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How to Make Money from Home During COVID-19 Quarantine

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Are you stuck at home due to the novel COVID-19 outbreak? Your local restaurants, gyms and theaters might be closed, but that doesn’t mean you’ll need to live off your savings during the current quarantine. There are plenty of ways to make money from home and supplement your income during these uncertain times.

Today, we’ll show you a few different methods you can use to earn money at home while practicing safe social distancing. 

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1. Trade Stocks

Though current stock market news outlets are dominated by stories on new lows, veteran stock traders know that volatility is one of the key factors necessary to make money from stocks. Investing in the stock market isn’t only a long-term process — you can also make money by taking advantage of short bursts of market volatility.

There are a few different short-term strategies you can use to make money trading stocks, including:

  • Day trading is a stock trading strategy that capitalizes on hour-to-hour price movements. Day traders aim to buy stocks when they’re undervalued and sell them at a higher price, saving the profits between the 2 trades. As the name suggests, day traders usually hang onto the stocks they buy for a day or less.
  • Swing trading is a type of speculative trading that tries to take advantage of price movements over a few days. Swing traders buy stocks that they believe are undervalued, then sell them as they peak in value. Traders who use the swing trading strategy hold onto their stocks for a few weeks or months before selling them and primarily use technical analysis to choose which assets to buy.
  • Shorting a stock means you borrow a certain number of shares of a stock or ETF from your broker, sell them and purchase them later at a lower price. Once you’ve repurchased the shares you borrowed, you’ll return them to your broker and keep the profits. Shorting is appealing because unlike day trading or swing trading, you don’t need much capital to invest when you first begin. However, shorting can also multiply losses, so you should remember to do your research before you start. 
Symbol Company Change Price
GASX
+ %
$0.000000
FAZ Direxion Financial Bear 3X Shares
– 2.89%
$33.01
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares
– 6.11%
$27.65
GE General Electric
– 2.63%
$7.03
F Ford Motor
+ 4.43%
$4.71
MGM MGM Resorts Intl
+ 5.41%
$13.63
DAL Delta Air Lines
– 0.34%
$22.25
OKE ONEOK
+ 4.04%
$24.23
SYY Sysco
+ 2.39%
$46.08
TSN Tyson Foods
+ 1.76%
$57.35

Best Free Online Brokers for Stock Trading

No matter which trading style you choose, you’ll need to open a brokerage account before you get started. Let’s take a look at some of our favorite brokers offering affordable trading online. 

Broker Best For Commissions Account Minimum Choose your platform
TradeStation
  • Advanced traders
  • Options and futures traders
  • Active stock traders
$0 $0
Get started securely through TradeStation’s website
1 Minute Review

TradeStation is for advanced traders who need a comprehensive platform. The brokerage offers an impressive range of investable assets as frequent and professional traders appreciate its wide range of analysis tools. TradeStation’s app is also equally effective, offering full platform capabilities.

Pros
  • Comprehensive trading platform and professional-grade tools
  • Wide range of tradable securities
  • Fully-operational mobile app
Cons
  • Confusing pricing structure to leave new traders with a weak understanding of what they pay
  • Cluttered layout to make navigating TradeStation’s platform more difficult than it should be
Current Promotion

Get $100 when you open an account with $500 or more

TD Ameritrade
  • Novice investors
  • Retirement savers
  • Day traders
$0 $6.95 for OTC Stocks $0
Get started securely through TD Ameritrade’s website
1 Minute Review

This publicly listed discount broker, which is in existence for over four decades, is service-intensive, offering intuitive and powerful investment tools. Especially, with equity investing, a flat fee is charged, with the firm claiming that it charges no trade minimum, no data fees, and no platform fees. Though it is pricier than many other discount brokers, what tilts the scales in its favor is its well-rounded service offerings and the quality and value it offers its clients.

Pros
  • World-class trading platforms
  • Detailed research reports and Education Center
  • Assets ranging from stocks and ETFs to derivatives like futures and options
Cons
  • Thinkorswim can be overwhelming to inexperienced traders
  • Derivatives trading more costly than some competitors
  • Expensive margin rates
Current Promotion

$600 cash & free trades for 60 days

Firstrade
  • New traders looking for a simple platform layout
  • Native Chinese speakers seeking research and education tools in Chinese
  • Mobile traders who needs a secure and well-designed app
$0 when you trade stocks, ETFs, options, and mutual funds online $0
Get started securely through Firstrade’s website
1 Minute Review

Easy-to-use and quick to master, Firstrade offers new and veteran traders alike a simple way to start investing with rock-bottom pricing. Firstrade’s platform is simple and streamlined, and it extends this convenience to its mobile app. The company’s $0 commissions on stocks, ETFs, mutual funds and even options make Firstrade especially appealing for frequent traders. Firstrade also offers margin trading, though rates are a bit more expensive than some competitors. Firstrade also currently doesn’t offer access to futures or forex trading, and some more advanced traders may dislike the broker’s simple platform.

Pros
  • Simple platform easy enough for even complete novices
  • Quick Bar tool for easy trading throughout the day
  • Free access to Morningstar trading reports and other news in both English and Chinese
  • Secure mobile app with enhanced security and trading features
Cons
  • Simple brokerage platform doesn’t include as many charting tools as competitors
  • No access to futures or forex markets
Current Promotion

Get up to $600 when you open and fund an account today!

eTrade
  • Active traders
  • Derivatives traders
  • Retirement savers
$0 $0
Compare Brokers securely through eTrade’s website
1 Minute Review

E*TRADE is an online discount trading house that offers brokerage and banking services to individuals and businesses. One of the first brokers to embrace online trading, E*TRADE not only survived both the dot-com bubble and Recession — it thrived. You can choose from two different platforms (one basic, one advanced). E*TRADE is a suitable broker for traders of most skill levels, whether you want to buy mutual funds and hold them for decades or dabble in options swing trading. E*TRADE offers a library of research and education materials to help you out.

Pros
  • Sophisticated trading platforms
  • Wide range of tradable assets
  • Exceptional customer service
Cons
  • Limited currency trading
  • Higher margin rates than competitors
  • No paper trading on its standard platform
Current Promotion

Deposit or transfer $5,000 to get $100 back

Interactive Brokers
  • Access to foreign markets
  • Comprehensive mobile app that makes trading simple
  • Wide range of available account types and tradable assets
$0.005 per share minimum $1 and maximum 0.5% of trade value; volume discount available $0
Compare Brokers securely through Interactive Brokers’s website
1 Minute Review

Interactive Brokers (IBKR) is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. With access to over 125 global markets, you can buy assets from all around the world from the comfort of your home or office. Options, futures, forex and fund trading are also available — and most traders won’t pay a commission on any purchase or sale. IBKR is geared primarily toward experienced investors. The platform offers limited assistance and can be a challenge for new users to become acclimated to. The broker’s tiered pricing strategy can also be frustrating for traders who focus on hourly or daily price movements.

Pros
  • Comprehensive, quick desktop platform
  • Mobile app mirrors full capabilities of desktop version
  • Access to massive range of tradable assets
Cons
  • Frustrating and confusing tiered pricing
  • Bloated website that makes finding information a challenge
Current Promotion

$200 refer-a-friend bonus

eOption
  • Options traders looking for low-cost options contracts
  • Beginner and advanced traders looking for options education
  • Advanced traders who don’t need a lot of platform guidance
$0 for stocks and ETFs broker assited orders an additional $6 $500 to open an account
Compare Brokers securely through eOption’s website
1 Minute Review

eOption is a stock, fund and option trading platform that focuses on low-cost options trading. Its options trading is very affordable at just $0.10 per contract and $1.99 per transaction. The broker also offers a comprehensive options trading course that’s free and educational for both novice investors and advanced traders alike. eOption’s platform is less usable than its competitors, especially for new traders.

Futures and forex trades aren’t currently available, daily market updates are full of jargon and the platform includes very few intuitive features and explainers. Customer service options are also lackluster, and mutual fund transactions are expensive. While eOption might be a great choice for options traders, we recommend other platforms for beginner traders primarily interested in stock and ETF investing.

Pros
  • Unbeatable options contracts pricing
  • Mobile app that mirrors capabilities of desktop app
  • Free and comprehensive options education
Cons
  • Confusing platform has limited assistance tools
  • Expensive mutual funds and bond trading
  • Limited stock and general investing education
  • Lackluster customer service options
Current Promotion

Incoming wire transfers of $10,000+ will be reimbursed wire transfer fees up to $30

2. Sell Your Old Stuff

Chances are, you have DVDs you don’t watch anymore or an old iPhone you no longer use. Selling your old electronics doesn’t just offer you a way to make money from home — it also helps you free up space and clutter in anticipation of the coming spring season. Let’s take a look at how to make money from home by selling your old electronics. 

Decluttr

Decluttr is an online marketplace for selling your old textbooks, electronics, cellphones and more without worrying about online auctions. Selling with Decluttr is simple — start by searching for the items you want to sell to learn more about how much you can earn. If you’re selling books, video games or DVDs, you can quickly find what you’re looking for by scanning each item’s barcode. You’ll get an instant price for each item, which you can lock in for 28 days.

Once you’ve completed your order, pack up your tech and print out your free shipping label provided by Decluttr. Ship your box at your local UPS center and receive next-day payment for your items via PayPal, check or direct deposit. 

BuyBackBoss

Have an old smartphone or tablet hanging around since you’ve upgraded? Turn it into cash with BuyBackBoss’s simple system. Begin by telling BuyBackBoss a little bit about the device you’re selling and its condition. You’ll receive an instant offer, which you can then lock in while you ship your device. Be sure to accurately describe your item’s condition for the most accurate estimate possible.

From there, BuyBackBoss will provide you with a free shipping label via email. Print out your label, package your device and ship it. Once BuyBackBoss receives your item, you’ll get paid via PayPal or a check in the mail. It’s simple, easy and quick. Selling your old devices to BuyBackBoss is a fast way to earn a little extra cash while you’re home. 

3. Drive For Uber

If your area isn’t on a full lockdown order, you can earn money by signing up for a ridesharing app like Uber or Lyft. Hospital staff, restaurant workers and public safety officers still need rides to work, even during a quarantine.  

During a pandemic, it’s especially important to keep your vehicle sanitized when offering rides. Use these tips to keep yourself and your passengers safe while you drive.

  • Start with a clean slate. Before you sign up with a ridesharing app, clean out any trash or toys in your car. Provide a small trash receptacle for guests in the backseat. You may also want to offer tissues to prevent guests from coughing or sneezing directly into the air.
  • Sanitize after every passenger. Keep a set of cleaning tools in your vehicle to sanitize after every passenger. If you have a leather interior, wipe your backseat with disinfecting wipes. You may also want to spray the interior of your vehicle with a disinfectant after each passenger. Disinfect the handle, window and interior door of your vehicle after each passenger as well.
  • Avoid unnecessary contact. Avoid shaking hands with or hugging passengers during or after your ride. Request that your passengers sit in the back seat of your vehicle if room is available. If possible, use hand sanitizer between each ride and wipe your steering wheel down with a disinfectant wipe.

4. Pick Up Home Gigs

It’s never been easier to pick up extra work outside of your standard 9-to-5 in the on-demand gig economy. Gig websites like Upwork and Guru are always buzzing with simple tasks you can complete from home to earn extra money.

Some in-demand skills clients are often looking for include:

  • Tutoring: Schools across the country have closed due to the COVID-19 pandemic and parents will pay to keep their children’s skills sharp with virtual tutoring. All you need to get started is a webcam and a passion for a particular subject! Some companies require you to have an education degree — check the requirements before you get excited about this idea.
  • Copywriting: Have a flair for the written word? Many marketing companies and websites are now turning to freelancers to create content on their behalf.
  • Video editing: If you have experience editing sound or video, you may be able to find work piecing together video footage for everyone from YouTubers to marketing agencies.
  • Coding: As more and more employees work from home, more companies than ever need freelance coders to create websites and redesign existing pages.
  • Social media management: If you have experience growing a company or professional’s platform over a specific social media channel, you can earn money managing and regularly posting to a brand account. 

5. Get in Touch with a Financial Advisor

A financial advisor is any financial professional who helps you manage your money and investments. Advisors provide tailored advice to help you meet your financial goals. Financial planners are a popular type of financial advisor who specialize in helping you create and meet long-term financial goals. Before working with a financial advisor, make sure you decide what your financial goals are and come up with a list of questions to help you determine if the advisor’s services fit your needs.

6. Get Paid to Shop with Shipt

Earn up to $22 per hour with Shipt. Shipt is a membership-based grocery marketplace that delivers fresh foods and household essentials. Apply and interview, get approved and download the app — plus meet a few other requirements. You:

  • Must be at least 18 years of age.
  • Need a valid U.S. driver’s license and auto insurance.
  • Are required to have a reliable vehicle —1997 or newer.
  • Must have knowledge of the produce selection.
  • Must need to be able to lift 40 pounds.
  • Need to have an iPhone (iOS 10 or newer) or Android (5.1 or newer) smartphone.

Shipt enables no-contact deliveries, or door drops-offs. All deliveries default to “Leave my order at my door” on the Shipt app and website. You can communicate with customers directly through the app and can decide whether to accept orders that require a physical hand-off. It’s a great idea to use hand sanitizer before and after delivery.

Extra Tip

Has your workplace recently transitioned to remote employment? You might find yourself feeling restless and off-task throughout the day. Take some time to learn how to work from home more effectively by enrolling in a course designed to help you increase your at-home productivity.

Check out Working Remotely: How To Succeed In The New Workplace, a course designed to maximize your concentration and focus as you work from home for the first time. Best of all, you can complete the course entirely online through the Udemy platform.  

Earning Money on Your Own Time

From online tutoring to mastering the stock market, there are plenty of ways to earn money and practice social distancing. Unfortunately, there are also scammers looking to prey on laid-off workers and stay-at-home parents searching for work-from-home opportunities. Be wary of accepting any form of payment except cash for your work, refuse to handle payments on someone else’s behalf and reject “job offers” that require your banking details or money upfront. If a financial opportunity seems too good to be true, chances are that it isn’t legitimate. 

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