Personal Finance

Eight ways for some extra cash in Malaysia (Updated)

I first published this post in May 2019 on my previous blog. While some things are best left buried, I thought it is time to update this post given the financial anxiety around us now.

I realized how important is cash flow when my best friend quit her own business to work for a more dependable payroll. It caught me thinking, where can I go when I need cash that is not a high-interest personal loan and not burning all the friendships when money is involved. Here are eight solid, non-spam ideas I land on:

1. Instant payment – Do reviews or survey that pays
Online surveys pay about $5-10 each. I use to do software reviews for $10 USD. Spending 2-3hours in a focus group survey in KL (and now zoom at lower rate) will earn you around RM200-250. I stop when some agency requires you to bluff about which brand or product you love most. I never understand that, why would a company pay to conduct a fake survey?

2. Go for unconventional – Cashback hack with e-wallet 
It’s known that certain e-wallets can technically maximize your cash flow and cashback. Keep track of all the records because doing this (fake retail spending and not paying cash advance fee) can be seen as laundering. You can withdraw 1k from BigPay, 4.9k from Boost, and pay your landlord with Grab. It’s also possible to do this with PayPal, with a higher cost but lower than advance withdrawal.

3. Serving the community – Sign up to drive for ride-hailing
I think it’s a good idea to sign up for a gig that you can choose to do when you need it. Most ride-hailing payout weekly so you can get good quick cash if you drive during peak demand hours. Earns RM10-20 an hour.

4. Do Earth a favor – Selling your unused stuff 
Have good stuff that you preloved or impulse purchase that you wish you didn’t make? First, check if you can return for a refund. Then go for sale before you throw it away. I recommend the Carousell because you can really sell anything there.

5. We’re taking on side gigs – Tutoring
Tutoring can be quite lucrative and motivates you to up-skill. Teach someone near your neighborhood or try online tutoring on sites like iTutor.

6. Take a chance and start your own business– Sell your cooking
It’s not easy to set up a warung but very easy to bake something to the office, like a sampler, and later post on WhatsApp group with your boss inside that someone made this and is selling from home. Lots of people do this now, try offering a healthy niche or something hard to make.

7. Get paid to rest – Sleep for eight hours a day
It takes 100 days, and some sort of screening (they need a resume), but you can earn money even during your sleep by being a sleeping executive.

8. Buy more properties – buy below-listed price house from the developer #Warning, not for YOLO, and please do your due diligence
This method is a two-way sword, depending on your situation. It’s too risky for my appetite but has proved useful for some friends. There are a lot of housing units at 25-30% off the gross price from the developer, but the S&P you sign will state the listed pricing. Opt for a 90% loan on the purchase and can pocket 20% of the cashback in your account. Then pay the monthly installment and wait for the house to appreciate slowly. Remember, it’s a loan with interest, not free cash. At the property height, some companies would pay you up to 3,000 a month to use your name to buy the investment or “investments.”

Finally, postpone housing or hire purchase loan payoff to keep more cash on hand can be a great option, depending on how your bank loan is structured.

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