Road to $6,000 in savings account by the end 2022

Updated: 20 April, 2022 seen 33

A few years ago I made a broader goal of achieving 1 million dollars in my savings account by the time before I will turn 60 in 2045. 

The plan went well until the Pandemic hit my portfolio in March 2020, later that year I bought an apartment in rural Latvia I really didn't need and spent a lot of my funds there on renovation works.

Also, we have kiddo now, the cost of schooling at an international school here in Tbilisi now cost us about $5,500 per year, but soon will reach $24,000 per anum. 

My investment portfolio has suffered quite a lot, both because of the urgent need for funds and bad investment decisions in the past/ mostly overtrading/ underleveraged. 

Past experience has taught me a good lesson, stay leveraged, don't overtrade! 

I wouldn't say I'm looking to start fresh, as I'm still recovering some positions, but as I have lost focus on investment growth I decided to set one small and kind of easy-to-reach goal for the rest of the year - double my available free capital by the end of the year.

I have about $3,000 available for investment and I'm looking to grow this account to $6,000 by investing with covered calls and day trading bitcoin futures.

For now, most of the funds are invested in long stock positions on whom I'm selling call options, and just a tiny bit is put on work with bitcoin futures.

Structure of my Investment portfolio April 2022
Structure of my Investment portfolio April 2022

As I'm trading on margin, my almost $3,000 in the stock market gives me almost $20,000 buying power, so I'm able to pull out some money from the stock market by selling covered calls (buy/write). 

Additionally, I invest some small funds once a week in mutual funds, and a few times a month I receive a few payments from my writing and paid newsletter. Cash ads up. 

From the options income, I'm still looking to take out in cash about 25% of my monthly income, to spend on life or reinvest in bitcoin futures.

I can see, that my bitcoin ventures will increase from 2% to 10% or even 20% by the end of the year. 

I'm trading bitcoin futures with a 50x leverage or for every invested dollar I have 50 in buying power. Trading Bitcoin futures are much riskier than selling covered calls, but also the reward is much higher. 

To sum it all up - for the rest of the year I'm looking to generate $3,000 from the stock market and from Bitcoin trading, which translates to about $375/monthly

$375 monthly doesn't sound much, knowing my past experience, but this time I want to reach the goal steady and safe