JJG’s Outline of Bitcoin Investment Ideas

[B-BossMan]

Yeah but, I am not saying to go to the opposite extreme either.  I was mostly responding to implications that several guys had been inclined to make to suggest that back up funds are not important and we can start later, and surely there is going to be some variance in regards to how much back up funds a guy might already have in place, and then his own judgement in regards to how to go forward, and surely if the back up funds are so low that they might not even cover until the next paycheck comes in, then that could be problematic, and also if the next paycheck ends up being way lower than expected and/or the expenses have gone up, then that could be problematic too.

At the same time, I tend to be a BIG advocate for getting started investing in bitcoin, and getting started from whereever a guy happens to be, so long as he can establish that he has sufficient discretionary funds to get started.

Going in the other direction of overly building up the back up funds and delaying getting started based on the size of the back up funds is problematic too, especially if a guy might be trying to bolster his back up funds prior to getting started buying bitcoin based on a presumption that back up funds are superior to getting started in bitcoin, even though back up funds do not need to be considered as superior, even though some certain levels can be helpful to make sure to get a guy to his next paycheck and also to get a guy past any reasonably foreseeable glitches in the pay and/or expenses.

I would also expect that if a guy is new to bitcoin and starting out somewhere close to zero in regards to both his bitcoin stash and also his back up funds, then with the passage of time (whether week by week or otherwise) the guy will be ongoingly building his bitcoin holdings and also ongoingly strengthening his back up funds.. and the longer that he is in bitcoin the stronger that both the bitcoin stash and the cashflow management becomes - even if a guy might have had started out his bitcoin investment journey without much of any investments and/or without much of any back up funds.

Yes it's true, some people actually over prioritize backup funds to the point they never truly started any longer, having an emergency savings is important to some extent,because it helps someone to survive some unexpected expenses or temporary income problems, but it's actually becoming a biggest problem when someone get fear of risk and keep pushing the target higher and higher without action or starting investing. For example if someone’s monthly expenses are actually $2,000 having a 3 months buffer of $6,000 is reasonable. But the rpbke is when the person keep saying I will start after $10,000and later changes to $15,000, then the backup funds has turn more excuses for starting a bitcoin investment delaying. The main problems wulith this approach is that time is being wasted. However, Bitcoin accumulation is not all about the amount one invented, it all about consistency,patience and discipline and building the strong habit of investing early. Someone who actually started with small amounts of money regularly is already learning the cashflow management, control his emotions and long-term investing behavior, and these lessons are valuable and cannot be learned properly through endless planning aline. Moreover instead of them to prioritizing back up funds or waiting for perfect financial security, it's better and smarter to build backup funds and Bitcoin holdings alongside using discretionary income. The both are growing together over time. The facts is, some people become financially stronger not because they waited longer foe anything else, but because they started earlier and stayed consistent.

[Morayoam91]

When how to make use of your income is figured out, then you will know how to manage your funds in such a way that you won't have a problem knowing the amount to allocate to the investment, all this needs to be figured out, but for anyone who wants to make use of the DCA, they should know that they need to follow the steps. Just that one of the most important things before anything else is the income, followed by knowledge if the person is a newbie, and I don't see how you want to invest without having the basic knowledge. We know money is also important, but you have to start with the basics. When the plan for income allocation is already in place, then that way, even the investor will enjoy using DCA.

Accumulation of bitcoin is not that deep. It has been discussed here and not like a rocket science or some calculus problems. it’s just for you to have a regular cash flow, identify your Discretionary income, have your emergency  funds  set aside and start your accumulation with  either  the DCA strategy  or the lump sum  it all depends  on your  financial state.
I don't know what basic knowledge  one need to know before investing, Bitcoin investment is one of this easy  going investment out there so long as you're doing it the right way.
 

I also think that accumulation Bitcoin is not a difficult thing if you have any amount of discretionary income every week. But being consistent is important because if your fund are small, you have to focus on being consistent. It will not be as easy to carry Bitcoin as you think if you do not have a regular source of income or multiple sources of income. A person does not understand the torment of poverty until he reaches that stage. If you are financially well-off, you will not be able to understand how difficult it is for the poor to meet their basic needs.

To be honest, saving Bitcoin is difficult but it is complicated for those who have the mental preparation to trade and the mindset of getting rich in a short time. Those who suffer in investing are those who do not have a risk-tolerant fund system and panic when the price drops.

If you invest with all your money with a plan for quick profit, you will not only be under stress but also there will be ups and downs in the market and if you do not have the financial clarity to withstand that situation, it will become difficult for you to sustain your holdings in the long run. So, you start small rather than making big opportunities. On the other hand, rather than spending time in the market for the right time, build your income source in a strong way from which you can invest the remaining money by spending the money you need in your normal life. As a result of gradually moving forward in the market through knowledge and experience, you will gain confidence in the future and clarity will be created. You will understand the market better, which will help you to be patient and steady in the long run. Along with this, you will see your holdings grow in size over time.

[Olatundespo]

At least small buffer is necessary but most importantly, stable income is a must.

I don't know why most of us here are not getting the point here that a stable income is not a must for you to invest in bitcoin and be successful at it. What is more important is a discretionary income, because a stable income doesn't guarantee that you can figure out your discretionary income.
I am not saying that it's not good to have a stable income, but what am trying to point out here is that it's not the key criteria a bitcoin investor must have in other to invest in bitcoin and be successful, because the key thing that is needed is a discretionary income, and once you can figure it out, starting your Bitcoin investment should be done right away without wasting any time further.

It can be difficult for new investors to understand the difference between a stable source of income and a unstable source of income, which can lead to confusion when it comes to investing in Bitcoin. In the initial stages of Bitcoin accumulation, you may have a small source of income or you may be struggling to generate temporary income to cover your personal expenses. In that case if you have a discretionary income then you can start investing in Bitcoin. So it is understandable that a stable source of income is not required to start accumulating Bitcoin. What you need is a discretionary income whether it is a unstable source or a stable source.

Gradually you will be able to gain practical skills and access a stable source of income, at that time you will be able to increase the amount of Bitcoin accumulation. These timely decisions to increase your Bitcoin holdings are very important for new investors. You will see some new investors mentally regretting that they have delayed accumulating Bitcoin. By starting to save Bitcoin with temporary earnings, you won't join the ranks of those regretful investors in the future.