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When talking about Bitcoin investment, this obviously means that regardless of one's financial status, both rich and poor investors should first critically examine, identify and consider their financial circumstances, risk tolerance and also their investment goals before making any investment decisions. This is the only way to adopt a strategy that aligns well with your financial situation and goals.
There is a wrong impression to suggest that any investor has to get his shit together prior to getting started investing into bitcoin, since it is quite likely that investors into bitcoin are going to learn and make tweaks along the way, and surely there could be some guys who come to bitcoin investment with a lot of messes in their financial and even their psychological life, yet they can still get started investing into bitcoin and also attempting to improve their financial and/or psychological matters, including working on and fixing (and strengthening) their cashflow systems and practices... and for sure, frequently I suggest that they give consideration to their
9 personal factors, while at the same time, I surely am not suggesting that they need to have all or any of their 9 personal factors in a good place in order to start investing in bitcoin as long as they have determined that they at least have met the minimum requirement of having some discretionary income that allows them to make their first BTC purchase, whether that is $10, $100 or some other amount and whether they continue to invest every week or not.
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Newbies gets very excited when they hear that Bitcoin is a very profitable investment, they will be so much in a hurry to get started that they will ignore important tips like not using money meant for their day to day needs to buy Bitcoin. Most often it ends up in regrets because sooner or later the need for the fund will arise and they will be pushed to sell prematurely if there's no other sources to raise the money that they need.
It makes no sense in engaging in what your income cannot sustain and that is why with my experience
I keep advising newbie investors to understand financial management first so that they can have realistic budget for their income.
You make it sound too complicated Kelward, since there is not a need that newbies to investing in bitcoin have to have all of their shit together prior to getting started. Why can't they get started and learn along the way?
Bitcoin investment is a secondary need and if their is no provision for secondary expenses they should shelve the idea and focus on increasing their income first.
You are correct that bitcoin investing is not a primary need, an they can ONLY invest into bitcoin from their discretionary income, so if they invest from money that they need for expenses, then they are likely gambling rather than investing.
And sure I agree with your point about increasing income, even though the formula for increasing discretionary income involves either or both increasing income and/or decreasing expenses, so even though increasing income can be a very good way to go, there also may be ways to become more efficient in ones spending that can also lead to a lot more abilities to have more money to buy more bitcoin.
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Your writeup here doesn't prove anything and it's not even encouraging. Because you heard of a story of a guy that sold all of his personal stuff to invest in Bitcoin doesn't mean we should start selling ours to invest in Bitcoin or have you sold yours already.
Hope you haven't forgotten that newbies do visits this thread on a daily basis to learn and acquire knowledge about bitcoin . Imagine a newbie after reading from your contribution decided to start selling off his/her personal valuable properties to invest it all at once into Bitcoin.The truth is after investing everything he had in bitcoin,he wouldn't have any funds left to sustain himself to Carter/ sort out his most of his important basic needs, and it's only a matter of time before he will starts selling off parts of his Bitcoin portfolio to sustain himself which wouldn't be healthy for his investment.
Sustainability is very important when it's comes to investing in Bitcoin for the long term. As an investor You must do what it takes be able to sustain yourself financially in other for you to sustain and have a healthy Bitcoin portfolio. We should always focus on ways to sustain our investments while accumulating Bitcoin for the long term and one of such is to invest within our financial capability using our discretional income/ money.
I think that you make some decent points Cossyblack, and I would also add that many times we need to start out with various basic techniques prior towards engaging in more complicated arrangements, even though surely there could be some guys who realize that they could raise some extra money by selling some of their things, even though selling our things is not really the thing to do first, as you (Cossyblack) seemed to have had suggested.
You seem to be describing discretionary income differently than what I am used to,
Of course the point is to inculcate some different narratives from what everyone here used to know. Bitcoin is not some shitty gamble that you only have to invest what you can afford to loss or within a crappy discretionary income. In my opinion what you're used is obviously outdated or even more like the ideas from the scratch of bitcoin when speculations flew all the way wondering if we are still going to have bitcoin around for the next decade but of course we are past that stage and you too JayJuanGee need to evolve in your personal perspective of bitcoin investment to only be within the discretionary income.
Now you are trying to act like you are smarter than everyone else and that you are supposedly evolved because you are using new and/or innovative ideas.
I am pretty sure that if you go through my historical posts, you are likely to see that there are various ways that my thinking has evolved in regards to describing bitcoin investment, cashflow management and even ways to valuate bitcoin that might well motivate how to potentially start to sustainably withdraw bitcoin under price-based systems and time-based systems.
It likely is true that some of my ideas have not changed, yet mostly my ways of expressing various ideas have changed, which likely show some growth, while at the same time, I am surely not claiming that I know all of the things and/or proclaiming that I am not still vulnerable to various kinds of mistakes.
In other words, to the extent that your description of investing beyond discretionary income might make sense, then it seems that you are devolving into communicating trading and/or gambling kinds of ideas rather than really sticking with investment, even if you are proclaiming that you are actually investing, but you suggest that you are smarter than others and have come up with ways to supposedly get more value out of your employed money, which hardly seems likely if you are not able to present the matter in ways that are understandable in regards to investing principles rather than fucking around with trading and/or trying to time the market kinds of principles.
Sure, it is true that many of us might be able to generate income from sources that are not within our individual income streams, yet that extra money still would end up falling within the category of discretionary income, even if you are trying to suggest (or act like) you invented some kind of new, innovative and ground-breaking category of supposedly thinking "outside of the box." If a quite a few members are having troubles (including but not limited to yours truly) understand what they hell you are talking about, then I doubt that you are being even close to as innovative as you are wanting to categorize yourself and/or your money management actions.
But, hey whatever, if you believe in your own systems and consider that you are being innovative and ground-breaking, then why would it matter what other guys in these here parts (including but not limited to yours truly) think?
Many times we talk about an investor's level of commitment as being on a spectrum of being whimpy or being aggressive, and so there can be various levels in between and there can be extremes.
People make the choices in regards to where they are going to be in terms of their approach to bitcoin, and some investors who had been fairly whimpy in regards to their bitcoin investment approach had still ended up doing quite well with their bitcoin investment which also leads many of us to recognize that it is better to get at least some bitcoin and to get off zero in order to not be a low coiner, an surely anyone investing into bitcoin has the right to choose whatever level of whimpiness or aggressiveness that they choose to carry out... and surely whimpy investors have likely regretted that they had not been more aggressive, yet we cannot turn back the clock, so guys have to live with the consequences of their chosen levels of aggressiveness.
You have made great point about how people invest in Bitcoin from being very cautious means whimpy to very bold means aggressive. What is interesting is that even small careful investment in Bitcoin or just owning some of it to get off zero can lead to good returns and help avoid regret of having missed out. While some cautious investors might wish they had been more aggressive later on we can not change past and everyone has to live with their choices. How much risk someone takes with Bitcoin is personal decision based on their comfort with risk and their financial aims so there is no single best way to do it.
I frequently like to suggest that guys try to invest in bitcoin as aggressively as they are able to without overdoing it, so in that sense there may be a bit of a better practice, even though at the same time, each guy still has to adjust his level of aggressiveness to his own various personal financial and psychological circumstances.
I am mostly objecting to your seeming inference that "anything is possible," which even though that is true, you still seem to be downplaying the idea that creating some conviction and figuring out ways to be as aggressive as possible would likely be a better path forward, even though guys' definitions regarding what is aggressive and what is not aggressive is likely to have a decent amount of variance.