I'm 31 now, I have a goal to save one million dollars by the time I will be 60. That's 29 years. That's $34,482.75 I should save each year, next 29 years in the row. That's a lot.
I currently make less than $20,000 per year, by US standard I'm the one who falls into the category - working poor. However, unlike my colleges in US, I live overseas (see living…
Last weekend we had a very nice and remote trip to the Vashlovani protected areas here in Georgia, we had a chance to sleep in a very remote place that was powered by solar energy and there was no internet connection.
The last time I was in a place without an internet connection was some 7 years ago, and I already started to believe there are not any more such places. There are.
Solar-powered Hotel Dalis Mta in Georgia
Anyhow, while stargazing I had time to think, and I was thinking how much I like such outdoors trips, overlooking mountains, crossing deserts, and then returning back to the computer and stock brokerage account, trading options, and so on.
Such short trips give me a lot of positive energy and give me some new ideas.
When returned back to our comfortable Tbilisi apartment overlooking all the city, I started to read what was I missing, and I was reading an article from another stock investor/options trader, where the author was saying he is going to start kind of a challenge - turning $100 into $75,000 in just ten years by investing every month $100 into a quality dividend stock and selling options. Here is the original article: Turn $100 in $75,000 in ten years challenge
Wow, I thought, I like such a challenge and I want to make it my own, but I will try to invest double that and try to achieve double the result. So the idea was born.
Turn $200 month into $150,000 in just ten years.
As I like being in the market very often, investing just 200/mo sounded a bit too boring to me and I decided I will invest $50/week at least for the first 3-6 months. But here is a thing - if something sounds too boring, that's actually good. in the money market, exciting things can be straightway to failure. But again, this is something I like doing every day, and I feel confident investing once in a week.
To make it transparent as possible I created a separate subdomain and launched Covered Calls with Reinis Fischer - a paid newsletter ($7/mo) delivered straight to your inbox once the latest trade is done, so you can mirror the trade or find some new trade ideas
The idea is following - I will spend $50 per week investing in a stock and will sell covered calls to generate extra income.
For the first week, I decided to start with NOK:NYSE stock, which was trading $5.5 per share and had a nice options premium for a $6 weekly strike.. Here you can read my first-week trade (paid access) Week 1 - Investing $50, sold "almost covered" call
I hope to collect at least 100 shares with NOK stock and then jumping to some other stock, but meanwhile, I'm saying the so-called almost covered calls and collecting premium. I could keep the premium and reinvest in a quality dividend stock or not. Anyhow - all ideas and trades will be shared.
Make sure to follow the journey at Covered Calls with Reinis Fischer (that's me by the way) not to miss an important update.
