Quote from: JayJuanGee on Today at 03:43:58 AM

Quote from: Wind_FURY on May 21, 2025, 03:05:32 PM

Quote from: ginsan on May 19, 2025, 08:07:14 PM

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"Profit is not guaranteed" would be the best premise to tell someone if they ask you for advice about investing in Bitcoin - although, we already know that in a zoomed out viewpoint, profit by merely HODLing Bitcoin is 100% more probable than saving all their money in fiat in a savings/interest account.

They're savings account may accrue interest, but the amount of interest won't be enough to make up for the devaluation of the currency - NO PROFIT.

You seem to be saying profit is not guaranteed, even though it is guaranteed to do better than keeping money in fiat... which is not a true statement.

Sure, many of us invest in bitcoin since we know that fiat is guaranteed to devalue, yet that still does not mean that bitcoin will perform better than fiat.

Quote from: Abbatty on May 21, 2025, 05:08:45 PM

Quote from: Sim_card on May 21, 2025, 08:41:30 AM

Quote from: Abbatty on May 21, 2025, 08:36:40 AM

Quote from: SilverCryptoBullet on May 21, 2025, 05:31:34 AM

Snip

Before investing, it's crucial to have a solid foundation in place. Proper planning, including building an emergency fund, is just as important as the investment itself.Investors should prioritize setting clear financial goals and developing a long-term plan to avoid being forced to withdraw funds prematurely. By doing so, they'll be better equipped to handle financial challenges and hold onto their investments for better returns.

It's not important for your to build an emergency funds in place before you start your bitcoin investment and it is not necessary. This is because you will be wasting the time that you are suppose to use in start accumulating bitcoin to build an emergency funds as a no coiner. Emergency funds is to be a backup for your bitcoin investment and when you don't have a bitcoin investment what are you backing up.

I get your point but I am afraid I won't agree with you on that. I know Bitcoin investment is top priority and that is the more reason I think building an emergency fund is important to me so i don't have to scatter what you have built already. I didn't mean you have to have a huge amount as emergency fund before investing, even a small amount should get you started and then you build gradually as your investment also grows. Think about it, life is unpredictable and unexpected expenses can pop up at any time.

The two of you are saying very similar things, yet it seems that Sim_Card's comment got you to clarify that you can build your emergency fund at the same time that you are investing in bitcoin, and surely even a no coiner might start investing into bitcoin right away, since many normies will tend to have back up funds that are enough to cover 2-6 weeks in duration... so surely with bitcoin we are likely going to want to build our emergency funds up to at least 3 months, especially once we might have had invested 3 months of our income(or size of our expenses) into bitcoin.

With bitcoin one of the most important things is getting started, and surely the only thing that a person needs to get started investing into bitcoin is discretionary income, and surely if a person knows he has discretionary income yet his finances and/or psychology are in bad places, he can still work on improving his finances, his cashflow management and his psychology may will improve with putting into place good cashflow management and/or investment practices..and surely it could take several years to really start to build a bitcoin investment, cashflow management and to get other aspects of a person's finances, in order.

This is all laying emphasis on the importance and essence of getting started with investing in Bitcoin, even if you're only doing so with your discretionary income. And when it comes to building an emergency fund and accumulating Bitcoin, we can consider them to be mutually exclusive and also very possible to do both simultaneously if you've got the capability to. As a matter of fact, when there's a solid emergency fund in place can give investors that ease and comfort when taking on the volatility associated with Bitcoin.

It's also very crucial for every investor to take note of the fact that investing in Bitcoin isn't just a day thing, it's more of a long term journey and it takes lots of time to be able to build a significant position. By starting early (even if it's small) and staying consistent, it becomes possible for investors to work towards achieving their long term financial goals and also improve their financial habits as well as their cashflow management simultaneously.

Again, when an investor is quite dedicated to investing in Bitcoin, it can in several ways help the individual develop a much better financial discipline and some sort of mental/physcological resilience. Individuals can be able to build habits that can help them in other areas of their lives when they commit themselves to a regular investment plan. This will not only help them in their finances or investmentd but also several other areas of their lives.
Finally, the key remains to avoid waiting for the right time or for everything to be perfect first before taking action, no time is perfect or right to start investing in bitcoin, take action now and start building momentum rather than waiting around for nothing.