Quote from: pinggoki on Today at 03:38:44 AM

Quote from: JayJuanGee on Today at 01:34:06 AM

Maybe part of the point is that it is pretty fucking stupid to be spending your bitcoin if you are still building your portfolio, and so you are never going to get anywhere in terms of really believing that you have an investment if you are spending it... so you don't have to be rich in order to figure out some ways to make sure that you hang onto your bitcoin, you don't spend it, you spend other sources first, and if you cannot achieve that, then you are not engaging in long term investing..

I'm guilty of this, done this back when I was starting and my first big profit, I decided that I would spend it on other stuff that's not building in interest or grows in value and I would probably have more bitcoin that are on hodl right if I just wait spent only the a third of the profit in luxurious stuff and waited for bitcoin to go down in prices again but no, I didn't and here I am hodling and not minding the problems in bills and not eating out so that I can DCA and increase what I currently hodl and so far I'm having a blast seeing that my bitcoins are growing weekly in value and amount. I don't regret being a stiff on electricity and eating.

Even though I suggest that it is very stupid to cash out too many bitcoin too early, a lot of people engage in this kind of conduct and some of it has to do with taking profits, or other investment ideas or even thoughts of buying back cheaper, and maybe those ideas are not really bad in themselves because it is very common for normies to engage in that kind of conduct. I did it myself prior to bitcoin with a variety of other investments that I had, and sometimes it is not realized to be a mistake until quite a long time later, and it is really difficult to reverse or even to realize that you are doing it because it makes so much sense when you did engage in that kind of conduct. With a bit of random luck, I did have a couple of those incidents work to my favor, so there were some areas that I was not as damaged that I could have had been, it was just pure luck that I pulled out of the investment in order to invest into something else, and the part that I had pulled out had gone into a crash, so I did pay it back and buy back in cheaper, but I had no idea that was going to happen... but I had some others that largely I just ended up spending the money in various ways, and pretty much depleting the size of my investment portfolio.

Quote from: pinggoki on Today at 03:38:44 AM

Quote from: JayJuanGee on Today at 01:34:06 AM

Personally, I consider an emergency fund to be necessary no matter if you have an income or not; however, the less reliable and steady your income, the more important that you have an emergency fund, a float and reserves, so even if you do not have an income you would draw from your float and your reserves first, and your emergency fund should be ONLY for emergencies, and the fact that you do not have a job surely is an emergency, but it should be one that any of us is attempting to resolve as soon as possible, especially once we have run out of reserves and float....

Thankfully I got a steady job so I don't mind not putting money right now for emergency funds, there's an social security that I pay quarterly in the case that I need more money for hospitalization but overall, I'm not planning to put that emergency fund anytime soon, also it's a good idea to live a healthy lifestyle, having more vegetables and fruit in your diet is a big help in building an immune system, remember that prevention is better than cure.

Emergency fund is not just for health purposes, and yeah the larger your bitcoin investment the more necessity to have an emergency fund that is at minimum 3 months... and many suggest 3-6 months or longer, but surely some folks call their funds an emergency fund when they are also referring to reserves and float. Now of course, you can short-cut some parts of the emergency fund, but if you completely abandon the idea, you are then a kind of walking time-bomb and only asking for trouble...but you might have some kind of emergency fund that you are not considering to be an emergency fund, and that is fine too, if you have some resources that you are able to draw upon when you have cash shortages, because you should not ever get into circumstances in which you have to sell some or all of your BTC at atime that is anything other than your completely own choosing... and sure, if you have been in bitcoin for long enough (your forum registration date shows December 2016) and your average cost per BTC is way below $10k, then maybe you are enough in profits that your BTC can serve as your emergency fund, but you still might feel bad if you have to sell some of them at a time that is not completely of your own choosing, and you will be the one to blame if you are not sufficiently/adequately protecting your own BTC stash (my lil precious).

Quote from: pinggoki on Today at 03:38:44 AM

Quote from: JayJuanGee on Today at 01:34:06 AM

In the end, people can do what they like, but if they are too loosey and goosey with their finances, then they are gambling rather than investing, and even if some people like to live like that, they likely do have some ideas about how they are not going to run out of money, even if they are mooching off family and relatives for food and lodging, then someone is paying for that persons upkeep, so yeah in those kinds of circumstances, they are using their friends/family as income, reserves, float and/or emergency fund.. otherwise, if they are having to live off the land and/or engage in questionable behaviors to get value.. then those would be other ways that some people might be able to figure out ways to get money or to be able to live, and maybe even not having to sell their bitcoin if they are figuring out ways that food, shelter and other basics are going to be available.

Being irresponsible with your finances might be a problem but I don't believe that's an excuse because you can change as a person anyway and become someone that will be responsible, it just takes an iron will discipline and the ability to be consistent.

Personal finances are skills that many people have, but they might not have those skills very well refined, but it should be in the capacity for anyone to learn because a lot of the concepts are somewhat basic and don't really require high level skills, but still some people don't even try to learn these kinds of basics..so some of that revolves around personal choices, and just lacking of discipline.. and so frequently it is not easy for people to work on skills to stay focused, even though it is within skills that most people would be able to learn.