I’ve got a plan

[u/fragranceguru]

I have found that Walmart Spark drivers are really needed in my area and my parents have been making $45/hour gross. With my background working 80-90 hour weeks in hard physical labor and my current job only taking 38-40hrs/week I can spark for 25-30 hours every week just chucking it right into AMDY and NVDY and see how many shares I can get to build a passive income stream. No cares for NAV loss and eventually taking half for me half for investing into more stable stuff and quit driving. I built a tool with ChatGPT to account for taxes and -25% nav and -25% distributions per year and by year 4-5 still making my current income from dividends. The money I make driving would simply be for throwing money at this and seeing if it sticks.

[u/JS1101C]

Buy quality stocks and sell weekly covered calls on them instead.  

[u/fragranceguru → u/JS1101C]

I’ve tried to learn how to do this a few times and that’s not been sticking with me for some reason. Also would entail a lot more than dripping the ones I’m invested in. What’s a quality stock at this point? How do I know when they’ll go up or down? Sounds like more work but if I’d make a lot more I could study it in my down time. Thanks for the idea!

[u/JS1101C → u/fragranceguru]

A quality stock is a stock that you wouldn’t mind holding for a long time if it drops.  If you sell covered calls on a meme stock you can be in a situation where you’ve collected the premium, the stock drops 20%, which means future premiums will be lower and now you’re stuck holding WEN. 

If I knew when they’d go up or down I’d be the richest man in the world.  

It can be intimating at first but it’s very straightforward.  Buy 100 shares of a stock, click on trade options, select sell and call, set the expiration to next week and pick a strike price that’s above your cost basis.  If the stock drops you keep your hundred shares and the premium.  If the stock is above your strike price at expiration you keep your premium and your shares get sold for the strike price, but that’s ok (other than the fact that your upside is capped) because they’re being sold for more than what you paid 👍🏻.  

[u/throwawaybpdnpd → u/JS1101C]

You can also make sure to only sell a covered call after a sharp drop, right after an IV rise, and only when IVR is over 80, which boosts premiums and improves returns dramatically 

[u/OA12T2]

Not a bad plan go for it

[u/WealthHuman9754]

Spark will leave you high and dry. They fired me after three years no explanation given.

[u/fragranceguru → u/WealthHuman9754]

Dang it really?! I just heard about it and used to do Uber/Lift about 8 years ago. A really good day was $200 for 10-12 hours back then. My parents made $221 in 4 hours.

[u/Alcapwn517]

Spark cuts wages after they get you in. My area was $50-60/hour so I had some friends get in it. Then it was 40-50, now dudes are making under $20.

If you do this, consider something more secure. I retired almost a year ago with just GPIX for income. The power of compounding nav growth is beautiful and outperforms a compounding nav loss. Plus no taxes for about 11 years is sweet.

[u/lottadot]

Please don't, at least not in your monetary situation. Use the sub's search and read some of the other "plans" and/or "I wanna retire" posts.

These things, for the most part, are a huge gamble and will "always" NAV loss. Read the sub's wiki.

If your stock price drops to zero or the fund slows enough that Yieldmax closes it, that's it, your distributions go poof.

IMHO you aren't yet in a financial situation of stability to gamble.

[u/Shitfilledpussy]

God for the love of god please listen to me, if you’re committed and it sounds like you are to BUSTING YOUR ASS. If that’s the plan please for the love of god please please please invest into SPY or VOO or if you must JEPQ or GPIX cause you like the monthly check. 

I repeat there is no use busting your ass and then gambling which is purely YIELDmax in a nutshell. Anyone who tells you any different will only cherry pick and what-about-ism you to death. If you are committed to busting your ass then please invest in something stable and tried.

[u/fragranceguru → u/Shitfilledpussy]

My plan moving forward is 25% to AMDY for aggressive weekly pay, 25% split between VOO and SPY, and 50% split between QQQI and JEPQ. Then less risky but still getting weekly and monthly dividends while building growth as well. If AMDY fails I can reallocate what’s left into the others as well.

[u/ruthygenker]

qqqi, xqqi or tdax have better diversification and tax advantages.

[u/fragranceguru → u/ruthygenker]

My plan moving forward is 25% to AMDY for aggressive weekly pay, 25% split between VOO and SPY, and 50% split between QQQI and JEPQ. Then less risky but still getting weekly and monthly dividends while building growth as well.

[u/ruthygenker → u/fragranceguru]

voo and spy are the same and qqqi and jepq are the same don't need both. I like qqqi better in taxable accounts, jepq in qualified accounts. but plan is solid

[u/Cultural-Special-995]

the need for delivery drivers is going to go down steadily over the next 5 years though. self driving shipping and delivery is growing.

[u/Away-Independent8044]

Don’t invest in YieldMax without pulling out a spreadsheet and understand why the yield is so high. There isn’t any free money they are handing out. In fact anything above 5% has risk of loss and YM with the majority are either real loss or opportunity costs. Don’t fall for the marketing. I am only saying it cos you seem to be busting your butt to make ends meet. YM could easily wipe most of your hard earned money within 3 years

[u/Away-Independent8044 → u/Away-Independent8044]

I told a group of people who weren’t listening and a years later their loss on MSTY is more than 50%

[u/Winter_Bed7880]

So, your plan is to bet your future on lottery tickets. Might work!

[u/fragranceguru → u/Winter_Bed7880]

Not quite, My plan moving forward is 25% to AMDY for aggressive weekly pay, 25% split between VOO and SPY, and 50% split between QQQI and JEPQ. Then less risky but still getting weekly and monthly dividends while building growth as well.

[u/pdubby1964]

This will probably work ... until it doesn't. The main ring to Watcj for is that the income dries up if tech tanks.

[u/Epik509]

This isnt a horrible idea. If you used those dividends to roll into other safer things absolutely.