Quote from: Chiomaobi on Today at 08:19:48 AM

Quote from: JayJuanGee on June 17, 2024, 08:36:58 PM

[edited out]

In all I pray we don't meet issues or problem that is bigger than our emergency, reserves and float funds.

An overwhelming majority of folks should never get to a point of either completely exhausting their emergency funds or having to dip into their investments absent some kind of actual emergency or unless perhaps they have purposefully put themselves into such a situation based on a knowledge that they are near the end of their life.

In other words, as long as we actually have discretionary income to invest, the overwhelming majority of us should be able to build up our finances and our other resources so that we do not have to dip into our bitcoin investment at a time that is anything other than our own choosing... Sure if we end up getting hit by a bus or have some other really major situation that might both add to our expenses and remove some or all of our ability to earn an income, then surely those could end up playing out as situations in which we end up both depleting our emergency funds and/or also having to dip into some or all of our bitcoin investment.

Quote from: avp2306 on Today at 09:52:43 AM

Quote from: JayJuanGee on June 17, 2024, 08:36:58 PM

Quote from: Bravut on June 17, 2024, 12:07:25 PM

But before a newbie start accumulating it is always advisable to have built an emergency funds at least 3-6 months.

I really doubt that it is necessary to build up an emergency fund of 3-6 months prior to investing into bitcoin... People woudl never invest into bitcoin if they have to build up their emergency fund in advance..

Sure maybe the emergency funds and the bitcoin investment could be built up at the same time.. at least until a person gets to around 3 months of an emergency fund.

I speculate that an overwhelming number of folks who do not have investments, they still might well have a practice of having 2-4 weeks of floating cash that they might not call their emergency fund, but is serving as an emergency fund, so if a person is starting from a point in which s/he already has some floating extra money that is already available, then there likely is a need to just consciously build that amount while also beginning to invest into bitcoin, and yeah, sure the investment into bitcoin may well have to be whimpy and/or conservative in the beginning while building up the emergency fund to at least 3 months and then once the emergency fund is 3 months or more, then there well come more liberty in terms of becoming a bit more aggressive in his/her bitcoin investment (DCAing or otherwise accumulating BTC).

Doing that could provably destroy their focus on accumulation and might they might create some misconceptions regarding on what are best thing to do when they are starting up. So what I think much better for starters to do is to focus first in their investment and once they already see the results like they are already gaining with their investment then they could able to start building up the funds intended for emergency situation. Since this could give them clear mind to decide next good actions that can make their life became more better compare when they are starting.

Why are you going from one to the other? Why can't a person build up his emergency funds while he is investing, rather than having to do one first or the other first? Guys should be able to engage in multiple kinds of building at the same time, even if maybe there might be a bit of a focus to build in one area more than the other.. so if we get back to a kind of typical example in which most people probably already have a bit of a cash cushion of maybe 2-4 weeks - though more importantly once they start to invest into something as volatile as bitcoin, 2-4 weeks of cash or cash equivalents should start to feel way under-adequate in terms of how much protection that 2-4 weeks of cash is offering in terms of an investment as potentially volatile as bitcoin.... ..so yeah..maybe or maybe not there could be a desire to first buy the same amount of bitcoin that is equivalent of whatever level of cash reserves the guy has and then maybe to grown them at the same rate until each of them reach 3 months of expenses... yet at the same time, these are surely discretionary matters in terms of how much importance to give to each of these kinds of priorities that may well vary depending on the stability of a guy's actual disposable income and surely there are some guys who have way more solid disposable income.. decently strong income sources and decently clear expenses, yet there are others who have a lot of variability in both their income and their expenses, so the one with more clear and stronger disposable income is going to be in a better position to weigh more on the side of buttressing up his investment prior to his emergency fund.. yet surely anyone could also end up making mistakes in terms of overdoing their investment or maybe even underinvesting.. so the actual balance might well not be the same for each person, and sometimes the extent of the mistake might not be initially realized.

Quote from: avp2306 on Today at 09:52:43 AM

People just need to know well what's there target and if they could able to do their accumulation phase goes smooth then they encounter this bullish season which a lot of investors are gaining profits then they can set aside some funds on whatever things they like including that emergency funds then after they settle up everything and confident that their save money(emergency funds could able to save them for long time when there's sudden situation happen) then provably they would became more better investor then can do aligned decision towards their goals on their investments.

If we are talking about newbie investors who may well be in their first cycle of bitcoin and also who might be initially building up their emergency funds and their other cashflow management practices, then they may well be way too early in both their investment journey and/or their bitcoin accumulation journey to really have concrete goals beyond merely wanting to become rich and/or financially independent or just to be able to build a life in which they have more options in the future based on their having had built better finances.

So these newbie investor people may well not know how long it is going to take them to get where they want to be or even what their specific goal level is going to be further down the road when they might start to begin to get closer to getting to some place in which they start to see that their goal might be somewhat in sight... So in that regard, the goal can be (and probably should be) more general rather than specific.

In the beginning, the newbie investors (and/or bitcoiners) may well consider that it could take them 6 years to 40 years to reach their general goals - partly depending on how well their investments do.. and partly depending on some factors that likely are not in their control... and yeah, they could have some shorter timed goals that are more specific that will help them to stay a bit more focused on accomplishing shorter-ranged goals, yet many folks might well want to get to something in which they might call "fuck you" status (where they can stop working and live off of their investments), yet realistically people might work (save and invest) 30-40 years or longer and still never make it to fuck you status, so if bitcoin gives them some more realistic possibilities of reaching fuck you status and even perhaps reaching such status in half the time, such as 15-20 years, then that could be a very concrete kind of aspirational target for many folks, even though surely starting out and even being in the earliest stages of investment (and/or bitcoin), there can be quite a bit of uncertainty and even lacking in tangibility that exists because the longer term goal is quite far into the future, since maybe we might calculate that there might be a need to get somewhere between 10 years and 30 years of income saved up/invested depending on the level returns that the investment is going to give once it is matured.. and at the same time, we can also realize that investing 10% of your income may well take 10 years to build up 1 year's worth of income/expenses invested.. so the distance of the goals can feel quite far off into the future and even potentially unreachable.. and at the same time, maybe not even tangible to be focusing on the longer term end goals as much as the more realistic aspects of focusing on intermediary goals and maybe even ways to both try to be as aggressive as possible in terms of an investment approach, but still living a life that is sufficiently balanced in terms of no one should be wanting to completely deprive themselves of pleasures merely based on investing (savings and/or deferred gratification) practices.

Quote from: Kliss on Today at 11:16:41 AM

Quote from: JayJuanGee on June 17, 2024, 08:36:58 PM

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JJG it's true that individuals, can see emergency differently based on their responsibilities. It's important to consider how you support others during emergencies but it should not be from your own personal emergency funds. It's good to have a clear idea of how you handle emergencies for your self and those that you're responsibile for in other to have a solid financial base. It's very crucial to have multiple funds available and manage them effectively, prioritizing how we spend our funds it's very necessary. This will help you to avoid reaching the point of considering to sell your bitcoin assets. Proper management of our fund without depleting them unnecessarily is important to ensure we maintain and grow our investments, especially in Investment like Bitcoin .

Yes. I would consider it unwise to use my own emergency funds to take care of someone else's emergency situation (unless they were a direct family member under which I had already taken financial responsibility), even though reserve funds might be able to be used for that level of problem situation of someone else .. such as a friend or a more distant relative who should already have their own emergency fund practices...

Quote from: Fara Chan on Today at 01:12:35 PM

Quote from: As-Soon-As on June 17, 2024, 03:41:02 PM

Any investor can succeed with the DCA strategy, whether in holding or in buying and selling. But the most success will be in case of long term holding, because by buying little by little means you can build wealth, but according to this strategy all investors are successful. If participating in the investment following the regular DCA procedure.

The DCA procedure is only more suitable for buying, not for selling because by buying using DCA the collection of assets will certainly be more perfect if it can be done regularly like with Bitcoin. However, in terms of selling it, I think every investor no longer needs to apply the DCA procedure because every investor can set a target according to their own wishes when they want to sell it again. And even investors who prefer to buy using this method will usually not be more likely to think about selling in the near future before what they are accumulating becomes much larger.

Even though traders might apply somewhat brainless and simplified practices of buying and selling.. DCA tends to be a liong term investment strategy, and it may well not be applicable to engage in DCA selling kinds of strategies, unless you are trying to get out of the investment.. which sounds to me more like a trading rather than an investment strategy.. so long term investing may have selling strategies that are time based and/or price based.. and surely there could be a decent amount of variation.. especially if someone might have taken 4-10 years to build their position, they might end up with other kinds of strategies in terms of if they really want to completely get out of bitcoin or maintain their investment in bitcoin through their which might push them into a much slower and an attempt for a sustainable withdrawal strategy rather than an desire to get out of bitcoin completely...except for traders have other kinds of gambling and/or short term ways of thinking that might not be very good ways to go forward when it comes to an investment like bitcoin.

Quote from: Pi-network314159 on Today at 03:16:51 PM

Quote from: JayJuanGee on June 17, 2024, 08:36:58 PM

I speculate that an overwhelming number of folks who do not have investments, they still might well have a practice of having 2-4 weeks of floating cash that they might not call their emergency fund, but is serving as an emergency fund

yes having 2, 3-4 weeks floating before investing is good. it helps to invest seamlessly and free from pressure. because a person that start bitcoin Investment and having emergency fund at a go may find it slightly difficult to invest compared to a person that may have accumulated some emergency and reserved fund 2-4weeks earlier. because such person has a more balance and advantage in reserved and emergency after using the amount needed.

I am not sure if we are communicating similar ideas. I am suggesting that I believe that off of the street most people are going to have at least a couple weeks of a cash cushion. Most people are not living in a constant panic state, even though surely we likely know some people who seem to live like that..... so I am suggesting that there may well be an ability to get started in bitvoin for almost anyone.. especially if they already have 2-4 weeks of extra cash which surely may be $200 to $600, which surely woudl allow them to buy $10 to $50 of bitcoin right away, even while they might spend the next several months stating to build their bitcoin and their emergency funds holdings simultaneously.. and yeah as you mentioned earlier, there will be a lot of discretion regarding these kinds of balances.. which might relate to the solidness of the persons discretionary income and/or potentially some other individual financial and/or psychological factors.

Quote from: Felicity_Tide on Today at 04:52:33 PM

Quote from: Ruttoshi on Today at 04:15:51 PM

You are misunderstanding what JJG said, and this your investment strategy of building up your emergency funds after you have invested and see profit is gambling.

Everyone seems to have strategies, but some of these strategies are a little bit scary. Investing before securing an emergency fund is a total risk on its own, which makes it sound as if some people choose money over their health. If along the line of accumulation, the investor happens to be involved in a tough situation where a large sum is needed, just because there isn't an emergency fund in place, the investor would be forced to spend from his/her investment. Just as you've pointed out, in a situation of bearish trends, things might become very difficult as the entire investment funds might not even amount to anything.

So I think it is best to start both together and secure emergency funds to a decent level before channeling the majority of your investment energy to Bitcoin investment. With the availability of secured emergency funds, there won't be any distraction along the line of continuous accumulation.

Seems overly conservative to me to build an emergency fund first prior to buying bitcoin, but hey you can do what you like.

By the way, many folks are not even used to keeping more than 2-4 weeks in savings/emergency funds, and if you build your emergency fund to a greater level while you are building your emergency fund (at least until you get to 3 months of an emergency fund), from my perspective, you do not seem to be putting much of any kind of a meaningful bitcoin investment at risk or other aspects of your life.. since maybe at the most, you might end up losing 2-3 months worth of value in your bitcoin investment. .and yeah, maybe it had taken you a year to get both your emergency fund and your bitcoin investment up to an amount that is 3 months of your expenses.. .. I think those are reasonable risks to take in early stages of investing into bitcoin and also learning how to balance both bitcoin investment and the building of an emergency fund.. and surely once the emergency fund is up to 3 months, there may be some ability to invest more aggressively in bitcoin and to not necessarily feel a need to build the emergency fund to higher levels.. yet of course, if a person is still having some fluctuation in his discretionary income there maybe be needs to have other funds such as reserves and a float in order to have cushions from even having to touch the emergency fund.

Quote from: Miles2006 on Today at 05:58:38 PM

Quote from: Jewan420 on Today at 04:55:10 PM

[edited out]

Personally I will not advise anyone taking loan in terms of financial challenge because they can always start an emergency and reserve funds along side their investment,

Maybe you misspoke, since emergency funds and reserves should already be in place during any investment or being simultaneously built.. reserve amounts may well bounce around a lot, but emergency funds should not. .and maybe over time the emergency funds might grow to be larger based on potentially needs to keep higher amounts to account for cost of living or other kinds of ways that monthly expenses and/or other expenses might need to be higher amounts in order to be sufficiently/adequately prepared for emergencies that could come and also how they might be different for a single young person versus someone with a family and/or someone with various complicated business relations that might contribute to variance in monthly expenses and/or income.

Quote from: Miles2006 on Today at 05:58:38 PM

I understand at that moment the investor needs the money urgently but, after settling every needs and debt my opinion is the investor should build up a reserve funds so whenever such challenges come up the reserve funds can stand not relying on loans. There’s always an option even if an investor started so late like I will always use myself as an example when it comes to reserve funds, if an investor have never heard about reserve funds and after sometime the investor learnt about the reserve funds the investor can always start and gather a nice amount within few weeks. In as much as an investor is expected to rely on the reserve funds in times of joblessness or inadequate flow of income I think the emergency funds should not be included completely as it stand as the back bone of the investment and it’s not proper for an investor finishing the emergency funds without filling back the funds.

This all sounds correctly within the bounds of good practices and reasonable thoughts about prudent cashflow management.