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Started By
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1
Posted on 2/28/21 at 7:37 pm to Vols&Shaft83
quote:
I'll take "Famous last words" for $1,000
By can’t lose I mean can’t lose my initial profit from premium. Sure I might get hit by a rising/declining stock but if the sole point is the covered call for income I should be good.
Posted on 2/28/21 at 7:38 pm to Johnpettigrew
quote:
Johnpettigrew
How much power is that pulling? I’ve heard that it requires a lot of energy.
Posted on 2/28/21 at 7:52 pm to Vols&Shaft83
quote:
There is no easy way to generate significant passive income, and anyone who claims differently is selling snake oil. There's always an investment of time, money, work, or all of the above involved.
Totally agree. I'm not bashing the OP because I don't know the full story, but I'm always skeptical of anyone who starts talking about quitting their job or "taking a step back" in order to have more time to generate passive income. The risk you take in upfront capital in order to generate passive income is why you need to be even more protective of your job income at the development stage, not less. Developing passive income outside of traditional market investments is very labor intensive and not a means to spend more time with family.
Posted on 2/28/21 at 7:57 pm to MillerLiteTime
quote:
I'm always skeptical of anyone who starts talking about quitting their job or "taking a step back" in order to have more time to generate passive income
No, I’m trying to get passive income so I can take a step back or switch careers. Without that established income I can’t leave.
Posted on 2/28/21 at 7:59 pm to GAFF
2 KW a day at 0.075 per kw. ASIC miners pull a lot more than GPUs but also one unit can miner $35 a day.
Posted on 2/28/21 at 11:45 pm to GAFF
Have you thought about drilling an oil well?
Posted on 3/1/21 at 12:44 am to GAFF
Affiliate income, crypto and stock investments, dividend and interest income. If you're good at website development/SEO and/or creating YouTube videos and are knowledgeable about a topic then you can do well making affiliate income.
This post was edited on 3/1/21 at 1:17 am
Posted on 3/1/21 at 7:57 am to Fox McCloud
quote:
I make an extra 20k a year selling gold on RuneScape through a bot network. All I do is setup the bots daily and it makes its own money.
is this serious? 20k?
Posted on 3/1/21 at 8:35 am to Pezzo
quote:
quote:
I make an extra 20k a year selling gold on RuneScape through a bot network. All I do is setup the bots daily and it makes its own money.
is this serious? 20k?
ikr
Posted on 3/1/21 at 9:05 am to GAFF
quote:
Anyone here do covered calls for income?
In addition to real estate, a significant portion of my income comes from my options business. I’m primarily a seller of premium, and some of that involves covered calls - though most of the strategies don’t involve holding long stock (unless it gets put to me).
Posted on 3/1/21 at 9:10 am to Johnpettigrew
quote:
I am dabbling in crypto mining. Nothing massive yet. Just bought an $800 gaming pc with one gpu to work out all the kinks and do some learning. It’s actually way simpler than expected. Just pool mine ethereum thru Nicehash. 2 weeks I have around $56 in BTC based off of current value. At this rate, investment will be covered in 200 days. Next couple weeks, i plan to try and secure as many gpus possible even if used. I do nothing but check my hashrate a couple times of day. I’m really thinking about setting up an llc, so I can take advantage of depreciation and any expenses I run thru it. Maybe build a shed, put in a generator system, and few other upgrades, and then charge the business rent. It has the possibility of being exactly what I want. No employees to deal with. No traveling to visit my stores. NO managers calling because a toilet is broken. Just me and a bunch of gpus and ASICS mining. My biggest concern is the viability of the market long term.
Meanwhile Nicehash profits have more than halved over the past week
This is an absolutely terrible idea with awful ROI right now. The market has to pick back up for this to be remotely sustainable
Edit: This is coming from someone who has a 7 card setup right now too running Nicehash
This post was edited on 3/1/21 at 9:12 am
Posted on 3/1/21 at 9:25 am to GAFF
quote:
Anyone here do covered calls for income?
I currently do the wheel strategy. My plan is to continue to build enough capital to supply my lifestyle with premium alone.
One major advantage I found selling cash secured puts is that you can use a margin account for your collateral. But that collateral doesn’t accrue interest until you are assigned. I personally set strike price wayyy below current price to reduce the risk and collect premium on the brokerage’s dime. Just make sure you can handle the burden if the underlying happens to tank and you get assigned.
Posted on 3/1/21 at 9:35 am to Delacroix
quote:
I currently do the wheel strategy. My plan is to continue to build enough capital to supply my lifestyle with premium alone.
My man! Pleased to meet you.
You’re the first person on this board who I’ve seen who even knows what the wheel strategy is, much less using it.
Do you sell your puts based on delta/probability of ITM, or just where you’d be comfortable taking the stock?
Posted on 3/1/21 at 9:47 am to Jag_Warrior
Pleased to meet another wheeler I’m surprised it’s not talked about more in the investment community.
Yeah I generally look for a max of 0.3 delta, but I only mess with stock I am happy to own long term. You can make more more on the high volatility stocks but I prefer to manage my risk since I use some margin as collateral
I’m surprised it’s not talked about more in the investment community. quote:
Do you sell your puts based on delta/probability of ITM, or just where you’d be comfortable taking the stock?
Yeah I generally look for a max of 0.3 delta, but I only mess with stock I am happy to own long term. You can make more more on the high volatility stocks but I prefer to manage my risk since I use some margin as collateral
Posted on 3/1/21 at 10:11 am to GAFF
Amway
Posted on 3/1/21 at 10:46 am to GAFF
I watch dogs on the side through the Rover app. I get $20 per day per dog. Sometimes you get lucky and have an awesome Golden Retriever for a month and bank $600 easy. They provide the food and toys, you just have to provide a yard for the dog to shite in.
Posted on 3/1/21 at 10:48 am to GAFF
6.5% BTC interest
10.5% USDC interest
name something easier and with better passive gains - ill log off and listen
10.5% USDC interest
name something easier and with better passive gains - ill log off and listen
Posted on 3/1/21 at 10:54 am to Delacroix
quote:
Pleased to meet another wheeler I’m surprised it’s not talked about more in the investment community.
It's hard to understand even for season stock traders I feel like. Just started doing this with a few of my positions to start earning cash while I'm waiting for a payday. Also sucks when a stock runs hard but you can't take a payday still or you lose a chunk of potential gains over that call price.
On flip side it's nice to be putting in income from stocks steadily now
This post was edited on 3/1/21 at 10:55 am
Posted on 3/1/21 at 11:07 am to GAFF
quote:
covered calls
quote:
so I can’t lose.
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