37 yo single male, not able to generate consistent or sufficient income to cover expense or hold down FT job, teaching freelance, so unable to invest (except forced CPF), trade. Any advice?

My biggest weakness, financially and career wise, is my inability to hold down a full time role and to build on an area of expertise. My monthly income had not exceeded $4k which is the starting pay of uni graduates. It ranges around $3k to $4k mostly and have periods of unemployment. So on a yearly basis, I rarely have income beyond $40k when I file for IRAS and my previous year was at $29k.

I have interest in investing but I can't really hold down CDP positions and accumulate as my income is insufficient to cover my personal and debt expenses. I am moving on from risky ventures and sales roles to focus on dependent income streams like teaching robotics for established centres. Still it is time driven. I am aiming to stabilize my income generation and build a passive portfolio. Any advice on this in general and the income generation areas?

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Joseph Choy

05 Sep 2023

Settle your basics first: stable predictable income stream, emergency fund, cut down all unnecessary debts, know what are your expenses. When you have done all these and generate a steady stream of savings, only then u think about investment. Most of us are not rich with a big investable pool of funds at the start. So most of us actually rely on an job to generate the funds for investment. All the legends of personal investment in Singapore (AK, Chris Ng, Loo) started off as working folks.

If you don't settle the basics, you will find yourself selling your positions whenever u need money or when there's a down cycle and lose unnecessary money.

CPF forms the bedrock of our investment too. Don't view it negatively. Learn the CPF rules and make it work for you.

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B L

23 Aug 2023

Why are you unable to hold down a full time role? Is it a discipline issue? or do you feel you're too good for the roles you worked in? If so, it's better to stay humble work your way up. in your next job if/when you happen to land one, give it your 110% and treat the job with absolute respect. At 37, I believe you should already know what can and cannot work for you. So you have to pick your next move very wisely and there can no longer be the excuse that you are not skilled enough for the role. Tough it out and endure. i believe most jobs are not meant to be exciting/fun and I don't believe "following your passion" applies to most people and their careers. small percentage maybe but not all. Luck helps in our careers too but I dont believe it's all about luck. It's about having the right mentality and grit when it comes to success. pick the right role and don't quit so quickly just becos the job is boring or tough. nothing comes easy, remember that. If it's easy, employers wouldn't need to pay u. Also, learn to walk before you think of running. and you shouldn't think about investing until u have a stable income stream imo. thats part of responsible investing and being fair to yourself

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Nigel

23 Aug 2023

Try to find within yourself what values do you have that you can contribute to the society and the money will keep rolling in slowly into your pocket.

Financially unstable - do not even think about putting money in for investment. It is out of your ball game untill you have extra money to throw.

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