Quote from: Stablexcoin on Today at 12:38:34 AM

Quote from: JayJuanGee on April 24, 2024, 04:47:35 AM

By the way, the management and maintenance of emergency funds, reserves, and floats tend to be way more important for poor people even though it likely is difficult for poor people to establish such funds and such good personal financial management practices. Rich people may well have a variety of investments and they can actually use one of them for their emergency funds, and also if someone is at or near fuck you status, then they can actually use their investments as emergency funds, since maybe they are already able to draw from their investment at a monthly rate, so they are able to draw an extra 3-6 months from their investment without much of any problem, presuming entry-level fuck you status could be anywhere between 12-25 years of income already in your investment (and with BTC I am valuing the BTC holdings at the 200-WMA rather than at BTC spot price).

Hmm, fascinating! Are you saying it is difficult for poor people to maintain emergency funds or have one? If so then, I agree with you because building emergency funds can be very tough especially when one is living paycheck to paycheck. The constant pressure of meeting life's basic needs makes it difficult for people with low finances to maintain their emergency funds and prioritize savings.

Of course, it is hard to build and maintain an emergency fund, reserves and a float, so if you cannot do that, then you are using your BTC investment as a form of trading and/or gambling rather than investing, since for poor people it is more important to build and maintain an emergency fund, reserves and float asince they are going to need those kinds of funds in order to avoid dipping into their bitcoin investment.. and if you don't do it, then your bitcoin investment will likely never build because you will keep dipping into it, and it will never end up building up to much of anything to actually make any BIG difference in your life.

Quote from: Stablexcoin on Today at 12:38:34 AM

However, having even a small safety net can make a big difference for the rich or poor.

Why are we talking about rich and poor? Yeah it is true that both need to have those extra funds, but a rich person may have a variety of investments to choose from, so it seems to me that the point that I was attempting to make was about the greater necessity for the poor to develop better financial practices in order to build and create excess funds even if you are not sure what you are calling them and perhaps they are even inadequate, but they are better than nothing, yet in the mean time you have to figure out your own balance, and even though I am saying a minimum of 3 months for your emergency fund, you can do what you like, even if you might be engaging in emergency fund numbers that I might conclude to be inadequate.. but you are the best judge of your own situation and hopefully it all ends up working out for you if you are intending to build a bitcoin investment.. and you are wanting to give it priority, so if you screw any of the things up, then you are going to be the one that has to live with those screw ups whether that is under-alllocating into bitcoin or under-allocating or over-allocating into an emergency fund..

Quote from: Stablexcoin on Today at 12:38:34 AM

No one is above unexpected situations that can happen to anyone. This is because even someone rich might face a medical emergency or a sudden job loss that may cost him a shortage of cash. Emergency funds should be prioritized by everyone regardless of the level of income or wealthiness. Unless you would say being rich may be a little less stressful to come up with an emergency funds because they could run to rich friends who would assist them so in that case they wont bother to tamper their investment or emergency funds completely. What do you think?

The only thing that I was saying about a a rich person was that if he already reached fuck you status, then he may well already be drawing upon his bitcoin investment (or other investments that he has), so if he might have to draw 3-6 months rather than just 1 month, that may likely not really affect him very much, since he may well already have extra... so when we are talking about rich, there are levels, and someone who is not quite to fuck you status, may seem rich to a poor person, but he could damage his investment into BTC a lot if he is not managing his balancing of his cash and including his maintenance of various emergency funds..