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Might want to look at doing an Iron Condor, twice the return for the same margin. You are using the basic strategy you described, but doing it on the Put and Call side - same entity, same expiration. 4 trades total.

Do you have the $13.6M to buy 20,000 shares of GOOG ?? You're buying options to get leverage on smaller capital position, because you couldnt affort to buy the stock anyhow. You have to give up something to do that, and that cost goes to the writer.

I think part of the answer is why dont you have a degree ? I've got a BS and MBA; and in most circles would qualify as a "wealthy investor". When i come across people who studied for a few years but didnt complete a degree, it automatically leads to an assumption that they done have the...