Put selling revenue: $464.00
Put selling loss: $411.44
Put selling profit: $52.56
Total profit for the month: $80.56
How I Still Made Money from Options Even When the Trades Went Against Me
(Check out this post if you aren’t up-to-speed on how I’ve been making money with options.)
I had 2 stocks put to me this month.
This means I had to buy the stock at the strike price (when it was Selling below that price on the open market).
Then I had to turn around and sell that stock.
Still, the premiums I received for selling these puts exceeded the cost of them getting put to me.
I also experimented with 3 long-straddle option trades and lost money on two of them.
All in all, I’m impressed that I made money this month given the circumstances.
But in the future, I plan on sticking to covered calls.
My Plan for Making More Cash Selling Puts in the Future
This has been a really good year for my company which means I will probably receive a bonus at the end of the year!
Of course, things could take a nose-dive before year end.
But it’s becoming less and less likely.
And once December rolls around, it’s all but certain that I will get a bonus.
My guess is that, after-tax, my year-end bonus will be ~$13,000!
Here’s my plan for that cash:
- Put some or all of it into my Tasty Trades* account,
- Leverage it slightly,
- Continue using Option Party to guide my trade decisions, [use my coupon code profitanywhere to get a 40 day free trial instead of 30 day free trial!]
- And use the extra monthly cash flow from selling puts to fund my entrepreneurial endeavors.
What exactly are those entrepreneurial endeavors?
In light of Google’s mobile-first initiative, I’d like to have a WordPress developer optimize this blog for mobile.
I’d also like for him to make the blog faster since fast sites optimized for mobile will do better in search results and in general.
And I’d like to make a few upgrades to my YouTube setup. (that’s right, I’m working on a YouTube channel).
I may even make the plunge and set up an LLC.
Regardless, I’m excited about the possibility of generating some reliable cash flow from options.
This cash would allow me more flexibility in the entrepreneurial opportunities I pursue.
How I Made $28 with Zero Effort Taking Pictures of My Grocery Receipts
Ibotta* is a coupon app that earns you cash back on purchases at countless retailers.
They give you $10 for signing up and $5 for friends who sign up with your code.
You search the app for deals at your favorite retailers,
Select the ones you want to use,
And take a photo of your receipt verifying your purchase to earn cash back.
The cash-back offers can be significant too.
My wife and I have received 80% off certain grocery items!
And these aren’t just rewards on processed foods.
You can receive cash back on basics like eggs, bananas, and more.
Though we get most of our rewards from groceries, other retailers offer Ibotta rewards too.
There’s a minimum payout of $20 before you can transfer to your bank account.
But that minimum isn’t difficult to hit with the $10 credit for joining, espcially if you can earn $5 for getting a friend to download and use it too.
I’ve downloaded several cash-rewards/money-making apps.
Most of them are more trouble than they’re worth.
But Ibotta is worth keeping.
You can download it here.*
If you use the link above or my referral code: CMPADRG I get a $5 referral bonus!
Retail Arbitrage – Why It’s Not For Me
If you watched the above video, you know that the 28 year old featured in it is making six figures in “retail arbitrage.”
If you haven’t heard of retail arbitrage, it’s where you buy goods at a retailer and sell them for more on an e-commerce platform.
For instance, you might find a Barbie doll at Walmart selling for $5 and the exact same doll selling for $15 on Amazon.
You could buy the doll at Walmart sell it on Amazon, and theoretically make a nice profit (if doing this in bulk).
Gary Vaynerchuk is famous for saying he believes anyone can make six figures with a comfortable work/life balance doing retail arbitrage.
And the guy in the above video is proof it’s possible.
I was intrigued by all this so I decided to try my hand at it.
Here’s what I did:
- I discovered Prime Resale, a website that provides lists of retail arbitrage opportunities.
- I quickly realized that retail arbitrage either requires buying online in bulk (so you get free shipping), or going to the retailer to purchase. Otherwise, the shipping cost can wipe out your margin and the wait time to receive your goods in the mail could mean that you miss out on the opportunity because the online price drops.
- I also realized that Amazon preferentially ranks products that have Prime shipping. So I would have to wait to receive my products in the mail and then ship them to an Amazon fulfillment facility before I could list it for sale with a shot of selling it.
I realized this wasn’t a quick buck opportunity.
Instead, like most money-making opportunities, it requires concerted effort and a lot of hustle to make it happen.
This sort of hustle isn’t really my style.
(My sort of hustle is creating tons of online content
Nevertheless, I’m glad I gave it a shot if for no other reason than to confirm my suspicions that it wasn’t for me.
But know that you can make good money with this opportunity if it’s something that interests you!
I didn’t make as much as last month.
But I’m also excited that even with trades going against me, I still managed to profit from my puts.
Do you have any side-hustles?
I’d love to hear about them in the comments!
In the spirit of full disclosure, links marked with an asterisk are affiliate links, which means that I may receive a commission if you decide to purchase anything through the link. You will not pay more when buying a product through my link. In fact, sometimes I am able to offer a lower price (or bonuses) not available elsewhere. Your support in purchasing through these links empowers more people worldwide to blog with less worry and less hassle and enables me to continue to provide free blog content and to provide for myself and loved ones. Thank you!
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