Get Rich - Stay Rich - Investing for Monthly Income

Posts Tagged ‘investing for income’

Why You Need Multiple Streams of Income

As we all know, when you work for an employer your time is not your own.  You are trading your time for income from wages.  Your vacation dates will likely be ruled by your employer.  While there is nothing wrong with working for a living, you should start preparing today for what you need in the future.  You can start investing for income part-time while you are still working for the man.
Here are some financial lessons to keep in mind when preparing for your future:

  • No matter how good you are at work, you are expendable;
  • The term job security can be an illusion;
  • You are not likely to get rich working for someone else;
  • Nobody cares about your money more than you do;
  • Social security may be restructured or may not be available when you retire;
  • The company pension is quickly if not already going away.

The list above is proof that you should seek multiple streams of income.  You should consider adding a 401K and/or IRA to supplement your waining social security checks.  The safest income streams are saving accounts and certificates of deposits both of which are best for emergency cash holdings.  Beyond this, you should start to think about additional income streams.  The obvious choices are dividend paying stocks and close-ended funds because they tend to be passive income.  Next, I would suggest you begin to learn how to sell covered calls against some of your dividend stocks or other stocks with potential to create additional income.  If you get good, you can advance to more difficult option strategies for another source of income.  You can even move into real estate investing to diversify your assets and create more monthly income.

One source of income is just not enough in today’s society.  Each of us should take the initiative to learn how to create additional income streams by using your assets rather than your time working for an employer.  The end result will be more income streams, more financial security and more time to do the things that make your life more enjoyable to you and your family.

Here, we sell options, covered calls and cash-secured PUTs, to create multiple streams of income while investing in CEFs paying monthly dividends.

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Diary of a Monthly Income Plan (INFOGRAPHIC)

Some investors and traders are always searching for that “holy grail” to make their millions in the markets.  These traders look to quantum programs, black boxes, high frequency trading and other sophisticated methods to gain an edge on the market.  At Get Rich Investments,we like to keep investing as simple as possible.  Afterall, we are totally focused on one objective to create monthly income from investing.  We created an infographic, “Diary of a Monthly Income Plan” to show how easy it is to invest for monthly income in today’s market.

Free to embed on other sites using this code:  <embed src=”” height=”400″ width=”466″ type=”application/x-shockwave-flash” allowFullScreen=”true”>


Diary of a Monthly Income Plan_(Infographic)

Free Covered Call Trade on Yahoo

Covered Call Recommendation on Yahoo!


Look at the January 12.50 covered call. For each 100 shares of Yahoo (YHOO) stock you buy, sell one January 12.50 covered call option for an 11.25 (13.38 – 2.13) debit or better. That’s potentially an 11.1% assigned return.  The technicals for YHOO are bullish with a weak downward trend. The stock is under accumulation with support at 12.45. S&P rates this stock 4 STARS (out of five) – buy.

S&P reiterates buy opinion on shares of Yahoo (YHOO) . YHOO announces Carol Bartz has been relieved of her CEO duties. CFO Tim Morse continues in his current role and has been appointed interim CEO. The board is engaging an executive search firm to help identify CEO candidates. We are not surprised by this news. Bartz became CEO inJanuary 2009 and was widely criticized for not turning YHOO around. She worked to refocus YHOO, which is now being positioned as the “premier digital a media company,” but was being run by a combative long-time technology executive. We think this change makes sense and should be a positive for the stock.
For more monthly income investments, see the Get Rich Monthly Income Investments.
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