The cost of living in Hong Kong is notoriously high claiming the crown for the most expensive high street for residential units in the world.
In fact Honk Kong holds the title for the most expensive in many areas including the most expensive petrol in the world.
Despite the high cost of living, the salaries are very low in comparison, making it hard for both locals and expects in Hong Kong to enjoy a good quality of life and save at the same time.
Here is a quick sample of the Median Salaries for some popular jobs:
Business Analyst, IT
Median Salary: HK$361,730 US$46,665
“A business analyst, IT, focuses on improving operations that involve information technology within a company.”
Median Salary: HK$383,571 US$49,483
“Design architects need to be creative, systematic thinkers that can create and adapt computer modeled or hand-drawn designs for buildings and everyday objects.”
Median Salary: HK$322,131 US$41,556
“Executive Assistants provide administrative support to upper-level Executives within a company.”
Median Salary: HK$180,625 US$23,301
“Graphic designers use color, illustrations, fonts, and layout to visually communicate a message or present a product.”
Median Salary: HK$175,961 US$22,700
“A marketing executive may perform a number of different duties depending upon the specific needs of their organization.”
Median Salary: HK$404,555 US$52,190
“A marketing manager is a person within a company who supervises and helps create the various advertising or merchandising sales campaigns the business uses to sell itself and its products.”
Project Manager, Information Technology (IT)
Median Salary: HK$550,220 US$70,981
“Information technology (IT) project managers lead their technical team(s) in design and development tasks.”
Median Salary: HK$224,513 or US28,963.63
“In the world of software design and development, a software engineer plays a key role.”
Expats employed in the financial sector fair better with higher salaries and more benefits depending on what they negotiated during the initial interviews.
Locals can expect more than one income if several family members are employed, but expats who go to Hong Kong might go their with a spouse or partner that does not have a work visa, making it harder for them to have more than one income per family.
However with the Internet there are no geographic boundaries or visa restrictions. Now anyone with a computer and Internet access can make an income online.
An online job or online business are two options available to the masses but with outsourcing to India, the Philippines and other low cost of living countries, jobs that can be performed online are becoming harder and harder to find, unless you are OK, getting paid a much lower rate.
Having an online business requires slightly more work and sense of responsibility than a standard job, but it opens the door to more flexibility and unlimited income specially when tapping into multiple sources of income like:
- Selling Services: Either as a contractor or company
- Selling Products: Either digital or physical products
- Affiliate Marketing: Promoting other people’s products and services for a commission
- Licensing: Promoting and selling other people’s products and services as if they were your own
Ideally you would want to be tapping into all four areas to create multiple sources of income, but we all have to start somewhere. Which one you pick and choose first will depend on your circumstances.
Even if you are an employee right now, start exploring the options above as a side income, you might be surprised that in a year or two you might be making more from your side online business than your full-time job.
If Hong Kong, Monaco, New York or any other expensive city in the world is where you want to live… there is nothing stopping you, especially when your income can support you comfortably and allow you to save and invest at the same time.
The sooner you start, the sooner you will see results.
Download my eBook: Design Your Income Online to learn more about the four options and check out the events schedule for the IM Freedom Workshop in Hong Kong, a free 2 hour internet marketing workshop to learn more.