Quote from: sotelorene on Today at 11:43:57 AM

Quote from: arwin100 on Today at 11:31:02 AM

Quote from: Proty on Today at 08:17:52 AM

Quote from: Tamaperdana on Today at 07:01:11 AM

Overall, I completely agree with your assumption, because having multiple sources of income will certainly ensure our Bitcoin investment remains untouched or unaffected. However, I believe that in addition to having multiple sources of income, we should also cut back on non-essential expenses. I believe this is also crucial. It's essentially the same if we have multiple sources of income but are wasteful with our lifestyle. Therefore, it's better to combine multiple sources of income with a simple lifestyle. And that way, I'm sure our Bitcoin investment will run more smoothly.

There is no doubt that a multiple source of income may really be of help in increasing our discretionary income however our expenses is what determine our discretionary income. If we can be able to cut down our expenses then our discretionary income will increase however if the reverse is the case then our discretionary income will reduce. So even if our cash flow increase as a result of multiple source of income without us reducing or cutting down on our expenses our discretionary income will not increase but rather there will be a great reduction. So working on our expenses and making such that we cut down on all unnecessary spending is really crucial in increasing our discretionary income.A good cash management and not just having a multiple source of income is what that is going to increase our discretionary income.

But actually they don't need to think about that having multiple source of income is needed before they could start on their long term investment journey. Since somehow they could start with the amount they currently have.

They can work it out to have multiple income stream and increase their discretionary income later on especially if they are eager to find multiple source to cater everything they need.

What's important at first is they take action to accumulate and they don't wait for anything then make it a reason to delay their investment.

One source of income is sufficient and enough for an investor to achieve his or her long term goal what is very important is how committed, how consistent, how determined and how devoted and passionate they are towards there Investment. May I also inform you that multiple source of income doesn't guarantee successful investment especially in Bitcoin investment, you can have several sources of income and yet you don't have the above mention and if you don't have it, is as good as waste because you can not do anything meaningful with it. Multiple source of income can only be interesting and sweet if you actually know what to do with it.

The issue discussed here about is basically income and mindset. In fact, I think both income and mindset are related to each other. And one is no less important than the other because if one is lacking, the effectiveness of the other will be destroyed. Suppose it is very cold and I have a strong desire in my mind to get some warmth from a fire. But will this desire ignite the fire? No matter how much I have a mentality to get warmth, if I cannot collect wood, the fire will never ignite and I will not get rid of the cold. Similarly, I think the fuel of investment is income. To fulfill the investment mentality, the desire for profit and the desire to get financial freedom, I need income. Income will act as a powerful fuel just like that wood and keep my investment burning. If a person's monthly income is $400 and his expenses are $390, he will have $10 left in his hand. In this case, the investment capacity of that person is limited without a suitable income. There is also market ups and downs. The market is not always the same. If someone suddenly faces a major financial problem, or loses their job or falls ill, their investment may be ruined if they do not have emergency savings. Emergency savings and the ability to deal with risks must be dependent on income. Because you will create them from income. Again, when the market price drops (Dip), many people regret that they could have bought now. They cannot buy because they do not have extra money. But those who have already saved extra money from their income can take advantage of this opportunity.
Now let's come to why mindset is important. Investing does not mean pouring money. It is a mental game. A smart investor knows how to invest, control fear and don’t worry about FOMO. These are all matters of mindset. No matter how much income there is, if there is no investment mindset, that income is only spent on expenses and the future is uncertain. Again, many people have a lot of income but do not know where to invest, how to invest and what is risky. By investing in the wrong place, they end up getting scared and hesitant and face losses. There are many investors who start but after a few months they don't continue... and sell, this may be due to lack of proper financial management or fear of falling prices. Maybe mistakes can happen, maybe some losses will happen, but it doesn't mean that everything is over. Successful investors prepare for losses and see losses as an opportunity to learn. We need to maintain a balance between emotions and logic, we often make wrong decisions when we are too emotional. If we have mental toughness, we can easily handle failures in our investment journey. Moreover, if we don't have a strong mindset, many people cannot maintain the patience to continue investing for the long term. I think it is necessary to keep income and mindset in investment because they complement each other. Investment requires capital that we will get from income. Again, a strong mindset, patience, discipline, risk management and consistency help to sustain investment. So income is the fuel of investment and mindset is the driver, without which we cannot reach our destination.