Three Things To Do To Become Wealthy

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Season 2, Episode #43 of Not Me, But You! Podcast. Thank you for all of the downloads and listens. I took about 3 weeks off from podcasting. This episode was delayed due to that break. I'm back now, from my break and will be uploading episodes consistently each week. 

I recognized Secaucus, New Jersey and Tirana, Albania. Two geographical locations on different spots on the planet, where this podcast has been downloaded. I also want to recognize Canada where I seem to have many people who download this podcast. So thank you Canadians  also. 

There are three basic things we can do to become wealthy: 1) Buy/hold Bitcoin. Don't sell it. Due to it's fixed supply and increased demand, the price will continue to rise for at least the next 15 years. 2) Buy/hold true high yield dividend stocks/ETF's/closed end funds. This will bring you cash flow each week, month, each quarter. Dollar cost average your purchases of these dividend instruments. Buy more shares each month, adding to your overall number of shares and increasing the dollar amount that you will receive in dividend payments. 3) Sell simple option contracts like cash secured puts and covered calls. This too, will bring you additional cash flow. The selling of these two types of option contracts is called "the wheel strategy." 

Guess what you can do with cash flow? Answer: anything you wish! That's why focussing on increasing your cash flow each month is such a powerful idea! Most people who have money problems, usually have a cash flow problem, meaning not enough cash flow each month. 

Most of the stocks I purchase are with the investment goal of increasing cash flow. But there are some stocks I buy/hold for growth. These are companies that I have a strong conviction will increase their share price significantly over the next 10 years. The two companies I like for growth are Tesla and Strategy (formerly Micro Strategy). I believe both of these companies could have share prices that reach $2,000 per share. Tesla share price is currently around $290/share. Strategy (MSTR) is currently around $395/share. So IF, they both go to $2,000/share, there is room for a lot of growth. A lot of "runway" is ahead of us, so to speak. 

I mentioned the YouTube channel "British Hodl" and he is a believer in buying/holding Bitcoin. But he also spoke about someone he knew who had 3 or 4 MILLION dollars of Bitcoin, but had NO CASH FLOW! He suggested to this person to take SOME of his Bitcoin and go buy MSTY ( a high yield dividend ETF). What this "small" purchase did for this multi millionaire was created CASH FLOW of approximately $26,000 PER MONTH. And he only sold a "small portion" of his Bitcoin to accomplish this. A fantastic idea to create INSTANT  cash flow and still hold onto the majority of his Bitcoin. We can all learn from this example. MSTY pays a MONTHLY dividend. It uses a covered call option strategy and the yield (interest you earn on you money invested) is currently 120%/year! 

Take steps to protect your crypto. Use "cold storage" wallets.  I do NOT recommend leaving crypto on the exchange where you purchase it. 

Have courage today, to pick one thing, and work on your dreams. We will talk again soon. 

I'm not a financial advisor. This podcast is for education/entertainment purposes only. You will need to do your own research and accept responsibility for the results of any money you choose to invest. I love using Schwab.com to buy/sell stocks/ETF's/closed end funds/options. Schwab has a very user friendly app/website and their customer service is excellent. I can easily get to speak to a human being whenever I have questions.