We are now in month six of the COVID-19 quarantine. Some things we used to leave the house for have opened back up while others remain closed. Still others have reopened, then reclosed, and you never know what else might follow suit. People have been furloughed, laid off, or had their hours cut back. Even if you have been lucky enough to keep your full-time job, you are still probably dealing with the monotony, boredom, and stress that comes from day after day of working from home, often while trying to provide childcare as well.
For these reasons and more, people are looking for new and interesting ways to earn extra money during the quarantine. To help you find a money-making idea that is right for you, we have put together this list of 5 ways to make extra money during the quarantine. The ideas here can be done from your home and, to help with the lack of excitement during quarantine, are a little more fun and exhilarating than your average at-home business. There is definitely risk involved in each of these but these ideas will help keep you engaged and hopefully, make some extra money as well.
1. Sports Betting
In March, we knew that a quarantine might be coming but that was ok because so was March Madness, the NBA playoffs, the NHL playoffs, and baseball season was right around the corner. Sports fans would have plenty of distractions to get them through it. Then, sports got canceled too. It was a dark time for sports fans but now sports are back and, even in a bubble, better than ever. And, right now is a great time to bet on sports. Pro basketball, hockey, and baseball are back and the biggest one of all, pro football will be back soon.
One of the reasons that betting on sports right now could be a good way to make money is that we are in unprecedented times and the oddsmakers don’t know what to do about it. We’ve never seen bubble basketball or bubble hockey before or a 60-game MLB season. So if you can get a feel for how the games are different before the oddsmakers do, you can make some healthy change.
2. Day Trading Cryptocurrencies
With millions of people at home, many out of work, and almost all pretty bored, day trading in the stock market has seen an explosion of new traders. On the popular day trading site E*Trade, more than a quarter-million new accounts were opened in March of 2020 alone, which broke the record for most new accounts in any YEAR for the company. Day trading is a great idea to possibly make money during quarantine, but with stock market day trading being such a crowded market right now, it makes sense to consider other options.
Day trading cryptocurrency is a relatively new field and the barriers to entry are low. You don’t have to have years of institutional knowledge to do it. With a little guidance and committing the time to do the research, you can become a successful crypto day trader. It is a volatile market so you need to be comfortable taking some losses, but with a little time and effort, there are lots of gains to be made as well. If you are interested in learning more, Cove Markets has a useful introduction to day trading cryptocurrencies.
The quarantine has created an online shopping boom in the U.S. and around the world. With more customers than ever cruising the web for deals, how can you take advantage of this? Setting up an Amazon store is tough and if you’re not arts and craftsy, Etsy is probably not for you. However, anyone can sell on eBay. It is quick and easy to set up and if you find the right product to sell, the auction format can net you big profits.
You can always sell your own junk (that’s kind of what eBay was made for) but to make some real money, you have to do more than that. The best way to start an eBay business is to find great deals, buy things at low prices, and sell them at a profit. You can use eBay to find these deals or other sites like Overstock, Let It Go, Craigslist, or even the Facebook Marketplace. Become an expert in a niche where you can find deals, and you’ll be turning profits in no time.
Whatever marketable skills you have, whether you use them in your current or last job, can make you money on the side during the quarantine. As businesses try to run without a central office and possibly after having to lay off employees, they are reaching out to freelancers more than ever. If you write well, do graphic design, edit videos, create music, know digital marketing, or can translate languages, you can make money from freelance jobs.
Specialized websites like Fiverr or Upwork have created a marketplace to connect businesses looking for talent on a project basis and talented freelancers. There are customers from all around the world looking for these freelancers, and while you often have to start by offering lower prices on these sites, you can eventually make decent dollars.
5. Start a blog, website, or podcast
This is another idea that may not make you a pile of cash immediately, but if you start now, this can turn into a real revenue stream down the line. With a small investment in a domain, a web design, or some simple recording equipment, you can share your thoughts and your expertise with the world.
Once you have your medium established, you can make money through advertising. Sites that host blogs and websites such as WordPress have built-in programs to help you create ad revenue. Podcast hosting sites do this as well. Anchor is one site that hosts podcasts but also helps them, even small ones, connect with sponsors.
Now is a great time to figure out ways to make extra money. You can start small and build up over time or go for big wins (with possible losses) right away. Whatever you choose, be it these ideas or something else, making extra money has never been easier or more welcome than during a quarantine.