⭐ Merited by JayJuanGee (1)
Are you just knowing that an emergency fund is for real-life situation all this while, there is something i want you understand, before you can buy or invest in Bitcoin you must have a discretionary income and this discretionary income is fund if you lose will not affect you much and which Bitcoin is beyond you lose all your money that you investment, since you have a steady cashflow you will always have plans for yourself outside Bitcoin investments, and which the same thing you should do when it comes to Bitcoin investments to avoid touching your holding incase if unforeseen circumstances occur you can make use of the emergency which no one is praying for it to happen but we just needed to plan ahead of us since no one can predict the future.
Steady income => steady investment process => good chances that you are going to be okay if the trouble eventually hits.Anytime that you have excess of discretionary income, you can share them into small parts and spread it over the weeks as you DCA and when you have small discretionary income, you buy based on the amount avialable. This is how my younger brother bis buying bitcoin because his job is on contract, they call him for his service whenever they need him. He just bought his weekly bitcoin yesterday and will keep on buyiny. Everything in life is proper planning and being focused on your goal.
Holy fucking shit. Do you have any way that you can try to present yourself as a wee bit less dogmatic?
Think about your statement. It is not correct.
There is no need for a steady income to either save in bitcoin or to DCA into bitcoin.
The ONLY thing that you need is discretionary income that may or may not be steady.
You can also DCA without a steady income, which could mean that you buy bitcoin on some periodic basis or perhaps whenever you have extra cash or perhaps whenever you eat Ben and Jerry's ice cream.
In other words, DCA does not have to be on any exact schedule in order to still qualify as DCA. Sure there might be some aspect of regularity in DCA, but it is not necessarily some regularity that is necessarily imposed by anything (or anyone) else, since DCA can be whatever and however the buyer chooses to employ it for the purposes of buying bitcoin. In other words, we can still have DCA even if such BTC buying "regularity" might be on terms that any of us might consider to be erratic and not fitting our own definition of time and/or quantity of "regular."
Because it doesn't matter what you call "prepared", if you don't have a steady income then you definitely ARE NOT ready.
Ridiculous.
Why do you feel some need to impose extra terms on people prior to their being able to start to invest in bitcoin?Plus for plebs like us who want to employ a Buy the DIP strategy because, let's pretend it's finally the lows of the bear cycle, then he/she can take a loan to get a lump sum to buy those DIPs. But if he/she doesn't have a steady job, how can he/she pay for the monthly payments of the loan.
People do all kinds of dumb shit, but they can still do such dumb shit.. .and maybe it ends up being trading and/or gambling rather than investing, and maybe it ends up working out for them, since they are learning as they go, and they might not realize that they started out their bitcoin journey from a poor or an inadequate perspective... They still can get started buying bitcoin even if their finances, their psychology and their perspective is all screwed up... and yeah, they may well be following a lot of inferior practices, such as waiting for dips rather than buying regularly, but they can still employ such inferior practices and learn along the way.
No steady income = LOOK FOR A JOB. A Bitcoin investment should be the least of your problems if you don't have work.
I will agree that investing in bitcoin without discretionary income rises to the level of gambling (or trading) rather than investing, so there tends to be importance in terms of managing finances in better ways by making sure that investments into bitcoin come from discretionary income rather than from money needed for expenses.. and so sure, increasing income is one way to increase discretionary income and another way to increase discretionary income is to cut expenses.. and so I will also agree with you (to the extent that you are making such point) that guys are short-sighted who consider that they would be able to buy bitcoin and then cash out of some or all of their bitcoin as bitcoin goes up in price in order to support their expenses... These are not good ways of thinking about bitcoin, even though quite a few newbies come to bitcoin with that kind of problematic (and even gambling/trading mindset) kind of thinking.
You should get the actual context ser. Why should an individual with NO JOB even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you.
"I have NO JOB, but LOOK, I have a Bitcoin investment which I will be forced to sell soon".
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You should get the actual context ser. Why should an individual with NO JOB even start a Bitcoin journey without any sort of steady income? Haha. But if you actually want to convince broke people, with NO JOB, to buy Bitcoin - OK, you do you. "I have NO JOB, but LOOK, I have a Bitcoin investment which I will be forced to sell soon".
You are likely the one who needs the context. Bare minimum requirement to get started buying bitcoin is discretionary income not having a job nor having a steady income. There is no reason for me to repeat what I have already posted on several occasions.
You are free to disagree, which you seem to disagree and believe that a person needs stable income and/or a job in order to buy bitcoin, and I will repeat that they do not, even if you are proclaiming that having a job and/or steady income is a requirement. We can agree to disagree, since from my perspective you seem to be lacking in imagination in what seems to be your desire to place extra requirements on guys before they are able to invest into bitcoin or to get started investing into bitcoin.
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I don't think the profit from investment can be a stable income, because you can't guarantee that the profit will always come from where you invested. Because in investing, there are both profit and loss.Rather, you can do this whether you are stable or not, when you have an opportunity to earn a part of the money you earn when you have some money left after meeting all your needs, you can invest in Bitcoin.
For example, suppose this week you have $ 100 left after excluding all your expenses (primary needs + emergency funds), you can invest it in Bitcoin for the week.
Again, if you have no money left after excluding your primary needs and emergency funds in the next week, you don't need to invest in Bitcoin for that week.
Again, suppose next week you have $ 50 left after meeting all your expenses, you can hire Bitcoin AB.
I agree with everything you say Bluedrem, especially your points about variability of income that likely would affect weekly bitcoin investment levels. On the other hand, there seems to be some ambiguity in your statement about income coming from an investment, since income can come from work, from investments and from other sources.
At the same time, I will agree with your implication that it may well not be good for any of us to be drawing from our investments (especially something like bitcoin) prior to reaching overaccumulation status... so there does tend to be value in making sure that our investment in bitcoin is not being depleted prior to reaching overaccumulation status, and of course, in this thread we tend to refer to bitcoin as being amongst the best, if not the best, place to be investing and/or attempting to reach overaccumulation status... so it may well not make a whole hell of a lot of sense if guys are employing plans that involve both buying and selling of bitcoin rather than staying focued on ongoing buying bitcoin until they reach overaccumulation status.
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I think you are misunderstand JJG, he didn't say that you don't need to a job to start investing in bitcoin. Because normally you to have a source of income before you can even take of investing in bitcoin to enable continue accumulating bitcoin to and add up to your holding (what JJG is trying to say is that you don't need a steady source income to start investing in bitcoin that what you need is your discretionary income to invest in bitcoin). To interpret this sentence in bracket to my own understanding, though i might not be accurate in explaining this shit, but to my best of knowledge you don't need to have hudge amount of money before you can start investing in bitcoin, what you need is a discretionary income, that is to say if you can map out discretionary income from your income that is the money you need to invest in bitcoin. It could be the case that Wind_FURY is purposefully misunderstanding, exaggerating and arguing for the mere sake of arguing. He doesn't always seem to get nuance..
I don't think the profit from investment can be a stable income, because you can't guarantee that the profit will always come from where you invested. Because in investing, there are both profit and loss.
Rather, you can do this whether you are stable or not, when you have an opportunity to earn a part of the money you earn when you have some money left after meeting all your needs, you can invest in Bitcoin.
For example, suppose this week you have $ 100 left after excluding all your expenses (primary needs + emergency funds), you can invest it in Bitcoin for the week.
Again, if you have no money left after excluding your primary needs and emergency funds in the next week, you don't need to invest in Bitcoin for that week.
Again, suppose next week you have $ 50 left after meeting all your expenses, you can hire Bitcoin AB.
The point is like this, investment is not a job that can generate regular money every month, but investment is a way for us to make the money we have stable in value and so that our money increases. Rather, you can do this whether you are stable or not, when you have an opportunity to earn a part of the money you earn when you have some money left after meeting all your needs, you can invest in Bitcoin.
For example, suppose this week you have $ 100 left after excluding all your expenses (primary needs + emergency funds), you can invest it in Bitcoin for the week.
Again, if you have no money left after excluding your primary needs and emergency funds in the next week, you don't need to invest in Bitcoin for that week.
Again, suppose next week you have $ 50 left after meeting all your expenses, you can hire Bitcoin AB.
Many of us would like to replace our job with the passive income from our investment, and there is nothing wrong with that as long as we make sure to allow our investment to grow to a high enough level that it can sustain us (and sustain itself).
What I understand so far is that investment is like that concept, whether it is in bitcoin or in other assets. Then talking about investments that can generate passive income, of course there are such investments. For example, if we buy shares in a restaurant, clothing store, or nightclub. Of course we have the right and share to get profit, from the turnover of the places where we buy shares. But if we talk about investing in bitcoin, I think it is difficult for us to get passive income from bitcoin, because bitcoin is really an absolute investment asset like gold. So bitcoin is really a long-term investment asset. Therefore, if we want to have a stable income, we must have a business and not just rely on investment.
You don't have to have cashflow from the business or the investment in order for it to serve as a sufficient and/or adequate investment that will be able to support you sustainably and/or perpetually.
Bitcoin can be as good as those other investments that you mentioned, and probably even better, yet part of the secret remains figuring out a balance and a way of valuating your bitcoin in order to be able to live off of its value appreciation and not to overly deplete its principle.
To me it seems that bitcoin can sustain higher rates of withdrawal as compared with traditional investments, yet there still should be a goal to make sure to get at overaccumulation status first.
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it's important to prepare beforehand for future emergencies, in order to avoid dipping into your investment prematurely, which can potentially disrupt the growth of your investment.You don't necessarily need to prepare for emergencies prior to getting started investing into bitcoin, and it is likely that many beginner investors into bitcoin can grow their various cashflow management systems and practices, and even grow their back up funds, such as emergency funds as they are growing their bitcoin holdings.
I am just praying that the low prices will last a few more days and I can enter the market without feeling any pressure. We may be at a low price lately, we may never see a lower price than this. Especially below $100k.
What could be stopping you not accumulate now, why waiting for price to drop more before entering the market or are you using the buy the dip strategy? If you are still a new investor i will advise you continue buying bitcoin if you have your discretionary income available instead of praying for low price in coming days because nobody knows it might still go up meanwhile the opportunity has been present to you to continue accumulating more Bitcoin.Don't you know you can accumulate Bitcoin using the DCA strategy? Which allows to accumulate Bitcoin at any price? be it low or high? Accumulate and hodl bitcoin if you your discretionary income ready.
Yeah it is difficult to imagine why someone like Shadiq might not be accumulating bitcoin regularly rather than pondering over whether BTC prices might go below $100k or not.. especially since he has only been registered on the forum for slightly more than a year, so it would have had been difficult to overaccumulate bitcoin in the past year or two, even if some forum members, like Shadiq, might have had started accumulating BTC prior to his first registering with the forum.