I’m doing that now and supplement my investment by selling cash secured puts and covered calls. Nets me a few hundred dollars per month.
I’m hoping to reach $100 a month in dividends per month in 2024.
Just don't sell naked puts, unless you love the stock. I know guys that got wiped out by doing that.
If you are going to sell covered calls, do it on established stocks that if you get called out, you can buy them back at close to or even less than you got called out at.
Back in the early 2000's I made a quick 20k selling covered calls on BIDU. The sad part is that I probably would have never sold the stock if I didn't get called out. That 20K, later on cost me about a quarter million in missed gains, because it got away from me, and it never pulled back enough that I was comfortable buying it back. It ended up being a 10 bagger, a few years later.