It has helped me understand how significant and reliable dollar cost averaging is when accumulating bitcoin. If i receive my monthly salary by the end of this month and if i solve my monthly expenses, I will use the remaining money to start accumulating bitcoin.
First of all I will tell you that investing in Bitcoin requires long-term planning. If you don't have a long term plan then investing will be risky for you. Now you said you will get salary at the end of this month. Now if after your monthly expenses, if there is any money left, then you can invest. Now invest what you can afford to lose, don't invest more than you can afford to lose. You should keep the fund for emergencies, so that you don't have to sell investments for emergencies. You have got the idea about DCA strategy, so you can invest on monthly basis in DCA method from your monthly salary.
Thank you for looking out for me and providing me with useful information that will help me have a successful bitcoin investment. I have read so many posts here, and it has guided me to know that bitcoin investment is safer when you have a long-term goal at the start of your investment, and that is why i would use the remaining money after i have solved my monthly expenses to invest in bitcoin. Emergency funds is important in bitcoin investment, but i will not build my emergency funds quickly since i have no bitcoin in my possession. Maybe when i have bitcoin in my possession, i will start building my emergency funds.
it is this short and accurate, and this shows that if you follow your Bitcoin investment plan this way as a beginner, you won't have an issue at all in the long run.
even though it is true that setting an emergency fund in place will give you a good investment journey, rushing into setting out an emergency fund when you are yet to get started in the building of your Bitcoin portfolio might become a distraction along the way considering that you are just a low-income earner. getting started the way you are is the first step and along the way, you can start to set other parameters in place which will include making provision for an emergency fund.
as things stand, I will advise you first set out a percentage of your salary that will go into your investment till you have cleared your doubt, and while you do that you also have it at the back of your mind that you are not taking any profit even if it comes suddenly but will rather put effort to build your bitcoin stack to a good extent. you can for instance decide that 10% of your income is for your bitcoin investment which means that once you receive your pay, you just take out 10% and invest that same day in bitcoin. doing that can just be your entry-level DCA plan which means that if you're earning $200, $20 will be what to invest on every payday regardless of the bitcoin price on that day. at some point you might buy low and at some other point you might buy high and that is just how the DCA system works. with time, depending on how your earnings are growing, you can decide to start keeping out 5% for your emergency fund till you have built something that won't require you to add more to your emergency fund.
everything takes time and patience and even if it might not look too good at the start, with time, you will grow and adjust to having a perfect-like investment strategy that works well for you based on the peculiarity of your investment settings.