Sell put options of a world index etf (e.g VT vanguard total world etf) and collect premiums while the price drops. If it hits the strike price, say $50, i will be glad to buy and own it. This kills 2 birds with 1 stone it seems because I am ok to buy the index etf at a lower price and i get to collect premiums while waiting.
Options selling to gain premiums and the underlying counter is viable as long as you are comfortable with the chosen strike price and your account can support the margins. Do take note that each put option contract equals to one hundred shares of the underlying stock so in your example, you will need to set aside $50*100=$5000 to buy the shares for each option contract.
Actually since you already own the underlying, why not consider selling covered calls instead? You will need 100 shares per contract to sell covered calls. Can collect additional premium on top of dividends. Do note that if exercised, your shares will be taken away.
Personally I won't bother holding the stock since more premium can be collected with the same amount you use to buy stock (i.e more positions can be opened)