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But if the poor person can be able to mitigate his fiance by investing as little as he can in DCA, setting aside his emergency or backup fund and making provision for family expenses and having a reserved fund then it's fine. But if he can't cope with his financial strength,
I insist he builds himself financial before investment.
You are highlighting some balancing that everyone has to do, which is to figure out whether or not he has discretionary income, and if he has figured out that he does have discretionary income where should he put such discretionary income.
Many times we suggest that guys get started investing into bitcoin as soon as possible, but he needs to have discretionary income before he can buy bitcoin, and so I would think that the main reason for a guy to sort out his finances before investing into bitcoin is to make sure that he has discretionary income, yet if he already has determined that he has discretionary income then he can invest into bitcoin while he is sorting out his finances,
so I have a bit of a difficulty suggesting that guys with even bad financial circumstances should sort out their messed up financial circumstances before investing into bitcoin.
Yes, you have said an important sentence that what should guys with bad financial condition actually do. To bring the chaotic financial situation back into order,
This is actually the exact thing we were discussing in one of the thread in our local board on Saturday, that it's near impossible to convince someone not to sell his or her Bitcoin when they are hungry, because their is a way hunger mess with your head and at that point, the only thing you will be thinking of is where to get your next meal from, so if you are in such a condition, you definitely cannot hold your Bitcoin firmly because you will definitely dip your hands into your Bitcoin holds just to fends for your needs, especially feeding, if you are in such a deep shit as that.
So in essence of what am trying to say is that I think you were spot on when you said that anyone in some financial crisis needs to sort themselves out first before he thinks of investing in Bitcoin, so that he wouldn't have to fall back to it at some point for survival.
It is indeed a difficult decision for a hungry person struggling to make ends meet to decide whether to invest or not to sell. I have actually tried to focus more on the early stages of investing where it is important to create awareness about investing discipline in guys who are in a chaotic financial situation. I have talked about having a wallet where he can practice saving at least any amount he can afford and in the modern financial system it is possible for a guys. Bitcoin deposit is certainly not a luxury and it is a valuable asset that can be a huge financial backup for a low-income person by saving small fractions.
By being financially disciplined I mean trying to increase the source of income through alternative sources of income and for most guys this is certainly possible if they have the desire to increase their wealth.
In conclusion, for guys in financial distress having to take a little time off to balance their income may make them more determined in their next investment decisions but it may also make them more lazy. So I said that at least those guys have a wallet and if they smoke one less pack of cigarettes a week they can at least manage to deposit that amount of dollars into Bitcoin.