Basically, prudent money is the basic element for investment. But this prudent money alone does not guarantee your success in investment. Based on its basic element, prudent money, you have to take investment management and risk management steps. That is, when, how and in what strategy will you invest or what steps will you take to maintain it in the long term. Investment management and risk management should be completely dependent or built on prudent money. The parts of investment management are investment strategy and aggressiveness in investing properly. The parts of risk management are protective steps to maintain investment successfully in the long term such as: keeping backup (emergency fund, reserve fund, cash flow and necessary fund) funds ready in a proper plan. Even if you somehow lose the money used in investment, keep an eye on this so that there is no major change in your life. Without prudent money, these plans are of no value, even prudent money is weak without proper planning.

People's income and expenditure are not fixed. Some people have much less expenditure than their income and some have much more expenditure than their income. However, normally those who have a discreet source of income may have an expenditure of 70-80 percent of their total income. The money left after expenditure is basically discreet money which is needed for investment.

Now, there is no need to deposit this discreet money in the emergency fund at the beginning, especially for investment. Because your investment fund has not become valuable yet. So there is no need to pay much attention to the emergency fund at the beginning, rather you try to pay attention to investment at the beginning. Emergency fund becomes important for you after starting investment. If your discreet income is very high, then you can also focus on building an emergency fund along with investment. Remember, there is not much need to buy rope before buying a cow. So delaying investment to build an emergency fund will not be the right thing to do.

Are you talking about waiting for a bear market? Saving and investing in Bitcoin are the same thing. When you consider it from the perspective of Bitcoin, it is saving, because the number of Bitcoins will not increase. But when you consider it from the perspective of money, it is investing. Because your money has the potential to increase and decrease. Saving is that, the amount of which does not increase or decrease. Investment is that, where you have the potential to make a profit and lose.

Whether you buy in large quantities or small quantities, buy continuously or buy at once, you can call it investment or saving. Continuous (DCA) buying or one-time buying, both are investment strategies. Now you have to decide which strategy is better for you to invest in, from my point of view, investing in the DCA strategy may be the best plan. We should not wait at all to buy in the bear market, keep buying continuously and try to be aggressive in investing based on your ability. Be it a bear market or a bull market. There is nothing wrong with buying in a bear market, but waiting is wrong.

Just imagine, your life partner was having sex with someone else before you, can you accept it naturally? Marriage does not mean sexual intercourse, if you only want sex then there are still many brothels where you can help you with this wonder. Marriage binds you to a legal relationship with your partner, which is considered an illegal relationship before marriage. As the number of illegal relationships is increasing day by day, the number of divorces is also increasing day by day. Illegality never guarantees a happy life with your partner, rather it is a way of spreading vulgarity in the society which is the main reason for the destruction of the lives of many young men and women.

To start investing, you need to be mentally prepared so that you can start investing freely and have confidence in the investment. If you have not yet been able to establish enough confidence in the investment due to lack of knowledge or your mental state is not suitable for investment, then I think it is not wrong for you to delay the investment for a while. For example, if there is a disruption in your normal life due to some issue, if any incident around you disturbs you mentally or if there is a shadow of grief in your family or your personal life. In these situations, I think your mental state is not at all conducive to investment. Or you must be mentally prepared before making any long-term risky decision. This requires some time and good advice. However, it is not at all appropriate to delay the investment by making excuses, I do not see anything wrong in delaying it for any reason.

Razed Username: Creeper0
My Prediction: $115,664

You will never know the exact answer to this question. Bitcoin is called a secret asset, so naturally, even if someone has a large fund of Bitcoin or a small fund, they will not exchange it with anyone or declare it publicly. No matter what the economy is like, there are still many people who are holding Bitcoin and I hope it is in large amounts.

Even in our country, the economic situation is not the same for everyone. Even in these difficult economic conditions, many people earn an amount that is sufficient to meet their daily needs as well as long-term holdings. If you are a victim of a difficult economy, then you can gradually accumulate Bitcoin and hold it for the long term. If you are struggling to meet your daily needs, then improve your skills to improve your source of income or find alternative sources of income. Remember, your talent and hard work will never let you down

This seems confusing to me. You don't need to have a lot of knowledge before you start investing. Just know what Bitcoin is and how it works? Or at least enough knowledge to trust Bitcoin. If you spend too much time learning, you're delaying your investment and missing out on buying opportunities.

Are you even talking about keeping Bitcoin in your emergency fund? If so, I would suggest you get the right knowledge about your emergency fund. Always try to keep fiat in your emergency fund and keep it in a place that is always ready for use.

You seem to be too strict in using the DCA strategy. Don't forget that everyone has freedom in some matters in Bitcoin investment. For example, in determining the investment strategy. For a beginner, adopting the DCA strategy will be better and more effective, it is not only for beginners but for everyone. But in determining the strategy, you are still free and there is no obligation. Determine the strategy depending on your position, my recommendation would be the DCA strategy.

These are the things that should be given the most priority in investing. Research or emotion control is the main task of investing. If you do not know what you are investing in and how it works, then you can never be normal and you are more likely to be scared. I would even say, before investing in Bitcoin, continue your research and know the right information and gain enough basic knowledge to start investing so that you can trust that asset and leave your money safe in the long run.

The second thing is emotion control. Emotion control is something that helps you return from imaginary life to real life. Decisions taken with emotion are most often not realistic but cause big losses. Emotion will initially attract you towards profit and divert you towards potential losses, which is why you are more likely to make harmful decisions. So I think mistakes in these two things are not small mistakes at all, but rather these two mistakes are the main mistakes in investing.

I agree with you that it is more important to have good financial management than having a lot of money to invest in Bitcoin. There are many people whose income source is not very large, but because of their good financial management and long-term investment attitude, they can easily succeed in investing. The key to long-term investment is to invest wisely with discretionary money and gain knowledge about investment.

Undoubtedly, for prudent money, it is important for you to have good financial management, without which it is a bit difficult for you to allocate prudent money. If you want to focus more on money than financial management, then look at those who, despite having a large income source, cannot allocate prudent money for investment and keep running towards short-term profits. Prudent money also depends to some extent on your regional inflation, but mostly depends on good financial management. How much money you can allocate wisely from your income sources is important for investing. Whether your income source is big or small is not important for your investment. Rather, how good you are at financial management and how much money you can allocate wisely for investment with good financial management is important. Of course, inflation plays an important role in this, but with good financial management, you can save more money and add it to a prudent financial fund that can be effective for investment.

Yes, you are right. We should use the backup funds periodically during emergencies. We need to identify our main emergency moment for using the emergency fund first. When we still have a lot of money in the floating fund or cash flow, then if you lose your job or face an accident or need medical treatment, that time is also not an emergency moment for me to use the emergency fund. Because you can make that expense from the cash flow and try to solve the problem.

When your cash flow is over and you still could not solve that problem or a new problem has arisen, then there is still no emergency moment for you to use the emergency fund, because you still have the reserve fund to solve that problem.

When the reserve fund is over and your problem is not solved or you face a new problem, then that time is the main emergency moment. If at that time there is also a food crisis or a transportation cost crisis, then that will also be considered an emergency moment and that will be the right time to use the emergency fund. Because you do not have any other funds or money except the emergency fund, it is also important to meet the basic needs. That is why the emergency fund can be used. So medical expenses do not mean an emergency moment or the use of emergency funds, rather you have to wait for the main emergency moment. Which is the extreme stage of the emergency.

Razed Username: Creeper0
My Prediction: $113,475

$116,307

You mentioned strong determination, which is not present in everyone and it is not possible for everyone to remain firm in their commitment even in times of need. If you can take the right steps and work hard while remaining steadfast in your goal, then you can also cut mountains and pave the way. But how many such people will you find?

Your patience seems quite strong and you can control yourself at every moment, due to which you can find a solution without disrupting your investment even in times of need. But this is not possible for everyone.

This will be possible and easy for everyone only when you have prior steps to deal with or solve urgent moments, i.e. backup funds. I think it is better to be smart and hardworking than just hardworking. Because it will reduce your labor and solve the problem faster and easier. Being responsible is a positive aspect, making that responsibility easier when you work intelligently and you have prior plans and prior steps.

It should depend on a person's discretionary funds or discretionary income. What is Bitcoin? and How does Bitcoin work? After gaining this basic knowledge, if you are interested in investing and can trust Bitcoin, then I think it is better to focus on your ability to invest. After starting to invest competently, it will also be important for you to gain in-depth knowledge about investment management, risk management and financial management. However, I think you should not delay in gaining knowledge about investment backup funds and keep backup (emergency fund, reserve fund and others) funds ready before your investment funds become valuable. Emergency moments are unexpected, it is difficult to say when they will happen. So you should always be prepared.

The role of backup funds in long-term investment success cannot be denied. Be it investment or real life, good financial management is important in both cases. It is especially important to keep backup funds in your financial management. I personally like to organize the backup fund into three levels. (1) Cash flow (2) Reserve fund and (3) Emergency fund. It is planned in such a way that I do not have to go to the emergency fund even in an emergency.

During normal life, I spend from cash flow for any need and keep spending from cash flow and replenishing it. When I face an emergency, the first fund for my use is cash flow, the second is reserve fund and the third is emergency fund. Even each fund is sufficiently replenished with fiat as needed and is ready to be used at any time. Most of the time, there is a possibility of resolving the emergency before the reserve fund is exhausted, if your emergency situation is not resolved even in the long run, then the emergency fund is there as a last resort for you. When all other funds fail, you should take help from the emergency fund, it is your last hope.

Bitcoin was not so rich in 2015 that we could believe such big predictions about Bitcoin back then. There are still many people who would not believe it if I told them that Bitcoin would reach 1 million or more. You may even be one of them. You may admit to believing in words but if you are asked to take risks with money, you will express doubts. Predictions are always uncertain, some will believe or some will not. But when it comes to calculating the profit and loss, most will express doubts and refuse to believe the prediction.

Never regret the time that has passed. Rather, learn from the mistakes of the past and try to make the present time flawless so that you do not have to regret it in the future like the present time. There is still time to invest in Bitcoin and profit from Bitcoin. For this, you need to be able to take risks and patiently hold Bitcoin for the long term.

Rent, school fees, gas refills and general purchases are all part of your daily needs. So, if you want to invest, you have to invest with the remaining money (discretionary money) after all the expenses to meet these needs. This is mandatory for investment. You may never be able to survive in investment for a long time by investing outside your discretionary money.

However, in the case of backup fund, we should have such a strong plan that even in times of emergency, we do not have to dip our hands into the emergency fund. It is better for you to have at least 3 funds in the backup fund (1) Floating fund or cash flow (2) Reserve fund (3) Emergency fund.
When you are in an emergency, you may give priority to the emergency, so you will not have time to use the cash flow and reserve fund for any other purpose. At this time, you can try to overcome the emergency with cash flow initially, if it is not enough, then you can use the reserve fund. You can designate your emergency fund as a last resort, this may be the right time to use your emergency fund. Don't use your emergency fund in the early stages of an emergency, save it for the worst.

I would like to warn you at the beginning that you should never be sure or guaranteed about investing. It is certainly good to have faith in Bitcoin and our confidence in long-term investment, but it should not be blind faith or overconfidence. We expect Bitcoin to have a bright future in the long term and I think this hope is reasonable. So in the long term, Bitcoin is always bullish and we expect the price difference after 8-10 years to be much higher. But it is not guaranteed.

It is good to have a positive attitude towards Bitcoin and it may be best to engage in long-term investment with a positive attitude. In short-term investment, you will have to count losses or suffer from disappointment at some point. Even in real life, due to mental instability, that effect can disrupt your life. There is no such negative effect with DCA in long-term investment. Just make sure you invest with prudent money and invest to achieve your goals without setting a time limit.