Quote from: Lidger on Today at 08:22:31 AM

Quote from: Essential10 on March 26, 2024, 05:11:12 PM

Quote from: Lidger on March 25, 2024, 04:04:50 AM

Quote from: Dorkylickjj on March 24, 2024, 04:19:48 PM

Example let's say I want to start investing right now in bitcoin and I have a monthly income of 1000$(it's assumption figures) and I decide that I want to invest about 300$ from that amount into a weekly DCA investment which should be about 75$ weekly invested in bitcoin and then I also had some cash from my savings that I also wanted to use to invest in bitcoin maybe to give myself some kind of head start and the money was about 3000$ and I decide to use 1500$ to invest right away, that is what a lump sum buying would mean.

Assuming your monthly salary is $1000, now you will invest $1000 every month or every week consistently. In this case, first of all, you need to confirm how much money you can spend every month on family management, children's education expenses, electricity bills and other sectors. Once you figure out these expenses, you can of course calculate how much money you have left over at the end of the month. You can consistently invest 60 to 70 percent of the money you have left over, minus all incidental expenses, within $1,000. After investing 60% to 70% consistently, you can save the remaining 40% or a part of 30% and keep some money for your spending. If you can invest with this plan then I am sure it will be very easy to hold your investment and you will be able to keep your investment for a long time and you will be able to consistently maintain your investment consistency.

It's OK to invest in the DCA method. Assuming $1000 or more, you can easily work out the numbers on paper no matter how you calculate them. It is easy to say but very difficult to do. But I'm not belittling you here, you definitely can if you try. However, if you get a $1000 salary, the most important thing is how much money you can save there. As people's income increases, their needs and family luxuries increase, the more you can control yourself. How much are you able to face the challenge of saving money in particular terms? If you can control the amount of your monthly salary, your spending rate from the first week of the month to the third week of the month, you can execute DCA properly by applying the investment in the last week of the month.

Expenditure depends on people's income, but if it can be calculated, it is possible to earn relatively small amount of money to meet all needs from that earned money and also invest from there. The income of every person living in our society is not the same, everyone has a different profession and everyone has a different income. Everyone from a bank officer to a van driver lives with his family and everyone thinks to expect the best from his position and thinks about everyone's future.

A van driver earns $100 per month whereas a bank officer earns $1000 per month then a van driver earning $100 is definitely not used to living a luxurious life. On the other hand, a banker earning $1000 per month must try to live in a good place and expect a good life.

Even after earning $1000 and living a good life, he must plan for his future and when he plans for his future, he can invest part of his income if he wants. Investing doesn't depend on how much money you are earning every month, basically investing depends on the individual. If the person wants to invest then he can invest even earning a relatively small amount of money. You have contradicted me by saying that it is easy to think about something but difficult to act on it, to which I will tell you that if you have a sincere desire you can do anything.

In student life usually everyone is dependent on family still but he saves his own money or collects some money through various means he invests in this case if a working man earns enough money but does not get money to invest then he is definitely a failure. If we want, we can set aside a portion of our income at the end of the month for investment. The money you spend will never come back. But when you invest money that will give you profit as soon as it comes back, it is definitely wiser to invest money thinking about the future rather than spending a lot of money now.

IMO i think when it comes to investing in bitcoin how much you earn doesn't matter as much as if you would have any disposable income available to invest, someone who has a greater expense than even his income cannot invest no matter how much he is earning, let's assume a person that is earning about 5000$ a month and has debt on his head that he needs to attend to of about 1500$ off his monthly income and what is left is 3500$ and probably he is also in some kind of medical shit or health challenge that also eats some part of his earning up to 1500$ again off remaining 2000$ for him, then he also has other expenses that range up to above 2000$, this kind of person is just living on the edge and cannot invest in bitcoin, although the illustration seems a bit too much since I kind find much realistic thigns to explain some senerios, and yeah some persons are already well living above their finances and don't have any disposable income left to invest in bitcoin, and another person earning 500$ monthly can have a total expense of 200$ per month based on how well he manages himself and maybe his lifestyle, and other things can also affect how much a person would decide to allocate to his investment, so based on your own senrio its also possible for the van driver to be able to invest more I bitcoin than the person earning 1000k, it just depends on how well they manage their finance and how much disposable income that is available to invest.