Dec 16 2022 21 mins 1
In this episode, I’m going to share some of my success and give you an overview of the different ways you can make money.
While I made 25% return on investment this month, I also made a really dumb decision. I had tried buying a call, only to sell it after the price adjusted. I chickened out from my strategy and missed out on hundreds of dollars. All that being said, I still had a huge month, with my income being about 25% of my investment.
This month I also learned the pain of a bear market as my stocks went down considerably. Then I sell them next month for a big loss, basically wiping out all my gains. But we will get to that next time.
I added $7000 my portfolio this month. I took money that I could have saved for something else or spent on something else and decided to put it in the market.
The big risk! You are going to miss big moves with this strategy. If you’re doing calls and puts, you are going to naturally buy higher and sell lower than what is available. That is the nature of this strategy. That’s not necessarily a bad thing, because you are making regular money each week. There’s a different kind of value. You calls and puts ONLY execute when they are selling low and buying high. That’s literally what you are committing to.
Important ways to mitigate this risk: Don’t buy into the hype of wide swings in the given stock. Plan on only buying stock you are good with holding, or plan on only buying stock you are willing to play with.
My example this month is AMC. I wanted to be in that stock for the high premiums on the options. I didn’t want to be
Should I make a WhatsApp group? Or a group me group?
This was not necessarily an easy choice.
Define Bonus Money
Different ways to make bonus money - How I define Bonus Money Second job Own business Podcast Related field Non-related field Stock investing Real estate
I. Introduction A. Brief overview of the importance of earning additional income B. Explanation of the different ways to earn money being discussed in the talk
II. Second Job A. Advantages and disadvantages of working a second job Some advantages of working a second job include:
Extra income: The most obvious advantage of working a second job is the additional income it provides. This can be especially useful for meeting financial goals, paying off debt, or saving for the future. Diversification: Having multiple sources of income can provide some financial security and can help to mitigate the risks of relying on just one source of income. New skills and experiences: Working a second job can also provide opportunities to learn new skills, gain valuable experience, and build your resume. Some disadvantages of working a second job include:
Time constraints: Working a second job can be time-consuming, and it may require you to sacrifice time with friends and family, hobbies, or other leisure activities. Stress and fatigue: Balancing multiple jobs can be challenging, and it can lead to increased stress and fatigue. This can have negative effects on your mental and physical health. Potential conflicts with your primary job: In some cases, working a second job may create conflicts with your primary job. For example, if your second job requires you to work during the same hours as your primary job, it could lead to conflicts with your employer. Less job security: Depending on the type of second job you have, it may not provide the same level of job security as your primary job. For example, if you work a second job on a freelance or contract basis, you may not have the same job security as you would with a permanent job. B. Tips for finding and choosing a second job C. Strategies for managing time and balancing multiple jobs
III. Small Business Ownership A. The potential rewards and challenges of owning a small business B. Steps to take when starting a small business C. Common mistakes to avoid when running a small business
Affiliates Pat Flynn makes all his money here. My experience is that it doesn't work without scale Several people have started using the thing I recommend and they don't show up in my referral portals. Probably because my affiliate is audio and I don't direct them to a web site very well.
Podcast, blogging, TPT, any of the other things.
Why having a small business is such a good move. CORN customary, ordinary, regular, necessary IV. Real Estate A. The basics of investing in real estate B. Different ways to invest in real estate, such as buying rental properties or flipping houses C. Tips for success as a real estate investor
V. Stock Market Investing with Options A. The basics of options trading B. The potential risks and rewards of trading options C. Tips for success as an options trader
VI. Conclusion A. Recap of the different ways to earn additional income discussed in the talk B. Encouragement for the audience to consider these options and do their own research before making a decision.
