Quote from: Elantra on Today at 10:35:37 AM

Quote from: JayJuanGee on December 31, 2024, 11:04:43 PM

[edited out]

Literally I just had to follow up all your post
You must have been in crypto for long. You literally just know how address issue
It not easy though, am new to it but buying and holding for long you would need to be strong
I remember last year when bit coin was $69000 I had a good fraction of it and it was to me like it not going anywhere I swap it to BNB and boom bit coin went up to $100000
I was so pissed

There is no reason to cite my whole post when responding to me.

Perhaps you have to figure out your priorities?

Bitcoin should be your priority, and it can take 4-10 years or longer to build up a decently good sized bitcoin stash that might then contribute towards your consideration that it might be o.k to diversify outside of bitcoin, yet I am not referring to trading or fucking around with shitcoins.

If you build up strong cashflow management systems, and mostly focus on building up your bitcoin stash first, while studying bitcoin and studying your own circumstances, then you may well get yourself into a position in which you better understand why focusing on learning bitcoin first is a good idea so that you better know how to prioritize it and how to manage your building up of your bitcoin stash realistically within your own means.. without trying to fuck around with trying to trade it and working on reducing your emotionality towards it... and it seems to me that if you manage your finances in a better way, then it reduces quite a bit of the emotional matters (it might not completely take the emotions out, but putting yourself in good financial circumstances helps you to better manage your emotions).

Quote from: SOKO-DEKE on Today at 11:10:24 AM

Quote from: As-Soon-As on Today at 07:34:59 AM

A person who does not keep an emergency fund with Bitcoin investment may have missed out on an investment strategy. Every investor needs to know investment strategies, whenever you face any danger, you can deal with that danger with your emergency fund.
It is possible to sustain his investment in the long term based on Bitcoin investment plans and strategies, because the more the Bitcoin investment follows the DCA method, the more his investment will be able to accumulate more sales in the long term and in the long term. Therefore, the most important thing should be given to Bitcoin investment strategies, because these steps are definitely needed to sustain the investment.

I don't think emergency funds are that necessary when someone has stable sources of income. For example, when someone is a wage earner or salary earner, their income can simply serve as emergency funds if they plan well.

Your extra income is not the same as an emergency fund, yet sure if you are making extra income then you have way more room to have extra funds, yet those extra funds do not help you if your source of income dries up.

Quote from: SOKO-DEKE on Today at 11:10:24 AM

The reason why I feel someone needs emergency funds is when they don't have stable sources of income.

Having a stable source of income and having an emergency fund are different things.

Of c course, you are in a way better position if your source of income is stable and reliable, but it still is not that same thing as an emergency fund, even though you have more options the higher your income and the more stable it is and you can choose to spend your extra money on consumption goods, investing or sometimes the investing/consumption might overlap.

You are likely being lazy if you believe that your source income covers everything relevant to your needs to cover emergencies that relate to income drying up and/or expenses going up.

Quote from: SOKO-DEKE on Today at 11:10:24 AM

These are the people who need emergency funds in case anything comes up in the future. This way, they won’t need to dip into their investment funds.However, as long as someone has stable sources of income, those incomes can serve as emergency funds.

You are repeating your wrong idea. I will suggest that there are some folks who have various other investments or other resources that might be available to serve as emergency funds, so their extra funds and/or assets might not seem like emergency funds, even though they can be used in that way. But the existence of alternative assets does not cause income to be a good source of emergency funds or even to fit into the same category, even if there are other people (just like you) who are foggy and sloppy in their thinking because they fail/refuse to recognize the difference between emergency funds/back up funds and income (or sources of income).

Another thing is that a person can have several sources of income, and they can serve as back up funds that cover various kinds of emergencies, yet if all of those sources of income require work, then they could well end up drying up fairly soon after you get hit by a bus (truck or asteroid), and sure, you might end up having reasonable recovery time, yet if you don't have any emergency funds, you may well end up finding yourself dipping into your BTC holdings at a time that was completely not of your own choosing, since your failure/refusal to establish an emergency fund ended up causing your bitcoin to have to serve as the emergency fund that you failed/refused to establish since you thought that you were smarter than everyone else and you thought that you had all situations sufficiently covered, but you didn't... which ended up being that you might have either created your own emergency or you caused some small cashflow incident to end up becoming an emergency because you failed/refused to build and/or maintain any back up funds.

Quote from: SOKO-DEKE on Today at 11:10:24 AM

The only thing is that if someone wants to enjoy Bitcoin investment, they should use the DCA (Dollar Cost Averaging) method and avoid buying all at once.

If someone has a lot of money, then he has choices between DCA, lump sum and buying on dip. So those with more income tend to have more options, yet if they are buying regularly, then that still might be considered DCA even if sometimes there might be higher levels of cash that come in.. yet if there might be some concerns about whether to defer buying with cash that comes in, then DCA and/or buying on dips could be two forms of deferring buying right away... which may or may not be a good idea.

A person who has a lot of income may well have abilities to reach fuck you status more quickly than folks who don't have as much money, so anyone who chooses to be more aggressive with their investment levels, for example getting close to using all of their discretionary income for investing into bitcoin, then those persons will end up being well served by emergency funds and other kinds of back up funds. Of course, any person who has any regular income may still not have regular expenses, and to the extent that income and expenses vary, then it can become more important to get good at managing float funds, especially if any one has chosen to purposefully increase his level of aggressiveness in regards to investing into bitcoin...so if you are being more aggressive in your investment, then it does not matter if you have a strong source of income, you still would have to be able to figure out how to manage that income properly and with the right kinds of balances and keeping some funds aside (aka emergency funds and/or back up funds and/or float), especially if you are trying to maximize your level of aggressiveness in regards to your bitcoin investment.

Quote from: Ruttoshi on Today at 11:55:19 AM

Quote from: SOKO-DEKE on Today at 11:10:24 AM

Quote from: As-Soon-As on Today at 07:34:59 AM

A person who does not keep an emergency fund with Bitcoin investment may have missed out on an investment strategy. Every investor needs to know investment strategies, whenever you face any danger, you can deal with that danger with your emergency fund.
It is possible to sustain his investment in the long term based on Bitcoin investment plans and strategies, because the more the Bitcoin investment follows the DCA method, the more his investment will be able to accumulate more sales in the long term and in the long term. Therefore, the most important thing should be given to Bitcoin investment strategies, because these steps are definitely needed to sustain the investment.

I don't think emergency funds are that necessary when someone has stable sources of income. For example, when someone is a wage earner or salary earner, their income can simply serve as emergency funds if they plan well.The reason why I feel someone needs emergency funds is when they don't have stable sources of income. These are the people who need emergency funds in case anything comes up in the future. This way, they won’t need to dip into their investment funds.However, as long as someone has stable sources of income, those incomes can serve as emergency funds. The only thing is that if someone wants to enjoy Bitcoin investment, they should use the DCA (Dollar Cost Averaging) method and avoid buying all at once.

You are wrong mate, you cannot use your income as an emergency funds because it's stable. When you are investing in bitcoin, you need an emergency funds separately from your income to take care of an unforeseen emergency that will arise so that you don't sell your bitcoin and take care of that emergency.

In your monthly income, you have your monthly expenses from their to take care of your basic needs, and the left over is what should be put into bitcoin for investing, so how will you say that you can use your income to serve as emergency funds. Let me highlight you on what we call real emergency that such funds is used for. If you lost your job, how will you survive without preying into your bitcoin investment.

Another emergency is if your roof is pulled of by storm and you haven't been paid, where will you look up to on how to fix your roof. Improper planning leqds to early selling of your bitcoin portfolio. An emergency funds is very compulsory for all bitcoin long-term invetors for them to be successful in the long run.

However, an investor with a large discretionary income, that's someone who have various source of income or investment, might not really have his emergency funds, because he can use one of his business to serve as an emergency funds incase an real emergency happens. This is because he has various places to tap funds from to solve any real emergency. Such person will be at a better position to invest more aggressively.

This is why if you don't have an emergency funds but have your discretionary income to get started, you share it into two parts and invest one part on bitcoin, the other part to build your emergency funds. As you are DCAing every week, same way your emergency funds is growing.

The above are two good examples of an emergency, and other example is if you get hit by a bus (truck or asteroid), and then you might be injured and/or unable to work for several months depending on the extent of the injury, recovery time and the kind of work that you do or the kind of income that you have (if your income depends on your efforts or is your income passive income that you do not need to work to receive it).

But yeah SOKO-DEKE is goofy, uninformed and/or spreading bad information if he is presuming that cashflow and emergency funds can be treated as the same thing when they are not, and even though there could be some circumstances that income is received no matter what, then that might be a different situation, even though there sometimes can be problems with passive income sources too...that might take some time to resolve if they end up suffering from some kind of drying up (temporary or not).

Quote from: bitmover on Today at 04:38:33 PM

Quote from: JayJuanGee on February 19, 2025, 06:35:50 PM

You seem to misunderstand my use of the term luxury when I referred to having a lump sum available to a person, such as having $5k available, is a luxury.

The meaning of luxury is that the guy has options regarding how to treat that $5k, which means that he has options regarding how to treat that $5k.

This reminds me of an old post on the mistermoneymustache blog, which says that the greatest luxury in life is not having to work.

This was always my ultimate goal (so I can save up a lot of money to have the ultimate luxury). Only recently I started looking at some more luxuries in my life, as I became older and I decided that I must spend some money while I am still somehow young

We are not going to get into this argument (discussion again), are we? Sure.. whatever, I don't mind repeated themes.

You already may realize that I believe that it is possible to be able to accomplish both, but we surely might have to make sure that we get to a sufficiently hight enough status prior to pulling the fuck you lever, and if we pull the fuck you lever too soon, then we are depleting our principle by withdrawing from our asset faster than it is growing.

So the trick is somehow getting over the hump in which we can both start to withdraw from our asset (in this case bitcoin) yet not overly deplete it, since we want our asset to be able to sustain us indefinitely, especially if we are relatively young.

Of course, if we have some reason to believe that our life will be ending soon based on health and/or age, we might start to expedite our depletion of our asset.

Part of the reason that I am concerned about your continued expression regarding wanting to be able to pull the fuck you lever while you are still young is because there might not be a whole hell of a difference between being able to live without working (by depleting your asset) versus being able to live without working and not depleting your asset.

I hate to get into particulars, but surely, I have described a lot of situations, and even gotten into some battles with other forum members regarding how much BTC is needed in order to pull the fuck you lever, and frequently it is not as much as some forum members believe, yet with you, I get the sense, that you are getting too anxious, and you are going to end up depleting way too much of your BTC too soon based on some lacking of patience.. which you would just proclaim is a reasonable difference of perspective.

I otherwise agree with your assertion that one of the reasonable definitions of having a luxury would be having the ability to choose not to work.. and therefore to be able to choose which work to get involved in, if any.

I do also maintain that management of your own portfolio is likely a continued kind of work that is difficult to delegate out, at least not delegate out completely.

Quote from: ASloveapg on Today at 04:48:23 PM

Quote from: SOKO-DEKE on Today at 11:10:24 AM

Quote from: As-Soon-As on Today at 07:34:59 AM

A person who does not keep an emergency fund with Bitcoin investment may have missed out on an investment strategy. Every investor needs to know investment strategies, whenever you face any danger, you can deal with that danger with your emergency fund.
It is possible to sustain his investment in the long term based on Bitcoin investment plans and strategies, because the more the Bitcoin investment follows the DCA method, the more his investment will be able to accumulate more sales in the long term and in the long term. Therefore, the most important thing should be given to Bitcoin investment strategies, because these steps are definitely needed to sustain the investment.

I don't think emergency funds are that necessary when someone has stable sources of income. For example, when someone is a wage earner or salary earner, their income can simply serve as emergency funds if they plan well.The reason why I feel someone needs emergency funds is when they don't have stable sources of income. These are the people who need emergency funds in case anything comes up in the future. This way, they won’t need to dip into their investment funds.However, as long as someone has stable sources of income, those incomes can serve as emergency funds. The only thing is that if someone wants to enjoy Bitcoin investment, they should use the DCA (Dollar Cost Averaging) method and avoid buying all at once.

I can't agree with you at all, because no matter how good your source of income is, you must have an emergency fund. You don't need an emergency fund before you start investing, you should start investing first, and you should prepare an emergency fund within a maximum of two to three months of starting investing.
As you said, if you have a stable source of income, there is no need to be in an emergency, but what will you do, if you lose that stable income? Your job can be lost at any moment, and at that time you will be forced to sell your Bitcoin holdings.

Or suppose you face any unexpected situation such as medical expenses, emergency repairs to your car or house, etc. Now if you solve these problems only from your monthly income, then due to these unexpected expenses, your monthly budget may be unbalanced and you may have to take a loan later.
In short, there is no need for an emergency in Bitcoin investment if you have a stable income. I think this is completely baseless. An emergency fund will provide you with financial security in the long run, and will be a strong solution in any unexpected event.

Many times, you will find that you need an unexpected medical expense, which is much more than your monthly income, then what will you do? At that time, you will have no other option but to sell your Bitcoin holdings, but if you have an emergency fund ready, then even in that unexpected event, you can safely solve that problem with the emergency fund, and your holdings will not be damaged in any way.
Therefore, an emergency fund must be prepared, even if you have a stable income, the importance of an emergency fund does not diminish. An emergency fund will always act as a strong solution to all kinds of unexpected events, and ensure your financial security.

I agree with everything you said ASloveapg, except that your assertion that an emergency fund should be established within no more 2-3 months after starting to invest in bitcoin. that sounds a bit like gambling to me. .sure not full-on gambling, but still a variation of it..

Yep, there is no strict rule or exact right way to balance out how to get started in bitcoin, yet I would say that most people, even relatively poor people might come to bitcoin and still have a 2-6 week cash cushion, so people already are in the habit of maintaining a bit of an emergency fund, even if they don't call it that.

Personally, I consider that anyone who invests into bitcoin and does not have at least 3 months of an emergency fund, then they are using their bitcoin as their emergency fund. At the same time, I personally think that getting started is important, and the use of bitcoin as a portion of the emergency fund is acceptable as long as the emergency fund is being built simultaneously and so reasonable efforts are being made to get the emergency fund up to a minimum of 3 months expenses... so my own thinking is that they are build simultaneously, with an acknowledgement that a certain amount of risk is happening while both the emergency fund and the bitcoin investment is being built up in its first stages of getting to 3 months each.

Also, since my own idea about emergency funds should never be tapped into absent an actual emergency, then it is quite likely that any newbie investor is going to have to build back up funds beyond the three months of emergency fund, and the amount of backup funds that are built up beyond the three months of emergency funds have more flexibility in regards to how they might be used, but if the back up funds are getting depleted first and it is getting to a point of dipping into emergency funds, then there better be some actual emergency going on rather than sloppy cashflow management or inabilities to control desires to buy extra corn on the dip.

It likely is more stressful getting these various back up funds established as compared to managing them once they are established, and surely even over a 4 year period of time, if someone is able to establish an emergency fund fairly quickly and also get his bitcoin investment up to 3 months of his expenses, there still are likely going to be challenges in regards to various demands that guys might have on their funds, and surely some guys have more complicated finances (and relationships) than other folks, so frequently there may be demands on their funds and various competing interests that have to be balanced and considered, especially some folks might have to learn new ways of disciplining themselves financially than they had previously employed, especially if they want to try to give a certain amount of priority in their aggressiveness to accumulate bitcoin.. which is not always easy to accomplish when we are also wanting to maintain relationships with other people and not want to appear overly self-ish which means that we should be sharing in some of the expenses and sometimes picking up expenses that we don't want to pick up..