Jul 31, 202119 min
Hey Everyone!
Wow! A lot has happened this week as many of our favorite companies delivered their report cards! Let's see how the overall markets did.
Here's SPY:
Here's DIA:
Here's QQQ:
Trade of the Week:
Spinning your wheels: If your covered calls expired worthless this Friday, we recommend selling more calls at around the same strike price as before to collect more premium. If you sold some cash-secured puts and they lost around 80% of their value, you can consider buying back the contracts and reselling them for a further date to collect more premium. If your shares were called away last week, you can consider restarting your wheel. For beginners, you can consider starting again by selling a cash-secured put, around 1-3 strikes OTM (or for a lower price).
Pay attention to the delta: You can always look at the delta of the call you are selling since the delta roughly approximates the probability of the price of the stock reaching the strike by expiration. If you see that the delta is 0.10, you know that there is roughly a 10% chance that the price of the stock will reach that strike price by expiration. Likewise, if you see that the delta is 0.20, you know that there is roughly a 20% chance that the price of the stock will reach that strike price by expiration.
PINS Wheels: If you have a Wheel on PINS, your call option most likely lost a lot of value due to the dramatic drop in price. If so, you can consider buying back and rolling out your call option to a later date. Here are some options you can consider:
Date: You can choose a date that is further out in time since there is more extrinsic value. We recommend choosing a date around 4-6 weeks out since this is where theta decay is most rapid.
Strike: You can set your strike price at the same strike price that you previously sold it on. However, you may get a much lower premium than before since the strike is far OTM. If you don't mind giving up your shares at a lower price, you can consider setting your strike at your new cost basis. For example, if you purchased 100 shares of PINS at $70 and received a $400 premium, your new cost basis would be $70 - $4 = $66 per share. You can set your strike anywhere between $66-70.
Keep in mind that based on the history of the stock, PINS is a relatively fast mover and can quickly retrace at any time. If you have shares, we recommend being patient with this stock due to its volatile nature.
Here are some trade recommendations and see what fits your personal risk-tolerance:
MSFT
Monday Open: $289.00
Friday Close: $284.91
5-day change: -1.41%
Starting a New Wheel: Selling a Cash-Secured Put on MSFT
- MSFT's Current Price: $284.91
- Capital Needed: $28000.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $280
- Premium you'll receive: $365.00
- Cost Basis: $280.00 - $3.65 = $276.35
Starting a New Wheel: Selling a Covered Call on MSFT
- MSFT's Current Price: $284.91
- Capital Needed: $28491
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $285
- Premium you'll receive: $558.00
- Cost Basis: $284.91 - $5.58 = $279.33
AAPL
Monday Open: $148.27
Friday Close: $145.86
5-day change: -1.62%
Starting a New Wheel: Selling a Cash-Secured Put on AAPL
- AAPL's Current Price: $145.86
- Capital Needed: $14500.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $145
- Premium you'll receive: $308.00
- Cost Basis: $145.00 - $3.08 = $141.92
Starting a New Wheel: Selling a Covered Call on AAPL
- AAPL's Current Price: $145.86
- Capital Needed: $14586
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $146
- Premium you'll receive: $355.00
- Cost Basis: $145.86 - $3.55 = $142.31
AMD
Monday Open: $92.01
Friday Close: $106.19
5-day change: 15.41%
Starting a New Wheel: Selling a Cash-Secured Put on AMD
- AMD's Current Price: $106.19
- Capital Needed: $10600.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $106
- Premium you'll receive: $458.00
- Cost Basis: $106.00 - $4.58 = $101.42
Starting a New Wheel: Selling a Covered Call on AMD
- AMD's Current Price: $106.19
- Capital Needed: $10619.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $107
- Premium you'll receive: $510
- Cost Basis: $106.19 - $5.10 = $101.09
NKE
Monday Open: $165.71
Friday Close: $167.51
5-day change: 1.08%
Starting a New Wheel: Selling a Cash-Secured Put on NKE
- NKE's Current Price: $167.51
- Capital Needed: $16500.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $165
- Premium you'll receive: $181.00
- Cost Basis: $165.00 - $1.81 = $163.19
Starting a New Wheel: Selling a Covered Call on NKE
- NKE's Current Price: $167.51
- Capital Needed: $16751.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $170
- Premium you'll receive: $500.00
- Cost Basis: $167.51 - $5.00 = $162.51
PINS
Monday Open: $76.15
Friday Close: $58.90
5-day change: -22.65%
Starting a New Wheel: Selling a Cash-Secured Put on PINS
- PINS's Current Price: $58.90
- Capital Needed: $5500.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $55
- Premium you'll receive: $162.00
- Cost Basis: $55.00 - $1.62 = $53.38
Starting a New Wheel: Selling a Covered Call on PINS
- PINS's Current Price: $58.90
- Capital Needed: $5890.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $60
- Premium you'll receive: $375.00
- Cost Basis: $58.90 - $3.75 = $55.15
SBUX
Monday Open: $125.74
Friday Close: $121.43
5-day change: -3.42%
Starting a New Wheel: Selling a Cash-Secured Put on SBUX
- SBUX's Current Price: $121.43
- Capital Needed: $12100.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $121
- Premium you'll receive: $245
- Cost Basis: $121.00 - $2.45 = $118.55
Starting a New Wheel: Selling a Covered Call on SBUX
- SBUX's Current Price: $121.43
- Capital Needed: $12143.00
- Sell at the Expiration Date: 2021-08-27
- Select the Strike: $122
- Premium you'll receive: $306.00
- Cost Basis: $121.43 - $3.06 = $118.37
Ask Steve 💭
Let's see what some of our members asked this week. Here are the top questions we received:
Binh
Q: Hi, Just wondering does Coca-Cola Company (KO) tick the boxes required to trade the wheel strategy on?
A: Wonderful question! Though KO is a company that pays a dividend and is part of the S&P500 and DOW30, we don’t expect to see much growth from this company. We see a trend where many people are becoming more health conscious and are not buying as many of these beverages. Instead, we see a trend of people working more at home and fueling the digital economy. We see more growth in stocks like MSFT, AAPL, and AMD and would prefer to put our capital into these companies instead. In the end, it’s up to you if you want to invest in KO.
Tonya
Q: Hey Steve and the CTL team. To be honest, I've shared the story of stumbling upon your site with almost everyone I know. I feel like this knowledge is life changing and I was hoping that others (especially brothers and sisters) would also "take the leap", but not a single one has as far as my husband and I know. I really don't understand it. Did you encounter the same thing, where people you told were all like "Oh man, that sounds really interesting! I'll have to check it out" only to later say, "Eh, I decided not to do it"? Or people that never bothered to look into it at all? Just wondering if that's normal.
Our goal is to build enough wealth to be "work optional" and give each of our nieces and nephews $10,000 to start their own accounts and put them on the path to financial freedom.
A: That's right. It's often challenging to share this with others since many people are not educated/informed with building wealth through the stock market or they were conditioned and taught all their life that money is only made by trading their time (ex. getting a job). This is one of the main reasons why we developed Call to Leap, in which we wanted to introduce positive wealth habits, demystify the stock market, and take away people's fear of investing. That's awesome to hear that you have a plan set for your nieces and nephews and that you're introducing these concepts to them at an early age. It really does come down to having an education and spreading awareness to others. Keep it up, Tonya! You are doing amazing work!
Raquel
Q: Help, I am about to do my first put ever with SBUX trading for $125.97, I am on chains and puts but it doesn't give me an exact 30 days option just 27 or 34, so I selected 27 for strike price of $125 but then asks me to select and action "buy to open, buy to close, sell to open, sell to close" what the heck are those? my guess is buy to close? sorry but the training module/video demos look completely different than my CS page and since its my first time I don't want to mess up. Thanks.
A: We're here to help! How exciting! So it may not always be exactly 30, but you can consider a few days after or before. When we sell cash-secured puts or covered calls, we want them to be executed as soon as possible and therefore we select "market" and then "sell to open". We are selling to open a position. We do not buy cash secured puts or covered calls. We know these terms can be confusing at first, no worries! We look forward to answering any more questions that you have :)
Manuel
Q: Hey team. I was thinking of selling a CSP on PINS, but after reading your membership positions, should I be concerned about them reporting earnings next week? Should I just wait until Monday after earnings (August 2) to see how the markets react? Thanks.
A: Great question! Earnings is a volatile time as we anticipate to see how a company has performed. A stock can go either way after earnings are released. With that being said, it is up to you and your risk tolerance if you'd like to start before or after earnings. If you're not comfortable with starting before earnings, you can consider waiting until earnings are released and then see what happens. If you want to enter PINS before earnings with a CSP and be conservative, you can consider starting the wheel with a CSP a few strikes below the underlying stock price (OTM) to give yourself some protection just in case the stock drops.
Binh
Q: Hi, I am currently starting on the standard level 1 membership. Just wondering when would you typically recommend people advance to the the premium level 2 or 3 types of trades?
A: Congratulations on starting your financial freedom journey! Our program is designed for you to go at your own pace. There is no time limit that we recommend for you to advance. Whenever you feel like you understand the concepts and have done the level 1 trades and you’re ready for the next levels, you can consider moving up to our premium courses! We look forward to seeing you there!
Tony
Q: Hey Steve and C2L team! Just wanted to send a note to say thanks! I had been thinking that I was going to have to work until I die (a super depressing thought considering I typically work 60+ hours a week), but I made the leap and joined the program after reading about Steve in Business Insider and watching his videos online. It feels like a weight has been lifted and I actually have hope for retiring early! That is all thanks to you all. Much appreciation for you!
A: Hi Tony! Welcome to our community of wealth builders! We’re happy to be a part of your financial freedom journey and we look forward to answering any further questions you have!
Bryan
Q: Hey Steve!- doing some CC on stocks that have a bearish forecast currently. Selling ITM calls and I’m just wondering - if I sell ITM calls, won’t these be called away relatively quickly simple because they are ITM and someone can turn a profit on them instantly? No chance to just collect a premium and repeat?
A: Great question! The contract you sold is consistently being traded between traders. However, it is still yours if that makes sense...You might have sold it to Craig, but Craig traded it to someone else, etc. Technically, your shares can get called away whenever that person on the other side exercises their contact, but the majority of the time, contracts go to expiration.
Jonathan
Q: If a put shows -0.67 for example, does that mean it has roughly a 67% probability of hitting the strike by expiration? Or 33% probability?
A: Great question! If a put has a delta of -0.67, then that means the option has around a 67% probability of being ITM on the day of expiration. For example, if you don't really want to be assigned your shares from your CSP, you can choose a delta of -0.15, which means that you will have around a 15% probability of getting the shares assigned to you on the day of expiration.
Samer
Q: How do you look for positive guidance?
A: When a company releases earnings, they talk about how the company has done. An example could be, "sales are up in "x" category, down in "y" category." When looking for positive guidance, we'd like the company to let us know how their outlook is or what their plans are entering the next quarter and if it's good. Companies may not always give guidance either. This causes uncertainty. We like positive guidance because it lets us know the potential positive direction of the company. We hope that it is positive and that they continue to earn more money so that our investments can rise over time too.
Fernando
Q: Hi, recently became a member and will be doing my first covered call this upcoming Monday. I decided to buy 100 shares of Apple stock and continue to grow my ETF portfolio that I have with fidelity. At the moment Apple shares makes up 75% of my portfolio which is more than optimal, however, I was curious if having an ETF portfolio alongside my apple shares will affect options trading.
A: Welcome to our wealth-building community, Fernando! You’re off to a great start! 75% is a large amount of your portfolio, but some of our members may choose to utilize the wheel strategy to make monthly income and then use that income to buy more fundamentally strong stocks/ETFs to exponentially grow their wealth over time. With that being said, we typically recommend a 30/30/30/10 portfolio distribution as your portfolio grows. There is a video in our program explaining this :). Also, buying ETFs will not affect your ability to trade options.
Patrick
Q: Hi Steve. On July 26th I sold a three-week CC for PINS expiring August 13th for a premium of $450. On July 29th PINS tumbled about 20% after earnings report revealed that PINS has lost a lot of U.S users. At the time of drafting this message it looks like I can buy back the call for $8.50. Do you recommend buying it back and selling another CC on Monday that is a bit further out or should I wait out the remaining 14 days and do another CC if the price does not retrace to ITM?
A: Awesome question! This is interesting because the premium of your call should not be higher right now compared to what it was before. This is because your underlying stock, PINS, dropped in price and reduced in IV. Yes, if your call option dropped in price by more than 80-90%, you can consider buying back and rolling out your call option. We may need to be a little bit more patient with this stock as it may trend neutrally from now until the next earnings date.
Submit Your Questions 🙋♂️🙋♀️
Have any other questions? Before asking me and my team, feel free to check out our Level 1 FAQ. This FAQ is located on the Level 1 page. You might find what you're looking for. 😊
If you do have questions, make sure to ask them on our Dashboard, rather than asking us via email. We also encourage you to watch all of the core video content and some of the past archived videos, read past Membership Positions, and take all the quizzes before sending us your questions.
Earnings and Technical Analysis 📈📉
MSFT:
Microsoft had another record-breaking year with more than $60 billion in profit and $165 billion in sales. Remember that Microsoft is the second $2 trillion company in U.S. stock market history, and we can see why!
The company reported revenue of $46.15 billion, which was a quarterly record. This is up from $38.03 billion in the year-ago quarter.
Microsoft's “Productivity and business processes,” which includes their cloud-software offerings like Word, PowerPoint, and Excel, grew to $14.69 billion in sales from $11.75 billion a year ago.
Microsoft's “More Personal Computing,” which includes their traditional PC business, grew to $14.09 billion from $12.91 billion a year ago.
Microsoft's “Intelligent Cloud,” which includes their Azure services, reported record quarterly sales of $17.38 billion, up from $13.37 billion a year ago. The company said that Azure sales grew by 51%!
Microsoft's CFO, Amy Hood, expects Microsoft to keep growing and forecasts revenue of $43.3 billion to $44.2 billion in the fiscal first quarter. This would reflect growth of at least 16.5% from the same quarter last year.
Microsoft did not provide a full-year guidance. However, the CFO predicts that fiscal 2022 will have "healthy double-digit revenue and operating income growth."
Looking at MSFT's chart, you can see that there is conviction in the stock and institutions are pushing the price higher. MSFT is still trending above its support line.
I believe that MSFT is a strong buy and will be still trading and investing in this company.
AAPL:
Apple posted their strongest June quarter, with a near doubling of profits and a huge revenue beat for its iPhone business.
The company posted fiscal third-quarter net income of $21.74 billion, which is up from $11.25 billion a year earlier.
Apple’s revenue for the quarter rose to $81.43 billion from $59.69 billion.
Apple's iPhone segment exceeded revenue expectations by more than $5 billion. The company delivered $39.57 billion in iPhone revenue, up from $26.42 billion a year prior.
Apple declined to provide a numerical revenue forecast for the current period. However, CFO, Luca Maestri expects “very strong double-digit” year-over-year revenue growth in the September quarter, though with a growth rate not as high as the 36% seen in the June quarter.
Due to the pandemic and shift to working at home, Apple was able to generate $8.24 billion in Mac revenue for the quarter, up from $7.08 billion a year prior, as well as $7.37 billion in iPad revenue, up from $6.59 billion a year ago.
I am still bullish on AAPL and recommend this stock for both trading and investing.
AMD:
Advanced Micro Devices reported that their data-center revenue more than doubled to fuel record quarterly sales, and increased its revenue forecast for the year.
Sales from enterprise embedded and semi-custom chips, which includes data-center and gaming-console revenue, almost quadrupled to $1.35 billion, compared with $348 million a year ago.
AMD reported first-quarter net income of $555 million, compared with $162 million in the year-ago period. Revenue rose to $3.45 billion from $1.79 billion in the year-ago quarter.
AMD increased their expected future revenue growth to about 60%, from about 50%. The company believes that that the data-center business is expected to remain a strong driver into the second half of the year.
Looking at the stock's tenchicals, you can see that AMD finally broke out of it's neutral channel. Whew, about time right?
Do I like AMD? Absolutely. I am still going to be trading and investing in this company.
PINS:
Pinterest reported net income of $69.4 million, compared with a loss of $100.7 million, in the year-ago period. Revenue shot up to $613.2 million from $272.5 million in the year-ago quarter!
Pinterest reported a 125% rise in second-quarter revenue and said its global monthly active users (MAU) rose 9%. However, the company saw a 7% decline in U.S. users and ended the quarter with a total of 454 million monthly active users. This led to Wall Street's selloff and PINS shares dropped around 19%.
Similar to what was reported in the quarter prior, the company believes the drop in MAUs is due to people going back to work and reducing their time spend on their phones.
Top executives explained to shareholders and analysts that the company continues to be on the right track as it invests in creators and video-based idea pins. The company said that shopping and search engagement continued to be strong and that there is strong demand in online advertising, as seen with the company's peers, Facebook and Google.
The company said it could not provide third-quarter guidance because of continued uncertainty about the coronavirus pandemic.
Though Pinterest may have decreased number of MAUs in the US, the company still increased their revenue growth overall. I am still bullish on this stock, even though the share price has dramatically dropped. Looking at the charts, it looks like PINS could drop a little bit more, perhaps down to the $55 support. If it does and I see that there is an upward trend again, I am personally adding some more shares to one of my portfolios as a long-term hold as I believe it's a bargain and will be considered oversold at these levels. If you already have shares, particularly with a Wheel, you can hold off on buying anymore and keep selling calls to lower your cost basis. I wouldn't want you to be overweight with a highly volatile stock like PINS as it can also have an emotional impact on you, especially if you are new to the markets. On the other hand, if you haven't started a position, you can consider buying a couple of shares. Again, check to see if this stock fits your risk tolerance because this stock is subject to a lot of volatility.
V:
Visa posted fiscal third-quarter net income of $2.6 billion, up from $2.37 billion a year earlier. Visa’s revenue for the quarter rose to $6.1 billion from $4.84 billion a year earlier.
Visa’s payments volume increased 34%. As vaccination rates rose, the company said cross-border travel spending also increased. Cross-border volume increasing 47% and cross-border volume excluding transactions within Europe increased to 53%. Processed transactions rose 39%.
I believe V is still a wonderful long-term investment as it supports businesses with growing the digital economy. If you haven't started a position in this company, you can consider doing so by buying 1-5 shares to begin with.
GOOGL:
Google reported revenue of $50.95 billion from $31.6 billion in the year-ago period. Revenue increased 62% to $61.9 billion, which is the first time quarterly sales have crossed $60 billion.
Google advertising revenue generated $50.44 billion, up 69% from $29.9 billion in the year-ago quarter. Search also generated $35.85 billion in sales, compared with $21.3 billion in the same quarter a year ago. YouTube ad sales surged 84% year-over-year to $7 billion.
I am still bullish on Google and believe it is a wonderful long-term investment.
AMZN:
Amazon reported second-quarter earnings of $7.78 billion. Sales grew to $113.1 billion from $88.9 billion a year ago. This missed analysts' expectations as sales that had been growing more than 40% in recent quarters fell to growth of 27%.
Sales in Amazon’s online stores grew 13% in the quarter to $53.16 billion from $45.9 billion a year ago in the same quarter, while many analysts on average expected $57.35 billion. Amazon’s online sales had grown by at least 37% in each of the prior four quarters. Amazon’s physical stores, which include Whole Foods Market grocery stores, saw revenue grow 10% to $4.2 billion from $3.77 billion a year ago.
Amazon predicted that the slowdown in sales growth would continue, with a forecast for third-quarter sales of $106 billion to $112 billion.
Lastly, Amazon Web Services (AWS) reported sales of $14.81 billion, which is up 37% from $10.81 billion a year ago.
Though Amazon did not meet analysts' expectations, understand that they still increased their revenue. I still believe that Amazon is a great company to invest for the long-term.
Looking at the stock's chart, AMZN broke out of it's consolidation, but fell back into it's neutral trending channel. Personally, I think this is an overreaction and that the stock is oversold. Once the selling stops and we begin to see an upward trend again, you can consider adding a share or two into your portfolio to ride the retracement back up.
PYPL:
PayPal posted second-quarter net income of $1.18 billion, down from $1.53 billion a year earlier. PayPal’s revenue for the second quarter climbed to $6.24 billion from $5.26 billion, while analysts expected $6.27 billion.
The company’s total payment volume, or the value of payments flowing through its platform, came in at $311 billion, which is up from $221.7 billion a year earlier.
PayPal added 11.4 million net new active accounts in the second quarter, which brings its total number of active accounts to 408 million.
Venmo had 76 million active accounts as of the second quarter, which is up from 70 million six months ago.
Shares of PYPL dipped due to news of the company separating from eBay, as eBay has plans of setting up their own payment services.
I believe that PayPal is still a great long-term hold due to their increase in revenue year-over-year.
FB:
Facebook reported second-quarter revenue of $29 billion, up 56% from the same period last year.
The company reported net income of $10.4 billion, which is from $5.2 billion a year ago.
Monthly active users improved 7% to 2.9 billion. Daily active users in the U.S. and Canada stayed around the same.
Facebook didn't provide any earnings guidance for future quarters. However, they did say that YOY revenue growth was likely to slow down.
I still believe that Facebook is a wonderful long-term hold.
Conclusion:
Businesses are reopening and people are not on their devices as much as they were. Please don't be alarmed by companies reporting "decreased or flat number of users" as this is normal to follow after a period of time where many people were stuck at home. The main important metric we want to focus on is if these companies made increasing revenue, in which they all did.
Sometimes Wall Street analysts are harsh critics, as they place high standards on companies and expect them to grow at the same rate each quarter. However, they often fail to consider seasonal trends or economic circumstances. For example, there are some companies that often do better in the fourth quarter since more people are willing to buy more during the holiday seasons. It is unreasonable to have expectations of companies to deliver the same amount of growth in holiday seasons to other seasons in the year. Similarly, it is unreasonable to expect user growth to exponentially increase as we are (hopefully) coming out of the last stages of the lockdown.
Understand that the trend we are in is that many businesses are noticing the power of working remotely and are pushing forward to move their business online. Notice that there are also many individuals leaving their jobs and starting online businesses in the comfort of their homes. With the growing shift to the digital economy, what companies do you think will benefit the most?
First, I believe companies that help facilitate digital work, such as AAPL, ADBE, GOOGL, MSFT, and AMZN, are going to benefit. Why? More and more people are going to use MacBooks, Surface products, PowerPoint, Photoshop, Teams, Slides, Azure, and AWS, to name a few. Once businesses are accustomed to using these products and ecosystem, they will continue to use them in the future, which ultimately fuels companies' top-line revenue growth.
Second, I believe companies that help facilitate digital payments are going to benefit. These companies include, V, MA, PYPL, and SQ. We are shifting into a cashless society and these companies generate billions of dollars by taking a small percent of each digital transaction.
Lastly, I believe that advertisement companies, such as GOOGL, FB, and PINS are going to benefit. Let's face it. We don't really watch TV with commercials anymore. We don't really read physical magazines with ads anymore. We are also shifting away from going to physical stores so that we aren't bombarded with cleverly placed products in specific parts of the shelves. All of this ad space is moving digitally and ad companies are making billions of dollars from real-estate on their apps.
Being a good investor not only requires us to look at the revenue growth, but also economic trends.
Join Our Discord 💬
Investing, trading, and building wealth was a lonely journey for me. This is why my team and I created a Discord group for you and the other members to shares ideas and support one another. You don't have to go through it alone as we're all here to help. 😉
Make sure to check it out on the bottom of your "Dashboard" and follow the instructions on how to sign up. Coming from a teacher's perspective, I believe it's important to engage in conversations with people who are also seeking to reach financial freedom.
Remember that we are a community of wealth builders at all different levels, so be positive, kind, and helpful to others, so we can help each other get to financial freedom much faster.
We still have earnings coming up in the next couple of weeks, so make sure to stay focused. Once the majority of earnings are released, we can see what fundamentally strong stocks Wall Street is favoring and ride the wave with them.
Stay patient and alert! 🙂
-Steve and the Call to Leap Team
The following article is strictly the opinion of the author and is to not be considered financial/investment advice. Call to Leap LLC and the author of this article does not claim to be a registered financial advisor (RIA) or financial advisor. Please visit our terms of service and privacy policy before reading this article.