𝗧𝗵𝗲 𝗣𝗼𝗼𝗿 𝗠𝗮𝗻'𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱 𝗖𝗮𝗹𝗹 (𝗣𝗠𝗖𝗖): 𝗧𝗵𝗲 𝗔𝗰𝘁𝘂𝗮𝗹 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆

This is where LEAPS become useful beyond simple stock replacement. The Poor Man's Covered Call is long LEAPS plus short calls you keep cycling for income. It feels like a covered call, selling premium against equity, but you're tying up a fraction of the capital.

Here's the process:

Pick a liquid stock. You need tight spreads and real volume. Illiquid options are a tax on your returns.