Quote from: Churchillvv on Today at 07:27:53 PM

Quote from: JayJuanGee on Today at 06:57:08 PM

We are still early.. and there is no way to turn back the clock to make up for any mistakes that you made by not getting started earlier or not being as aggressive as you should have had been earlier. So, each of us decides from today in regards to how aggressive that we are able to be in regards to our bitcoin accumulation without over doing it.

Even though it might seem like we are late into bitcoin investment yet starting is much more better way to cope without our regrets, yeah of course bitcoin was cheaper in the past when we didn't grasp the opportunity but then today is cheapest we can get it because bitcoin is still going to move much high in the long run even though it's not guaranteed yet there is a high chance for bitcoin compared to another investments.

Perhaps if one have much capital to start his investment then front loading or bitcoin investment is much encouraged but however not much of us here will be able to front load then having to examine our personal financial situation using the 9 principle individual factors will be a good step in order not over do it.

Frequently, I consider not overdoing it in connection with our attempts (and hopefully success) to keep investing within our discretionary income and to not invest beyond our discretionary income. Of course, one of the mechanisms that we use for staying within our discretionary income is to make sure our strong cashflow management also has various back up funds that include emergency funds, reserve funds and even a well-managed float... if we are not sure if our bills for the month are going to be $140 or $310, then it is likely to keep that $310 in our float until the bills are confirmed.. and so then if there happens to be some left over, then at that point we are able to spend from it to buy bitcoin or however else we might be choosing to use our discretionary income once the discretionary income is confirmed.

In my more than 11 years in bitcoin, there have been quite a few times that I have made mistakes, yet prior to my coming to bitcoin, I had already established decently good cashflow management practices that also included the maintenance of various kinds of back up funds... so sometimes, even if the mistake is somewhat large, I usually would have enough various kinds of back up funds, that I would not tend to need to actually touch emergency funds.. but surely, sometimes, there are several mistakes at once, so then we might try to figure out how we might manage to both draw from our back up funds to address the mistakes, yet also the mistakes might set us back a month or two or even three, if we have to rebuild some of the back up funds that we ended up drawing from.. and yeah, in the meantime hopefully we are not putting ourselves in a position that we are having to draw from our bitcoin at at time that is not completely of our own choosing... .

And even for me, I have had some times where I did have to draw upon my bitcoin at times that were not completely of my own choosing, too...but so far, my drawing on my bitcoin has been relatively small amounts, and for me it is less problematic since my draws on my bitcoin were quite a bit after I had mostly already gotten through my accumulation phase (which was mostly completed in 2014, but still persisted a bit longer than I had wanted in 2015 and 2016), and the specific example that I am thinking about is when in late 2018, I had to draw upon about 3% of my bitcoin stash based on construction work that I had going on and throughout 2018, I knew that construction bills were going to be coming in, so I had been saving up and preparing for the various construction bills to be coming in, but then the BTC price kept dropping throughout 2018, and I kept buying BTC with my available money and even assuming that the BTC price was going to stay above $6k, yet in November 2018, there were quite a few bills coming in but I did not have enough cash to cover all of the bills.. even though the BTC price was bouncing between about $3,800 and $4,200.... and so I then ended up selling around 3% of my BTC stash around that time, and within a few days buying back around 30% of the quantity that I sold, so then in some sense perhaps my total mistaken sale added up to about 2% of my bitcoin stash, and to this day, I have some regrets regarding how I handled that whole matter, even though I thought that I was handling it well at the time, I ended up going overboard with my own cashflow management errors... my lack of preparation for the timing of the receipt of the construction bills and even my failure to allow for the possibility of cost overruns, which truly is also common with many construction projects. but then also my assumption that the BTC price would stay over $6k was also faulty.. since it dropped more than 60% from my projection of the low, so I had been overly presumptuous and not sufficiently prepared for what actually ended up happening.

Quote from: Mrbluntzy on Today at 10:00:31 PM

Quote from: Sonia_123 on March 29, 2025, 11:45:56 PM

In other to be a successful investor in Bitcoin, you need to have additional source of income not only your discretionary income can make you a successful investor because if there is an inflation in the economy without the increment of your discretionary income how will you cope with the little left.
You can only be successful in your investment and increasing your portfolio if you have your emergency fund and reserve fund which makes it easier and comfortably to accumulate even when using the DCA strategy, you still need to have a reserve and emergency fund tobe a successful investor , when you have these two back-up funds there is no way you will use the money meant for your upkeep to purchase Bitcoin because they are always there as a support for you at anytime you are in need of funds.

You must definitely have a source of income before you can be able to invest comfortably into Bitcoin. For example, if you have a job, you can decide to invest some part of your wage into Bitcoin, and if you are consistently getting wages, you can continue to accumulate. Someone that doesn't have any consistent source of income would not invest too well, as much as guys that have constant income, that's why in my previous post, I talked about flexible investment in Bitcoin. The DCA is already a flexible strategy which is not compelling for how much you must invest. Even if it's $5 or $10 you have, you can invest, very flexible.

Additional source of income to your already existing source will boost your revenue and it can further help you to increase the amount that you are investing into Bitcoin using your preference of allocation in the DCA strategy.

You seem to be adding to the confusion Mrbluntzy. Sonia_123 stated confusion about having to have multiple source incomes, and then you Mrbluntzy want to say that there is a need for source income, but at the same time you want to suggest that there can be flexibility. What you are saying is not wrong, even though it is confusing.

Yes it is preferable to have strong and steady income, yet to invest into bitcoin the income does not have to be strong and it does not have to be steady, even though it is easier to invest into bitcoin with strong and steady income, it is not a prerequisite for investing into bitcoin.

One prerequisite for investing into bitcoin is to have discretionary income, yet discretionary income can be high, low or medium, and discretionary income can also be inconsistent and unstable... .. so if there is a lot of erraticness in a guys income, he might not be able to add to his bitcoin investment during those times, depending on how severe is the erraticness.

The guys already investment into bitcoin is not going to be jeopardized as long as he continues to be able to cover his expenses, and perhaps he might have back up funds and emergency funds that would cover him during times that his income might be low and his expenses might be high.

There can be a lot of irregularities in the cashflows of normal people, yet they should not feel precluded from investing into bitcoin merely because their cashflows are irregular, yet surely they are going to have more comfortableness and less stress if they can improve their discretionary income by increasing their income and/or cutting their expenses and perhaps figuring out ways to improve the steadiness of their discretionary income... yet minimally, it surely is better if income is enough to cover all expenses, and surely it is even better if there are ways to have some income left over after the expenses to be able to invest some or all of that into bitcoin... but yeah, the situations of individuals are going to vary and each person has to figure out their ways of balancing their cashflows to figure out if they can continue to buy bitcoin and if so then how much and how frequently.. I personally prefer weekly buys, yet surely some irregular and/or erratic cashflows might cause difficulties for some guys to be able to achieve weekly BTC buys.