Quote from: SuperBitMan on Today at 03:17:53 PM

Quote from: Issa56 on August 18, 2024, 09:46:42 PM

Quote from: Egii Nna on August 18, 2024, 09:05:53 PM

Actually, when investing in bitcoin, you have to consider many things, and some of the things to consider include your income and your personal needs because these two things can affect your bitcoin investment easily. Because if your income is low and you are trying to squeeze yourself just to invest without taking care of your own personal needs, an emergency can come that you will end up using breaking your bitcoin investment to solve, and in this case you might sell those investments in lost.

If you are investing in bitcoin, then make sure you have emergency funds. Don’t invest everything you have in bitcoin, in case there is an emergency, that’s what you're going to fall back on. But if all your investment is in bitcoin, whenever you are in need of money, you will have to sell some of it, even if you have it in mind to hold for the long term, and you might even be selling at loss.

If you don’t have enough income yet and you know if you try to invest, it’s really going to affect you, then just forget about investment for that time and make sure you focus on other important things in life. Whenever you are balanced, then investment can set in.

No body will invest all his salary in Bitcoin it is not done anywhere except the person is insane, the money will invest in Bitcoin is our Discretionary income and what is Discretionary income is the amount of money left for an individual to spend or use after sorting out his or her personal needs, so let's get this right and you can as well use your Discretionary income to build your backup funds along side your Bitcoin and if you are done building your backup funds you can focus on your Bitcoin accumulation and even become aggressive if you no it won't affect you.

One don't need to have enough money before he can go into Bitcoin investment, if you are receiving a little salary a full month and you wish to invest in Bitcoin you can, if after your monthly expenses you are lift with a Discretionary income.

Using all your salary to invest in bitcoin is our gambling because how will you survive or take care of your monthly expenses or how will you be able to hodli you bitcoin investment and grow it for a long period of time. Whoever uses his full salary to invest in bitcoin will run at loss because with the way bitcoin price fluctuates, you might buy bitcoin and when you want to pay for your electric bill bitcoin price have dip, you sell with no options because paying your electric bill is very important. Infact, I will say that it is lack of seriousness with life that will make any dumb person use all his salary to invest in bitcoin.

If it is not part of your discretionary income and the right amount that will make you keep your DCA ongoing overtime, there is a high odds that you will sell part of your bitcoin when an emergency arises because you will be short of funds to take care of a real emergency when it arises. When you over invest aggressively with DCA, it is a bad practice because you will end up shooting yourself on your foot by selling what your were building faster because your were in a rush.

DCA is the best for new investors but it must be done with proper cash management and availability of emergency funds and reserve funds so that you will be able to hodli for long without any problem that will may you fall back to your bitcoin as the only option.

One can cut down his expenses in other to invest in bitcoin or look for a second means of income in which he can use the pay from the second job as his discretionary income to enable him invest in bitcoin if he is willing to invest.