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Quote from: Victorybit1 on July 08, 2025, 02:41:39 AM

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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. Maybe you are are hoping to achieve that from the 30% allocated to discretionary income. But since we are talking about automation of our income, emergency funds being an integral component in determining the success and failure of our bitcoin holding, I think it will be best to make provision in terms of percentage for emergency funds for the onset.

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Yeah emergency funds is very very important but the thing is to that many persons don't actually put into consideration since their is always no one that plans or prays for emergency to happen to them but even with that we can't deny the fact that it's inevitable and something like this ought to happen so rather than dodge it, it's best throw out some small amount or percentage in accumulation to this and believe it will save you a lot of stress when the need be for it.

A proper plan on building your emergency income must be done, otherwise, you might be playing with your bitcoin investment. Your emergency funds should be of at least three months of your monthly income in order for you to be prepared for a real emergency when it arises.

After your regular weekly purchase of your bitcoin as your priority, your next priority should be your emergency funds because it serves as a back up funds to your bitcoin investment so that you don't sell it when it's not of your own will.

I agree with you, you definitely need an emergency fund to protect your investment in the long term, there are many people who are investing in Bitcoin, but they are not preparing the necessary funds to protect their investment, due to which they will have to face losses in the future. In fact, they are not able to understand the right thing in time, when a sudden financial crisis comes, at that time due to not having emergency funds ready, they will have to sell their Bitcoin holdings, which will cause losses for them. Therefore, all necessary measures should be taken to protect the holdings in time, because unexpected situations can come at any time.

The crazy part of this is that some people don't even know it is necessary and compulsory to have an emergency and reserve funds, some people feel that once they have gotten some fraction of Bitcoin they are now good, no need to invest again or no need to have emergency and reserve funds which very wrong. Investing only once won't give us the profit we need in years coming that is for someone that purchase a very little of Bitcoin and for someone that purchased a whole it will give them the profit dey want somehow but then you need emergency and reserve funds to keep that Bitcoin safe and untouchable in your wallet and failure to do this will result to unsuccessful investment.