why I’ve planned myself carefull to be financial free…
You will make it.
Regards
Michael Liew
April 23rd, 2008 at 9:37 pm
Hi Michael,
Great to hear from you… Yes! A car in Singapore is very expensive.
I still remember when I was in USA last year, a Mazda 3 in USA would only cost US$199 per month installment for 3 years..
For Singapore, it cost at least US$500 per month installment for at least 7 years…
Haha… that’s why I still do not want to jam up my cash in having a car yet.
Lastly, thanks for your encouragement.
Look forward to hear from you soon.
Cheers,
Roy