Do you not do cash secured puts? My primary strategy in retirement accounts is cash secured puts and in my margin accounts it is naked puts, short strangles and sometimes credit spreads.
Solid information in your video. When I retired in June 2020, I had a Trad. IRA equivalent to one year of my salary. I did a conversion to a ROTH IRA and took the tax hit. I made the money back from the tax hit in about four months, doing the Wheel Strategy, covered calls on dividend stocks, and selling cash secured puts. I've doubled my ROTH IRA balance since then. All those gains are growing tax free. WOO-HOO! I am not withdrawing any money from the ROTH because my taxable brokerage account is growing fast enough to cover my monthly expenses, AND grow the account. Videos like yours have helped me to learn to earn 50% to 60% ROI annualized. Thank you for all your videos.
You can, but you're right that you likely won't benefit from it as much with a smaller portfolio. Most of the stocks that I trade in my main portfolio require about $7,000-20,000 to sell covered calls on them. For now I think you might benefit more from building up your account with continued deposits and mastering the strategies that I talk about on the channel.
What's your method of managing profits in your taxable account? (i.e. how much you pay yourself, how much you set aside for taxes, and what gets reinvested)
I try to withdraw about 20% of my gains each month to set aside for taxes. Then from there, I just withdraw as much as I need to cover my expenses, and the rest gets reinvested.
You never need to contribute to both accounts. Only contribute to a regular brokerage, use 6,000 of the years profits and the first Monday each January move that 6k over to the Roth. I like to think of it as having wall street fund my retirement. Also like the end of the video I took on a small part time job mainly just so I can legally contribute that Roth money
Just be careful because typically the contribution from roth conversions can't be withdrawn for 5 years. There's a thing called a roth ladder that people use to handle this situation. There's also a way to substantially increase your contributions to a Roth from post-tax contributions to a 401k although the rules on that might change next year as well. Consult your tax weasel for more information since a lot of this gets tricky.
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You laid this out very well nice video!
Thanks, I'm glad you enjoyed it!
Do you not do cash secured puts? My primary strategy in retirement accounts is cash secured puts and in my margin accounts it is naked puts, short strangles and sometimes credit spreads.
Solid information in your video.
When I retired in June 2020, I had a Trad. IRA equivalent to one year of my salary. I did a conversion to a ROTH IRA and took the tax hit. I made the money back from the tax hit
in about four months, doing the Wheel Strategy, covered calls on dividend stocks, and selling cash secured puts. I've doubled my ROTH IRA balance since then.
All those gains are growing tax free. WOO-HOO!
I am not withdrawing any money from the ROTH because my taxable brokerage account is growing fast enough to cover my monthly expenses,
AND grow the account. Videos like yours have helped me to learn to earn 50% to 60% ROI annualized. Thank you for all your videos.
That’s great to hear, I’m glad the videos have helped you out!
@@MoreMoneyLessProblems Hi, I'm interested in your iris alert. I have 3k in my account, can I follow your alert with 3k balance and also learn?
You can, but you're right that you likely won't benefit from it as much with a smaller portfolio. Most of the stocks that I trade in my main portfolio require about $7,000-20,000 to sell covered calls on them. For now I think you might benefit more from building up your account with continued deposits and mastering the strategies that I talk about on the channel.
@@MoreMoneyLessProblems Thanks for your honest reply.
I always look forward to your videos & knowledge. Thanks Charlie!!
What's your method of managing profits in your taxable account?
(i.e. how much you pay yourself, how much you set aside for taxes, and what gets reinvested)
I try to withdraw about 20% of my gains each month to set aside for taxes. Then from there, I just withdraw as much as I need to cover my expenses, and the rest gets reinvested.
208th!
Woulda been first, but I got the push alert while paying my cable bill
You never need to contribute to both accounts. Only contribute to a regular brokerage, use 6,000 of the years profits and the first Monday each January move that 6k over to the Roth. I like to think of it as having wall street fund my retirement. Also like the end of the video I took on a small part time job mainly just so I can legally contribute that Roth money
anyone can open a roth ira, if you make too much you can do a roth ira conversion. That rule may change next year.
Just be careful because typically the contribution from roth conversions can't be withdrawn for 5 years. There's a thing called a roth ladder that people use to handle this situation. There's also a way to substantially increase your contributions to a Roth from post-tax contributions to a 401k although the rules on that might change next year as well. Consult your tax weasel for more information since a lot of this gets tricky.