No one owes me a living, you reap what you have sowed. That has been my motto for my working life. When the going is tough, meaning long hours and tough job. It is OK as long as your boss understand and appreciates your effort and sacrifice.
Driving Taxi full time OMO
Even I have experience of doing 6 months of O.M.O. and 6 months with relief drivers. There is a lot of consideration going on in my mind.
Considerations
- First and foremost is my HDB housing loan, it is $630 dollars every month until age 70. Working as a self employed. One would have to top up his CPF using cash.
- Second is household expenses. Must be able to earn enough to service insurance, electricity, water bill, food on the table. Lucky my wife is working as a childcare teacher. That helps a lot.
- Ability to have dinner out with family and holiday once a year.
- Family transportation, having a car to buy groceries and send children to school.
Answers
- I will have to top up CPF account with cash until I reached 55. When at 55, the OA (ordinary account) and SA (special account) will merged into a RA (Retirement account) account. I will have enough to pay up the house fully. Also one of my insurance will matured when I reach 55.
- A bit tight, have to tighten the belt and watch out for expense and purchase of major items. Sofa, washing machines and fridges all that will have to using savings if they breaks.
- Dinner out once a month at coffee shop and holiday to Malaysia. :)
- Well, will have to sell off the family car. Using Taxi as personal transport is a last resort, because taxi is suppose to be a money making machine every hour in your hand. Your opportunity cost of using TAXI as a personal transport is you blow off $25 of average income every hour.
note: average taxi driver income working 26-30 days is around $2.5k to $3k.
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