Post
Topic
Board Speculation
Merits 1 from 1 user
Re: Buy the DIP, and HODL!
by
nara1892
on 09/02/2024, 22:37:04 UTC
⭐ Merited by JayJuanGee (1)

Job security has to be considered too when someone has finally decide to start his bitcoin investment journey. One has to be certain that your job has to be really secured, and not a kind of job that won't last long. Job security should not be underestimated because if you have chosen to invest through DCA make sure that your job or source of income isn't something that's going to be terminated on a short run.
  yes one can actually loss his job, that is life full of uncertainty, but at most time it is advisable to have passive income streams which one  of it's enormous benefits is that it reduces the fear of job loss. It will become more easier for an individual to reach his financial goals when having a multiple streams of income by achieving them much quicker than if there was just one job, it helps in ensuring that you have a consistent and reliable source of income and at same time giving you that emotional rest needed to manage your asset properly.
In everything that we do in life, we should always have a backup to them, this will prevent us from suffering huge loss on them under any circumstances unforeseen to us, Ive seen someone having his job and still making bitcoin investment by trading partly, when he lost his job, then he fully have enough time to engage into trading in full, there's no much vacuum created as a result of loosing his job.
The security of our assets should also matters to us in a very big way, we cannot afford making silly mistakes with our investment funds when we are just thinking only in one direction.
Back up plans include emergency funds, and/or also other possible ways to earn money.. so we have to have some ideas about our cashflow and expenses situation to figure out how large we might need to keep our emergency funds and even some of our expenses might be discretionary too. but some might be somewhat sticky and not easy to change.
Yes and emergency fund is something that should not be ignored and should be considered even should not be missed when you really participate and get involved in bitcoin accumulation, having an emergency fund along with having some way / place that really earns (outside of accumulation) such as for example having income from other things or other sources whether it's income from a shop that you have or a part-time job will make it easier for you to achieve a good balance in terms of finance, and other sources will be a second support for the bitcoin accumulation that you run when you really lose your main job and I would say that you have a pretty good situation to start / maintain and continue to run your bitcoin accumulation if indeed you have more than one income. On the other hand, in my opinion, the amount of emergency funds that someone should have when they have started to get involved in bitcoin accumulation, honestly I can't be sure what the amount is but certainly try that at least that amount is enough to finance your life for the next 3 - 5 months including the amount of allocation for your bitcoin accumulation so that there is no delay / vacancy in the allocation.