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Quote from: Wind_FURY on June 19, 2025, 02:01:34 PM

Actually, a steady income is a MUST for saving a part of your salary in Bitcoin, especially if you employ a DCA sort of strategy. Because it doesn't matter what you call "prepared", if you don't have a steady income then you definitely ARE NOT ready.

U are right , before going into Bitcoin investment it is important one have a source of income , I have recognized the importance of steady income with my own investment journey , it is also good for long term investment success, when their is a stable financial income either with your job or other investment you can manage risk and it enable one be consistent in their investment.

It has been over emphasized on by JJG and some members here that having a stable source of income is good, someone without a stable source of income is just like someone going to the farm without hoe or cutlass because you will definitely work nothing and then again it is not just about having a stable source of income, it is about determination, perseverance ( don't shake or move when market is going in the opposite direction because you are not a trader because definitely the market will retrace ) and know the reason why you want to hold for a long term because this is what will motivate an investor the more to keep accumulating and holding even when they want to give up.

The importance of steady income cannot be overemphasized, we have always hammered on that fact in this thread. But beyond having a steady income it's most important that discretionary funds must come out from the steady income, if your income is not sufficient for your primary needs it'll be very difficult to sustain your DCA strategy. The best option that an investor that is in such a situation has is to reduce the costs of unavoidable expenses like food and the rest in order to boost his discretionary funds. That is from where DCA funds will come out from.

If reducing the budget for unavoidable expenses or basic needs is not possible because he has already reduced it to the bearable minimum, then DCA has to be suspended till there is increase in income. DCA is profitable on the long term but shouldn't be a do or die, pausing for unavoidable reason should be understandable. Inorder to stay in charge of your financial life and continue DCA on the long term it's important to always look for good means to increase your income because unforseen circumstances can make you to deflate your account.

Your emergency funds should be set up in order to take care of any unforeseen circumstances that will arise during your bitcoin accumulation journey. If you don't set up emergency funds as you have started your bitcoin investment, you are only gambling because DCA wouldn't save you from unforeseen emergency when it arises. No matter how little your discretionary income is as you have started your bitcoin investment, you need to set up your emergency funds of at least three months of your income as a backup to your bitcoin investment so that you don't sell your bitcoin investment when it is not of your will.

A responsible investor always prepares for any situation from the beginning, they always have futuristic mind set, they prepare in advance for any unexpected situation and make plans to ensure their financial security and these are definitely realistic thoughts.

But there are many new investors who only think about profit, they think that investing can only make a profit, they invest only with a greedy mindset, and do not take any kind of preparation to protect their investment, but in fact, due to such unplanned decisions, good results can never be expected, they have jumped into the sea without any guarantee of protection, where disaster can come at any moment.

You never know when a person will face a situation, so you cannot always be stable in terms of financial situation, if you do not make any preparations from the beginning, like "you are continuously carrying out your daily life very well at the moment, and you think that you will never have to face any problem and you do not create any fund for it", but when you face a problem, like the most common and terrible problem of people is health problems, and if someone in your family falls into health problems and is admitted to the hospital, in that case you will need so much money that you could never have imagined.

In case of health problems, people need a huge amount of money unexpectedly, there are many other types of problems, but all in all, you must prepare for such unexpected situations from the beginning so that at that time you do not have to face any major disaster, like if you do not have cash at that time, you will have to lose your valuable things.

And similarly, if you start investing in Bitcoin without building an emergency fund, then when you face such an unexpected situation, you will have to face a huge financial disaster, because you will be forced to sell your Bitcoin due to lack of cash, which can cause a huge loss for you at that time. Because then the price of Bitcoin may be very low due to volatility.

So if you do not set aside 3 to 6 months of money for emergency expenses before starting to invest, then you are going ahead without taking any measures to protect yourself during unexpected situations. But yes, it is not mandatory to prepare an emergency fund before starting to invest, you first start investing and then prepare an emergency fund within 3 to 4 months as soon as possible, that will be the right decision. But you must have an emergency fund.