By doing this you will effectively be getting cash back on your investment every single month that you hold your LEAPs.

Over long-term this will not only offset time-decay of your LEAPs, but also offer you some downside protection, should stock go in opposite direction that you want it to.

This is known as a Calendar Spread and is a much more conservative way of speculating with LEAPs.

Important: If stock rises above your sold strike price for your current month Calls or below your sold strike price for your current month Puts, then you risk being assigned/exercised.

You should never allow this to occur because moment you are assigned you will lose whatever time value is left on your LEAPs.

It is far better to close out trade for a profit by buying back sold option and selling your LEAPs for an overall profit or simply holding your LEAPs and then writing (out of money) options against them for next month.

Click here for more information about LEAP option trading.

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And here is another essential tip for writing your own will. You have to name an executor of your will. An executor or executrix as case may be is in charge of carrying out your final wishes. In this section, you should describe any special instructions you wish executor to carry out. The executor is also in charge of tying up all of your financial matters. This is an important role and you should only entrust it to someone that is capable of handling responsibility, understands your wishes intimately and is willing to carry them out.

Next up, you should name individuals that will receive portions of your estate. These are called gift requests. If you wish to leave your stamp collection with your son, or guitar to a sibling, you should describe it in this section of will. After all of your belongings are assigned to people, you should then name who receives rest of your estate.

Finally, will must be signed in front of two witnesses. These two witnesses cannot be included in will and must be of legal age. Once will is completely prepared, bring it to your attorney for final approval and binding legal status.

There you have it. It’s not a subject we like to think about, but it is necessary in order to live with peace of mind of knowing your loved ones will always be taken care of upon unfortunate event of your death.