Quote from: ultrloa on Today at 09:01:33 AM

Quote from: Ruttoshi on October 29, 2024, 02:20:30 PM

Quote from: Cryptoprincess101 on October 28, 2024, 08:42:26 PM

Quote from: SuperBitMan on October 28, 2024, 06:56:35 AM

Before a person can be fully involve in long term Bitcoin investment he or she must first build a high Level of patience because the key to long term Bitcoin investment is being patient and also having a good source of income.
Now without this two things I just mentioned is impossible to hodl for long, when you don't have patience there's no way you will leave your Bitcoin in your wallet without dipping hands into it and if you don't have a source of income surly you will be in need of money and since you don't have any source of income you will dip hands into your Bitcoin and solve the financial issues you have.

The ability for an investor to exercise a lot of patience why hodling is dependent on the level of in-flow of money and how consistent it comes and if there are plans on how to manage the income such that the discretionary amount being invested cannot be tampered with since provisions has already been made about any unexpected and unforseen expenses that may come up in the future. If a hodler must maintain a high patient level during their time of investment then they must make sure that they are strict and disciplined enough not to mismanage funds for emergency needs and shouldn't also rely on one source of income, there is need to be versatile and have alternative sources of income.

A good source of income might not necessary means many source of income. An investor might have one source of income but that income is even bigger than an investor with two source of income. Example is those people who have a company or a bi business as their only source of income. What really matters is the size of your discretionary income when you are investing, and also a long term mindset will help you plan properly so that you don't sell too quick before reaching your bitcoin target. Your emergency funds shouldn't be tampered if there is no real emergency.

But what do you think will happen if the single big source of income where that investor really stops? Then that provably turn down everything on his side together with his investment made since for sure that he cannot put something for investment anymore. Compare to those people who have multiple sources even if it gives them low income since for sure that they can continue their investment if the other one fails since they have good flow of income. So aside from thinking about investing on bitcoin, people should also try to find more opportunity since this will truly contribute on their success to gain profit for long term investment.

All things you have mentioned is good to pay attention, but we also need to think in advance about negative situations that might happen and we need to prepare with it so that we can make sure that our investment will be so smooth and no other financial problems will interrupt us.

That's just one of the disadvantage of having only one source of income, though it's very good to have a source of income that generate a very good amount of money for you weekly or monthly, but in other for your Bitcoin investment and your Bitcoin accumulation process to be easy and smooth, you just have to have more than one source of income and an emergency fund so as you wouldn't have to fall back to your holding when their is a pressing financial needs.