You’ve heard of Progressive’s “Name Your Price Tool” when it comes to insurance.
It’s as easy as it sounds.
You tell them how much you want to pay, and they show you policies you can afford.
By doing this, they put the customer first. They allow you to pick how much you spend on your insurance every month.
It helped Progressive gain in popularity with the catchy name. And reviews show people saving money by not overpaying on their car insurance.
But did you know you can do the same thing with stocks?
You can pick the price you want to pay for a stock and potentially get paid to own shares at steep discounts.
It’s not on a TV commercial telling everyone how it works either, so don’t be worried if you’ve never heard of the stock market’s name your price tool.
I’ve been using it for years now and it’s my mission to share it with as many people as possible.
Here’s how it works…
YOU DON’T HAVE TO DO WHAT THE MARKET SAYS
Most people think the price a stock is trading at right now is the only price they can buy shares at.
But there’s another way. It’s a way to name your price for many stocks that are trading in the market. You can even do this for stocks like Apple Inc., Facebook Inc., Google Llc., Microsoft Corp. and so on.
You don’t have to pay the current market price at all.
If you’ve followed the market for any period of time, then you know prices fluctuate every single day, with swings of several percent or more. Markets were up more than 1% just yesterday and no one knows how much it will swing tomorrow or the next day.
So why pay the market price today if you don’t have to?
Instead, you can name your price. You can pick a price that is below where the stock is currently trading. You’ll be able to snap it up when it’s trading for your price. You don’t have to be at the whim of the market.
And just for using this tool, the market will pay you a fee. This “premium” can range anywhere from 0.5% to more than 10% of the price you want to pay.
You can literally name your price and get paid to buy the stock at a discount.
The only catch is that you don’t actually own the stock unless it falls to your new price.
That’s it.
It’s the soundest investment approach out there — getting paid to name your own price for stocks. Yet, most of you have never heard of this unique approach to investing.
It’s not your fault. Wall Street has done a good job hiding it from the masses, and your brokerage platform makes it a tedious process to get access too.
I’ve been using this approach for nearly eight years with extreme success.
A WIN-WIN WITH THIS STRATEGY
By now, you may have guessed how it all works.
Since we are not buying stocks, it means we are using something different. It’s a stock market tool called put options.
But we are not buying these put options. That trade would be a bet on the stock to fall lower.
The name your price method only works when you sell a put option. You set up the trade to automatically purchase the stock at a price that is below where the stock is currently trading.
That’s also as complicated as it gets.
These opportunities are so common I don’t know why anyone would buy a stock, paying market prices anymore — at least not for the entire position.
All you need is enough cash to buy one option which equals 100 shares of the stock you like.
Then getting paid to buy shares of that stock is a no-brainer.
You are naming your price, maybe a 5%, 10% or even 20% discount to where the stock is trading at today, collecting a premium, and the worst-case scenario is that you end up owning shares of the stock at your strike price.
The other scenario is if the stock doesn’t fall to the price you want, you never get to own shares of the company. But then, you still collected the premium. That’s pure income in your account.
That sounds like a win-win to me.
If the stock falls to the price you picked or lower, you’ll get to buy shares of the stock at the strike price. You may show a loss if the actual stock price is below your chosen price at the time. But you are still in a much better position than if you had bought it at the market price the day you sold the put option.
And that’s why this method makes so much sense.
It’s a win-win scenario that you can take advantage of over and over again.
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