Quote from: Sim_card on January 30, 2025, 05:52:29 AM

Quote from: Pablo-wood on January 30, 2025, 12:33:26 AM

Quote from: Shadiq on January 27, 2025, 01:21:23 PM

I think that instead of reducing your expenses for investing in Bitcoin, you should focus on increasing your income. To start investing, you need to make sure that you have a prudent source of income. Are you able to meet your daily needs with your income source? Keep in mind that there is no shortage of daily needs for investment. Be it in the field of entertainment or furniture. If you call these unnecessary and exclude them from the list of daily needs. If your income source is unable to meet all your needs, then you should look for an alternative source of income. Yes, you can reduce some expenses that are hurting you or unnecessary money beyond your needs. However, depending on this money, it may not be the right step to start investing.

The main basis of investment is the source of income. If you are not prudent with your income, then you need to look for alternative sources of income. If your income source is shaky or weak, then your investment will be at risk in the long run. You certainly don't want your investment to be at risk or subject to unexpected sales. So, planning to invest with any kind of gap in demand may not be the right plan. You need to have a strong plan for your investment, especially with regard to your income sources.

Speaking about increasing our source of income you know that doesn't happen over night. Even the Bitcoin we invest in the ROI doesn't happen immediately. We have to wait and usually this waiting period is always a long one. Assuming someone who wants to invest in Bitcoin chooses to increase their source of income it inevitably means they will still have to take from the money set aside for the investment to create a new source of income which we all know might not yield profit immediately as well. Infact the chances of the new source of income survive might be 50:50 especially if proper time to nurture the new income is lacking.

In real sense before anyone will think of investing in Bitcoin they should have other sources of income. Even if it's not sources a single source of income should be fine as well provided it will take their attention away from their Bitcoin investment until it matures. Digital assets can come with so much emotional drama and all and if there are no another means of earning money then temptation to sell will want to set in and this takes extra discipline to conquer.

Increasing your source of income does not mean that you are to take from the little that is not enough for you to set up a business, that's funny and impossible to achieve because you don't have enough. Increasing your source of income means you should get a second means of income which is a second job, so that you can use the income of your second job as your discretionary income to invest in bitcoin or use it to increase your weekly DCA amount for aggressive buying.

If a new investor wants to wait till he has several means of income before investing, he might end up not investing when he did not have the opportunity to get other sources of income which becomes a useless excuse. If you have little discretionary income, you can start investing right away and during your investment, you look for means to increase your income which is very possible and important as a long-term bitcoin investor.

Have you thought about the fact that some people's income is barely enough for their immediate responsibility or family requirements. Advocating for Extra income which will contribute to discretionary income is the best approach to improving your DCA. A person who earns the amount which is not even commiserate with your family requirements definitely need an additional income to boost DCA.

Bitcoin investment is supposed to be strictly on discretionary income and by DCA because no one would like to loose his bitcoin reserve due to emergencies that could still be handled by normal basic income just because of your interest in investing in bitcoin.