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Ways to make money during the coronavirus lockdown

The coronavirus lockdown is causing a lot of suffering in human terms and it has also blocked off many people’s main source of earnings.

How are you supposed to make money?

Well, if you are eligible then the most important thing is to get signed up for government support. After that you might want to think about what you can do to earn money.

Some companies like Woolworths Group Ltd (ASX: WOW) and Coles Group Limited (ASX:COL) are seeing such high demand in the supermarkets that they are hiring to keep up with the extra demand. However, there may not be any spots left.

There are probably some jobs out there that could be found and performed at home, such as answering (or making) calls.

What’s another option?

One option could be to do online surveys. There are plenty of providers out there. One example in Australia is MyOpinions, but there are plenty of others such as Pureprofile. However, I’m not sure how many available surveys there will be during times like this and you aren’t going to earn $20 an hour, but it’s better than nothing.   

Here’s my favourite idea

Before this whole crisis started I’d have said that investing in yourself is the best thing you can do for your money for the long-term. Learning new skills, getting qualifications and so on. Increasing your skills, improving your CV or increasing your value to your employer is the best way to add thousands of dollars to your annual income.

So, with potentially a lot of time on your hands, now could be the perfect time to take an online course or power through an ongoing qualification you’ve been putting off. You could even just do the research into what you think is the best choice to improve your earnings in the longer-term. 

Free report names 5 “bounce back” stocks for building wealth

Master investor Scott Phillips has sifted through the wreckage and identified the 5 stocks he thinks could bounce back the hardest once the coronavirus is contained.

The report is called 5 Stocks For Building Wealth after 50, and you can grab a copy for FREE for a limited time only.

But you will have to hurry -- history has shown the market could bounce significantly higher before the virus is contained, meaning the cheap prices on offer today might not last for long.

See the 5 stocks

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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