I usually agree with this but at some point I have come to realise how much important investments is to me as a young man hence making investment seems to come first before another thing perhaps I would have to allocate a good percentage of my income into investment and whatever remains I would use to pay for my expenses however my personal expenses are not yet bigger than I can afford and I also still receive stipends from parents hence I seems to have come to the conclusion that discretionary income will only come to play when you have gotten a certain level of responsibility. Just my opinion.
The first thing you said is that you need to find a big source of income before investing. In this case, I would like to tell you that you should continue investing with a portion of your current income (however minimal it may be).
When you realize that your income has already increased, you can gradually increase your investment amount based on your income. That is, if you are in investment, there will be a tension in your head that you have to earn money and you have to invest consistently.
So, from now on, give utmost importance to the matter of investing in Bitcoin. I hope that this investment will give you many good things in the future.
Investing in Bitcoin is easy but if you want to keep it for a long time, you have to face huge challenges, you must learn these challenges and strategies, it will be very useful in your future. Usually, gaining knowledge will lead you to the peak of further improvement because your experience will force you to take it to a higher level.
Investing in Bitcoin according to the DCA strategy is easy but if we want to sustain it in the long term, it is most important to have an emergency fund. Because
danger can come at any time, that is why you have to be ready to face danger from the beginning, so that it does not affect your Bitcoin investment. This should be given the utmost importance.
Sometimes our choices of words can make things look more difficult than it is, I really frame at that choice of words danger because it can be misleading by making newbies to be scared of attempting to get the fucking started, the first question is do you have a source of income? If yes then figure out how much your discretionary income which is left over cash after ensuring you can comfortably take care of your other living expenses, then you can invest from your discretionary income along side with side with a provisional emergency funds which is very essential as human because one should always be ready for an unforseen circumstance to happen, such as car repairs or unexpected home repairs, medical, and many others.
I agree with you, before starting a long-term investment, you must first ensure your stable financial situation. Because the future is unpredictable, and therefore any kind of major problem can arise in the future, such as illness or serious physical problems, job lost or loss of income, emergency car or house repairs, and many other problems.
In my reading of Tmoonz, I did not see him saying to make your financial situation stable before getting started in bitcoin. The main thing is getting started, and you can work out those financial stability matters as you go. Of course, the more unstable your finances then the less you will be able to invest into bitcoin without putting your bitcoin at risk, so you do have to figure out ways to make sure that you are investing from your discretionary money and not with money that you actually need for expenses. So if you don't have discretionary income or you are not sure if you do, then you have to figure that out first. If you are able to spend $10 to buy cigarettes (or some similar consumption item), then you should be able to spend $10 to buy your first bitcoin (ie satoshis).
But even after facing such a problem, you cannot stop your Bitcoin holding. And at that time, it is very necessary to form an emergency fund in advance to deal with that problem without damaging your Bitcoin holding.
You need to form such an emergency fund from the beginning that even if you lose your job, you can still survive well with that fund for 3 to 5 months, and arrange another job within these 3 to 5 months.
You do not need to forum your emergency fund in advance. You can build your emergency fund as you build your bitcoin investment.
Then, even if you lose your job, your Bitcoin holding will not be damaged. So first analyze your income and expenses, then form an emergency fund accordingly. Or you can first start investing in Bitcoin DCA, and keep the investment going, then build an emergency fund as soon as possible, and there should definitely be an amount equivalent to three to six months of expenses in this fund, so that there is no financial pressure in any unexpected situation, or there is no restriction on Bitcoin holding.
Thus, considering everything well, continue holding continuously through long-term DCA. And continue continuously for the next 2 to 3 cycles, this will definitely bring good success.
Bitcoin is not guaranteed to be successful, but you can try to put good bitcoin investment practices in place and also try to figure out some good cashflow management practices, and surely it can take a while to strengthen your various bitcoin investment systems and your cashflow management systems in a way that is comfortable for you but also strikes a kind of balance that is good for you - hopefully so that you can build your bitcoin investment size to get it to a point that is also comfortable for you and your situation.