My Bonus Money

In this episode, George and I talk about our strategy that we are using to make money. But first, I share my Month 7 and 8 returns (17.58% and 9.68%, respectively). Take my FREE course and learn how you can make these kinds of returns here. Also, if you are a paid member, you’ll get clear examples of what I’m doing with details! George and I talk about: - Options trading - you can learn how to do this, too, by getting my FREE course here - What options trading would look like if you were buying a house with options - Diversification vs. focusing on just one thing - Mindset when investing - How George makes decisions about investing - Why choosing weekly options is better than monthly, quarterly or yearly expiration dates - The role of challenges in our life - The importance of spiritually making decisions.

Jennifer Sullivan, M.S. is an executive functioning coach and author based in southeastern CT. She is founder of Fast Forward College Coaching and offers customized college support for diverse learners and their parents as they prepare for the transition to (and through) college. She speaks nationally to high schools, educators, and parent groups about differences between disability support in high school and college, executive functioning success in college and the parent perspective of the college transition. She is author of the book, Sharing the Transition to College: Words of Advice for Diverse Learners and Their Families., and the Sharing the Transition to College Workbook, and the author of College is Video Game: Press Play Jen works with students around the country. She is an educator who runs a business not a business Where she is now is much different from where she was 4 years ago when she started. Working in a regional education service center 2 avenues converged: felt passion & families and opportunities came to me. While the work was hard, it was something she knew she loved. How she went about writing the book, extra time during the pandemic Once you set the intention and say, “I’m going to write a book”, it’s always there. Jen doesn’t know how many books she has sold. Certain times of the year are more profitable. The book is a vehicle of my platform. The parameters of success have changed over time. Perspective for timelines for actually writing a book. Mindset shifts that needed to happen for her to find success. Family needs required m She started to believe in her herself as someone outside of her 9–5 job. The hustle needed to get speaking gigs. The book is giving me a platform to connect, not always connect in speaking The opportunities don’t just fall into your lap. You have to talk about your work and share what you’re doing. - What mindset you need to have to promote yourself. You just really have to not care.

You have to have a mindset fit for this. As an educator, you’ve been told things and lived your life in a certain way. I’m not saying this is a bad way, just that what has served you in the education sphere is not likely to serve in this Bonus Money world. And this is a vital truth. As you learn, grow, and change, the things that worked for you in the past, don’t necessarily work for you in the future. We’ll get to the mindset piece in a minute, but first, let’s see how I did in Month 6. Ad insertion Let’s talk about grand totals. In just six months I have made in cash a 43% return on my money. I reinvested all of that, admittedly, that 43% didn’t come back to me, because I chose not to pull it out. I chose to reinvest it. This month, I made 8.66% of what I invested in total. For those keeping score, that’s about 1700 dollars. Not bad for not having that much invested. The other interesting thing is that for three weeks this month, and all weeks last month, I was selling puts, and those were not executing. That means that I made a lot of money from never having the puts execute. What did that really mean? I was reinvesting my put premiums to increase the number of contracts I could go after. So, my number of contracts went from 9 to 15 in just a few short weeks. A clear reality: because the stock market has been going down a lot lately, I have experienced my overall value of my stock go down as well. Here’s the difference with what I was doing previously: I am actually making money while the stock is going down. If I were pulling that money out, I would be making money from it. I bring this up now to segue into our discussion about mindset. So, let’s talk about mindset. Here are several things you, as an educator, have abdicated: 1. Your personal salary negotiations have likely been abdicated to a union or association. 2. Your retirement is either in a pension or a 403b, and you have likely abdicated responsibility for taking care of your retirement to someone else. 3. Your salary increases have been abdicated to a union or association. To be clear, these are not bad things, and there are many who have found success by abdicating these things to someone else. That’s not the issue here. What I want to encourage you to do is to take control of your finances and your wealth. Here’s how my first conversation when I was a first year teacher: What would you like to invest in? I don’t know, what’s a good decision? Well, you’re not going to retire for a while, so X mutual fund would be good. Ok. Let’s do that. She finished by saying this was her easiest meeting of the day because I didn’t have any questions. It took me a few years to realize that was a subtle dig. So, what mindset do you need to have? I think three mindsets are very important. You need an open mindset You need a curious mindset You need an investor’s mindset Let’s talk about each of these. What is an open mindset? You’re open to possibilities. You’re open to new ideas and new way of doing things. You’re open to the idea that maybe you haven’t been doing everything so well. I think that this one is the most challenging for educators. We’ve believed and acted a certain way our whole careers and so it is very challenging to do something different and think a different way. One of the best books on this particular subject of changing your mindset is Rich Dad, Poor Dad. It tells of Robert Kiyosaki’s young life in hawaii and the things he learned from his own dad (an educator in Hawaii) and his rich dad (his best friend’s dad). This book will really speak to you because he details how his educator dad thought compared to his investment minded friend’s dad. That’s an action step for getting an open mindset: read Rich Dad, Poor Dad. What is a curious mindset? Curious means that you need to ask questions. You need to seek out information from others. You need to learn what other people are doing. The tip for being more curious is “Tell me More” should be on the tip of your tongue whenever you’re talking with someone else. What is an investor’s mindset? Here’s the simplest way I can put this: You ask what your money is doing for you. An investor’s mindset is pretty much the opposite of a consumer’s mindset. A consumer mindset is all about how I can spend my money, while an investor’s mindset is all about how can I deploy my money to work for me. This is what we are going to focus on here in this show. Regardless of whether you’re investing in real estate, businesses, your own business, or yourself, you’ve got to get out of the consumer mindset. The best tip I can offer to get started is to start investing a small amount of money and see how it feels. Save money if you need to. But start doing something. Taking action is the best way to start making some mindset changes. You can learn how to to do it at mybonusmoney.com.

This month, I made a 8.91% return and felt much more comfortable in my decisions. I still had to get myself out of a bad situation and that impacted my return as well.   The My Bonus Money Pyramid is a way to help you know when you are ready to up your investing game. II. Base: The Importance of an Emergency Fund and Good Financial Health We discuss the importance of having an emergency fund to provide a financial cushion in times of crisis or unexpected expenses. we emphasize the importance of good financial health, including having no bad debt and being financially responsible. I explain how having a solid base can help to provide a foundation for future financial growth and success. III. Grow: Strategies for Growing Your Money We discuss various strategies for growing your money, such as investing in growing companies or markets, or taking a long-term approach to investing. I emphasize the importance of careful research and due diligence in selecting investments that have the potential for growth. IV. Scale: Maximizing Returns through Scaling Operations I explain how scaling operations can help to maximize returns and minimize risk, such as through diversification or increased exposure to growing assets or sectors. We discuss the importance of regularly reviewing and adjusting an investment strategy to take advantage of new opportunities for growth. V. Leverage: Using Assets to Grow More Assets I explain how leverage can be used to magnify returns, but also emphasize the risks involved in using borrowed money or financial instruments. I discuss the importance of carefully considering the use of leverage and understanding the potential risks and rewards.

In this episode, I’m going to share some of my success and give you an overview of the different ways you can make money. While I made 25% return on investment this month, I also made a really dumb decision. I had tried buying a call, only to sell it after the price adjusted. I chickened out from my strategy and missed out on hundreds of dollars. All that being said, I still had a huge month, with my income being about 25% of my investment. This month I also learned the pain of a bear market as my stocks went down considerably. Then I sell them next month for a big loss, basically wiping out all my gains. But we will get to that next time. I added $7000 my portfolio this month. I took money that I could have saved for something else or spent on something else and decided to put it in the market. The big risk! You are going to miss big moves with this strategy. If you’re doing calls and puts, you are going to naturally buy higher and sell lower than what is available. That is the nature of this strategy. That’s not necessarily a bad thing, because you are making regular money each week. There’s a different kind of value. You calls and puts ONLY execute when they are selling low and buying high. That’s literally what you are committing to. Important ways to mitigate this risk: Don’t buy into the hype of wide swings in the given stock. Plan on only buying stock you are good with holding, or plan on only buying stock you are willing to play with. My example this month is AMC. I wanted to be in that stock for the high premiums on the options. I didn’t want to be Should I make a WhatsApp group? Or a group me group? This was not necessarily an easy choice. Define Bonus Money Different ways to make bonus money - How I define Bonus Money Second job Own business Podcast Related field Non-related field Stock investing Real estate I. Introduction A. Brief overview of the importance of earning additional income B. Explanation of the different ways to earn money being discussed in the talk II. Second Job A. Advantages and disadvantages of working a second job Some advantages of working a second job include: Extra income: The most obvious advantage of working a second job is the additional income it provides. This can be especially useful for meeting financial goals, paying off debt, or saving for the future. Diversification: Having multiple sources of income can provide some financial security and can help to mitigate the risks of relying on just one source of income. New skills and experiences: Working a second job can also provide opportunities to learn new skills, gain valuable experience, and build your resume. Some disadvantages of working a second job include: Time constraints: Working a second job can be time-consuming, and it may require you to sacrifice time with friends and family, hobbies, or other leisure activities. Stress and fatigue: Balancing multiple jobs can be challenging, and it can lead to increased stress and fatigue. This can have negative effects on your mental and physical health. Potential conflicts with your primary job: In some cases, working a second job may create conflicts with your primary job. For example, if your second job requires you to work during the same hours as your primary job, it could lead to conflicts with your employer. Less job security: Depending on the type of second job you have, it may not provide the same level of job security as your primary job. For example, if you work a second job on a freelance or contract basis, you may not have the same job security as you would with a permanent job. B. Tips for finding and choosing a second job C. Strategies for managing time and balancing multiple jobs III. Small Business Ownership A. The potential rewards and challenges of owning a small business B. Steps to take when starting a small business C. Common mistakes to avoid when running a small business Affiliates Pat Flynn makes all his money here. My experience is that it doesn't work without scale Several people have started using the thing I recommend and they don't show up in my referral portals. Probably because my affiliate is audio and I don't direct them to a web site very well. Podcast, blogging, TPT, any of the other things. Why having a small business is such a good move. CORN customary, ordinary, regular, necessary IV. Real Estate A. The basics of investing in real estate B. Different ways to invest in real estate, such as buying rental properties or flipping houses C. Tips for success as a real estate investor V. Stock Market Investing with Options A. The basics of options trading B. The potential risks and rewards of trading options C. Tips for success as an options trader VI. Conclusion A. Recap of the different ways to earn additional income discussed in the talk B. Encouragement for the audience to consider these options and do their own research before making a decision.

In this episode Jethro talks with Danielle about whether she should stay in her job or leave it. I mean, that's the question that is asked, but it isn't really about whether she can afford it or not (she can). The question is really about how she wants to design her life. And you can design your life as well. Like this kind of episode? Let me know you love it. Let me know you love it! - Can't get over the fear of a lack of certainty - What do you want your life to look like? - It's hard to take that leap of faith. - What is that safety? - You can always get another job, especially a job you're very well qualified for! - It's closing a chapter. - feeling guilty about not coming back after maternity leave. - Are there other districts out there where this is a priority? Yes, of course - It's good to leave at a time when you still love your job.

In this episode Jethro talks with Danielle about whether she should stay in her job or leave it. I mean, that's the question that is asked, but it isn't really about whether she can afford it or not (she can). The question is really about how she wants to design her life.And you can design your life as well. Like this kind of episode? Let me know you love it. Let me know you love it!- Can't get over the fear of a lack of certainty - What do you want your life to look like? - It's hard to take that leap of faith. - What is that safety? - You can always get another job, especially a job you're very well qualified for! - It's closing a chapter. - feeling guilty about not coming back after maternity leave. - Are there other districts out there where this is a priority? Yes, of course - It's good to leave at a time when you still love your job.

Here's why I started this podcast. I've been interested in passive income for a long time. In fact, since 2017, I've made about $300,000 in my side hustle. But that's mostly been active money. I didn't focus on passive because I was scared. Scared of a lot of things, but mostly scared that I would not be successful. That all changed when I met Gregg. Actually, it all changed when I reconnected with Gregg. Gregg was a superintendent who turned me down for a job, but called me later and gave me some good feedback. I was really grateful that he helped me something that I couldn’t see myself. Fast forward a few years, and I reconnected with him, but he wasn’t a superintendent anymore. Turns out, he had retired when he was fifty years old. Why? Because his passive income surpassed his superintendent salary. I was shocked. Here I was hustling, and not able to get ahead to a comfortable level. He helped me see that if someone like him could do it. I could do it too. That’s a powerful feeling. Once I saw that, I decided to start taking some action. The only problem was that I didn’t have a lot of money. I needed to start with a small amount and build it up. I’ve read several books on how to do things but I hadn’t yet taken action. I decided it was time to take action. The book I’m going to recommend for this episode is Covered Calls for Beginners by Freeman Publications. It teaches the strategy that I started utilizing with just $400. It wasn’t a lot of money, but it was enough that I could start doing something. Let me explain the strategy as best I can as I share my month 2 report. The strategy consists of buying stocks in increments of 100 and then selling covered calls, which you can think of as getting rental income off the stock. This is not to be confused with stock lending, where someone literally borrows your stock to make trades. Right now, I know that exists, but I don’t really get how it works. Now, let’s go a little deeper here. This strategy involves selling the opportunity for someone else to buy your stock at a given price. Let’s say you have stock that you bought for $10 each ($10 x 100 shares = $1000 invested). Let’s say you think this stock is going to stay the same or go down over the next few weeks. What you do is sell the opportunity for someone to buy these 100 shares you own at a set price. Let’s say that price is $10.50. So, someone else buys the opportunity to buy the stock at $10.50, and they’re so sure it is going to go above 10.50, that they pay you $0.24/share (.24 x 100=$24) or $24 to have that opportunity. You can choose by what date you think that’s going to happen, I’ve been choosing a week, because I feel like I have a better chance of predicting a week than I do have of predicting what’s going to happen in a month, six months, or even a year. It’s impossible to predict what is going to happen but you can make educated guesses! That’s all I’m doing. I’m making educated guesses. If the stock goes up to $10.45, then I keep the “premium” that the person paid, and since they can buy the stock cheaper on the open market, they don’t assign that sale to me. If it goes up 10.55, then they do assign the sale to me, but I made the $.24/share and the $.50/share that the cost of the stock went up. So, I made $.74/share on that trade that week. Or, the other way to think of it is I made a 7.4% that week. If I hadn’t sold that stock, and it stayed below what is called the strike price, $10.50, then I would have made 2.4% that week. My goal with this is to make 1% each week that I utilize this strategy. Ideally, the trades never happen, I keep the stock, and I keep the premiums. That is what happened mostly in Month 2. I bought stock, and again, I didn’t have much money, so I needed to start small. The book I referenced above strongly advises you to stay away from stocks that cost less than $10/share, but I didn’t have $1000 to start. I only had a couple hundred dollars. Once I figured out how to start using this strategy, I grew more confident and comfortable with investing more. I put $1500 into my account and started selling options. This led me to make $215 in Month 2, or 11.3%. That’s pretty good when you consider that the stock market was in decline most of that time.

I'm a little nervous and scared about this new podcast. I'm going to get personal, and that can be scary. But I want to share these things to help you! I believe that I can help you and I'm really looking forward to it. We're going to be talking about how to make passive income. I have three main reasons why I want to do this: Empower educators to take control of their lives and livelihoods. Talk about something people rarely talk about and make it easier for people to ask questions Show how it can be done, starting with just $200. My first thing that I did was just $200. Honestly, you could even start with nothing. That's very possible. But I started utilizing a strategy called Covered Calls in the stock market, because there was very little risk. Not zero risk, but very little. Learn more about that by taking my course for FREE here. So, let's dig into my passive income for month 1 (May 2022) I invested $400 and earned $51.42 in passive income through dividends and premiums on covered calls. I reinvested the bonus money to keep building up my nest egg. I want to hear from you! Shoot me an email with your thoughts at jethro at mybonusmoney dot com. Looking forward to hearing your stories and your success as well.

In this podcast, we share how educators can find financial freedom, starting with just $200. I'll share my own journey, starting with $200. And we'll talk with people just starting their journey, people who are already financially independent, and everyone in between.  There are lots of shows out there about money, but this is geared specifically towards educators, so we will tackle the mindset issues that educators have, and their particular skill sets as educators.  Click through to see how you can get started with just $200.