Monday, 10 September 2018

Passive Income 2 - Should I charge less for tuition?

Anyone whom have a child in Asia would most probably send their child to a tuition class, it is a type of class on top of the ordinary classes to be attended by any student from primary up (6 to 7-year-old) to secondary (17 to 19-year-old).

Have you ever encountered this situation when you are own a business, a part time or a full time job and your friends or family actually ask you to earn less from them because they think that they are someone in their lives?

While a child attends a tuition class, it is counted by hours. As low as RM20 per hour up to RM50 per hour, depending on the subject to be studied.

An average student goes to tuition 2 days a week, each time 1.5 hours to 2 hours, per subject. During school holidays it can be from 3 days up to 5 days a week, in order to get the students on track during school holidays.

An average tuition teacher gets 5-10 students per class, per 1.5 hours or 2 hours.

Assuming that a student attend tuition 2 days a week, each time 2 hours, per month it will be RM640.
Assuming that a teacher does the same as above and have 7 students, that teacher get RM4,480 per month.

However, there is situation where a tuition teacher have relatives and friends whom thinks that they prefer the "special price" so the tuition teacher have to charge a "discounted" price tuition fee. If there is one in each class, paying at the minimal of RM20 per hour, the teach end up losing RM320 per month.

What would you do if you are asked to provide discount?
Would you still think this is an ideal business?
What if the discount is to make it free?

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Sunday, 2 September 2018

Passive Income 1 - Should I share my Referral Fee?

If you have worked in a corporate company, you may heard of referral fee.

So you refer a friend in favour to get them a job at your awesome company then upon their confirmation of employment, you get your cut of referral fee that you deserved. Your friend told you that he/she deserve the cut in half because they were confirmed.

If we were to not give half of the share, we risk of losing a recently confirmed "colleague", a known before friend, would most probably be defamed by a person whom we once called friend, worst part is that we might be the most wanted selfish person because we refused to share and things could go dramatically ugly.

Many I know have encountered this so the easy way out is to unwilling, devastatingly and painstakingly give out the other half.

Will you give is not the question, should you give it?

Answer this:
1. Did your friend get the job before you got yours?
2. Would your friend know about the job before you said so?
3. Can your friend's resume standout in all those resumes in queue for the position offered?

If your answer is no or maybe for all the above, then you should never share it. That person have to be confirmed to keep their job and to get their regular paychecks. You're not the person whom have to determine if this person is to be confirmed, you're not the person that decides to employ this person, most importantly your company is paying this person's salary, not you.

I can share the referral fee but please share with me your every month's salary during probation period because I REFERRED YOU.

Do you have a friend that wish to work part time? Refer them and you get paid.

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Saturday, 1 September 2018

What change do you want in the next 10 years?

Malaysia's independence day makes me wonder when can I achieve my independence?

As a typical Asian, I have been brain washed that my life plan should be to complete my degree, get a job, get married then live happily ever after. While I was in the cross road of deciding what degree to pursue at the age of 19, I accidentally found out that if I were to further my studies, my single parent mother would need to mortgage our home, the place I grew up in.

I decided to not further my studies and involved myself in a part time business, I was doing well at the start until I started losing my direction because of the 3 major things happened in my life at this time.

First, my younger sister called me a hypocrite, materialistic person whom loves money for not obeying my mother's decision to further my studies.

Second, My mother chased me out of my house for pursuing a business that is not her choice because her friend and the internet, yes the internet told her the business is no good. I had no official job experience, no degree, no friends, no family, no home to stay and no money. I stayed in a place without electricity for 60 days, showered at a public toilet, scraped my coin box to buy drinking water and could hardly afford a meal. When I sneaked home to take some instant noodles, I was told by my sister that I was a terrible daughter and that I should be paying for it. I starved for days.

Third, I was cheated by a guy and his friends, I lost all my business goods and money.

At the worst time of my life, I came across a book that I can't recall the title but it spoke to my soul. It was about fire fighter and fire lighter of our passion in life. It shared the story of an author whom was very demotivated by his mother that used to tell him that he was not doing hard work so he will never succeed in his life. He couldn't hate his mother because he loves her dearly but he wish to outgrown poverty so he made the painful move to leave his home, he reduced his time to talk to his mother until he was successful.

I wanted to be successful so that one day I can afford to spend for my mother to enjoy her life. I took a job and did everything I can to be excel at it. I changed jobs so that I can climb the corporate ladder and I wanted to learn everything to service a customer and financial management. These were the main reasons my part time business failed - poor servicing and poor financial management. Customer Experience and reading became my passion.

For almost 7 years, I study relentlessly about customer experience, read articles, attended self funded courses, learned from anyone and everyone I met at my work place. Everything became my learning portal. Now at my workplace, I am called the "painkiller".

Yes, 7 years of 16 hours per day of non stop learning is starting to pay off and it is time I take charge of my cause. I started numerous part time since April 2018 to earn passive income that includes property referral, investment in mutual funds and a part time business.

I earned nothing from property referral, investment in mutual fund would take 5-7 years to see an initial refund but I have made RM1600 in 31 days by following a flow my coach taught me.

It was not what I did not expect to work but it did!

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