Post
Topic
Board Speculation
Re: Buy the DIP, and HODL!
by
$crypto$
on 19/08/2024, 15:26:58 UTC
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.
The minimum emergency fund covers 3 months of needs, it would be better if you have 6 months of reserve funds then it will be safe when in an emergency.
Because indeed if the emergency fund is not prepared, the BTC will be sold partly to cover the needs, especially if it is sold at a loss, it is clear that your investment losses will not grow because it continues to be disturbed by your needs.

Investing must have a stable income, especially if there are other sources of income then it is better because it will cover all needs how many percent will be available for bitcoin investment.

If income is still small increase income opportunities first or hone skills that can make you make more money after that you are ripe in investing bitcoin with its adjustments.