Parents often have money questions, both big and small.

To answer these questions from our community, we held a KiasuParents Huddle webinar about teaching children to manage their money well. You can preview the session on YouTube, or purchase the full recording.

Our guest coach, Mr Money (Ernest Tan), was one of our webinar panellists. He is the founder of Jopez Academy, the author of Raising Financially Savvy Kids, and a Certified Financial Planner with over three decades of experience. A father and grandfather, he loves teaching families about financial wellness, and he has conducted financial literacy workshops for students at Hwa Chong Institution.

Below, he tackles a question that is often asked in Singapore: How can we earn more money? 

Read on to get his advice for local parents!

“How to earn more money in Singapore?” is one of the most common questions that parents ask me, often with a mix of frustration and exhaustion. After all, living in Singapore isn’t cheap. From housing loans and childcare to enrichment classes and family holidays, expenses add up fast.

Naturally, the first instinct that many parents have is to look for ways to earn more. This is typically by working harder, taking on side hustles, or chasing promotions. But over the years, I’ve realised something important: The real question isn’t how much more you can earn, but how much you can keep.

Because no matter how high your income is, if your spending grows just as fast, you’ll still end up in the same place, i.e. running on the treadmill of life, always busy, rarely ahead.

“Job = Just Over Broke”

Most Singaporean families rely on a single source of income: their job. It feels safe and predictable, but it’s also the very reason many remain stuck financially.

A job gives you stability, but it also creates dependency. The moment your salary stops, your lifestyle stops. That’s why I often say that JOB actually stands for “Just Over Broke.”

You may have a nice job title, but if you’re spending everything you earn — or worse, spending more than you earn — you’re not building wealth, you’re just maintaining survival.

The pandemic taught many of us this painful truth. When retrenchments and pay cuts hit, people who looked comfortable on the outside suddenly faced financial stress. Why? Because they were depending on a single stream of income (their salary) to support a lifestyle that had no backup plan.

If earning more isn’t the full answer, what is?

“Not How Much You Earn, But How Much You Keep”

Wealth isn’t built by working harder. It’s built by thinking smarter.

Many people focus only on the “earning” side of money. They believe that once they hit a higher income, their problems will disappear. But I’ve seen families earning S$30,000 a month struggle, while others earning half that amount quietly build wealth and live stress-free.

The difference? The second group keeps more of what they earn, and puts it to work.

They understand that money is not meant to be spent immediately, but multiplied deliberately. They treat every dollar like a seed. In other words, money is something that can grow into future freedom if planted wisely.

“Don’t Confuse Liabilities for Assets”

What’s one of the biggest reasons that families don’t keep much of what they earn? They buy lots of liabilities, thinking they are assets.

Ask most people what their biggest asset is, and they’ll say, “My house” or “My car.” But in my financial terms, an asset feeds me, while a liability eats me.

Your car may bring convenience and pride, but it also comes with instalments, insurance, petrol, parking, and maintenance. Unless it’s generating income (like being used for a side business or Grab driving), it’s not an asset. It’s a liability.

The same applies to housing. A property you live in isn’t an asset until it produces rental income or a capital gain. Yet many families stretch their finances thin to “upgrade,” because they mistake a bigger house for a bigger step toward wealth.

This is the financial trap that keeps the lower and middle classes stuck. They work harder, earn more, and then buy more liabilities. The result? Higher expenses, heavier debts, and little to no savings left for investing.

“How the Rich Think Differently and What They Teach Their Kids”

The rich don’t focus on earning more for the sake of lifestyle upgrades. They focus on acquiring assets that continue earning for them even while they sleep.

In order to do this, they understand that there are three types of income:

1. Earned income: money you work for (job or business)
2. Portfolio income: money from investments (stocks, funds, etc.)
3. Passive income: money from assets that produce returns (rentals, royalties, dividends)

Instead of relying only on earned income, the rich use their earned income to buy assets that generate portfolio and passive income.

In simple terms: To be rich, use your salary to buy assets. To be poor, use your salary to buy things.

“Beware the Lifestyle Creep in Singapore”

If you live in Singapore, it's easy to fall into the trap of lifestyle inflation. When your income rises, your expenses quietly rise with it.

Got a raise? Time for a car upgrade.

Got a promotion? Let’s celebrate with a bigger holiday or a new condo.

Soon, you’re earning twice as much as before, but saving the same amount, or worse, even less. This is called lifestyle creep. It’s one of the biggest wealth destroyers, because every time you expand your lifestyle, you shrink your investment capacity.

The rich handle it differently. They increase their investment contributions, not their monthly expenses. They also buy time and freedom, not things to impress others.

Remember: Wealth is not measured by how much you earn, but by how long you can live without working.

“Practical Steps to More Money for Parents in Singapore”

Here’s how Singaporean parents can start keeping more of what they earn and building real financial security for their families:

• Track your cash flow. Know exactly where your money goes. List your expenses for a month. You’ll be surprised how much disappears into food delivery, subscriptions, or impulse buys.
• Reduce liabilities, not joy. Cutting costs doesn’t mean “cutting happiness.” Focus on trimming financial fat such as high-interest loans, unnecessary memberships, and excessive tuition. Spend your money on experiences that bring meaning.
• Build your assets. Even small investments count. Set aside a fixed percentage of your income each month for assets that generate income, such as ETFs, REITs, or unit trusts. Consistency matters more than size.
• Teach kids early. Children copy what they see. Introduce them to my “3 Money Jars System,” where they learn to Save (20% of available funds), Share (10%), and Spend (70%). (Read my detailed guide.)

“Learn The Real Secret to Earning More Money”

Here’s the paradox: the more you focus on keeping and growing your money, the more you’ll eventually earn. Not because your job pays more, but because your assets start working for you.

When your money works harder than you do, that’s when true financial freedom begins.

As parents, we want to give our children the best start in life. But the best gift isn’t money itself. Instead, it’s financial wisdom. It’s showing our children that wealth isn’t about how much you make, but how wisely you manage what you have.

Found Mr Money’s advice helpful? Here’s your chance to learn more from him! 

Members of our KiasuParents community can enjoy access to his Financial Parenting Masterclass (worth S$199) at the special price of S$29, with the discount code KSPHUDDLE2604, while slots are available. Find out more about the masterclass, which has long-term benefits for the whole family.

This article is brought to you in partnership with Jopez Academy.