Constructive Financial Advice Needed

[Broke@$$Joe]

Hello everyone
I find/see my future financial status being dark&gloomy.
I'll be 24 in a matter of months.
I started working as a waiter since I was in high school aging just 15-16 pursuing school and
working at the same time.
After I finished high school at the age of 19, I started working extra hard maintaining 2 jobs in order
to make ends meet and provide my household with food and going through the months
without burdening any other individual having a hard time worrying about money.
The second profession was a bit better in skills means and salary means.
 I started developing photo shooting skills for food and product photography,
and also Digital Marketing, displaying social media ads and google ads to increase one's business revenue up to
10-15% a month.
However, even tho' I was working as a waiter and the new other profession, I couldn't save as much money so I could
launch my own business or invest [as I found out in 2019-2020 the Trading World]
I come from a third-world country where salaries are pathetic.
I come from a broken home and being the oldest sibling, I needed to sacrifice my best productive years
of my life working for others and taking orders constantly on a daily basis.
I couldn't attend college due to finance to get a diploma, in order to opening new doors to a better job status inside the 9-5 rat race perspective.
Now, I've been depressed and feeling hopeless since Covid Pandemic made me lose previous jobs so I'm currently
unemployed, not to mention I have had some job interviews with no positive outcome after things started opening up from lockdowns.
Since March's lockdown, our household have been struggling in terms of food.
We cook beans often since they last up to 3-4 days, so it's hard but we are still surviving.
However, when I think about my future self, I see nothing positive on the horizon.
Is worth mentioning that I'm optimistic and never felt this way before, so I'm starting to doubt my nature due to pessimism I've fallen into.
Out of my lifesavings, I have around 1.5K to invest, and I'll go with Bitcoin since I've already invested some.
I found out about Bitcoin for the first time around June 2020, when the price was hovering around 10k+ or something, and since my first purchase, I didn't even managed to buy me not even 0.1 BTC.
What I can afford now to buy Bitcoin at 13K, is less than 0.1BTC.
Blame it on luck/destiny, I missed the March's Black Swan not knowing about Bitcoin and what it really meant as an technology.
Now I'm in love with it!
I can't take off my mind thinking at what cave have I been sleeping in since 2008 when White-Paper was Published.
But still I'm appreciative coming so late in price means, even tho owning a full one Bitcoin, a full one from the best performing asset in history is not a realistic goal.
I was wondering if what I can afford now around 0.10-0.12 BTC in total will be beneficial for my future.
All I need is around 75-100k to retire in my shitty ass country, and Bitcoin will def. peak in the next NATH around 200k or even more, I have a feeling about this.
However, that still doesn't put me on my fiat goal to be achieved, but brings me closer.
I have no doubt that Bitcoin will ease my burden, but still I want to sell high, re-accumulate more SATS and take just small cash profits.
Trading Bitcoin twice or 3 times per year following the market up to date, seems a good job and being free.
Please, share your thoughts and advice. Maybe someone's word here may put more joy to my life from where I'm standing from.
In no way Im trying to beg any Bitcoin what-so ever, even if someone bought at US Dollar Parity and their Bitcoin is worth 1$ in their eyes.
That would indeed be life-changing, and I will never be able to pay that individual back even if in the future I try to give him in return
more Bitcoin.
However, let's stick to reality and not dreams.
PLEASE consider being talkative in your replies and try to be positive

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[jackg]

What sort of income would you need to retire there (I'm kinda curious). I'd guess if living off $75k you'd start a company or invest and make 4-10% a year (so 3 to 7.6k)?

You could invest some in bitcoin and I don't want to seem too optimistic with it since you really need the funds but I imagine somewhere between 100k and 300k is reachable within 2+ years. A lot of companies and people are bullish and I imagine we're around '93 in dot com terms (where companies prestanding just started acquiring domains afaik).

It doesn't feel like it'd be easy to predict the top also and trading takes skill and practice to learn. Leveraged trading (which I'd advise against) would also require a lot of practice and high potential to be liquidated especially if you're not sure where the market is going.

There's quite a bit of information on TA (technical analysis) though if you wanted to check a chart every so often and wee if you could do anything with it...

[Broke@$$Joe]

What sort of income would you need to retire there (I'm kinda curious). I'd guess if living off $75k you'd start a company or invest and make 4-10% a year (so 3 to 7.6k)?

- I don't really know, or better said it differs from person to person. [ spending habits, money management etc etc]
In my city one can lavishly waste 1-10k a night if throwing parties etc etc
I'm a cheap one, I was raised like so.
I have lived through basic needs and necessities and thanks to God I have no rent to pay for my old constructed house, which is decent enough even for a foreigner who loves to live humble.
Workign as a waiter gave me 125$ off taxes, and at the best month going 200$ with tips included.
On the other work, I was getting paid 250$ off taxes[which is near the average salary], with no more tips included.
Give or take, I was getting payed around 400$ a month.
1/3 of it went for taxes such as electricity, health care, bills etc etc]
The others left were spent trying to get through the month and trying to save up to 100$/per month as a goal, which was not often met.
Money wouldn't change me for what I missed out during puberty and early 20's.
I just see it as an access because I'm tired trading my time for a fixed pathetic amount of money.
I have no diploma, own no tools for my skills[which go around 3k as a package and not the best ones]
So to me, 100K can settle me not even worrying to grow more[which is not my ambition]
With 300-500K, I can settle my kids future and maybe more generations if my seeds did better than me and continue growing.
However, back 2 your curiosity.
Real Estates here vary from 50k-125k[from average apartments, to luxurious ones built post communism. [https://www.realestate.al/en/apartment-for-sale-in-Tirana]
There are also some overpriced one going for 300k-400k which are beautiful, but not worth it.
Starting businesses or companies it's an hard task, at least for as much as I know what is going around here.
But yeah, 100-250K, and U never worry for a thing for the rest of your life.
4 seasons here
Beaches, mountains, valleys, villages to be explored with not that much of a money, so U don't need as much to 'travel the world' and spend your wealth of 100-250k.
Trying a Business/Brand or a company?
Worth it, but in the same time at the current state, Not worth it.
And that's why 1Bitcoin is a huge deal to me!
1 BTC to HODL till the next peak-near peak, and buying 2+BTC or more on Peak's correction which is around -80-90% as Data shows from previous 2 Peaks
So, I don't see my self 'retiring' even if I owned at the moment 1BTC, I wouldn't take cash profits to the extent of 100k-200k
but swing trading just 0.25BTC[three-four times per year] owning 2BTC after next peak, would give me what I need to settle down and still store most of my wealth on Bitcoin.
And this is not why I love Bitcoin for.
But trading a fraction of it and not gambling it [long-short and being a day trader] would be a 'work' for me being independent and taking care of others, not even bothering starting a company, a business or whatever. I'd be writing about Bitcoin, following news, looking how it moves n the charts. Live life, pursue what I like to find my passion, read and self educating my self.
All this, because Bitcoin would de-couple me from fiat enslavement and rat-race.
I would not trade my time no more for cash, and for pathetic amount which can't make me start my own thing for now and hopefully grow.
So, besides Bitcoin's great Technology, it is a savior for real!
I hope I answered your answer which I may have not, because I didn't really understood your meaning of percintile ROI because I never did one so I can not really answer it the way U want.
I gave capital perspectives which might help U calculate your perception.
I'd be glad if I helped

[ChiBitCTy]

First off I have much sympathy for your situation.  I can't imagine being born in a 3rd world country and how difficult that may be.  Second, NEVER EVER take "financial advice" from someone who isn't a Financial Advisor. There's a lot of people on here who will give their advice, but don't know shit in reality.  My career is in finance and I am a financial advisor, so please take these words to heart.  First, bitcoin is not the right "investment" for someone in your situation.  Bitcoin is a volatile asset and could easily drop down to 7-8k just like that.  What will happen to you when that happens ? ( if that happens).  I would suggest shooting me a personal message if you're truly wanting financial advice/help.  I will do everything I can to get you on the right track.  This is what I love doing, helping others, so hopefully you'll take advice from someone who's licensed to give it.

[Broke@$$Joe]

First, bitcoin is not the right "investment" for someone in your situation.  Bitcoin is a volatile asset and could easily drop down to 7-8k just like that.

- I'm looking on long term-perspective bro not short term.. More like in 2022-2025
I appreciate you affection to my current situation, and I wish I had anything to offer U so I can receive your help, which is your passion <3.
I'm really thankful for your reply and keep doing what U do. Ones does not need to have a costume to be an Hero.
Keep up your work bro <3 U'll do Awesome

[wxa7115]

First of all I am seeing that you are coping and pasting a part of the responses of this thread on your replies without quotes, if you want to quote someone use the quote button on the right of their post and edit the post as you see fit, this may seem like it is not a big deal but in this forum copy and pasting is a big no and you can get banned for it.

Now back on topic, you are in a bad situation no doubt about it, but it does not seem like you have any knowledge about how to trade the markets and that is a recipe for disaster, as you have probably noticed this market is highly volatile and this means that whales and expert traders are experts at using this volatility against normal people to make them lose money, my advice then will be to keep trying to find a job and improve in other field including trading, give it at least 6 months and more important than anything backtest your system, many people begin to trade using a system they got on the Internet without knowing if it is profitable or not, and the only way to do this is by testing the system against the previous movements of the market, if you do this against several markets and your system still generates profits at the end then you at least will have an edge when you finally decide to trade the markets.

[CODE200]

However, when I think about my future self, I see nothing positive on the horizon.

I did not see someone walking without getting into places.
There is always hope and you just need to work hard for it to happen.
We are on tough times but giving up should not be an option.
I know it is not easy as it may sound but please do not lose hope. You are still young.
Opportunities will never end. You don't need to seek for it that much, but rather make a way to open an opportunity.

Is worth mentioning that I'm optimistic and never felt this way before, so I'm starting to doubt my nature due to pessimism I've fallen into.
Out of my lifesavings, I have around 1.5K to invest, and I'll go with Bitcoin since I've already invested some.
I found out about Bitcoin for the first time around June 2020, when the price was hovering around 10k+ or something, and since my first purchase, I didn't even managed to buy me not even 0.1 BTC.
What I can afford now to buy Bitcoin at 13K, is less than 0.1BTC.

If you are really in need of money, and you are financing your needs at the same time, I won't suggest investing to crypto. The opportunity is indeed tempting, the price COULD go up and give your profit. Once its price continue increasing it COULD be a huge help to you, personally. But the problem is the word "could" because it speaks for possibility and not assurance. What you need is something that will give you assured profit. I would suggest invest it to something you will be able to sell ;goods, food business or anything that you think will be sold easily. In your case, you need a more efficient source of income and I cannot guarantee it with cryptoinvestments. There is no assurance that the market price will continue increasing and that may hold your capital for weeks or even months. Which I think is risky if you have limited funds.

[Assface16678]

Based on your replies, I saw you are that holding with the idea that Bitcoin will be the best way to earn profit for long term holding. You are having a point but is lacking certainty of such thing. The market price seems to be increasing continuously which is indeed promising. But I'll tell you this, things happen unexpectedly. If you are really looking for assured profit do not engage to investments because in every investment, there is always a risk of losing money. It made me also confused. The situation you mentioned is that you are at the "edge" of your funds, but you will still seek for long term investment, long in a sense that you are ready to wait for years for that profit. So how will you fund your daily needs if you are aiming to let your money be on investments for years? Not being a pessimist but I would like to open your eyes on chances that you may be putting your future at risk.

[Broke@$$Joe]

First of all I am seeing that you are coping and pasting a part of the responses of this thread on your replies without quotes, if you want to quote someone use the quote button on the right of their post and edit the post as you see fit, this may seem like it is not a big deal but in this forum copy and pasting is a big no and you can get banned for it.

Now back on topic, you are in a bad situation no doubt about it, but it does not seem like you have any knowledge about how to trade the markets and that is a recipe for disaster, as you have probably noticed this market is highly volatile and this means that whales and expert traders are experts at using this volatility against normal people to make them lose money, my advice then will be to keep trying to find a job and improve in other field including trading, give it at least 6 months and more important than anything backtest your system, many people begin to trade using a system they got on the Internet without knowing if it is profitable or not, and the only way to do this is by testing the system against the previous movements of the market, if you do this against several markets and your system still generates profits at the end then you at least will have an edge when you finally decide to trade the markets.

I hope this way I quoted is proper. I'm new here and do not know much in regards to the bitcointalk forum.
Back to the advices U sent out for me, I appreciate it. I'm not interested on day trading and standing all day long into charts looking to get into a trade.
Absolutely not!
However I thank you for the advices and the whales perspective, it's really helpful to look at the bigger picture.
Thank you.

[fiulpro]

See I will tell you something that I believe you already know : Trading bitcoins cannot be something that will give you enough money to take care of your self and your family for long term. Right now the price is reasonable and you can buy and hold for the long term.

You should understand that it's a risky thing and therefore be sure to put all your efforts and track the market timely since even a matter of minutes can cause a hefty loss for you.

At the same time you have to keep looking for a better paying job with security , since you just need your mobile to trade and a good internet connection , best of luck.

Bitcoin can make you rich for sure and be a source of suitable income , but only when you know how to use it wisely.

[Harlot]

If you are looking to profit on Bitcoin but not make it as your main income then you can definitely trade it while hodling. What I meam about that is always try to buy Bitcoin when it has bottomed out and always try to to sell it once you will see profit or when you need the money. Trading Bitcoin as your main source of income is a little bit risky for you if you are having trouble finding another source of income. So maybe try to find first a job on a freelancing website since photo editing is one of the in-demand jobs out there and I think you'll find great success on freelancing websites.

[jackg]

~snip~

Yeah that makes sense... Property prices look like they're about right at €100k i guess.

You'd have to get some accuracy to be able to make 500% on your funds from 0.2btc to 1btc.. .  It might be doable though if you can dedicate some time to checking historic price acrionand paper trading/trading with small amounts of funds to see how it works.  You'll probably want to look at something like dibonacci expansion theory (I think it's called) and Elliott waves (if that stretches over a long enough amount of time as you need it to)..


Also I'm not sure if I've taken what you're doing differently from the rest, I assumed you'd still be working/able to at least survive once you put funds into btc? I don't know if I'd suggest putting the full amount in also because if you think you could get good at trading it up, you light just be able to do it with 50 euro to some sort of goal and check you don't have much risk. If you put all in, try setting a tight stop loss at least above a loss of a fifth of the initial capital so a buy in at 12500 could have a stop at 10000 so you can't hit zero and take a break if you make a loss and return a few days later....

[mprep]

I started working as a waiter since I was in high school aging just 15-16 pursuing school and
working at the same time.
After I finished high school at the age of 19, I started working extra hard maintaining 2 jobs in order
to make ends meet and provide my household with food and going through the months
without burdening any other individual having a hard time worrying about money.
The second profession was a bit better in skills means and salary means.
 I started developing photo shooting skills for food and product photography,
and also Digital Marketing, displaying social media ads and google ads to increase one's business revenue up to
10-15% a month.
<...>
Now, I've been depressed and feeling hopeless since Covid Pandemic made me lose previous jobs so I'm currently
unemployed, not to mention I have had some job interviews with no positive outcome after things started opening up from lockdowns.

Juggling high school, an (I assume) entry level service job as well as a job requiring some creative thinking shows that you're able to not only think on your feet but work hard. Considering that Bitcointalk is a discussion forum about a digital currency, it might not surprise you that we have a flourishing (or at least semi-active) freelance services market that can be found in the Services board (if you want to accept Bitcoin) and in the Marketplace (Altcoins) board (if you want to accept altcoins). You're free to start a topic / thread about whatever services you want to offer (e.g. your aforementioned photography or digital marketing services) in either or both boards. As you successfully complete trades with the payment either being escrowed (held by a trustworthy 3rd party, usually someone who offers said service on Bitcointalk for a small percentage fee) or with you going first (a.k.a. providing the service before you receive payment; I wouldn't recommend doing so unless the buyer is highly trustworthy), you'll build up a reputation (as well as the skills and experience) that'll bring in more regular clients and allow you to charge higher rates.

I come from a third-world country where salaries are pathetic.

Judging from one of your later posts, it seems like you're from Albania, which would technically make it a second-world country but I digress.

Out of my lifesavings, I have around 1.5K to invest, and I'll go with Bitcoin since I've already invested some.

As someone who's been here for over 8 years, I'm going to have to strongly advise against it. Bitcoin (as well as any cryptocurrency) is extremely volatile and can wipe out your investment in days. If your financial situation could be described as anything but good, great or amazing, I'd advise against investing in general, let alone dumping money into a volatile investment that is currently at it's highest price in over a year. Your main concern should be accumulating a rainy (well, rainier for you since, as you've described, the situation is already pretty tough) day fund in a highly stable and liquid asset (be it your country's or some other country's currency or other asset), rather than looking for things to invest in.

But still I'm appreciative coming so late in price means, even tho owning a full one Bitcoin, a full one from the best performing asset in history is not a realistic goal.
I was wondering if what I can afford now around 0.10-0.12 BTC in total will be beneficial for my future.

Check any regulated investment asset's past return charts and you'll probably see a bit of fine-print alongside it that goes somewhere along the lines of "past performance does not imply future returns". There's a very good reason that's there.

All I need is around 75-100k to retire in my shitty ass country, and Bitcoin will def. peak in the next NATH around 200k or even more, I have a feeling about this.

No offense, but the best way to lose all your money is to base your investment decisions on hunches and feelings.

Trading Bitcoin twice or 3 times per year following the market up to date, seems a good job and being free.

I'll requote (a part of) what I've already said in a different thread:

I'd personally (in the extremely wide majority of cases) advise against day trading in general (case in point no. 1, no. 2 and no.3

Sorry to dash your dreams but as you've said yourself:

let's stick to reality and not dreams.

[Wexnident]

- I'm looking on long term-perspective bro not short term.. More like in 2022-2025
I appreciate you affection to my current situation, and I wish I had anything to offer U so I can receive your help, which is your passion <3.

As much as I'd like to agree with you that Bitcoin would be the one you're looking for, I'd highly stand against it simply based on an objective perspective. Even if we're looking at it for a long term perspective, it still stands that Bitcoin is an extremely volatile asset. What you need right now is a stable asset that could simply provide you with a higher chance of success of getting profits, and Bitcoin is not that. What you're doing is similar to how a gambler goes in on a game to win it big imo. If you have extra funds, ones that you can basically afford to ignore as part of your life, feel free to do so, but if you're in need and want to spend every penny for all it's worth, then avoid Bitcoin.

Not sure if it could help since you're in a third world country, but try looking for beer money services available in your country. I use some of them myself (testable minds) which give me a few dollars every now and then if I'm lucky with the timing. Don't expect to get huge amounts from it though. There's also freelancing services out there, local ones in third world countries have low pays even with difficult jobs, so that may be quite difficult in it's own way.

[davis196]

I'm sorry about your miserable life in a third world country.
My advice is to just be careful with Bitcoin trading and never view Bitcoin as a "get rich quick" plan,that will always go up and make you rich without any efforts on your side.
Cryptocurrency trading isn't easy and most traders usually lose more money than they are making.
If you plan to buy and HODL Bitcoins that's OK,but you should think about finding another job or income source,because the Bitcoin price might enter a bearish trend,sooner or later.
 

[1GUARDIAN]

If you have no experience in trading, then you do not need to start trading bitcoin. Just buy it and wait as long as it takes. It may take a year or two years or even more, but you will see how your investment gradually increases and it will inspire you. Do not start trading, because otherwise you will lose this money.

[Alucard1]

I just want to give my all sympathy to you, I know how hard our life is especially for those unfortunate one, I am also like you who will not eat something whenever I did not work in real life, I don't have enough savings for me to survive and my family cannot support me for my needs and wants. Upon reading your story, I know how hard it is but do not be too sad for the situation you have right now because everything is possible to happen for a person like you, I can see your potential to succeed in the future because of your hard work. Imagine aging 15-16 you are already working, that was too young but you did it, well done by that.

Just continue the hard work in real life, we can consider cryptocurrency as our alternative source of income but as of your current situation, investing should not be advisable because of volatility and high risk, investing is good if you have extra money because we should expect losing.

[maydna]

If you have no experience in trading, then you do not need to start trading bitcoin. Just buy it and wait as long as it takes. It may take a year or two years or even more, but you will see how your investment gradually increases and it will inspire you. Do not start trading, because otherwise you will lose this money.

Yes, just buy and hold it for a year or more. It is worth doing that if you want to invest in crypto, but you don't have time to learn more about trading or others. But you don't have to check the price many times because if you don't have a strong heart to see the price always moves, you will be panic, and you can't hold it for more. But if you can learn trading like other people, you will see the chance to increase your balance in bitcoin and fiat, so you don't have just to hold it for a long time because you can make more bitcoin and more fiat.

[jaberwock]

For people one situations such as yours, I always advise them to stay clear from Bitcoin unless they have enough money to risk in Bitcoin, like make sure that any money you’re going to be throwing towards Bitcoin would be something you just want to risk and you know for sure that even if you lose the money it’s not going to affect you in future.

But, if it’s an amount that when you lose it you’re going to be affected, then it’s best to just leave it and focus on raising money maybe you can start up something else. Just try to think of some good ideas that you come up with that will helpful in your location, maybe you can try freelancing and whether that would work for you.

[leea-1334]

Do not worry too much friend. I got my first proper job only at 27 after many years doing so many different jobs including waiting and call center for many years. My advice is to work hard, and save money. Do not get enticed by easy get rich fast things.

In your free time enjoy, but also live comfortably without spending too much and spend all your free time for learning and education. Learn coding, learn anything that improves your employability! I know it took me forever but I finally got noticed and earn a bit more than others. Keep patient and humble. Save a bit of money in Bitcoin.

Do not trade or invest in what looks too good to be true:)