Ask HN: How to Retire in an Year? | Hacker News Reader

Ask HN: How to Retire in an Year?

Time to be creative.

I want to be post finance. Basically I don't want to worry about money anymore so that I can do whatever I want whenever I want. And I want to do it in an year.

I think 1 million USD should should do given I live in a country which is cheap. Or 100K USD recurring revenue per year atleast for the next 10 years.

Have any of you done this?

What all the things that I can try which can increase my probability of achieving this? Legally ofcourse.

I am not interested in comments that says it's not possible. Also not interested in comments asking what I will do for the rest of my life. I will figure something out.

View on HN

Step by Step

1. Make a budget.

2. cut everything that is not essential.

3. Put your savings in stable dividend paying stock. This will generate passive income for you.

4. start selling digital goods, like courses, merchandising etc. Checkout Wholesale Ted on youtube for ideas. this has low bar for entry but will generate small to if you are good at doing your due dilligence large sums of money.

5. Just reinvest everything you earn under a year or 2-3 in to more dividend stocks.

6. Make sure to diversify your portfolio. Don't have more than 10% of your portfolio in one stock. If it tanks you do not loose to much.

7. I don't touch crypto since I don't like the volatility and uncertainness of it. But if you want to make money with pattern trading and day trading, then this might be a good start. Don't expect or aim for huge 20%+ gains. Aim for 1-3% gains and do several smaller trades, that way you don't run the risk of loosing everything if a trade goes south on you and you end up owing money.

Good luck..

How do you end up owing money in crypto? I get how some shit coins you invest can goto zeo. But that just means you loose money. How does one end up owing in crypto?

I don't want to worry about money anymore

Then you must stop worrying about money.

If you have a million dollars, you will worry about it.

If you have 100k recurring revenue, you will worry about the recurrence.

It's an XY problem.

Sell something for 100$ to 1000 clients, that's 100k per year.

Reply on news.ycombinator.com