There is a saying in our native language, from whatever you earn, keep some part for basic needs and save the rest for the future. Maybe one day you will fall ill and you will be able to remove your illness and lack and basic needs through savings. Exactly, I want to add something more to your words, because a daily wage earner earns some income. And he must keep some part of the income aside for the future, exactly what I want to say is that it is most important to connect those saved money with Bitcoin. Because the more you deposit in Bitcoin, the better you will be able to move forward economically, it is possible to achieve multiple benefits.
If you are a low-income person, you should not invest all your savings. Because as you mentioned, you need to save for the future, but if you invest all your savings, we know that if you invest in Bitcoin, you should hold it for a long time. Now if you invest all your savings, how will you get treatment if you get sick? So after meeting your needs with your income, you should not invest the entire amount, you should keep a fund for emergencies.
A low-income earner can also invest in Bitcoin,
but it should not be done by putting all their savings at once. In fact, even a high-income earner should avoid investing all their income in Bitcoin. The simple and most comfortable way, especially for someone with a low income, is to use the DCA method. With DCA, you buy Bitcoin either weekly or monthly, depending on the amount you set aside for continuous investment. At the same time, investment should be done with discretionary income, money you have left after paying your other needs, so you won’t be forced to sell your holdings in difficult times.
That would depend on a few things like marital status, your age, financial stability, amount of savings, where the market is currently in the cycle, and a few more "concerns". But typically, if you have at least six months worth of expenses saved in your bank account, then you could invest the rest of your income.
But if you're single, with no responsibilities, and you see that Bitcoin's price is touching or under the 200-Weekly SMA, then it would be irresponsible NOT to withdraw all of your savings to buy Bitcoin.
I doubt that marital status has much bearing except to the extent to which you might need to consult regarding financial and/or other important life matters.. . but the fact that you are married or not seems almost irrelevant.
Similar with your seemingly dumbass assumption about a single person without any responsibilities is able to go all into bitcoin based on his perception of BTC prices being below the 200-WMA, as if that would be sufficient information - including your claim that a newbie attemtp to assess his perception of where we might be in the cycle or not.
Sure there are aspects of your considerations that overlap with relevant considerations, but still seem to be less complete than the
9 individual factors that are likely more relevant categories to consider.
If a person has a reasonable source of income and is willing to invest, then he should never delay investing. It is best to start investing first. You can do everything after investing. If you want to learn everything beforehand, then it will be too late to invest, it will never be the right decision. You have to start investing first and then you can learn a lot.
If we create an emergency fund before starting investing, we can fall far behind in our portfolio building and miss out on many buying opportunities. If someone does not have an emergency fund in advance, then it is best to create an emergency fund along with his investments. If you do not create an emergency fund, how will you cope with financial crises. And how will you protect your holdings. If you do not have an emergency fund, then you need to create an emergency fund along with your investments first.
Although you are right about some things,
I would like to introduce you to basic knowledge. You are trying to ignore the issue which is clear in your statement. You need to know that
it is important to have basic knowledge before investing, if you do not have basic knowledge about investing then how will you start investing or how will you manage the investment in the initial stage?
You are right that if you have prudent money and desire to invest, then you should not delay in investing, but
before that you need to acquire basic knowledge which should wait for some time. You do not have to spend much time to acquire basic knowledge, if you are a genius then it will take a few hours. I think you should give
equal importance to your basic knowledge before starting investing as prudent money and mental preparationYou say that you need basic knowledge before investing, but what is the basic knowledge that you consider to be a prerequisite to investing in bitcoin?
In your last statement you say that is it important to have 1) basic knowledge (but you did not specify what that is), 2) prudent money (which I would conjecture to be discretionary funds)) and 3) mental preparations.. I am not sure what is mental preparations either and why you need it in advance. Maybe if you describe the basic knowledge and mental preparations, I might start to understand why they might be necessary rather than something that can be developed along the way.