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1. Open a HYSA. A high-yield savings account allows you to gain interest each month! Many checking accounts only offer 0.01% APY, meaning you only get $0.01 per $100 you deposit per year! Instead, you can leave your money in a HYSA and get 3-5%, meaning you get $3-5 instead! Whoa!
2. Collect dividends. After you open your brokerage account, you can start buying long-term assets. I personally like S&P500 and DOW30 funds since they are typically the safer and responsible way to go. Make sure to check the ex-dividend date and payout date to see when you need to own the shares and when you’ll get paid.
3. Sell covered calls. Once you compound your portfolio to a certain size, you are now able to sell covered calls since you already own the assets anyway. This is a nice way to get a “second dividend” and a strategy that even Warren Buffett uses!
Don’t get discouraged that you only get $50-200 per month. As long as you get started and keep watering your plant, your acorn will eventually turn into an oak tree.
Ask me more questions in my investing class today at 5:30PM PT. Link in bio to sign up!
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