Quote from: m2017 on May 08, 2023, 01:15:56 PM

Quote from: DevilSlayer on May 08, 2023, 05:01:42 AM

~snip

I like the topic title. Indeed, investing doesn't give any guarantees and this is not the road to wealth, but without investing, in principle, it is impossible to increase your wealth (of course, this is only one of the options for becoming rich).

You have listed 6 points that you consider important, but missed the most important point - this is 7. ACT. Without it, everything else is empty sound. Do you want your investment career to be successful? Then start taking action. It is at this point that so many turn off their path and they never achieve the desired results.

Of course, m2017 points out one of the more important things that OP had left out of his presentation of the important things that need to take place, which is action, and it is possible to start to act in regards to your investment plans right away and right from the position in which you are at, including planning is a kind of action.. but there is also the various actions of actually starting to set aside money on a regular basis and to build capital - including realizing that if we merely save money, then it is not likely going to appreciate in value.. and in fact, the money that we save will likely decrease in value faster than we can save it, and that is part of the justification why there are needs to figure out and find ways to invest into things beyond merely saving and building money that is not even keeping up with the cost of living increases.

The action from the start is to figure out your own situation, and how much money that you coming available to yourself on a regular basis, whether that is looking at your cashflow weekly or monthly or some other logical basis that makes sense to you.

Besides cashflow you need to consider how much bitcoin you have already accumulated (if that is part of your investment portfolio), your other investments besides bitcoin (including cash reserves), your view of bitcoin as compared with other investments, timeline, risk tolerance, and your time, skills, goals (investment/lifestyle targets , which includes figuring out the extent that you are in BTC accumulation, maintenance or liquidation stage) and your abilities to strategize, plan, research and learn along the way including tweaking strategies from time to time to consider trading, reallocating, use of leverage and/or financial instruments.

Figuring out each of these categories and putting a plan in place is a kind of action, and maybe it takes you a few days to put together a plan, or maybe it takes you a month or longer, yet I would not let the perfect to become the enemy of the good, because you should be able to get started investing (especially into something like bitcoin) while you are clarifying the various categories of information that I outlined above. Get started sooner rather than later and continuously tweak your plan, whether you start out by investing $100 per week, $10 per week or some other amount that you think is a good starting point, and then as you continue to build your investment, then you can tweak your approach and even figure out your goals more specifically.. and so maybe we know your long term goal might be to become rich.. such as reaching a kind of fuck you status (which means that you do not need to work anymore for your income) or maybe you just want to have more options or to live more comfortably than you do right now (with fewer worries about money). .. but you still do not need to figure out each and everything before you get started, including that you can start with a small enough amount that you know that you will not miss and as you get more stake in the game (such as accumulating bitcoin), then you likely become more informed about which direction you should continue to pursue and which aspects that you need to tweak involving how much BTC you believe that you want to accumulate and then how to get there whether it involves DCA, buying on dips, lump sum buying or a combination of those kinds of BTC accumulation techniques.

Quote from: Nrcewker on July 01, 2023, 09:59:18 AM

Quote from: fredericktaylor on June 11, 2023, 11:56:21 AM

No one can guarantee to earn profit through investment. Because there are many types of risks hidden inside the investment that cannot be understood from the outside.

I have read somewhere that you can’t make money if you are saving your money. You have to make money from money, and that too from investing only. I have seen often people keep on saving the money and later target someone who invests and gets some money. They don’t want to take the risk but still want to be rich. Hence, to make money, you need to have the guts to invest and take risks. I know investing has a lot of risk, but if you won’t take it, then how can you be successful? Yes, investing with proper guidelines and precautions will surely help you make good money.

This is exactly one of the facts of our modern lives. Every single fiat is decreasing in value so rapidly that we are not able to just build up our cash - without the ongoing eating away of the value because it is likely to decrease faster than we can add to it, and sure there could be scenarios that you have built up enough cash that you are set - even though one of the concepts of maintaining your value or even living off of your savings would be to be able to live off of the interest (or the yield) rather than living off of the principle. So there never really have been good ways to hold cash that allows you to live off of your interest, and it seems to have had become more apparent in recent times as compared to earlier times when it seemed that some of the currencies held their value better than others, and even now, the dollar is considered amongst the best (if not the best) of the fiat currencies in terms of holding its value, but many of us likely appreciate that the dollar is not in a very good position in terms of the likelihood that it is going to be able to continue to hold its value and not deteriorate greatly in value (which means that everything is going up in price in exponential ways, and we need to have our investments/savings to be able to keep up with that.. and even better yet, we want our investments/savings to perform better than the cost of living increases.. so that we become richer by what we had chosen to invest into... whether bitcoin or some other ways in which we allocate our portfolios to various assets, such as stocks, property, commodities, and/or cash equivalents including bonds (and I am not referring to investing in shitcoins, since that seems pretty dumb unless you are already rich then maybe you can fuck around with putting some value into that crap).

Quote from: Oilacris on June 30, 2023, 10:50:28 PM

Quote from: ginsan on June 30, 2023, 09:50:41 PM

I don't care about this Scheme. And it is clear that investing in bitcoin will make you rich. You have to look at the history of bitcoin from year to year and you will calculate the big profits that come your way. Everyone is saying the same thing here, but believe it or not investing in bitcoin will make you rich with huge returns for years to come.

It's no wonder why there are so few millionaires because they postpone the wealth that comes as a result of this be it worry or a minimal level of knowledge. I believe people don't always have to say that investing doesn't guarantee you will be rich. We have to make changes in ourselves and how sorry you are for selling bitcoin at low prices.

But of course it would really be depending on how much you had invested on Bitcoin if you are really that planning on getting rich with it. You cant really expect yourself on being rich
while your investment doesnt really correlate or get aligned on it or you are trying out to achieve.This is why you should really be that realistic about your goals and not on hoping on something which
cant really happen even Bitcoin would pump out and you had just invested a thousand or 1k then even getting that x10 on price increase or folds on bitcoins price would really be just
ending you up on having 10k which it isnt something that would really be considered as a financial freedom.This is why if ever you are really that planning to be rich
then the bigger the better but of course you should really be that mindful about the risks because there's no assurance that we would really be heading there.

This is a good point, and we need to figure out ways to build our investment portfolios into decently large amounts before their values start to seem like life changing amounts, and even if we were investing $10 per week, it is going to take us 2 years just to get up to a $1k investment. but a $1k investment is still better than nothing, even though we might realize that we might need to figure out ways to increase the amount that we are able to invest if we are really expecting to be building life changing amounts, and I am not even criticizing the person who is ONLY able to invest $10 per week or less, because each of us can ONLY invest as much as we are able to invest, even if we are able to identify where to invest (and perhaps that would be starting out with bitcoin, and perhaps there might be ways that we try to manage our cash in terms of how we invest in bitcoin)..

so it can take a decently long time to build an investment portfolio, and if we realize that in traditional investing, it sometimes can take 30-40 years or more to build an investment portfolio to significant/meaningful levels, and we cannot necessarily conclude that bitcoin (or any other investment) is going to considerably short-cut how much time that we might need to build our investment portfolio, but there are still ways to attempt to be aggressive in our investment (without being overly aggressive that we end up recking ourselves) in such a way that we are increasing our chances to be able to reach our goals in much shorter times than 30-40 years, and perhaps we are able to cut the timeline in half our maybe greater.. especially with something like bitcoin included in our plan (and our portfolio), but we still likely need to be prudent and reasonable in our bitcoin accumulation approach, even if we might still attempt to be somewhat aggressive about our accumulation too (and I am not talking about trading in order to accumulate BTC, but just being aggressive in a variety of ways that we set aside amounts to build our bitcoin holdings - while at same time, if we come to realize that we are building certain kinds of skills that might allow us to accumulate more BTC without putting our principle at risk, then there is nothing wrong with employing more advanced techniques once we have spent time learning about and honing such more advanced bitcoin portfolio management.

So I think that part of my point is that there is both planning and action that results in ongoing learning so that there is ongoing tweaking of plans based on learnings, and the tweaking of plans does not even necessarily mean that the overall course of action is changed. but just that some strategies might be tweaked from time to time that might involve cash management or how to buy BTC with DCA, buying on dips and lump sum investing when we know that it is nearly inevitable that bitcoin's price will continuously and ongoingly change on a regular basis.