Post
Topic
Board Speculation
Merits 3 from 2 users
Re: Buy Buy Buy or Sell Sell Sell?
by
SuperBitMan
on 02/11/2024, 15:57:42 UTC
⭐ Merited by Rockson1 (2) ,fillippone (1)
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.

Another angle is that sometimes we also should be investing into ourselves in ways that would potentially cause us to work smarter rather than working harder and also we might be able to increase our income by being able to get higher paying jobs by investing into ourselves (such as training, education and/or getting experiences that might not pay well in early years, but have greater potential to pay off higher at later times down the road).
So far, hard work alone can not upgrade our resourcefulness, there are times when we need to utilize our skills and conduct to increase efficiency, if it was total based on hard work then we should be having less or no poor people in the society because in reality the poor tends to work more hands in other to survive.

In my own environment, the basic way of keeping wealth is by owning businesses, this has been the most efficient method whereby people enlarges their output, with less stress and conserving lot's of time to spend on creating another.
You are right however it think you should use the word working smart, what different a successful man and an unsuccessful man is the level of brain work they put into there work, some people saw the way Bitcoin was going and decided to start accumulating and today they have become successful through Bitcoin investment, as humans we need to think far beyond if we only focus on working hard without thinking we won't achieve success.