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Quote from: Futurexxx on October 30, 2024, 04:55:39 PM

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

Well is really good to have more than one sources of income it will help to lighten things for yah , most time the other sources can be a particular skill you learnt or having a side hustle. Most folks have a nice job and same time may have a good tech skill , so it can be using both to support each other, so he can choose to use more percentage of one of his sources to accumulate while he use the other as an emergency funds, so that he won't endup tampering with his investment when passing through hard time.

For investor relying on single investment its like ticking bomb for them waiting for disaster to come since if they lose their job that gives them income then for sure that they would face on darkest side in their life. Also with that thing for sure that they cannot set up their emergency fund since that doesn't give them any extra funds to spend on this important matter.

If we want to became a good or at least successful investor a multiple source of income is really important since the generated funds we get is somehow a good basis on how long we could able to last on long term investment path that we choose. Investment with bitcoin needs patience and consistent income flow so we need to be secured or consistent so that we could able to last up to 4 - 10 years or depends on the years set by each investors.

I was one of those who championed this multiple sources of income but along the line, I realized how defective that could be because it create a case of "Jack of all trades, master of none". If you are poised to getting multiple streams of income, chances are high that you will end of splitting your time and resources into tiny segments that may not produce the much desired results. I remember when I was still thinking this way, I was contemplating mining, buying shitcoins in their ICO and hoping they pump, investing in shares and also trying out stocks. That was how I spread my funds into different areas and end up losing most of the funds because what I was doing was sheer trial and error.

Instead of the quest to invest here and there, I think getting a solid business in the physical sector and investing in Bitcoin in the digital space is just enough. This will give you the time and opportunity to do it well and perfect the business. Part of the proceeds from the business can be invested into Bitcoin and saved for the future. For those working paid job, they can attached just one other physical investment to their job so they remain afloat always instead of spreading their money to anything they see in the guise of multiple streams of income.

If your mind is so determined about opening too many streams of income, you will end up investing in many things that you will lose your money because there will not be enough time to study the business well and perform all the necessary risk analysis.

You are contradicting yourself, because a salary earner who is being paid every month, and decided to set up a business in addition to his job for an increase in income has multiple sources of income. If it is not a single source of income, it becomes multiple source of income.

Mr A might have multiple sources of income, and still not take his bitcoin investment accumulation serious because he does not understand the exponential value of bitcoin. While Mr B only have one source of income which a large discretionary income, will be more consistent and committed to buying bitcoin regularly overtime.

What really matters is your discretionary income, and good financial management and how you plan to increase your bitcoin investment to your bitcoin target without selling when it is not of your will based on the circumstances surrounding you.

You have made some points and that gat my attention to say that having multiple streams of income is not enough what's most important is to know at what extend do we believe in the potential that Bitcoin holds which is the major factor that will encourage anyone to maximize the level of consistency even with as little as they can be comfortable with for the purpose of increasing their bitcoin size and with patient enough to be holding for as long as necessary. Undoubtedly, people can still have streams of income flow and have less believe of what Bitcoin can do hence retarding their Bitcoin investment. Generally, what we are looking out for is having a good source of income flow to sustain our commitment in Bitcoin.