What are the top 10 Commandments of Options Trading Strategies

Options Trading/Strategies

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This blog is about the top 10 Commandments of Options Trading Strategies.

Options trading is a complex and often risky business. However, by following some simple rules, options traders can increase their chances of success while minimizing their losses.

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Option strategies are the simultaneous, and often mixed, buying or selling of one or more options that differ in one or more of the options’ variables. Call options, simply known as calls, give the buyer a right to buy a particular stock at that option’s strike price. Conversely, put options, simply known as puts, give the buyer the right to sell a particular stock at the option’s strike price. This is often done to gain exposure to a specific type of opportunity or risk while eliminating other risks as part of a trading strategy. A very straightforward strategy might simply be the buying or selling of a single option; however, option strategies often refer to a combination of simultaneous buying and or selling of options.

Options strategies allow traders to profit from movements in the underlying assets based on market sentiment (i.e., bullish, bearish or neutral). In the case of neutral strategies, they can be further classified into those that are bullish on volatility, measured by the lowercase Greek letter sigma (σ), and those that are bearish on volatility. Traders can also profit off time decay, measured by the uppercase Greek letter theta (Θ), when the stock market has low volatility. The option positions used can be long and/or short positions in calls and puts.

Below are the 10 Commandments of Options Trading:

  1. Do your homework. Before entering into any options trade, make sure you understand the underlying security, as well as the risks and rewards associated with the trade.
  2. Have a plan. Options trading is not a get-rich-quick scheme. Carefully craft a plan that takes into account your investment goals, risk tolerance, and time horizon.
  3. Use stop-loss orders. A stop-loss order is an order to sell an asset when it reaches a certain price point—the point at which the loss on the trade would become too great to bear. By using stop-loss orders, options traders can limit their losses on any given trade.
  4. Let winners run. Once an options trade is profitable, resist the urge to take profits too early. Instead, let the trade run its course and reap the full rewards of a successful trade.
  5. Cut losers short. On the other hand, when an options trade is going against you, don’t be afraid to exit the position and take your losses. Trying to “fight” the market will only lead to further losses.
  6. Manage your risk exposure. One of the most important aspects of successful options trading is managing risk exposure. Make sure you don’t have too much of your portfolio invested in any one security or sector. Diversification is key to mitigating risk in options trading (or any kind of investing).
  7. Use limit orders. A limit order is an order to buy or sell an asset at a specific price—the price at which you are willing to enter into the trade. By using limit orders, options traders can better control their risk exposure and avoid getting caught up in volatile markets.

8 . Be patient . Patience is a virtue in all aspects of life, but it’s especially important in options trading . Don’t enter into trades just because you’re feeling antsy—wait for opportunities that meet your investment criteria . And once you’ve entered into a trade , resist the urge to “trade emotionally” and instead let your original analysis play out . Over-trading is one of the biggest mistakes options traders can make .

9 . Stay disciplined. Like patience, discipline is also key to success in options trading . Once you’ve developed a sound investment strategy , stick to it ! Don’t let emotions influence your trades — if anything , emotion should be kept out of trading altogether . The best way to do this is by developing a clear set of rules that you always follow when making trades . If you can do this , you’ll be well on your way to success as an options trader.

10. Have realistic expectations . Finally, it’s important to have realistic expectations when trading options . Remember : there are no guaranteed winners in options trading ! Every trade involves some degree of risk, so don’t expect to win every single time. If you approach each trade with reasonable expectations and focus on long-term success, however, you’ll be well on your way to becoming a successful options trader

What are the top 10 Commandments of Options Trading Strategies


  • Thou shall always take 100% daily gains or 200% all time gains.
  • Do not fall into temptation and buy during the first 30 minutes of market open. (Selling positions is still permitted)
  • Thou shall not buy calls on green days.
  • Thou shall not buy puts on red days.
  • Avoid greed and do not buy consecutive options on 1 company.
  • Give thyself at least 3 weeks time to play the option.
  • End your suffering and sell if down 50% all time on an option play.
  • Avoid gluttony and do not day trade options. (Swing trades allowed)
  • Be fruitful, multiply earnings and sell covered calls if holding any.
  • Celebrate and binge drink after big gains (or losses)
  • Off topic, but relevant – You absolutely need to be doing a 401k or IRA as well as investing in crypto: 401ks and IRAs offer fantastic tax advantages that straight investing does not. Also if you have an employer who matches you are leaving money on the table by not taking advantage of that. It’s foolish. Crypto is great and should definitely be in your portfolio but it should not be your whole portfolio.
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Options trading can be complex and risky business, but by following some simple rules traders can increase their chances of success while minimizing losses

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  • Setting up my nephew for financial security
    by /u/reduce333 (Financial Independence / Retire Early) on March 30, 2023 at 4:54 pm

    Hi, I thought with the wealth of knowledge here I could ask others their suggestions for my nephew. My brother(his dad) passed before he was born. My parents get my nephew a lot given that his mom has extreme anxiety. She has a history of drug abuse as well which is why it concerns me for his future. I am trying to set myself up for financial security as well. I live with my parents right now although they are getting divorced but I plan on just staying with whomever occassionally and they enjoy the company. Most of the assets they had, I was hoping to give to my nephew once my parents passed will most likely not be there. I can hope for good things but I'm a realist and I want to develop strategies so he has financial support. Especially given his circumstances. I want to do the following for him but I would appreciate any advice or strategies that others have used for providing financial support for their family. Use my deceased brothers business which was for construction and do a construction POD t-shirt business that profits will be used for taxes and a savings/investment account for my nephew. He is 3 so I can't really pay him as an employer yet until he is a little bit older. But I like this idea as I am hoping to have him branch off the business in his teenage years doing lawn care items so he can save for a car. I want to teach him the importance of earning money before I hand off the buisness to him when he is older for him to keep or sale. Buy a duplex in the coming years for his mom and him to live in. Have them pay a cheaper rent in case she gets better and can afford a house on her own. Once the mortgage is paid, I would gift the house to him and in the meantime use any leftover profits from the other units rents to save for him. I want to start an investment account like a Roth IRA when he starts working for lawn care as he gets older. But I also want to put in some investments now or at least a HYSA since he is so young. My dad has a brokerage in which he pays the taxes on for him to have when he turns 18 as well. My parents are a huge support system for my nephew right now and my other brother who is 10 years older than me who is 37 has no retirement, no assets, and is making 16 an hour with no health benefits. I am halfway to reaching 100k in investments and plan on househacking in the next couple years to build up a real estate portfolio. I have a good degree in engineering and a good paying job. Only student loan debt but I plan on making the minimum payments as it's only 30 grand in total with interest. I also am being a little selfish for the remaining of my 20s to focus on traveling but I know I can do online things for my nephew like put away some money and start an online business for him. I will most likely be the caregiver for most of my family so travel and maxing out my tax advantaged investment accounts are what is taking top priority in my life right now since I know that this probably won't be an option for me in the coming years with my circumstances. This is a lot but I appreciate any advice. submitted by /u/reduce333 [link] [comments]

  • Personal: What was it that made you almost quit FIRE?
    by /u/JudgmentKey6718 (Financial Independence / Retire Early) on March 30, 2023 at 3:03 pm

    So on the road to FI; but been knocked back with loans and cramped with obligations and not enough income. But I really wanted to ask the group as what was the hardest obstacle and how did you solve it? When did you think that maybe a break would be a wise decision? Thanks 🙏 need some inspiration or insight submitted by /u/JudgmentKey6718 [link] [comments]

  • Is this the definitive answer to lifetime earning comparisons between medicine and other professions?
    by /u/platoschild (Financial Independence / Retire Early) on March 30, 2023 at 2:45 pm

    EDIT: Here's a video by an MD, MBA physician at Dartmouth that breaks this down much more elegantly - https://www.youtube.com/watch?v=8ub8Up-wJPA. I've seen a bunch of posts on multiple medicine-related subreddits about the lifetime earnings of a physician compared to high level white collar professions. Here are a few examples: (87) Is the grass really greener? A career earnings comparison : medicalschool (reddit.com) (87) “Becoming a doctor is no longer financially smart” : premed (reddit.com) (87) No Financial Incentive to Becoming a Doctor vs. Engineer? : financialindependence (reddit.com) In an attempt to definitively answer this question once and for all, here is a spreadsheet made by a financial analyst that compares the four most high-earning white collar professions: IB, Medicine, BigLaw, and Consulting and how they compare across a 10 year career trajectory straight out of undergrad. https://docs.google.com/spreadsheets/d/1h1N6rrvLRmapN2fwreSBL45I89azg2tsrwoQ1iEN8f0/edit#gid=0 Now, (1) why make this post and (2) why post it in this subreddit? I made this post because it clearly shows that money should never be the sole motivating factor for pursuing medicine. In the end, you should always remember that you will have a top 1% salary for the rest of your life, you will solidly be in the upper middle-class in your lifetime, and your job is immune to layoffs or corporate restructuring (barring any malpractice). But comparing your earnings to other professions is futile and will only lead you staring down the barrel of existentialism. If you are trying to maximize financial independence and minimize years spent, healthcare is probably not the best way to do this. As the spreadsheet suggests, there are clearly faster and more lucrative options available. But doctors are healers and hold a special position within society and will always command respect. If you went into medicine because you have a deep passion for it and cannot see yourself doing anything else, this post isn't for you and keep being awesome :). So for any future medical students lurking this sub, do NOT go into medicine solely for the money. Do it because you love learning biochemical pathways, A&P, clinical diagnostics, and most importantly, do it for your future patients who are counting on you! Thanks for reading. submitted by /u/platoschild [link] [comments]

  • London loses sole lead as world’s top financial centre
    by /u/FrankLucasV2 (Financial news and views) on March 30, 2023 at 10:24 am

    submitted by /u/FrankLucasV2 [link] [comments]

  • Daily FI discussion thread - Thursday, March 30, 2023
    by /u/AutoModerator (Financial Independence / Retire Early) on March 30, 2023 at 9:02 am

    Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]

  • Working from home has allowed many of us in the FIRE community to take on side hustles to accelerate the path to FIRE. I’m curious, are most of you still able to work remotely?
    by /u/proudplantfather (Financial Independence / Retire Early) on March 30, 2023 at 4:21 am

    I’ve been reading lots of posts and articles saying companies are now mandating coming into the office. Curious to hear from you guys. Please add what industry you work in! submitted by /u/proudplantfather [link] [comments]

  • A creative's route to FIRE.
    by /u/Selkie_Love (Financial Independence / Retire Early) on March 29, 2023 at 11:12 pm

    I'm not quite there yet. Although I might be - the situation is unusual enough that I figured I'd write about it. There's me [31] and my wife [32], and our one kid. We started off seven years ago in 2016. I'd discovered FIRE completely by accident in college trying to find the r/personalfinance subreddit, and instead typing in r/financialindependence. Ooops? It sounded like a neat idea though, and my wife was on board with the idea. Retired by 40 as a goal! A difficult one, but possibly doable. We graduated college (BS in Accounting for me, MD for her) with a combined 30,000 in debt, and a residency position offered for her. There's something of a silver spoon right there, with her graduating medical school with no debt, but as you see the numbers, I think you'll realize the medicine income was never that large of a factor. Just the lack of an anchor allowed us to pivot. We moved across the country, and medical residency started. For those not in the know, it pays SHIT. $56k/year if I remember correctly, with enough hours demanded that it pays less than minimum wage. Fun stuff. Since I hadn't know where my wife's residency was going to be, I couldn't take any advantage of college campus recruiting, so I moved 3,000+ miles with a degree and some minor work history. I bounced from job to job, not quite finding my niche. First job was a temp tax position. Better than nothing, yeah? $18/hour. Only a few months. Second job the owner was embezzling from the investors. Yay. $16/hour. Third job was at a bank, solid $20/hour, decent work. I got shuffled to a team that was struggling, then they shuffled my entire department back across the country. Hopped to another job paying $25/hour, where I left when they kept asking me to forge documents and lie to the department of revenue. Started trying to work for myself a bit, doing freelance Excel and VBA work for people. I knew everyone needed me, I just didn't know how to get my information to people. Managed to get a temporary job at an insurance company building them some very fancy spreadsheets - $35/hour. Then I got a job at the State, $45/hour. Alright! Things were looking up! Bit of a checkered employment history, to say the least. All the while my wife's working crazy hours, but we pulled through residency in three years, having paid off the combined student loans and socked away a modest $50k or so. Roughly. And my wife hated clinical medicine. HATED it. Couldn't wait to get out. So we pivoted. No fancy attending salary, instead another residency with almost no clinical medicine in a field that would be a little doxxy to reveal. Pay was a bit better, now she's at $72k... and moving across the country. RIP my nice little state job, I hardly knew ye. She took a little sabbatical, hair-raising due to the lack of insurance. I managed to land another job that was only an hour and a half of driving... each way... but for a nice $47/hour. Moving along nicely! Money is being socked away, and we start thinking about kids. Then COVID hit, and the story goes from typical and boring to somewhat interesting. At first work tells me to work from home. Props to my manager who called it a week before the company did, and 2-3 weeks before the government did. Basically "This meeting never happened, but we're all working from home until further notice." Little did I know that was the last real day I'd ever work in that office. We all got sent home, and covid got bad. Real bad. I was working for a healthcare company, and our budgets exploded. Everyone was working twice as much as before... and the decree came from above. Reduce Hours. I was a 'luxury' role in my department, and I wasn't surprised to get the axe. I was literally making the reports every day that said we were way over budget, I wasn't surprised that management did something about it. So here I am, laid off, a kid on the way, and with plans for me to be the stay at home parent. I'd also run out of stories to read on the internet - I was big into web serials - and I said 'you know what? Everyone always says they're going to write a book one day. I'm going to ACTUALLY DO IT. Also all these other stories suck, I know I can write something better than THAT." Spite's a powerful motivator to start. Thus was born Beneath the Dragoneye Moons. I sat down, and spent a month plotting, planning, and researching, all while looking for another job (yeah, with COVID raging and my particular niche not having any work in the city my wife was in, fat chance), while also collecting unemployment. Then my book was ready, right as UI stopped, and I launched the first 20 chapters on Royal Road. I'd written 40 chapters by then, kept another 10 for Patreon, and 10 more for my backlog. I wouldn't say I exploded or anything so dramatic - but I got my first patron the first day I posted. Literally made me cry - months of hard work was starting to pay off, $4 and change at a time. And I slowly rolled the snowball. The first year I made $2k - I only launched in October, and various payment holdups delayed things. Our kid was born at the end of the year, and juggling both writing and full-time child care has been my biggest challenge by far. Wouldn't trade her for anything though! The second year I made $125k, and my wife moved onto a government job, finally making $100k. A little less, due to a huge snafu on HR's part, but it ended up there once it was all fixed. Last year I made $200k, and the amount of money was starting to become Very Real. We started to discuss various plans. How would we move forward? Did we swap who the primary breadwinner was? How sustainable was it all? Books are very interesting in some respects. It's hard to write a book, then sell and market it. But in another, they have some magic words attached to them - no income cap. My income comes from a few different revenue streams. Patreon's the big one. People pay $5/$10 a month to read 25 chapters ahead, on top of bonus material and other incentives. Amazon's the other big one. The genre I write in, litRPG, is basically purely on Amazon, no point in being wide. I get a little bit of income from Audiobooks, but at this stage, they're almost a rounding error. Books also have a crazy long tail. The rest of my life, I'll be getting little trickles of income from the books I'm writing today, even if the check is likely to be small. This year, we decided that we were going to fully swap to me being the primary breadwinner. I switched some mental tracks - Amazon has a program called Kindle Unlimited, which is like Netflix for books, but not bad. I enroll my book there - exclusivity is demanded - and get paid every time someone reads a page. And I get paid well. This year I'm looking at roughly $500k total income on the extremely conservative side, closer to $600k if I'm a little more aggressive with my estimates. Patreon's about half of that, with Amazon being the other half. Within Amazon, KU is 70% of my income. We're treating this somewhat as a lucky winning lottery ticket. We're not going insane with the money. We're keeping our heads down, buying a cheap but well-built home outright, and socking the rest away in hopefully-safe investments. My wife can retire if she'd like to, and I'm not quite in a position to do the same, but financially, I'm getting quite close. Ethically, I have to finish the book series first - the people who made this possible are relying on me. And, lastly, it's a ton of fun. So in a sense, I'm already RE without being FI. When I retire, I'm probably just going to... keep writing books that I love. That's the story! submitted by /u/Selkie_Love [link] [comments]

  • Another "Any reason I should not go f* myself?" post
    by /u/JinND (Financial Independence / Retire Early) on March 29, 2023 at 8:22 pm

    I have enjoyed others posting their situations over the many years of reading here, so I guess it is my turn to post one back for consideration. Myself M(50) and my lovely wife F(43). ~2M in the FIRE pool: \~1M in various retirement accounts (Roth, various 401k. vast majority mutual funds/ETFs ) \~$750k in taxable investments (vast majority mutual funds/ETFs) \~100k HYSA \~50k in I bonds \~40K in invested HSA plans \~25k in CDs 0k in bitcoin 0k in rental real estate No debt. We run everything through credit cards for the benefits, pay off in full every month. House: No mortgage, worth approx 300-500k. I don’t include this in any of our calculations, assuming it will always be spent on some sort of housing - a smaller place somewhere new, rent, moving etc. 4 children: Child 1: finishing 2nd year of college, military academy appointment, totally covered. Child 2: graduating HS, college currently > 50% covered by 529 Child 3: finishing second year HS, college 100% covered by 529 Child 4: finishing last year of middle school, college currently \~30% covered by 529 (Second marriage for us both, 3 households involved in raising our kids. College financing gets complicated. We are committed to financing the equiv of an in-state public college education for each. Beyond that they can help finance. Other households in general agreement, but you can’t really know beyond the 529s that exist now.) If we take SS when we I hit 70, we get 60k a year in today dollars. I am old enough that I feel confident it will be there for us. This year will be my 35th year of working/paying SS taxes. Current expenses: ~85k/yr: \~46.5k/yr in general essentials (food, prop tax, maint costs, utils, medical, internet, cell, etc) \~4.5k/yr in child support payments that will end in 2 years \~13k/yr in travel/vaca \~20k/y in other fun or optional things (meals out, donations, gifts/kid splurges, light mental wellness) With our kids being in HS and College, we expect to be at about peak expenses, with most costs going down over the next 2-6 years. We assume more medical costs and fun/travel will replace what will free up from going to empty nesting, leaving our costs roughly the same over time. We feel confident we can trim 10-20k of expenses and still live a very fun life for many consecutive years should the markets require it. 50k/year would not be poverty, though limiting for sure. A couple kids are not fully funded yet for college, but we have a plan to get them there and will sacrifice some vacations and fun stuff as worst case to get there in budget. Other: Fully paid off RV and pontoon boat 800 sq/ft woodworking detached shop filled from a lifetime of auctions, craigslist, etc. Currently live on 11+ acres, large garden, trees, river and lots to do. MCOL, flyover state. Plan to live somewhere else MCOL or lower after the kids are fully out of the nest. 400-500k airline and the same in hotel points from years of work related travel. Everyone currently in good heath, no known significant medical worries. All of our parents and siblings have their finances well in hand. We feel no need to leave anything to our kids. Great if it happens to come to pass, but getting our kids to the other side of college with little to no debt is our real gift. Short bio/how we got here: I have been lucky and privileged enough to be in tech since the 90’s. Never one of the 300k+ FAANG crowd, but lucky enough to be paid well and to live well below my means. My first 401k was from my college job at Burger King, with me stuffing my investments every job for the following 35 years. My wife has worked various jobs, taken a lot of burden of raising kids, and also lead a debt free lifestyle. We don’t care much about the cars we drive and drive them forever. I am about done with my 20 year old jeep, we have a 13 year old Prius that will leave with a kid, and a 5 year old truck we bought well used. My wife quit the rat race maybe a year ago. I could easily keep working and stuffing another 50-100k/yr into investments, but I am really tired of it and have “been there, done that” with my career. I am not interested in it anymore. I started getting tired maybe 8-10 years ago and now with my kids launching into their own lives, I feel ready to be done and do something else with my days. I am well past my career defining my life – I won’t be bored or needing to go back to work to “keep myself busy”. Rough plan: With our large variety of investment accounts containing a large variety of taxable and non taxable assets, I am confident we can generate the right taxable income to take advantage of the ACA and pay only some nominal amount for medical insurance. I also feel comfortable that something ACA-ish will be around for quite a while now that it is here. The ACA is not perfect, but I think it is a step in the right direction and a step hard to take back. We stay put in our paid off house, living fairly conservatively, until all our kids are off to college. If I assume an ugly case of bad economic times and flat returns for the next 20 years and we end up blowing all 2M to get to 70(64) years old, we have the 60k SS from age 70 onward to limp by. I don’t find that likely, but it is not a terrifying case for a 65-70+ lifestyle either. I think our more realistic plan of spending fairly frugally over the next 4 years while kids launch, keeping spending in the 70-80k/yr and then doing something VPW-ish after year 4 has a very good chance of 70-100k+ for the rest of our lives, assuming “ok”/conservative market returns. The kinda ugly: The various calculators tell me I roughly have a 1 in 10 chance of being dead at 60, a 1 in 5 chance of being dead at 70 and a 50% chance of being dead at 80. Nothing is guaranteed in this life but death. It is fine to be ready to live to be 90+, but it is crazy for me to expect to do everything I could be doing now as well. We saved and sacrificed lifestyle creep to get here and for me the feeling of OMY gets pretty dulled out by life’s realities. The summary: I believe we have won the game. We could keep playing and running up the score, but the risks I believe now outweigh the rewards. I am intending to give notice next week and be done working sometime to be negotiated, between end of the month and the end of this summer, leaving a well paying job to do whatever the heck we want to do. I won’t be holding out longer for a 1M house on the beach lifestyle in our 60s, trading it in on a few more years of independence in my 50s. If you would keep working a few more years in my place, I would love to hear why. Any other comments welcome too. If I don’t get another chance, thanks for all of the information shared here over the years. submitted by /u/JinND [link] [comments]

  • Considering hitting pause on the FI journey to take a “dad sabbatical”
    by /u/dilemmings (Financial Independence / Retire Early) on March 29, 2023 at 7:45 pm

    I’m (34M) in the boring middle for the FI journey but have some key life events coming up. We have a 3 yr old and another coming in a few weeks, and I have this immense urge to take 12ish months off from working to spend time with the baby & family. Here’s my thinking: Reasons to take time off: With a newborn coming and my older kid 1-2 years away from school, this seems like a unique time to do something like this & maximize family time at a crucial life stage I think I’m right in saying there’s 0 people that will regret time spent with children at this age when they’re old I have the after tax $s to easily fund this. Along the lines of regret minimization, I think I can easily pick up some part time contract work 3-6 months down the line (if I feel the urge to add some work, supplement some income) Reasons to not do this: This will certainly involve quitting a high paying, fully remote gig. I can imagine my father (who didn’t have much money) face punching me for the stupidity. Delays FIRE plans certainly. If I carried on at the current pace, we’ll likely get to full FIRE in 4-5 years (vs likely to be longer) There’s a legitimate risk that I won’t be able to work back into this income upon return, which may further delay FI plans I’ve also never had any extended time off since I began work post-college. With that, I think there’s a non-zero chance that I’ll hate the lack of a schedule, routine and experience major regret. Has anybody here on the FI journey taken extended time off after a child’s birth? What was your experience like, negatives and positives? Did you return back to your prior careers or did it change force more broader changes in work/money approach? Appreciate the feedback! submitted by /u/dilemmings [link] [comments]

  • FIRE has helped my ability to grieve
    by /u/BravelyGo (Financial Independence / Retire Early) on March 29, 2023 at 6:29 pm

    TLDR: My grandma died, but with the money I've saved from being frugal and owning my own business, I've had the time I need to grieve. This isn't possible for most Americans. I recently I lost my grandmother. It's been a really hard time and it's really sad. But today, I don't want to talk about her. I actually want to talk about how my pursuit of financial independence and frugal living has impacted my ability to grieve. We don't make space for grief In the United States. There is no federal law that guarantees paid time off for bereavement, including funeral time. Right now it's a sad time, nationally speaking. 1,117,054 Americans have died from COVID. And 72% of Americans say they either know someone who died from COVID or was hospitalized because of COVID. Several of our peer nations, including France, Japan, and New Zealand all do have guaranteed paid time off for grieving. But here in the United States, only three states guarantee that same thing. The Fair Labor Standards Act, the foundation of US labor policy, does not require employers to provide paid leave, including vacation time, to convalesce or time to plan or attend a funeral. In the United States, just three states have passed their own policies. Oregon requires employers to provide 12 unpaid weeks of leave, two of which can be used for bereavement after the death of a family member. Illinois offers two weeks of unpaid bereavement leave, but only after the death of a child. Maryland recently extended its flexible leave act to require that employers who offer paid leave allow it to be used for bereavement. So even the states that do offer this don't really offer it right. It's under very specific circumstances that you are allowed to have mostly unpaid time off to feel sad after the loss of a family member or a loved one. Since I worked for myself, I took four days completely off work after my grandma passed. And that's a luxury that most Americans do not have. It's a luxury that I have only because of the fact that I do work for myself and the specific ways that I've structured my business. I’m also a very frugal person. I have designed my lifestyle so that I don't need very much money month to month to pay all of my bills. And I'm not someone who gets a lot of joy out of shopping. So spending money is not one of my primary hobbies. This is not a judgment on anyone who does like shopping, I'm just expressing it's not really my jam. Frugality is my preferred way of living. I like having clothing swaps and getting my clothes for free. I like calling companies to negotiate annual fees and to negotiate down my bills. This is just the way that I want to live a simpler approach to our kind of modern hectic world. Frugality also means that since paying off my debt, I have been able to sock away money in my savings and investments at a faster rate than your average American. For example, last month alone, I made over $375 in interest just from my cash savings. This nest egg that I have built for myself means that if I need to take four days off to grieve, I can take four days off to grieve and I don't have to worry about becoming homeless, not being able to pay a monthly bill or my business collapsing around me. It also means I can spend money with a level of freedom that a lot of people can't. This is a huge privilege and I acknowledge it. I was able to spend over $200 last minute to buy a flight home to attend my grandmother's funeral. And that flight did not in any way compromise my financial health. It didn't put me into debt. It didn't mean that I couldn't pay another bill this month. And it didn't make a huge dent into my cash savings in my life. My personal preference for frugality and my entrepreneurship have allowed me a greater level of personal living flexibility and when it comes to grieving it has allowed me the time and space to be able to sit in my sadness. This is something that every American should have access to. And honestly, it's a national embarrassment that we don't we are the richest country in the world. We should be allowed to take time off from our grind and to be able to feel our very human feelings. I plan to continue working towards financial freedom. I am so happy with the way my life looks now as opposed to my life at 24 and 25. When I did have debt when I was low income when something like a $200 flight would have absolutely broken my budget for the month. I enjoy the security that financial freedom or at least pursuing financial freedom right now affords me, but it's something that I wish that every American and frankly every person could have access to. submitted by /u/BravelyGo [link] [comments]

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