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Of course you have to pay attention to your own details, including your risk tolerance - yet in many circumstances if you wait to build up your emergency fund and back up funds first it could take you many months or even a year or more to get to a point that you are starting to feel that you have good back up funds..
Let's presume a very large number of people who do not invest live paycheck to paycheck, so maybe they ONLY have around 2-4 weeks worth of cashfloat that might be considered a kind of emergency fund, yet if you have no investment that you are trying to protect (such as bitcoin) then there is less to lose if you run our of your back up money, float, so part of the reason for having any extra buttress from regular people who do not tend to invest is because there is a desire to protect your bitcoin investment, and since bitcoin might be more volatile than other kinds of investments, there is more reason to protect that you do not sell any of it that is not completely at a time of your own choosing.... so yeah, part of the question may well become the extent to which you are protecting an investment (such as bitcoin), and if you are ONLY able to invest $10 to $100 into bitcoin per week, then your bitcoin investment is surely going to take a long time to grow to any significant size, and maybe it would take you 6 months or more to build your emergency fund if you were not investing into bitcoin, but perhaps if you build your bitcoin and your back up funds simultaneously, it might take you 12-18 months or more to get them into a state of good order...
Each of us needs to decide - yet from my own point of view, I believe that it is way too overly conservative to be building your back up funds prior to getting started in bitcoin.
You couldn't be more correct.
A lot of people who are living paycheck to paycheck may not have enough emergency funds, so it'll be really difficult and challenging for such a person to invest in Bitcoin as it'll be hard to balance the situation.
Even if it is hard, and yeah it is hard for anyone to get into a mindset of investing or deferring their spending of their discretionary income by choosing to invest instead of using it right away for some kind of purchase.
Accordingly, if there is any discretionary income and a decision to invest in bitcoin, I am suggesting to build the emergency funds and the bitcoin investment at the same time, and yeah, if you are the person who only has 2-4 weeks worth of back up funds at the time that you invest into bitcoin, then maybe you can figure out some kind of a formula to build both of those, and so for example, first get the bitcoin investment amount up to 2 weeks of your expenses, and then try to simultaneously build both.. and don't let your emergency fund drop absent an actual emergency (such as loss of cashflow or illness or something like that), and if you do have to use any of it to build it back up to get it back up at least to the size of your bitcoin investment, and sure maybe by the time you build both your bitcoin investment and your emergency fund up to 3 months then you might start to be able to build your bitcoin at a pace that is faster than your emergency fund (or other funds that you might be needing to build such as your reserves and your float). And your float might be something that kind of develops naturally as a kind of monthly cash-cushion, and I am not even saying that it will take less than 6-12 months or maybe more just to get your emergency funds up to 3 months including building your bitcoin to a similar size and thereafter hopefully your bitcoin investment continues to grow based on a variety of circumstances, including your ongoing ability to be able to keep your discretionary income up by increasing your income and decreasing your expenses or whatever you deem to be within your abilities to accomplish.
It is very important to protect one's investment, especially investments as volatile as Bitcoin, in order to avoid unnecessary losses. So it'll be a very smart move to build your emergency fund, while simultaneously investing in Bitcoin, although it may slow down one's accumulation speed and may take a bit longer to achieve/reach one's financial stability or goals, but it's all good as long as one's backup funds are being gradually built and solidified, because the backup funds are just as important ans crucial as the investment itself. Moreover, it's more preferable engage in a slow but steady accumulation with a solid financial backup, than being aggressive with one's accumulation with no solid financial backup.
Yes.. this part all makes sense... and so yeah, it may be more difficult for guys who ONLY have $10 to $100 per week of discretionary income that are able to use for these purposes, and surely the more you can make or the more you can cut back your expenses without jeopardizing your physical or mental health, then surely those can also be helpful in making progress in terms of building your bitcoin investment while at the same time buttressing your financial situation.
You also make a fine point when you talked about the time it takes to build a significant Bitcoin investment. Even when the accumulation process is slower and less aggressive with smaller amounts, as long as it's consistent, it can still add up overtime, but though it may take several months or even years to come up with a reasonable amount.
But regardless, the potential benefits of investing in Bitcoin for the long-term, coupled with the security offered by a solid financial backup can indeed be a very huge advantage to one's finance.
Well if we consider that it may take folks 30-40 years or longer to invest and/or to get to fuck you status in traditional investments, and many times they are still not even able to get their finances to anything close to fuck you status, if you are able to increase your chances of reaching fuck you status in a much shorter period of time, maybe 15-20 years or some other reasonably shorter period of time, then you have made progress in terms of getting involved in bitcoin as compared to other investment options that might be available to you, and also the fact that you might actually be able to make it to fuck you status might be a great achievement, even if it still ends up taking you 30-230 years rather than some shorter period of time that would have had been preferable if it would have had been achievable.