Increasing cash flow for yourself

Asian engineer power yo!!!! :p

The idea of increasing cash flow for yourself is to have multiple streams of income from different places. An interesting point that I would like to highlight is that one of the sources of his income actually comes from credit card points. In Singapore, I guess a more common term that we use would be “rebate”. The reason why I chose to talk about this is because this is something that I think everyone can leverage from. Using a credit card with good rebate returns may be useful in “generating” some income for us on top of our needed expenses. If I’m not wrong, some credit cards actually provide you with rebates of up to 8%! That of course comes with terms and conditions, such as minimum spending.

Assuming a minimum spending of $600 per month, a rebate of 8% will lead to $48, and that amounts to $576 yearly! Now, this is what I truly consider “passive income“.

A non-ideal situation would be when you have credit card debt, and that could spiral badly when you start owing the bank interest. And it compounds. Do you know that the interest rate can go up to 24% per annum? This is not a joke. I personally have never owed a credit card debt before. However, I do have friends who have to take loans just to clear their credit card debt, and it just snowballs over time. Using debt to cover even more debt is never a good idea.

The solution is simple. If you do not have enough discipline to control your cash flow, cancel your credit cards. Don’t ever touch them, and don’t bring them out so that you won’t have an excuse to use them.

It is already almost the mid of Year 2017 and I am roughly one-third on my way to achieve my yearly financial goal. This amount is purely based on cash savings and not taking into account my CPF savings. I’m also awaiting my yearly bonus which will be coming soon. If I keep up at this pace, it seems like I will be able to save up at least 65% of my annual take-home pay by the end of 2017. I will review the numbers again at the end of this year.

I think I should start thinking of more income-generating sources for myself too.

What about you? How are you doing so far with your goals?

Thank you for reading!

Miss Niao xoxo

Author: Miss Niao

Hello! I blog about financial matters and things that average people can do to have a better retirement. I want to inspire people to take control of their money and have a better understanding about it. If you are interested to know more, follow me @! :)

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