My prediction: Market Correction next few weeks, page-6

Sorry I made a bad mistake I misread you post as saying that you advised your parents to move to cash. "and convinced my parents to sell stocks." I can understand this statement now Parent child relations are always complicated and I am sure it was more just a discussion. As far as options your parents are far more correct than wrong. A very large number of options expire out of the money which is why lots of people lose money on options. If you sell calls you want them to expire. To sell covered calls you do not need to have your sophistication level determined with your broker since they are considered low risk. Sophistication is a US term with published criteria by US SEC. Selling Covered calls is a great way to start in options.

The following example is from Memory and details may be wrong.
I bought 500 shares of APTV for about $90. My plan was to sell at 125. It blew right past that and was in a steep climb It peaked around 150 and fell back. Still well above my expected price things had happened that made me feel it would run again. So I sold 3 contracts for USD 160. About 2 or 3 months out for $3.00. If I got called I received the $3.00 plus the 160 and I would be happy. If stock ran to 200 I would still only get 163.00. You legally can buy back calls at any time but if stock is going up the calls go up more. Good news if stock goes down you can buy to cover making money on the calls. I have sold APTV calls 4 times last sell was 5 contracts of jan '22 180 which I received $12.00 /sh for. They are currently selling for $3.80. Based on current APTV prices I could buy to cover at 3.80. making a nice but small profit. Right now, I will wait for them to expire. If it goes up and I am called I will have made just under $20 selling calls and 180 on the base stock and I am very happy with that but would prefer to keep stock. In US profits from PUTS and CALLS are taxable as ordinary income. Selling of puts and calls does not change base value of stock or the purchase date. Except if you by a call then exercise for stock then purchase date is date you bought calls and the call price is combined with stock price for your basis.

I have been to SA twice and currently have two much younger friends doing a year of missionary work in SA. I bought my boat out of the maxim boat yard in Durbin. a Maxim Voyager 38. Sailed it with the manufactures crew to Cape town where we pulled in to repair all those little things that die from infant mortality. Two friends flew to cape town we hired a professional captain and sailed to FT Lauderdale. 95% of the trip was very boring. 3 % was exhilarating and fun. 2 % was very frighting. Typical for long distance sailing.

I post bad news even if I think it only has a 50 % chance of happening. Many people are dreamers. Most will never listen to me. But even if just one or two learn to consider both ups and downs I am happy.