JJG’s Outline of Bitcoin Investment Ideas

[JayJuanGee]

To hold Bitcoin for the long term you have to be prepared for bad situations in advance, the most important part of this Preparation is to create an emergency fund. Without an Emergency fund, you have to break the investment when a problem suddenly arises, which ultimately causes losses.Those who cannot control their income and Expenses and make unnecessary expenses, Gradually fall out of investment. Buying Bitcoin is not the end of the matter. The ability to hold it is the Real investment skill. To be successful in Bitcoin, it is not only about understanding the market Understanding your own financial reality is the most important thing.

Any Bitcoin investor can create an emergency fund as long as they have a job that generates a steady cash flow, or in other words, have a regular income that can be used for daily needs and the rest for investment capital, with a small amount set aside for their own emergency savings. This means that this is not actually a barrier for Bitcoin investors who are serious about investing for the long term, as thoughtful investors will be happy to make any preparations necessary to ensure a smooth investment. So, things like this are usually more geared towards novice investors, who may not yet know what preparations they need to make if they want to become long-term Bitcoin investors.

A person investing in bitcoin and even creating and maintaining back up funds (including emergency funds), does not need a "steady cashflow" in order to get started investing in bitcoin and establish these matters like back up funds.  

To get started investing in bitcoin, all they need are discretionary funds.

Of course steady cashflow helps and makes cashflow management matters easier, but "steady cashflow" is not necessary in order to get started investing in bitcoin and/or get started creating and/or maintaining back up funds (or emergency funds).

[RockBell]

To hold Bitcoin for the long term you have to be prepared for bad situations in advance, the most important part of this Preparation is to create an emergency fund. Without an Emergency fund, you have to break the investment when a problem suddenly arises, which ultimately causes losses.Those who cannot control their income and Expenses and make unnecessary expenses, Gradually fall out of investment. Buying Bitcoin is not the end of the matter. The ability to hold it is the Real investment skill. To be successful in Bitcoin, it is not only about understanding the market Understanding your own financial reality is the most important thing.

Any Bitcoin investor can create an emergency fund as long as they have a job that generates a steady cash flow, or in other words, have a regular income that can be used for daily needs and the rest for investment capital, with a small amount set aside for their own emergency savings. This means that this is not actually a barrier for Bitcoin investors who are serious about investing for the long term, as thoughtful investors will be happy to make any preparations necessary to ensure a smooth investment. So, things like this are usually more geared towards novice investors, who may not yet know what preparations they need to make if they want to become long-term Bitcoin investors.

You need to make provisions for emergency funds before you even put into consideration because when that is in place then any other thing does not matter and this is why, people with emergency funds are does that have zero worries because when time comes for it to serve its purpose, because when you are holding without emergency funds it will definitely affect you, and the purpose of this is that there won't be any interference because when there is emergency you know were to go too. Because the money is not meant for fancy it is there for a reason but when you say that most people don't even know how relevant that money is.

And this information is for does that are about to start, because from the way it is there most people don't even have idea about all this things, and they need to be informed.  So that when they start investing they should have this in there back of there mind, that this is part of the criteria they need before they start investing, they need to know that this particular one is a very important step.

[Joy- maker]

A person investing in bitcoin and even creating and maintaining back up funds (including emergency funds), does not need a "steady cashflow" in order to get started investing in bitcoin and establish these matters like back up funds.  

To get started investing in bitcoin, all they need are discretionary funds.

Of course steady cashflow helps and makes cashflow management matters easier, but "steady cashflow" is not necessary in order to get started investing in bitcoin and/or get started creating and/or maintaining back up funds (or emergency funds).

I agree with your points, and before now it has been made clear that anybody who is interested in bitcoin don't need to have a consistent income to enable them maintain their back up fund and emergency fund before they can get started with bitcoin. They can get started provided their discretionary income is made available, because what they need to get started is discretionary income. And from their discretionary income they can use part of it let's say 50 percent to purchase Bitcoin, and then allocate 30 percent to their emergency fund and 20 percent to their back up fund. That is to say from their discretionary income they can invest in bitcoin and still maintain their back up fund and emergency fund.

Consistent income can make someone investment journey smoother, but not really necessary to get started. So Those who have not started their investment journey can get started with their investment journey provided they always have  leftover money after settling their basic needs and expenses either for the week or for the month depending on their cash flow.

[Derekfunds]

To hold Bitcoin for the long term you have to be prepared for bad situations in advance, the most important part of this Preparation is to create an emergency fund. Without an Emergency fund, you have to break the investment when a problem suddenly arises, which ultimately causes losses.Those who cannot control their income and Expenses and make unnecessary expenses, Gradually fall out of investment. Buying Bitcoin is not the end of the matter. The ability to hold it is the Real investment skill. To be successful in Bitcoin, it is not only about understanding the market Understanding your own financial reality is the most important thing.

Any Bitcoin investor can create an emergency fund as long as they have a job that generates a steady cash flow, or in other words, have a regular income that can be used for daily needs and the rest for investment capital, with a small amount set aside for their own emergency savings. This means that this is not actually a barrier for Bitcoin investors who are serious about investing for the long term, as thoughtful investors will be happy to make any preparations necessary to ensure a smooth investment. So, things like this are usually more geared towards novice investors, who may not yet know what preparations they need to make if they want to become long-term Bitcoin investors.

I will have to disagree with you to some point because not all the people with job that generates a steady cash flow has been able to sort out emergency funds remember sometimes an income can be steady and yet not enough to carter for every needs or necessities and when there is this kind of case emergency funds will be very difficult to sort out. I have a friend who's working and he's been paid on stead but yet whenever emergency comes he always call for help so having steady cash flow doesn't mean emergency funds and discretionary can be sort out but rather it depends on the amount the person is earning and the needs he or she have to attend to.

[JayJuanGee]

To hold Bitcoin for the long term you have to be prepared for bad situations in advance, the most important part of this Preparation is to create an emergency fund. Without an Emergency fund, you have to break the investment when a problem suddenly arises, which ultimately causes losses.Those who cannot control their income and Expenses and make unnecessary expenses, Gradually fall out of investment. Buying Bitcoin is not the end of the matter. The ability to hold it is the Real investment skill. To be successful in Bitcoin, it is not only about understanding the market Understanding your own financial reality is the most important thing.

Any Bitcoin investor can create an emergency fund as long as they have a job that generates a steady cash flow, or in other words, have a regular income that can be used for daily needs and the rest for investment capital, with a small amount set aside for their own emergency savings. This means that this is not actually a barrier for Bitcoin investors who are serious about investing for the long term, as thoughtful investors will be happy to make any preparations necessary to ensure a smooth investment. So, things like this are usually more geared towards novice investors, who may not yet know what preparations they need to make if they want to become long-term Bitcoin investors.

You need to make provisions for emergency funds before you even put into consideration because when that is in place then any other thing does not matter and this is why, people with emergency funds are does that have zero worries because when time comes for it to serve its purpose, because when you are holding without emergency funds it will definitely affect you, and the purpose of this is that there won't be any interference because when there is emergency you know were to go too. Because the money is not meant for fancy it is there for a reason but when you say that most people don't even know how relevant that money is.

This is a bitcoin thread.  We can start investing in bitcoin with only bare minimum back up funds.

One of the important things in bitcoin investing is getting started, and start from where we are at.

We don't need to build up an emegency fund prior to starting to invest in bitcoin.

We do need to be able to figure out if we have discretionary funds and it is best if we have common sense so we can make judgements about what we need to learn and how fast we might grow our back up funds.

Many folks might already have 2-6 weeks worth of back up funds when they first hear about bitcoin, yet if they have absolutely no back up funds at the time that they start, then they have to figure out their discretionary funds in order to determine if they can get started investing into bitcoin.

Frequently, I suggest as a starting point for someone with absolutely no back up funds is to build up back up funds and bitcoin investment at the same time, and once the back up funds gets to 3 months of expenses then presumptively the amount put into bitcoin would be the same... yet more emphasis and aggressiveness in investing in bitcoin can begin (or evolve) when the back up funds are sufficient... but they are not needed to get started as long as the guy has discretionary funds and common sense.

And this information is for does that are about to start, because from the way it is there most people don't even have idea about all this things, and they need to be informed.  So that when they start investing they should have this in there back of there mind, that this is part of the criteria they need before they start investing, they need to know that this particular one is a very important step.

Guys don't need to know a lot of things before starting investing in bitcoin.  They can learn as they go, as long as they have discretionary funds and common sense.

Let's say, for example, that a beginner to bitcoin does not have any back up funds, and he makes about $30k per year (which is $2,500 per month), and his expenses are around $1,500 per month... so when he gets paid, he knows that he has $1,000 left after his expenses until his next pay.

Maybe this guy knows that he could invest into bitcoin $80 per week, and $80 per week into his savings (building back up funds) and $80 per week into discretionary spending.  However on purpose he chooses to start investing $25 per week into bitcoin, $145 saving and $80 into discretionary spending.... and he is planning to look into the matter so that he can increase his bitcoin investment amount.  He can learn as he goes and even adjust his exposure as he goes.  He does not have to establish his back up funds in advance or even make sure that he is sufficiently organized and smart enough... He just needs discretionary income and common sense and he can start investing in b bitcoin right away.

A person investing in bitcoin and even creating and maintaining back up funds (including emergency funds), does not need a "steady cashflow" in order to get started investing in bitcoin and establish these matters like back up funds.  

To get started investing in bitcoin, all they need are discretionary funds.

Of course steady cashflow helps and makes cashflow management matters easier, but "steady cashflow" is not necessary in order to get started investing in bitcoin and/or get started creating and/or maintaining back up funds (or emergency funds).

I agree with your points, and before now it has been made clear that anybody who is interested in bitcoin don't need to have a consistent income to enable them maintain their back up fund and emergency fund before they can get started with bitcoin. They can get started provided their discretionary income is made available, because what they need to get started is discretionary income. And from their discretionary income they can use part of it let's say 50 percent to purchase Bitcoin, and then allocate 30 percent to their emergency fund and 20 percent to their back up fund.

You forgot to mention extra discretionary spending.  Are they not supposed to have any spending beyond their basics?

That is to say from their discretionary income they can invest in bitcoin and still maintain their back up fund and emergency fund.

You are using the term "back up fund" like "reserve fund," and reserve funds are a kind of backup fund.  Just like emergency fund is another kind of back up fund.... Emergency fund is not different from back up funds, is it just a kind of back up fund.  So there are three kinds of back up funds:  Emergency funds,  reserve funds and float.

Of course, we do not need to necessarily agree upon the terms since in the real world guys do not necessarily know the difference between the terms; however, if we are trying to be clear about what we are talking about and how we might build and manage various kinds of back up funds, then we probably should make sure that we are using the terms correctly so that our ideas are better understood.

You will find me frequently referring to back up funds because I am just referring to the concept overall, yet if I am specifying between emergency funds and reserve funds, then I will usually use those terms.  Guys also frequently refer to savings as a kind of generic category that might be a form of reserve funds; however, I would consider if there is an amount that we do not want the savings (or back up funds) to go below, then those are emergency funds.  If we have used up all of our other funds, and we do not have anything else protecting us from tapping into our bitcoin, then we are likely down to our emergency funds.

When a guy is brand new to investing and building his back up funds, he is likely a bit flexible with how he is using his funds, yet if he wants those funds to keep growing, then the emergency part that is never spent, should be getting larger and larger and large, and we should be spending other funds prior to tapping into emergency funds.. since we should be growing both our emergency funds and the size of our bitcoin investment.. so our own factors, including how much our bitcoin stash is growing might also affect how we keep managing and strengthening our cashflows that includes our various back up funds (emergency funds, reserve funds, and float)... .

[Qhunman]

I totally agree with you on all you said here on the importance of emergency funds, but what really interest me, or caught my attention is when you spoke of understanding your own financial reality.

As a Bitcoin investor, we should not expect an average or a low income earner to act like a rich dude towards emergency funds, because the rich can afford investing without an emergency funds since they have asset, rich dad, friends and relatives that can easily bails them out from any financial difficulties, but and average or low income earner wouldn't try that because his emergency funds is the only security he has for his bitcoin investment, against any unforseen circumstances that may have made him temper with his holdings, so understanding your financial reality is very much important for a successful Bitcoin investment.

You're right, Rich folks don't necessarily have to build emergency fund that will serve as protection for they bitcoin investment because they have assets which they can rely on to bail them out of any emergency situation. Even if an average investors have rich pals they could rely on is not enough reason why they shouldn't build emergency fund as friends may disappoint when they needed. Average or low income earnings shouldn't skip building their emergency fund because they have rich friends,they should build they emergency fund alongside their investments because it is the only reliable way to ensure the protection of their bitcoin investment from emergencies.

[abaeze]

A person investing in bitcoin and even creating and maintaining back up funds (including emergency funds), does not need a "steady cashflow" in order to get started investing in bitcoin and establish these matters like back up funds.  

To get started investing in bitcoin, all they need are discretionary funds.

Of course steady cashflow helps and makes cashflow management matters easier, but "steady cashflow" is not necessary in order to get started investing in bitcoin and/or get started creating and/or maintaining back up funds (or emergency funds).

Even if there is no regular income, many ordinary people get one-time money such as: land sale, gift/bonus, small capital, house rent, contracting or other sources and Bitcoin can be bought or invested from that money. An emergency fund can be created from this money or a backup reserve can be created. So you are 100% right that a regular salary is not required to start investing. All that is needed is discretionary money in hand excluding expenses.

However, since the amount of discretionary fund of everyone is not the same, I think that understanding how much or which one is the discretionary fund of new investors is preparation for investment because a little money comes to hand somehow or the other. Therefore, the money that is in hand excluding loans, daily living expenses, medicine, house rent, should be a discretionary fund and with this money, an investment, emergency fund/backup fund/reserve fund should be formed. However, in my opinion, stable cashflow is required to create and maintain an emergency fund because you can create an emergency fund in a day but an emergency fund survives with cashflow.  So I think it's true in the literal sense but risky in practice.

[Sim_card]

However, in my opinion, stable cashflow is required to create and maintain an emergency fund because you can create an emergency fund in a day but an emergency fund survives with cashflow.  So I think it's true in the literal sense but risky in practice.

A stable income with a discretionary income will only help you plan properly ahead of time on how to go about your next bitcoin purchase overtime but that doesn't mean that you cannot invest when your income isn't stable or cannot set up an emergency funds from your unstable income.

Using the example of a contractor who gets contract twice or more in a year. His income isn't stable but he can set up an emergency funds from his discretionary income after he has been paid and remove all his expenses and money for his upkeep for a certain period of time till he gets paid again. He can invest in bitcoin smoothly what really matters is a good financial management.

[Arenga pinnata]

Guys don't need to know a lot of things before starting investing in bitcoin.  They can learn as they go, as long as they have discretionary funds and common sense.

No matter how much money we have, the most important thing is that we dare to start. Personally, I also started with very little and limited funds a few years ago. Even back then, I didn't know much about the Bitcoin system itself, but I was amazed by how Bitcoin attracted more and more large companies and governments to adopt it and even make it a corporate reserve asset or something similar. From that alone, I concluded that those who believe in Bitcoin must have done so after conducting extensive research and analysis. It’s unlikely they started without a plan or analysis.

So I started even before I knew more about Bitcoin itself. At that time, I clearly had cold funds that I usually only used for savings or to add to other investments. But after I learned about Bitcoin, I started to divide it by putting some of it into Bitcoin. I accumulated it initially by only buying during corrections. But I felt that this method was sometimes quite time-consuming. Especially since the goal was long-term, I thought that just doing DCA was enough. We do it regularly without having to think too much. Learning as we go is not bad at all.

[JayJuanGee]

A person investing in bitcoin and even creating and maintaining back up funds (including emergency funds), does not need a "steady cashflow" in order to get started investing in bitcoin and establish these matters like back up funds.  

To get started investing in bitcoin, all they need are discretionary funds.

Of course steady cashflow helps and makes cashflow management matters easier, but "steady cashflow" is not necessary in order to get started investing in bitcoin and/or get started creating and/or maintaining back up funds (or emergency funds).

Even if there is no regular income, many ordinary people get one-time money such as: land sale, gift/bonus, small capital, house rent, contracting or other sources and Bitcoin can be bought or invested from that money. An emergency fund can be created from this money or a backup reserve can be created. So you are 100% right that a regular salary is not required to start investing. All that is needed is discretionary money in hand excluding expenses.

However, since the amount of discretionary fund of everyone is not the same, I think that understanding how much or which one is the discretionary fund of new investors is preparation for investment because a little money comes to hand somehow or the other. Therefore, the money that is in hand excluding loans, daily living expenses, medicine, house rent, should be a discretionary fund and with this money, an investment, emergency fund/backup fund/reserve fund should be formed. However, in my opinion, stable cashflow is required to create and maintain an emergency fund because you can create an emergency fund in a day but an emergency fund survives with cashflow.  So I think it's true in the literal sense but risky in practice.

If a person does not have steady or stable income, then surely any amount that they invest in bitcoin or they put into their emergency funds (or back up funds) is subjected to being tapped into if they are not able to generate income at later points in time down the road, whether that is a week later or a month later or however long that they have enough funds to be able to support themselves without new income coming into their possession.

Even though existing bitcoin investors likely realize that when they are putting new value into bitcoin, they are locking that value up for 4-10 years or longer, there are plenty of circumstances that normal people engage in throw away consumption such as buying some cigarettes and smoking them up or buying some junk food or alcohol or going to a movie.  That money is not coming back, and it was used for consumption that was optional... .. and sometimes normies engage in conspicuous (or even throw-away) consumption, without necessarily having steady or stable income or even not knowing when they will be paid next.

Of course, some folks have higher level of skills (or job marketability) than other people, so even if they don't have a current job, they may well already be aware of their abilities to earn future income in order to be able to have enough income to cover their future expenses, even if they don't have the money in the bank at the time that they either engage in their conspicuous (throw-away) consumption or make their purchase of bitcoin (or additional bitcoin).

Some guys might be realistic in their abilities to project their future earning capabilities and other guys might have unrealistic expectations, so if guys screw up in regards to their projections, then they may well end up putting themselves in a position that they are using money to invest in bitcoin (or engaging in conspicuous/throw-away consumption) that they need for their future expenses, and if they end up screwing up in their projections of their future income/future expenses, then they are going to be the one who has to pay for the screw up(s).

In other words, anyone with uncertain levels of income and/or expenses engage in various kinds of risk on a regular basis if they might choose to spend or invest with money that they have, yet they might not be 100% sure at what point in the future the cash that they have will run out in terms of their needs to pay for their living expenses. 

Guys don't need to know a lot of things before starting investing in bitcoin.  They can learn as they go, as long as they have discretionary funds and common sense.

No matter how much money we have, the most important thing is that we dare to start. Personally, I also started with very little and limited funds a few years ago. Even back then, I didn't know much about the Bitcoin system itself, but I was amazed by how Bitcoin attracted more and more large companies and governments to adopt it and even make it a corporate reserve asset or something similar. From that alone, I concluded that those who believe in Bitcoin must have done so after conducting extensive research and analysis. It’s unlikely they started without a plan or analysis.

So I started even before I knew more about Bitcoin itself. At that time, I clearly had cold funds that I usually only used for savings or to add to other investments. But after I learned about Bitcoin, I started to divide it by putting some of it into Bitcoin. I accumulated it initially by only buying during corrections. But I felt that this method was sometimes quite time-consuming. Especially since the goal was long-term, I thought that just doing DCA was enough. We do it regularly without having to think too much. Learning as we go is not bad at all.

It seems that there is quite a bit of value that comes from action, even if you start out with investing just a relatively small amount into bitcoin, your getting started gives you a bit more of a working knowledge and likely will motivate you to look further into bitcoin, yet at the same time, people might be stretched thin and even really busy in their real life activities, so it can take a bit of proactive pushing of oneself to at least get started putting some money into bitcoin, and surely maybe some guys might do a 3-4 hour initial look into the topic, yet they are busy in their real life so there might be some weeks in the future that they are only able to spend an hour or two looking at bitcoin, and they might be curious to set aside a block of time that is greater than 4 hours to look into bitcoin, yet they might feel that they do not have such larger blocks of time, so if they remain in a situation that they are not quite comfortable with how much they know about bitcoin or even about their own cashflow management systems and available funds, they might have to keep their investment level (whether weekly or otherwise) at a relatively low quantity until they are able to spend some time increasing their knowledge and presumptively their comfort level may well end up going up after they spend some additional time looking at their own cashflow management systems/practices and looking into bitcoin too.

If you might notice that out of the 9 of the individual factors, bitcoin as compared with other places to put value is only one of the 9 factors. .. so our cashflow management and confirming aspects of ourselves is a very important angle to our decisions regarding how much money we might have available to invest into bitcoin, whether weekly or on  some other timeline.

You are probably correct Arenga pinnata, many newbie bitcoin investors will likely gravitate towards wanting to consider whether or not there is a dip, since no one really wants to buy any asset (whether bitcoin or anything else) when the price is at a top or is bound to go down further, yet at the same time, the reality of the matter is that newbies have hardly any clue about whether bitcoin is going to go up, down or sideways.  In regards to trying to figure out BTC price direction, newbies are likely more disadvantaged than guys who have been watching bitcoin price dynamics for a long time, and even guys who are watching bitcoin price dynamics will frequently fail to really have strong abilities to predict bitcoin's price direction with any high level of accuracy.

At the same time, by definition brand new bitcoiners are either no coiners or low coiners, so they likely are going to be way better off to buy bitcoin no matter the price, since their having little to no coin already means that they are not financially prepared (and perhaps not even psychologically prepared) for BTC prices to go up.  In their being a low coiner or a no coiner, they are ONLY  prepared for BTC prices to go sideways or down, and not up.  So the only way to prepare for UP is to buy some bitcoin, and in that regard, the price should not matter too much.  I frequently proclaim that bitcoin is a 4-10 year or longer investment, so even if a person is fairly new to bitcoin, if they can figure out that bitcoin is likely a long term investment and not a trade, then BTC prices do not really matter too much and may well not really matter for at least the first 4-ish years of accumulating bitcoin.

In the end, guys have to figure out these investment size matters, and if they invest too much or they invest too little, there are likely going to be future consequences, yet it is likely that around 99% of the world's population remain as no coiners or low coiners, so there surely are a lot of people around the world who have little to no exposure to bitcoin's price, and so it seems anyone who at least gets started, he will at least start the process of getting bitcoin price exposure and perhaps with greater and greater passage of time, he will come to know bitcoin and his finances/psychology enough so that he will feel more and more comfortable to increase his price exposure and his directly owning bitcoin... even though in the beginning he may well choose to start out slowly in order that he does not overdo it in light of his own personal circumstances.

[Taskford]

A person investing in bitcoin and even creating and maintaining back up funds (including emergency funds), does not need a "steady cashflow" in order to get started investing in bitcoin and establish these matters like back up funds.  

To get started investing in bitcoin, all they need are discretionary funds.

Of course steady cashflow helps and makes cashflow management matters easier, but "steady cashflow" is not necessary in order to get started investing in bitcoin and/or get started creating and/or maintaining back up funds (or emergency funds).

Even if there is no regular income, many ordinary people get one-time money such as: land sale, gift/bonus, small capital, house rent, contracting or other sources and Bitcoin can be bought or invested from that money. An emergency fund can be created from this money or a backup reserve can be created. So you are 100% right that a regular salary is not required to start investing. All that is needed is discretionary money in hand excluding expenses.

However, since the amount of discretionary fund of everyone is not the same, I think that understanding how much or which one is the discretionary fund of new investors is preparation for investment because a little money comes to hand somehow or the other. Therefore, the money that is in hand excluding loans, daily living expenses, medicine, house rent, should be a discretionary fund and with this money, an investment, emergency fund/backup fund/reserve fund should be formed. However, in my opinion, stable cashflow is required to create and maintain an emergency fund because you can create an emergency fund in a day but an emergency fund survives with cashflow.  So I think it's true in the literal sense but risky in practice.

If a person does not have steady or stable income, then surely any amount that they invest in bitcoin or they put into their emergency funds (or back up funds) is subjected to being tapped into if they are not able to generate income at later points in time down the road, whether that is a week later or a month later or however long that they have enough funds to be able to support themselves without new income coming into their possession.

Even though existing bitcoin investors likely realize that when they are putting new value into bitcoin, they are locking that value up for 4-10 years or longer, there are plenty of circumstances that normal people engage in throw away consumption such as buying some cigarettes and smoking them up or buying some junk food or alcohol or going to a movie.  That money is not coming back, and it was used for consumption that was optional... .. and sometimes normies engage in conspicuous (or even throw-away) consumption, without necessarily having steady or stable income or even not knowing when they will be paid next.

Of course, some folks have higher level of skills (or job marketability) than other people, so even if they don't have a current job, they may well already be aware of their abilities to earn future income in order to be able to have enough income to cover their future expenses, even if they don't have the money in the bank at the time that they either engage in their conspicuous (throw-away) consumption or make their purchase of bitcoin (or additional bitcoin).

Some guys might be realistic in their abilities to project their future earning capabilities and other guys might have unrealistic expectations, so if guys screw up in regards to their projections, then they may well end up putting themselves in a position that they are using money to invest in bitcoin (or engaging in conspicuous/throw-away consumption) that they need for their future expenses, and if they end up screwing up in their projections of their future income/future expenses, then they are going to be the one who has to pay for the screw up(s).

In other words, anyone with uncertain levels of income and/or expenses engage in various kinds of risk on a regular basis if they might choose to spend or invest with money that they have, yet they might not be 100% sure at what point in the future the cash that they have will run out in terms of their needs to pay for their living expenses. 

Without having steady income each dollar they spend is so fragile even if they invest it on their everyday consumptions or even think about they put it on Bitcoin.

Bitcoin might take long term, but if they miscalculate their expenses or even their earnings they might they might force to cash out their investment early if there's some emergency situation happen. Also they might struggle to return back the money they spend on those things you have said.

With all those situations might occur, everything shows on how realistic people towards their future earning potential, those people made miscalculations and commit mistakes will provably pay the price of those mistakes they made. Having uncertain level of income make everything more riskier, so people choose the risk what they can afford to get in. But I always believe that Bitcoin long term investment will continue to deliver good result to long term holders.

[laspol65]

To hold Bitcoin for the long term you have to be prepared for bad situations in advance, the most important part of this Preparation is to create an emergency fund. Without an Emergency fund, you have to break the investment when a problem suddenly arises, which ultimately causes losses.Those who cannot control their income and Expenses and make unnecessary expenses, Gradually fall out of investment. Buying Bitcoin is not the end of the matter. The ability to hold it is the Real investment skill. To be successful in Bitcoin, it is not only about understanding the market Understanding your own financial reality is the most important thing.

Any Bitcoin investor can create an emergency fund as long as they have a job that generates a steady cash flow, or in other words, have a regular income that can be used for daily needs and the rest for investment capital, with a small amount set aside for their own emergency savings. This means that this is not actually a barrier for Bitcoin investors who are serious about investing for the long term, as thoughtful investors will be happy to make any preparations necessary to ensure a smooth investment. So, things like this are usually more geared towards novice investors, who may not yet know what preparations they need to make if they want to become long-term Bitcoin investors.

I will have to disagree with you to some point because not all the people with job that generates a steady cash flow has been able to sort out emergency funds remember sometimes an income can be steady and yet not enough to carter for every needs or necessities and when there is this kind of case emergency funds will be very difficult to sort out. I have a friend who's working and he's been paid on stead but yet whenever emergency comes he always call for help so having steady cash flow doesn't mean emergency funds and discretionary can be sort out but rather it depends on the amount the person is earning and the needs he or she have to attend to.

That is why I say that if you do not invest in excess of demand, then it will be very difficult to sustain Bitcoin investment for a long time. Emergency funds are formed to deal with emergency situations, so discretionary cash flow and those who have it must invest according to their ability. And every Bitcoin investor should form an emergency fund and keep the investment strong for a long time. The more discretionary income he has, the more Bitcoin he can accumulate, so every investor should participate in Bitcoin investment according to his ability.

[Futurexxx]

]

I will have to disagree with you to some point because not all the people with job that generates a steady cash flow has been able to sort out emergency funds remember sometimes an income can be steady and yet not enough to carter for every needs or necessities and when there is this kind of case emergency funds will be very difficult to sort out. I have a friend who's working and he's been paid on stead but yet whenever emergency comes he always call for help so having steady cash flow doesn't mean emergency funds and discretionary can be sort out but rather it depends on the amount the person is earning and the needs he or she have to attend to.

One thing most folks here don't know is that having a stable income is one thing, and being able to figure out your discretionary income is another thing altogether, because their are so many folks out there that has a stable income but are still unable to figure out their discretionary income due to the fact his financial burden is way more higher than his or her income. So you are right here on this subject that having a stable income doesn't guarantees figuring out your discretionary income. And it's because of that we can't conclude that stable income guarantees constant accumulation of Bitcoin.

So when trap in such a situation, the best thing to do is to look for an additional source of income or cut off most things you spend money on that are not important, without these strategies, you can't invest in Bitcoin in a healthy manner, because any investment made in such a situation is more of gambling than investment, since you might later falls back to you holds, just to address some basic needs that has not been addressed.

[Loyang]

Without having steady income each dollar they spend is so fragile even if they invest it on their everyday consumptions or even think about they put it on Bitcoin.

Bitcoin might take long term, but if they miscalculate their expenses or even their earnings they might they might force to cash out their investment early if there's some emergency situation happen. Also they might struggle to return back the money they spend on those things you have said.

With all those situations might occur, everything shows on how realistic people towards their future earning potential, those people made miscalculations and commit mistakes will provably pay the price of those mistakes they made. Having uncertain level of income make everything more riskier, so people choose the risk what they can afford to get in. But I always believe that Bitcoin long term investment will continue to deliver good result to long term holders.

Yes, this is true. However, the possibility of losing the continuity of investment of those who do not have a stable source of income is much higher than a person with a stable income. However, I strongly believe that there are many people who do not have a stable source of income and are not educated, due to which they have to run their family with their daily income source, and they invest through proper financial management. Due to lack of education or any other reason, they are not able to do extra work. However, if they invest consistently through proper financial management, then they can be able to create a very large portfolio.

Bitcoin might take long term, but if they miscalculate their expenses or even their earnings they might they might force to cash out their investment early if there's some emergency situation happen. Also they might struggle to return back the money they spend on those things you have said.

Proper financial management of a person is very important. Not only in the case of investment, it is very important for a person to properly manage his finances in every case. Even if a person's discretionary income is $ 20, they can be able to invest and create an emergency fund in parallel.

With all those situations might occur, everything shows on how realistic people towards their future earning potential, those people made miscalculations and commit mistakes will provably pay the price of those mistakes they made. Having uncertain level of income make everything more riskier, so people choose the risk what they can afford to get in. But I always believe that Bitcoin long term investment will continue to deliver good result to long term holders.

Bitcoin investment is always risky, with an uncertain level of income, Bitcoin investment is risky and may not create a big impact. Because the uncertain level of income can make a person lose his continuity. Holding for a long time and continuing to invest continuously are two completely different things. If a person sees a financial crisis in a month or week while investing, then he can stop investing in that month or week. If he has money in the next month or week, then he can invest

[Patrol69]

If a person does not have steady or stable income, then surely any amount that they invest in bitcoin or they put into their emergency funds (or back up funds) is subjected to being tapped into if they are not able to generate income at later points in time down the road, whether that is a week later or a month later or however long that they have enough funds to be able to support themselves without new income coming into their possession.

If the permanent income stops, it is natural that the savings or emergency fund will run out at some point, so I think you should always think of an alternative job along with one job so that if one source of income stops, another source of income remains active. Many people cannot distinguish between emergency funds and investments, the difference here is clear that emergency funds are formed to be used when necessary, but investments are not intended to be sold for any urgent need, rather the purpose behind investing is long-term.

Even though existing bitcoin investors likely realize that when they are putting new value into bitcoin, they are locking that value up for 4-10 years or longer, there are plenty of circumstances that normal people engage in throw away consumption such as buying some cigarettes and smoking them up or buying some junk food or alcohol or going to a movie.  That money is not coming back, and it was used for consumption that was optional... .. and sometimes normies engage in conspicuous (or even throw-away) consumption, without necessarily having steady or stable income or even not knowing when they will be paid next.

What I mean is, those who invest, although they have to sacrifice some things while investing, but after 5-10 years of investing, when they see their total investment amount, they will be satisfied with their investment amount. But if they had not invested hard, they might have wasted this investment money by eating out at restaurants or spending it on some other temporary pleasure.

I used to earn a good amount of money at one time and at that time I did not have much pressure, so I used to spend everything I earned. When I got extra money, I used to go on tours with my friends and at that time I thought that time would pass like this and that way I would have money, but when the income suddenly stopped, I learned the reality and then I did not find anyone else to support me in my trouble. And since then I have learned that we have to plan for the future from the time we have it. Now I spend money very carefully and try to save money so that I can use that money for investment.

Of course, some folks have higher level of skills (or job marketability) than other people, so even if they don't have a current job, they may well already be aware of their abilities to earn future income in order to be able to have enough income to cover their future expenses, even if they don't have the money in the bank at the time that they either engage in their conspicuous (throw-away) consumption or make their purchase of bitcoin (or additional bitcoin).

The job market situation in the future is not very good, if I consider the context of my country, then I would say that ten percent of the students who graduate every year are not getting jobs. Think about it, on the one hand, the education rate is increasing, on the other hand, unemployment is increasing.

We are given a wrong idea from childhood that if you study well, you will have to work when you grow up, but if the family had not put pressure on you to get a job in the first place, then maybe so many students would not be unemployed. Instead of spending your life chasing a job, I think it is wise to have a separate investment in your education because after graduation, you will get a good return on this investment, which will be useful later in becoming a business or entrepreneur.

[JayJuanGee]

If a person does not have steady or stable income, then surely any amount that they invest in bitcoin or they put into their emergency funds (or back up funds) is subjected to being tapped into if they are not able to generate income at later points in time down the road, whether that is a week later or a month later or however long that they have enough funds to be able to support themselves without new income coming into their possession.

If the permanent income stops, it is natural that the savings or emergency fund will run out at some point,

I don't see why there is a need to presume that savings and/or emergency funds will run out merely because a person does not have permanent and/or steady income.

Sure, there are more challenges for anyone who has erratic income and/or erratic expenses, and for sure anyone who has those erratic situations will likely need to maintain higher levels of back up funds in order to account for their erratic income/expenses situation.

so I think you should always think of an alternative job along with one job so that if one source of income stops, another source of income remains active. Many people cannot distinguish between emergency funds and investments, the difference here is clear that emergency funds are formed to be used when necessary, but investments are not intended to be sold for any urgent need, rather the purpose behind investing is long-term.

These are good points, and when we specifically consider bitcoin investing one of the reasons that there are greater needs to keep higher levels of back up funds as compared with other investments or even as compared with if you had no investments is because bitcoin continues to be greatly liquid and also greatly volatile, so many folks could either get tempted into tapping into their bitcoin at a time that is not of their own choosing or even be forced into tapping into their bitcoin at a time that is not completely of their own choosing because it might be the only liquid thing that is available.  

Also sometimes guys will go down the road of employing bad logic based on their recognizing that their bitcoin is "in profits," so then the fact that the bitcoin investment happens to be "in profits" they may well end up getting lured into cashing out way too much of it and cashing out too soon based on it "being in profits," and surely they may well end up with a lot of regrets down the road, even if they had ended up cashing out some or all of their bitcoin while it was "in profits" because they either were not able to build their bitcoin holdings back up to where it was or where it would have had been  if they had not ended up cashing out too many bitcoin too soon.

Even though existing bitcoin investors likely realize that when they are putting new value into bitcoin, they are locking that value up for 4-10 years or longer, there are plenty of circumstances that normal people engage in throw away consumption such as buying some cigarettes and smoking them up or buying some junk food or alcohol or going to a movie.  That money is not coming back, and it was used for consumption that was optional... .. and sometimes normies engage in conspicuous (or even throw-away) consumption, without necessarily having steady or stable income or even not knowing when they will be paid next.

What I mean is, those who invest, although they have to sacrifice some things while investing, but after 5-10 years of investing, when they see their total investment amount, they will be satisfied with their investment amount. But if they had not invested hard, they might have wasted this investment money by eating out at restaurants or spending it on some other temporary pleasure.

It is not easy to figure out some balance in regards to discretionary consumption, since it would likely be quite rare persons who are ready, willing and able to deprive themselves of discretionary consumption for 4-10 years or more merely in order to maximize their bitcoin investment, so in that sense a certain amount of discretionary consumption is going to end up taking place, yet you are correct Patrol69, if 10 years or more pass, and a person realizes that he had been way too whimpy in his level of bitcoin investment, he may well have a lot of regrets about that since he cannot go back in time (especially 4-10 years or more) in order to fix his mistakes and/or to retroactively increase his level of bitcoin investment aggressiveness.

I used to earn a good amount of money at one time and at that time I did not have much pressure, so I used to spend everything I earned. When I got extra money, I used to go on tours with my friends and at that time I thought that time would pass like this and that way I would have money, but when the income suddenly stopped, I learned the reality and then I did not find anyone else to support me in my trouble. And since then I have learned that we have to plan for the future from the time we have it. Now I spend money very carefully and try to save money so that I can use that money for investment.

We sometimes might not realize how extravagant and wasteful that we are being at the time that we are doing it, and/or we might even be unwilling to control our own desires for the various immediate gratifications that might come from spending a lot of our money on various luxuries, whether goods or services.

Of course, some folks have higher level of skills (or job marketability) than other people, so even if they don't have a current job, they may well already be aware of their abilities to earn future income in order to be able to have enough income to cover their future expenses, even if they don't have the money in the bank at the time that they either engage in their conspicuous (throw-away) consumption or make their purchase of bitcoin (or additional bitcoin).

The job market situation in the future is not very good, if I consider the context of my country, then I would say that ten percent of the students who graduate every year are not getting jobs. Think about it, on the one hand, the education rate is increasing, on the other hand, unemployment is increasing.

For sure it can be tough for young people (or even older people who are thinking about learning new skills) to choose areas that they want to study and/or build skills so that they will be marketable in the future and also sufficiently satisfied with whatever kinds of work that they might end up doing based on the skills that they learned/studied (or the credentials that they obtained by going through some school or even their on their participation in on the job training. There can be difficult choices, even in circumstances where options are available.

Sometimes we might have to work on our learning, skills and experiences, and other times we might need to work on our presentation and likability (or ability to get along with others) in order to have potentials to be able to enter into higher paying jobs.  Sometimes we might be at an age, or health condition or even geographical location (as you mentioned) that causes great challenges to our ability to get into higher paying work...and so sometimes it can be dangerous to presume that everyone is capable (even if they are willing) to get into such higher paid positions.

Another thing is that sometimes the preparations in regards to getting into some higher paid position has to be done in advance, so that when an opportunity comes, the person is both qualified and able to get into the higher paid position.  It is the idea that preparation meets opportunity, and also merely because a person might engage in a lot of preparations to get into a kind of higher paid work, the mere fact that they did a lot of preparations (or all the preparations in a perfect way), that the opportunity is going to end up coming so that they are able to enter in the field or job (or a similar field or job) in which they were aspiring to enter into.  

For sure, there can be a lot of unfairnesses and even injustices in the world (and in life) so we might put ourselves in a bad mindset if we conclude that if we engage in certain kinds of conduct, then we are guaranteed certain kinds of results, which frequently means that we should be have back up plans and also to realize that there is also some levels of luckiness and unluckiness at various points along the way, even though sometimes we can engage in activities that help to increase the odds that we might be able to become more lucky, especially if we try to be realistic with various preparations that we might be making in the event that we might be trying to get into higher paid work and/or positions.  By the way, there are also some folks who look for higher levels of job satisfaction rather than higher pay.. and they seek out "meaningful" opportunities rather than merely looking for higher paid opportunities... and sometimes the "meaningful" opportunities will end up leading to higher pay (or at least sufficiently adequate pay).

We are given a wrong idea from childhood that if you study well, you will have to work when you grow up, but if the family had not put pressure on you to get a job in the first place, then maybe so many students would not be unemployed.

Surely there can be advantages to structure, and surely some things that are presented when we are younger, we might not understand exactly, and they might be mixed with truths and untruths and we likely end up learning based on some of the structure and expectations.  Frequently good role models will help kids to establish more realistic and/or more individually tailored goals... Yet kids sometimes can end up being quite rebellious towards the attempted helping from any possible role models.

Instead of spending your life chasing a job, I think it is wise to have a separate investment in your education because after graduation, you will get a good return on this investment, which will be useful later in becoming a business or entrepreneur.

When we are going through school at various levels, we might be exploring what we want, and frequently I considered some of my higher education learning to help me to be better able to learn how to learn, and of course, engaging in critical thinking skills.  Of course, if a person is going to be a business person or an entrepreneur then such person may well need problem solving skills and figuring out ways to set realistic goals, and some of that might be learned through school, and other parts of that might be learning by practice and/or gaining experiences - and sometimes, there may be needs to work with someone or work under someone  in order to learn certain industrial practices rather than going out and entering an area in which they had not apprrenticed for someone else first.. .sometimes there are gaining skills and other times there are gaining connections.

[Joeboy]

~snip~

You're right, Rich folks don't necessarily have to build emergency fund that will serve as protection for they bitcoin investment because they have assets which they can rely on to bail them out of any emergency situation. Even if an average investors have rich pals they could rely on is not enough reason why they shouldn't build emergency fund as friends may disappoint when they needed. Average or low income earnings shouldn't skip building their emergency fund because they have rich friends,they should build they emergency fund alongside their investments because it is the only reliable way to ensure the protection of their bitcoin investment from emergencies.

It depends on the kind of asset that the rich person is holding... Not all assets are a reliable safety net in cases of emergency... For example folks who are into real estate or other long term investment such an investment may not be quickly or be easily convertible to cash when urgent cash is needed for an emergency... Some rich folks are also victims of situations where their asset may not be easily accessible to solve an emergency..This is why everyone, both the rich and the poor, should always keep their emergency funds in a liquid form, to ensure easier access...

[Crytohillss]

If a person does not have steady or stable income, then surely any amount that they invest in bitcoin or they put into their emergency funds (or back up funds) is subjected to being tapped into if they are not able to generate income at later points in time down the road, whether that is a week later or a month later or however long that they have enough funds to be able to support themselves without new income coming into their possession.

If the permanent income stops, it is natural that the savings or emergency fund will run out at some point,

I don't see why there is a need to presume that savings and/or emergency funds will run out merely because a person does not have permanent and/or steady income.

Sure, there are more challenges for anyone who has erratic income and/or erratic expenses, and for sure anyone who has those erratic situations will likely need to maintain higher levels of back up funds in order to account for their erratic income/expenses situation.

so I think you should always think of an alternative job along with one job so that if one source of income stops, another source of income remains active. Many people cannot distinguish between emergency funds and investments, the difference here is clear that emergency funds are formed to be used when necessary, but investments are not intended to be sold for any urgent need, rather the purpose behind investing is long-term.

These are good points, and when we specifically consider bitcoin investing one of the reasons that there are greater needs to keep higher levels of back up funds as compared with other investments or even as compared with if you had no investments is because bitcoin continues to be greatly liquid and also greatly volatile, so many folks could either get tempted into tapping into their bitcoin at a time that is not of their own choosing or even be forced into tapping into their bitcoin at a time that is not completely of their own choosing because it might be the only liquid thing that is available.  

Also sometimes guys will go down the road of employing bad logic based on their recognizing that their bitcoin is "in profits," so then the fact that the bitcoin investment happens to be "in profits" they may well end up getting lured into cashing out way too much of it and cashing out too soon based on it "being in profits," and surely they may well end up with a lot of regrets down the road, even if they had ended up cashing out some or all of their bitcoin while it was "in profits" because they either were not able to build their bitcoin holdings back up to where it was or where it would have had been  if they had not ended up cashing out too many bitcoin too soon.

Even though existing bitcoin investors likely realize that when they are putting new value into bitcoin, they are locking that value up for 4-10 years or longer, there are plenty of circumstances that normal people engage in throw away consumption such as buying some cigarettes and smoking them up or buying some junk food or alcohol or going to a movie.  That money is not coming back, and it was used for consumption that was optional... .. and sometimes normies engage in conspicuous (or even throw-away) consumption, without necessarily having steady or stable income or even not knowing when they will be paid next.

What I mean is, those who invest, although they have to sacrifice some things while investing, but after 5-10 years of investing, when they see their total investment amount, they will be satisfied with their investment amount. But if they had not invested hard, they might have wasted this investment money by eating out at restaurants or spending it on some other temporary pleasure.

It is not easy to figure out some balance in regards to discretionary consumption, since it would likely be quite rare persons who are ready, willing and able to deprive themselves of discretionary consumption for 4-10 years or more merely in order to maximize their bitcoin investment, so in that sense a certain amount of discretionary consumption is going to end up taking place, yet you are correct Patrol69, if 10 years or more pass, and a person realizes that he had been way too whimpy in his level of bitcoin investment, he may well have a lot of regrets about that since he cannot go back in time (especially 4-10 years or more) in order to fix his mistakes and/or to retroactively increase his level of bitcoin investment aggressiveness.

I used to earn a good amount of money at one time and at that time I did not have much pressure, so I used to spend everything I earned. When I got extra money, I used to go on tours with my friends and at that time I thought that time would pass like this and that way I would have money, but when the income suddenly stopped, I learned the reality and then I did not find anyone else to support me in my trouble. And since then I have learned that we have to plan for the future from the time we have it. Now I spend money very carefully and try to save money so that I can use that money for investment.

We sometimes might not realize how extravagant and wasteful that we are being at the time that we are doing it, and/or we might even be unwilling to control our own desires for the various immediate gratifications that might come from spending a lot of our money on various luxuries, whether goods or services.

Of course, some folks have higher level of skills (or job marketability) than other people, so even if they don't have a current job, they may well already be aware of their abilities to earn future income in order to be able to have enough income to cover their future expenses, even if they don't have the money in the bank at the time that they either engage in their conspicuous (throw-away) consumption or make their purchase of bitcoin (or additional bitcoin).

The job market situation in the future is not very good, if I consider the context of my country, then I would say that ten percent of the students who graduate every year are not getting jobs. Think about it, on the one hand, the education rate is increasing, on the other hand, unemployment is increasing.

For sure it can be tough for young people (or even older people who are thinking about learning new skills) to choose areas that they want to study and/or build skills so that they will be marketable in the future and also sufficiently satisfied with whatever kinds of work that they might end up doing based on the skills that they learned/studied (or the credentials that they obtained by going through some school or even their on their participation in on the job training. There can be difficult choices, even in circumstances where options are available.

Sometimes we might have to work on our learning, skills and experiences, and other times we might need to work on our presentation and likability (or ability to get along with others) in order to have potentials to be able to enter into higher paying jobs.  Sometimes we might be at an age, or health condition or even geographical location (as you mentioned) that causes great challenges to our ability to get into higher paying work...and so sometimes it can be dangerous to presume that everyone is capable (even if they are willing) to get into such higher paid positions.

Another thing is that sometimes the preparations in regards to getting into some higher paid position has to be done in advance, so that when an opportunity comes, the person is both qualified and able to get into the higher paid position.  It is the idea that preparation meets opportunity, and also merely because a person might engage in a lot of preparations to get into a kind of higher paid work, the mere fact that they did a lot of preparations (or all the preparations in a perfect way), that the opportunity is going to end up coming so that they are able to enter in the field or job (or a similar field or job) in which they were aspiring to enter into.  

For sure, there can be a lot of unfairnesses and even injustices in the world (and in life) so we might put ourselves in a bad mindset if we conclude that if we engage in certain kinds of conduct, then we are guaranteed certain kinds of results, which frequently means that we should be have back up plans and also to realize that there is also some levels of luckiness and unluckiness at various points along the way, even though sometimes we can engage in activities that help to increase the odds that we might be able to become more lucky, especially if we try to be realistic with various preparations that we might be making in the event that we might be trying to get into higher paid work and/or positions.  By the way, there are also some folks who look for higher levels of job satisfaction rather than higher pay.. and they seek out "meaningful" opportunities rather than merely looking for higher paid opportunities... and sometimes the "meaningful" opportunities will end up leading to higher pay (or at least sufficiently adequate pay).

We are given a wrong idea from childhood that if you study well, you will have to work when you grow up, but if the family had not put pressure on you to get a job in the first place, then maybe so many students would not be unemployed.

Surely there can be advantages to structure, and surely some things that are presented when we are younger, we might not understand exactly, and they might be mixed with truths and untruths and we likely end up learning based on some of the structure and expectations.  Frequently good role models will help kids to establish more realistic and/or more individually tailored goals... Yet kids sometimes can end up being quite rebellious towards the attempted helping from any possible role models.

Instead of spending your life chasing a job, I think it is wise to have a separate investment in your education because after graduation, you will get a good return on this investment, which will be useful later in becoming a business or entrepreneur.

When we are going through school at various levels, we might be exploring what we want, and frequently I considered some of my higher education learning to help me to be better able to learn how to learn, and of course, engaging in critical thinking skills.  Of course, if a person is going to be a business person or an entrepreneur then such person may well need problem solving skills and figuring out ways to set realistic goals, and some of that might be learned through school, and other parts of that might be learning by practice and/or gaining experiences - and sometimes, there may be needs to work with someone or work under someone  in order to learn certain industrial practices rather than going out and entering an area in which they had not apprrenticed for someone else first.. .sometimes there are gaining skills and other times there are gaining connections.

i don't think it is fair to assume saving or emergency funds will automatically run out just because someone doesn't have a steady income, irregular income definitely adds complexity but that doesn't mean it is unmanageable people with varies income often plan more keeping lager buffers specifically because they know their cash flow isn't predictable.

[avp2306]

so I think you should always think of an alternative job along with one job so that if one source of income stops, another source of income remains active. Many people cannot distinguish between emergency funds and investments, the difference here is clear that emergency funds are formed to be used when necessary, but investments are not intended to be sold for any urgent need, rather the purpose behind investing is long-term.

These are good points, and when we specifically consider bitcoin investing one of the reasons that there are greater needs to keep higher levels of back up funds as compared with other investments or even as compared with if you had no investments is because bitcoin continues to be greatly liquid and also greatly volatile, so many folks could either get tempted into tapping into their bitcoin at a time that is not of their own choosing or even be forced into tapping into their bitcoin at a time that is not completely of their own choosing because it might be the only liquid thing that is available.  

Also sometimes guys will go down the road of employing bad logic based on their recognizing that their bitcoin is "in profits," so then the fact that the bitcoin investment happens to be "in profits" they may well end up getting lured into cashing out way too much of it and cashing out too soon based on it "being in profits," and surely they may well end up with a lot of regrets down the road, even if they had ended up cashing out some or all of their bitcoin while it was "in profits" because they either were not able to build their bitcoin holdings back up to where it was or where it would have had been  if they had not ended up cashing out too many bitcoin too soon.

Liquidity also volatility of Bitcoin makes it so different from any other type of investments. This is the reason its important to be smart to have strong back up funds outside of Bitcoin. So we will not come to the point we will be force to sell when there's not good situations came.

Also you are right with that profit trap things what you have said since it really doesn't when Bitcoin pump this is the time they sell all they bought. Because they have they might guys lose lots of opportunity by selling it so early. That's why its important to have discipline and and better create a plan for long term about their target on when to sell then stick with it, rather then let their emotions drive then to decide to do bad short term decisions.

[MarjorieZimmermanGinger]

Also you are right with that profit trap things what you have said since it really doesn't when Bitcoin pump this is the time they sell all they bought. Because they have they might guys lose lots of opportunity by selling it so early. That's why its important to have discipline and and better create a plan for long term about their target on when to sell then stick with it, rather then let their emotions drive then to decide to do bad short term decisions.

Simply buy when the price drops or use the DCA pattern as a buying step and hold your Bitcoin until it reaches the desired price which will maximize your returns. Investing in Bitcoin is indeed much better for the long term, so people aren't too preoccupied with market price movements. As long as we prepare properly, our investments will be much more successful. Sometimes people invest without proper preparation, so in certain situations they have to sell some assets for specific needs. This is a wrong decision, as investments should be based on conceptual maturity with people fully prepared for other needs, so that the investment journey isn't disrupted simply by needing cash to meet other needs.