I think I always had the idea that working a 9-5 is not the way to retire early. So I started investing at 18. It was simple back then 100/month into Roth IRA. Once I finished college and started working I maxed that Roth and invested 12% into my 401K with an annual 1% increase. Now a days I'm close to making that 401K while still maxing out my Roth. It was in my early 20s where I started to invest individual stocks which has come with many ups and downs. In 2017 i started investing in crypto and more recently in precious metals. To say i have been hustling is an understatement.
It was about two years ago when I ran into the FIRE community — financial independence, retire early — where adherents save up to 80% of their income throughout their 20s and 30s in order to either retire early or simply follow their passions. I've written about this before and how to calculate your FIRE number which for me is a few million in the bank.
The theory behind FIRE is pretty simple: Multiply your annual expenses by 25 to work out how much you need to retire (based on the 4% annual withdrawal rule). Someone who spends $50,000 per year will need to amass around $1.25 million.
So I'm looking at 2.5 million to match my goals. Crypto has become a larger part of my portfolio to help me achieve my goals. It's pretty simple method that we all can do which takes almost no effort and can be automated. The secret to creating crypto wealth - Dollar Cost Averaging.
Dollar-cost averaging is a simple technique that entails investing a fixed amount of money in the same asset at regular intervals over a long period of time. Whether it's up or down, you're putting the same amount of money into it.
I have picked several crypto projects to just buy ever week. Some people like to buy monthly I like to increase my frequency with lower amounts to account for more of the volatility of the crypto markets. I'm putting 200/week into 4 coins (BTC, ETH, ALGO and NCT) as my core portfolio. These are not my only crypto investments, but this is the core of my DCA portfolio.
For reference I have A DCA, speculative and fun money portfolios which all get different amounts deposited every month.
I don't even calculate my Hive portfolio into my retirement calculation, but if my prediction come true I might be able to make blogging on these platforms my main source of income which makes all my retire saving gravy.
If I'm honest I hope I can retire on hive and not have to worry about my traditional savings because that mean I could get to my goal way faster. There are so many opportunities in crypto DCA, blogging, P2E, DeFi and NFTs I cant stress enough we all should be hustling to regain our time to do what we want to do.