Quote from: JayJuanGee on June 25, 2025, 02:05:49 AM

Quote from: Gooner0 on June 24, 2025, 08:31:04 AM

In as much as we can create guidelines or certain steps that will seem best for anyone doing a 9-5 job and wants to invest in Bitcoin, it is also necessary to know that we all have different financial principles, guidelines and ethics. Like I have always frequently said what fits Mr x might not be what's good for Mr y because we're not all the same, we earn differently we spend differently so all of this should just remain as an opinion not fact's.

I quite agree with the everything you've said. You know there are a lot of members here to try to impose their own dealings and ideas as facts which isn't quite the best approach and I seemed to want to have a say in that.
Everyone is and should be held accountable with their final dealings, they should always recognize that what their capabilities are they need for a stable plan on ground is key to achieving a lot.
There qare quite a lot of good strategies people use in accumulation of Bitcoin and there are the good and best methods, but without doubt people still see this warnings about not buying the only during a dip and all other "do not" but yet there are people sitt doing so , mostly not because of the lack of knowledge but some financial considerable factors too.

It seems to me that many of us are providing examples in order to attempt to show some parameters in which any of us might be needing to decide and/or to prioritize his investment into bitcoin, to the extent that a guy might have discretionary income that varies, yet still choose some level of aggressiveness in regards to his situation.

I had specifically provided an example of a guy who's income tended to vary between $500 and $2,500 per month and who's expenses tended to vary between $750 and $1,200 per month. Of course, the details might vary, and also a person's assessment of the situation might vary too, yet if we go through the process of pointing out the various parameters and describing the choices that the guy ended up making, including that he decided that tentatively he was going to invest $70 per week into bitcoin for the first 14 weeks, and then $35 per week for the next 71 weeks, and then he was tentatively planning to return to investing $70 per week into bitcoin after the first 85 weeks. Even though the matter is not set in stone, he has figured out a tentative plan based on what he expects his current situation to be and also in regards to how he expects his future situation to be. Surely if some of his details change, he can account for the changes and to adapt within parameters that he finds acceptable. He likely realizes that he has preferences that he is attempting to express through the system that he has chosen to follow, and his options are not "whatever" since "whatever" would not necessarily help him to reach his objectives and/or to balance whate he believes to be limitations within his circumstances (income/expense and/or other matters).

We could have had also contemplated that the guy was not necessarily new to investing, and maybe he had already spent 5 years or more investing at about a rate of 15% of his income, and maybe he had already accumulated an investment portfolio of $30k or more.. and so then when he starts out his bitcoin investment, maybe he wants to take around $10k from his already existing investment and lump sum invest it in into bitcoin.. or at least he might consider lump sum versus DCA versus buying on dips as three accumulation options that he might have right from the start, and he also might have a situation in which he receives a bonus of anywhere between $500 and $2k a couple times every year, and so then maybe he has some additional options that we might be able to take into account, and surely not everyone is going to decide the same in regards to how to treat those additional individualistic factors.

We describe some individualistic factors in order to show that the choices might not be all over the place, but they have to attempt to deal within the parameters that are available, to the extent that any of us might be in a position to be able to identify our various factors and then to be able to come up with a plan and to employ it within what we would consider to be acceptable terms to our own situation. So in that regard, even if some of us might be expressing our own preferences within the parameters, hopefully none of are imposing our own preferences onto others... even if some others might agree that we had reached a reasonable balance given the known circumstances that have been outlined through the hypothetical example.

Quote from: Gooner0 on June 24, 2025, 08:31:04 AM

You can't talk about automative savings it just wouldn't sit well with everyone, to some it might be alright but to others it won't.

Talking about automatic savings (or automatic buying of BTC) seems to open up considerations of trade-offs between automatic and manual. For sure, I like the idea of manual in order to be able to attempt to maximize aggressiveness, yet there surely could be cases in which people are steadily busy with a variety of activities and they might not be in a position to make sure that they are doing their weekly buys, so it may well come in handy for them to just set it and forget it so that they can focus on other areas of their life that needs attention while at the same time feeling good that they have already authorized the buying of bitcoin every week.. whether it is $100 per week, $10 per week or some other amount that they feel sufficiently comfortable to establish as a preset weekly amount (or whatever might be the time interval for the BTC buys).

Quote from: Gooner0 on June 24, 2025, 08:31:04 AM

Emergency funds can mean anything to anyone, for some they are funds for moths full of unwanted expenses while for others they're for certain goals or things they tend to achieve.

Surely back up funds can have different categories and even be loosely defined by some individuals, and part of the reason that I like to describe and differentiate three kinds of back up funds is in order to be able to show how they differ from each other, especially for someone who might be having to treat back up funds more seriously, especially if the back up funds might be for the purpose of protecting the bitcoin investment for 4-10 years or longer so that the bitcoin is not tapped into at a time that is not completely of the investor's choosing.

1) emergency funds are the last line of defense - so usually they should be at least for 3 months of expenses in local currency and used only for unexpected increases in expenses and/or decreases in income. Should be promptly replaced as soon as possible if used.

2) reserve funds - can be used for any reasons including emergencies, consumption, buying on dips or whatever reason.. optional whether to replace.. and surely the more erratic a person's income versus expense, then the more justification to keep more reserve funds.

3) floating funds tend to be the extra income that is held until monthly expenses are resolved.. once the monthly expenses are resolved, if there are any floating funds remaining, then those would convert into discretionary income that can be used to invest, consume or to add to back up funds (reserve funds and/or emergency funds)

You may well have your own definitions, even though I personally believe that differentiating between the kinds of back up funds is more empowering in regards to helping to establish boundaries and priorities - even though there still could be quite a bit of variety and variance in the ways that guys attempt to balance out how they manage such back up funds.

There are some guys who are very sloppy and/or general in regards to their management of back up funds, and surely they may well end up more easily getting themselves in trouble, since if we might not be categorizing and/or managing well, we might not realize our mistake or the level of our mistake(s) until it is too late that we had made a mistake.

Brand new investors and/or even poor people might not necessarily recognize the value of the emergency funds, and they may well end up wanting to put their money to work, and then not realizing that they did not have enough money to cover some future cashflow issues, and surely rich folks might have a variety of emergency resources, even family and/or friends that they could easily get quick cash to cover their mistakes, and poor people may well not have those kinds of resources, and they ONLY have their monthly cashflow so they have to purposefully set aside funds for emergencies and/or even variance in their cashflow so that they do not end up having to sell some of their bitcoin investment at a time that is not of their own choosing.. which truly could keep them working for the rest of their lives, even when if they had managed their cashflow better, then they may have had a chance of getting at some level of fuck you status, meaning an ability to to quit their job and being able to live off of their investment, whether that fuck you status is achieved after 5-10 years or maybe after 20-40 years, and surely there are a lot of folks who never make it to fuck you status, even though bitcoin provides an opportunity that likely ONLY exists for poor people who manage their cashflows well and do not make major mistakes that cause them to have to sell way too much of their bitcoin investment at a time that was not of their choosing and also taking them out of a spot in which they may well may have had been able to enjoy the benefits of compounding value rather than just simple valiue appreciation that had not compounded multiple times upon itself..

Quote from: Gooner0 on June 24, 2025, 08:31:04 AM

From everything I've read so far , investing in Bitcoin and saving from your 9-5 job has been made routinic , and honestly am not a fan of routines.
Let everyone be a judge to their financial prowess, not that any strategy is better than the other.

Of course there are strategies and techniques that are better than others, just like there are investments that are better than others, such as bitcoin seeming to be amongst the best of investments available if not the best investment available to everyone and anyone... while at the same time surely investing into bitcoin is not guaranteed because there is both execution risk and their is risk with the asset itself.

Surely a lot of normies remain in positions of having fun staying poor forever and ever and ever because they might not either recognize the power of an asset (such as bitcoin) and/or they fail to figure out some ways to attempt to capitalize on the opportunities of bitcoin and to figure out some reasonable approach that is tailored to their own finances and psychology.

Surely over the years (including the last 14 yeas or so, there have been regular guys who have gotten rich as fuck off of bitcoin, and who have achieved wealth statuses that they would not have had imagined to have had been possible from within their own means, and they likely followed some practices of investing into bitcoin within reasonableness and within their means and perhaps some level of aggressiveness within their means without over doing their level of aggressiveness.., .

Of course, if they ended up overdoing their investment into bitcoin in one way or another, then they likely ended up getting wrecked and/or suffering from inferior performance, and also we likely know that there are no guarantees in bitcoin, yet there are likely guarantees to never make it anywhere by either failing to invest in bitcoin or getting distracted into inferior investments and/or inferior strategies and/or techniques.. whether that is getting distracted in keeping money in cash or getting sucked into trading or shitcoins. There are a variety of ways to get wrecked and to get lead down wrong and/or inferior paths...perhaps even guys who think that they know everything are also vulnerable to screwing up in their approach and/or their application of whatever plan that they might develop.

Quote from: Gooner0 on June 24, 2025, 08:31:04 AM

Quote from: JayJuanGee on June 23, 2025, 06:42:47 AM

About a week ago Tungbulu invited me to participate in this thread, and I don't mind, even though I understand that some local's might prefer to keep threads to locals so that the topics might remain accessible and even communicated in local language, which I don't necessarily understand very well.

I acknowledge the fact you took the invitation to this local board, you're most welcomed.

Thanks.

Quote from: Tungbulu on June 24, 2025, 03:11:34 PM

Quote from: sotelorene on June 24, 2025, 11:39:48 AM

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment.

That's right. Nativity can indeed be a major barrier and can hinder the progress of an investment. This is why it is always good to always stay updated on matters that concerns your asset class (in this very case Bitcoin) as an investor. Some people rush into Bitcoin without truly understanding the technology, yes it's true that one cannot acquire all the knowledge from the beginning, it's a gradual process, but it's crucial to first understand the investment you're going into, even before you make the first step of entering, because you might end up failing even before you started.

In order not to fall prey to making naive and ignorant decisions, investors or enthusiasts need to first understand the technology, as well as how it works, then you can start and develop your strategy and also acquiring some necessary knowledge on the process.

I have had these arguments with members previously, and surely I believe that there isn't a need to know details of bitcoin's technology prior to getting started investing into it, and one of the most important things to know is your own personal cashflow management and if you have discretionary income.

You can learn various aspects of bitcoin's technology as you go, and surely if you are uncomfortable with the level of your technical knowledge of bitcoin, then you likely would ned to adjust your position size down until you reach a higher level of confidence about your level of knowledge being aligned with your level of investment.

Sure, it can be helpful to understand some of the basics or maybe some of the overview ideas that bitcoin solved the double spend problem and/or that bitcoin becomes difficult to attack in regards to computing power because there are guesses being made and the difficulty of guessing right number adjusts every two weeks to keep the blocks approximately every 10 minutes...and the details might not need to be known, especially in the beginning...and especially in terms of getting started buying $100 per week or $10 per week or whatever amount seems reasonable to the person and within their discretionary income.

Quote from: Tungbulu on June 24, 2025, 08:55:52 PM

Quote from: Justbillywitt on June 24, 2025, 04:15:39 PM

Quote from: Tungbulu on June 11, 2025, 02:40:50 AM

TIPS FOR BUILDING AN EMERGENCY FUND
2. Make use of the 50/30/20 allocation rule: 50% of your income allocation should go to taking care of essential expenses and immediate needs. The mistake people often make is neglecting this aspect, forgetting that it is actually inevitable and unavoidable, even when you manage to avoid it today, it'll come back tomorrow bigger, and you'll be forced to still sort them out, thereby messing up your plans. 30% goes to your discretionary income and the other 20% towards your savings and also for debt repayments.

I like how you categorically listed everything out, but from the percentage allocation you did, you didn't make room for emergency funds percentage.

I'd like to believe that the 20% to cover for emergency funds allocation, since paying of loan isn't something you do all the time, so sometimes, 20% of your income could go to your emergency funds.

Those numbers make little sense to me, except maybe for someone who is quite well to do.

Maybe an example might be helpful?

Go back to my earlier example. My hypothetical guy had variance in his income and expenses, yet I also mentioned that many times his income was $1,500 per month and his expenses were $950. So that means he ONLY has $550 left for all of his discretionary income for each month, which I thought was more than a decent income, especially if we might be hypothesizing someone who might be somewhat relateable to folks in Nigeria.. even though sure, this guy might have a higher income than what is typically expected.. but still he ONLY has right around 36.7% total for all of his discretionary income that is left after he accounts for his expenses.

I figure that most people are going to want to have some fun, consumption, entertainment each month, and so in my hypothetical I had the guy investing into bitcoin and/or adding to his emergency funds with a total of about $70 per week which would be about $303 per month (on average there are 4.33 weeks per month). . .and coincidentally that is about 20% of his total income.. which would only leave him 16% for other discretionary matters. I will admit that maybe I am not being realistic in terms of attempting to outline some consistency, since surely even my guy with the considerable amounts of variance in his income between $500 and $2,500, he likely is going to need to save some of his extra money for the various months that his income might go below his expenses. I am still having trouble imagining your scenario in which you seem to believe that there might be very many guys who have 50% expenses and 50% discretionary income in which 20% of that is available to put into emergency funds.. and surely once an emergency fund is built up to 3 months of expenses are you anticipating continuing to put more money into it, such as going into reserve funds? I am not opposed to any of those ideas, yet I have not tended to find typical cases that tend to have so much discretionary income.. .. especially people who tend to be poor or claim that they ONLY have something like $300 to $500 per month in income and in my scenario I was already presuming much higher income, but I was also presuming much higher expenses too.

Perhaps many guys in your local are able to relate to your described percentages based on potentially sharing expenses with family, so perhaps the expenses do not end up being as high of an amount in terms of percentages based on shared costs of expenses of food and lodging and some other shared expenses, perhaps?