Quote from: Lidger on November 17, 2023, 04:45:56 PM

Quote from: salad daging on November 17, 2023, 03:56:01 PM

Quote from: SmartGold01 on November 16, 2023, 07:03:39 PM

That is it, having additional source of income makes one remain balance in terms of expenses or over expenditure within the period of investment, when having multiple stream of income it reduces tension and the fear to temper their investment without getting to the stage of maturity.
People fails to understand the fact that before they go into whatever investment or even savings they should have another means that would also increase their chances of not touching their money, just like bitcoin at this point when we are experiencing a bull trend isn't something one should temper due to lack and want it reduces profits .

It can be said that when they have other sources of income, at least expenses will be balanced between investments and your needs during the month because there is no more severe strain because they have adjusted from other income.

Yes, it is better to increase income opportunities first rather than investing directly with mediocre money, then it will not be in line and end up breaking up halfway because the money used is not sufficient for investment anymore, while by increasing income sources we can more freely set up investment plans and emergency funds, there is no greater tension because income has been increased so it is more sufficient to start investing.

No matter what profession we are in or what financial situation we are in, we should always think of alternatives to our financial income. When we have multiple sources of financial income, if one source of financial income stops, we will still get financial support from another source. I look up to my father and I always try to follow my father.

My father is a government employee and he belongs to the first grade salary of our country he gets good money salary at the end of the month but he is not satisfied with that much. We have a village house where my father has dug several ponds and there my father has been making good profit from fish farming for several years and we also have several chicken farms and a small cow farm. My father earns every month from his village home business to earn more than the salary he gets from his government job. He gave me financial freedom but he told me to spend money in the right place in the right way. My father is working as well as running several businesses and I am investing his money in bitcoins instead of misusing it.

I have a plan now that I will never waste the money I take from him but I will invest a part of that money in Bitcoin and keep that investment for a long time. After investing in Bitcoin for a long time I have a dream that one day I will hand over a huge amount to my father and tell him that I did not spend your money in the wrong place at all.

I don't have any problem with your overall idea Lidger, but I question the extent to which you are following your father if you are also not attempting to involve yourself in various kinds of work that help you to diversify your income sources. It seems hard for anyone to say that s/he merely invested money that he got from someone else without figuring out some areas of interest in order to have skillsets as potential back ups..

I also do not necessarily have any problems with the idea that you might want to specialize learning about bitcoin, and perhaps even acting in bitcoin too, whether that is learning how to code or how to mine bitcoin or even other ways of involving yourself in bitcoin (investing your time) that go beyond merely stacking sats (especially if you might still be a relatively young person). Sure, there may not be any problems with investing in soft skills rather than hard skills, even though it seems to me that you are not necessarily following in the footsteps of your father, unless you are saying that your father has ONLY been a passive investor in his various businesses, which sure could be possible, but that does not seem to be the way you described the situation of your own fathers working background and/or his developing involvement in a variety of businesses.

Quote from: Igurugwu on November 17, 2023, 09:52:45 PM

Quote from: Lidger on November 17, 2023, 04:45:56 PM

No matter what profession we are in or what financial situation we are in, we should always think of alternatives to our financial income. When we have multiple sources of financial income, if one source of financial income stops, we will still get financial support from another source. I look up to my father and I always try to follow my father.

Having one source of income is never advisable. Everyone should have at least 3 to 4 source of income, this way you can be able to face life without much difficulties financially. Like myself I have 2 at the moment and I am hoping to make it up to 3 before the end of next year. Anyone that has one source of income is like sitting on a time bomb.

Of course there are differing customs all over the world, but some professional positions do not really allow people to have other jobs and/or other sources of income, and some of those positions might start out at more than $100k per year out of college and have upper salaries in the millions per year.

Sure those are not typical jobs, but your advice of multiple jobs do not necessarily apply to a variety of high paying professional positions that exist - especially in the west.. and yeah, maybe some of those kinds of positions likely exist in poorer countries too.. so for example, if a company hires corporate executives (or even start-ups), they might not want those people to have any other jobs, and they may or may not start out at high pay, especially in start ups, and some of them might get paid with company stock (equity) rather than receiving very much pay because maybe the company does not have a lot of extra cashflow, but they are looking for folks who are going to be dedicated 24/7 (or maybe not that much?) to carrying out their duties to make sure the company succeeds.