Quote from: Tmoonz on December 20, 2024, 10:40:40 AM

Quote from: Mayor of ogba on December 20, 2024, 07:33:11 AM

Quote from: Ricardo11 on December 20, 2024, 05:58:55 AM

Quote from: Mayor of ogba on December 19, 2024, 03:59:04 PM

Quote from: Salahmu on December 19, 2024, 09:27:51 AM

Quote from: fikrett on December 19, 2024, 08:49:02 AM

To have a good portfolio, one needs to stand well on his two financially - it's essential due to the fact that your investment is like a garden of sorts - you can't reap what you sow if you don't look after it well,

You are wrong no matter any garden you have planted there is nothing will make you not to reap it even if you don't take good care of it but however the only problem you will have is that lack of good maintenance of the garden will make those fruits or plant not to be too fruitful to produce what is being intended for it, so saying that the person will not reap what they sow is wrong because is as if they would be deprive of there ownership to the garden, so arriving to Bitcoin investment is also the same because if you put little on Bitcoin is also the little you can get so nobody will take it away from you because you did not invest more by taking care of.

You are wrong; if you invest in bitcoin and don't take good care of it in the sense that you don't make provision for emergency funds, reserve funds, and floats, and also use the money you will not need for 4-10 years or more to invest in bitcoin, you are likely to fail on your bitcoin investment because when your unforeseen problems arise, there will be no emergency funds that will help you to solve those problems, and you will depend on selling your bitcoin investment to solve your unforeseen problems, which might get you off the game partially or permanently. Anyone that is investing in bitcoin needs to plan his or her bitcoin investment very well and figure out how much of his or her discretionary income will be used to invest in bitcoin in such a way that he or she will always solve his or her daily expenses, which will allow him or her to hold his or her bitcoin investment for a long time.

In fact, many investors forget these things before starting to invest, they start investing without arranging an emergency fund, a reserve fund. As a result, in any unexpected situation, having no way out, they sell their Bitcoin holdings, as a result of which they often face losses.

There's nothing wrong with starting a bitcoin investment without making provisions for emergency funds, reserve funds, and floats at the beginning of your investment. You can start your bitcoin investment without keeping emergency funds, reserve funds, and floats at the beginning of your investment, but you can build up these funds up to 3 months as you are accumulating bitcoin. It is only when you fail to build up these funds as you are accumulating bitcoin that you will find it very difficult solving your unforeseen problems when they arise.

Having an emergency fund is never a criteria to be emphasised prior to starting your investment, get the fucking started and figure that out down the road. It only becomes problematic when it is being ignored Perhaps emergency fund is very necessary in life generally let alone towards your investment, the point is to have an ongoing investment and figure out how much should kept or added to your emergency fund, by definition an emergency is meant to be built up to 3 to 6 months worth of our expenses and of which we shouldn't be waiting but should be done along side with our investment which is better than procrastinating ever buying Bitcoin.

The main first point anyone needs to have when getting started in bitcoin is to assess that they have discretionary income, so if they assess that they have discretionary income, then they can get started.

Now if their cashflow, expenses, and income are a very BIG mess, and they cannot really be sure if they have discretionary income, then they have to get that in order too. It is like someone calling you out and asking you if you can go out to a nice restaurant to eat. Usually, you spend between $3 to $15 for the ingredients and preparation costs of your regular meals, yet you know that if you go to the nice restaurant that is being suggested, it is going to cost you at least $50, and it might cost you even a bit more. So you have a question in your head about whether you have the $50 or not. If you do, then you have discretionary income that you could also choose to spend in bitcoin rather than going to that nice restaurant.

Guys might assess their income and their expenses and they make mistakes, yet guys already know where they are at, and they might need to fix their expenses, yet they should be able to figure out if they have discretionary income to get started investing into bitcoin whether it is $10 or $100 or some other amount, and like you said Tmoonz the various details of how to continue and how to get finances in order which may well include reigning in some of the expenses and/or perhaps improving income.

Quote from: Jewan420 on December 20, 2024, 02:35:19 PM

Quote from: Tmoonz on December 20, 2024, 10:40:40 AM

Having an emergency fund is never a criteria to be emphasised prior to starting your investment, get the fucking started and figure that out down the road. It only becomes problematic when it is being ignored Perhaps emergency fund is very necessary in life generally let alone towards your investment, the point is to have an ongoing investment and figure out how much should kept or added to your emergency fund, by definition an emergency is meant to be built up to 3 to 6 months worth of our expenses and of which we shouldn't be waiting but should be done along side with our investment which is better than procrastinating ever buying Bitcoin.

Whether people are involved in investment or not, they definitely keep a fund ready for emergencies. We investors know this is an emergency fund and those who do not have much knowledge about investment may not know this is an emergency fund. But in our family life, most of us try to keep one fund from the beginning of our career, but we cannot name it.

If you are interested in investing and are ready to invest, then waiting for your emergency fund will not be a good idea at all. You should enter into investment without any hesitation and continue to gain knowledge about investment. For a new investor, it is more important to focus on investment than on emergency fund. However, you should keep in mind that your source of income should be sufficient to invest and prepare an emergency fund with the remaining money after meeting daily needs. When your investment becomes significant, you may need an emergency fund to maintain your investment for the long term. Remember, investment first, then emergency fund. That is, if you think about tree maintenance before planting trees or delay planting trees to make maintenance arrangements, you will make a mistake. Plant trees first and then make maintenance arrangements.

I am not totally opposed to your idea of invest first and then get your emergency fund in order, since there are likely a certain number of folks who already keep 2- 6 weeks of cash on hand, yet I think that it could be problematic to invest large amounts into bitcoin (such as a lump sum), and then the bitcoin ends up serving as an emergency fund, which is very problematic since it is not in the local currency, and then it just becomes more and more likely that the bitcoin would end up getting tapped into.

so if a person has 4 weeks of cash on hand, he might be able to invest 4 weeks of value into bitcoin and then they are equal, and then a good approach might be to build them at the same rate until they get to the minimum emergency fund size of 3 months... So then each of them are three months, and so after that more emphasis could go towards building the bitcoin rather than the emergency funds, yet if a person were to ONLY have 3 months of emergency funds and nothing else, then it could well end up happening that he is always tapping into his emergency fund and then having to build it back up to the 3 months minimum... so there becomes more and more justification to build cash in a variety of different reserve funds that you would tap into the other various reserve funds before tapping into your emergency fund, and there would be less urgency to rebuild the other reserve funds, yet each of us have our various priorities, and things that we might be saving up for (or that we want to have extra money for certain extra expenses that we consider to be coming down the road).

So examples of various reserve funds might be 1) needing to upgrade our computer or phone 2) needing to save up for a vacation or a date with wife/spouse 3) buying a birthday present for a kid 4) maintenance on our house (fixing the sink), 5) buying a motorcycle, car or repairing the one we have 6) buying some clothes 7) buying some furniture Cool

and other kinds of upcoming and anticipated expenses that may or may not have deadlines and priorities.