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Season 2. Episode #71. Not Me, But You! Podcast.

Do 3 basic things to become wealthy: 1) Buy/hold Bitcoin. 2) Buy/hold TRUE high yield dividend stocks/ETF's. These pay you WEEKLY/MONTHLY cash flow. 3) Learn to sell simple options contracts by simply pushing buttons on your phone!

If you don't know how to get "approved" to sell options contracts on platforms like Robinhood or Charles Schwab dot com, then this episode will be helpful for you. Step one: Get approved to sell/buy options contracts. Ususally you complete an online questionairre and then "apply" for free.

Once approved you can click through the screens and practice without placing trades. It's best to to this with an account that you have just a small amout of money it. Anytime you deal with options contracts, it is understood that we are talking about a block of 100 shares of a particular stock.

I go step-by-step and place an option contract: a cash secured put. Placing the "opposite" contract is the same process, but in reverse. That contract is called a "covered call." Think of a circle with a dotted line down the middle of it. You either start on one side of the circle (with cash) or you start on the other side of circle with 100 shares of stock. This entire process is called, "the options wheel strategy."

If you need/want a deeper understanding of WHY Bitcoin is such a valuable asset to buy/hold is...then read the book, "The Big Print" by Lawrence Lepard.

Realize that the high yield ETF's are your "personal cash flow ATM machines." They have on singular purpose: to pay you cash on a schedule (Weekly or Monthly). Then ROTATE the dividen money into "other stuff." Less RISKY asssets or pay down debt.

Option contract typcially expire on a Friday. YOU SELECT the date. Once a contract is open/active you also can choose to "buy the contract back" which is the same as "close position" thus ending the contract prior to the actual expiration date. You typically pay a "cost" for closing postions, but in many circumstances it's worth it to "give some money back" to get out of the position early.

Cash flow that gets deposited into your account as soon as you SELL the options contract, is called "premium." The premium is the same as "cash flow." So our goal is to make as MUCH premium as we can while we balance the risk/reward of each options contract.

Have courage today, to pick one thing, and work on your dreams. We will talk again soon.

I'm not a financial advisor. This podcast is for education/entertainment purposes only. You will need to do your own research and accept responsibility for the results of any money you choose to invest. I love using Schwab.com to buy/sell stocks/ETF's/closed end funds/options. Schwab has a very user friendly app/website and their customer service is excellent. I can easily get to speak to a human being whenever I have questions.