How to generate monthly income
Just got laid off recently, but I have been saving agressively over the years. Need some advice on how to generate positive cash flow while looking for a job. Monthly spending is around $2500k. No loan & no debt. Checking Account: $82,000 Apple Cash with 4.5% interest: $85,000 Retirement Savings (401k): $250,000 Health Savings Account (HSA): $10,000 Real Estate (land): $80,000 est — joined with parents in home country, can’t really sell Stocks: $525,000 Total Value: $1,030,000 YOE: 5 TC: 0 now
Sorry to hear that. Dm for a referral at Rokt. Could you share how your stock portfolio is split?
Sell covered call against your stock. Should generate about 0.4%-0.8% per month if you monthly call with strike quite above current price. Real estate, air BNB it out. Online job with no experience required, website testing, Amazon turk, virtual assistant, writing caption for television, etc
Are covered calls the safest of options trading? Can you only do covered calls upto the value of what you own?
Use that 85k + 82k to sell CSP Put that 80k for rent Sell CC with that 525k With a million dollar portfolio Earning a 1% every month is totally doable at the least. Can go upto 2.5% if you are aggressive That's 10k
All these comments about writing covered calls. The moment you start, is the moment the stock moons. The greed for ".5% per month income" stunts what would've been a 50%+ gain on the underlying. Just ask anyone who sold calls on NVDA before the run up.
Make sure you file for unemployment. Get back some benefits from all this tax money you’ve paid.
Covered call
With caveat that your shares might get called away. It's not a bad thing if you are ok to sell at a given strike but something to be aware of.