With the anemic rates on savings accounts (even high-yield online banks), what are your thoughts on selling a put on the SPY (S&P 500 ETF) as a way to generate additional income? I'd like to have some money out of the market but if I sell a put at a roughly 20% discount 350 strike price with a 3/31 date it is currently about $3.00 a share. So If I had my $35,000 in my investment account I could make $300 in just over 2 months. It averages out to a little over a 5% return on investment annually. If by chance the market does go down 20%+ and the put is initiated I'd end up getting into the market at a lower price than now. Does any one have any thoughts on if this is a good idea? Thank you!
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