JJG’s Outline of Bitcoin Investment Ideas

[NewRevelation]

We must have some kind of emergency fund before starting to invest, even if we later buy Bitcoin only with our discretionary income. Therefore, having an emergency fund is something that everyone who starts investing should have.

You must NOT have any emergency funds first before starting. What is needed to start immediately if figuring out your discretionary income, and with it you can start your investment. As for your emergency funds, you can also start building it gradually as you have started buying Bitcoin. You don't wait to to have emergency funds first, this is because building an emergency funds does not just take a day or 2-3 weeks. You need sometime to do so. Therefore, while you are building it up, you can as well be buying simultaneously.

with the reason being that the emergency fund is an additional fund for us to invest in Bitcoin, especially if the portfolio we are building looks good in performance, so the use of the emergency fund is to purchase Bitcoin to increase the amount of our investment because with discretionary income alone, it looks like it is starting to improve, so it needs to be added to be able to have more assets in the future.

Emergency funds used to buy Bitcoin? How and why? This is so insane.

If you do that, just know that your accumulated portfolio as at great risk of been sold out unplanned and even at loss, because when emergencies show up, you would have nothing to tackle it.

Like the name implies, emergency funds, only meant for emergencies, not for buying Bitcoin. As you are investing into Bitcoin, your emergency funds should always be readily available and accessible so that when unexpected financial demands arises, you can use it to handle the emergency. You don't buy Bitcoin with your emergency funds pls.

[Primark]

Finance is what we actually need to buy out you can start your investment with funds from gifts and so many other ways.

Financial balance only makes it more easy, it makes you more consistent and give your holdings protection. A person will a consistent income can easily protect his holding by making provisions for emergency funds and reserve funds.

So yes we need finance to buy our bitcoin, or even begin our investment journey, a Steady income only makes it more easy and to be more consistent.

What did you mean by starting our investment with funds from gifts and so many other ways?  You are making this look as though the gift will be coming everytime it is something that comes once a while sometimes you may not even get a gift for one year so waiting to start your investment with funds from gifts will make you look like unserious person because a serous investor will struggle to get a source of income so as to enable them carry out their investment plans, I'm not saying that it is a bad thing to invest with funds from gifts rather we shouldn't wait to start our investment with funds from gifts.

I agree that planning on gifts as a substitute for regular income is not right. I want to show you a difference, making the first purchase with a gift in hand and waiting for gifts to come in the future are different things. @Abbatty basically said the opportunity of the first in his statement, he did not promise that the gifts will come repeatedly.

Imagine, the money for my first Bitcoin purchase came from a gift. Just because I started with a gift, does my plan become insignificant? If I can afford to keep some of that money for a long time after considering all the necessary expenses and liabilities, then anyone can start without hesitation. But since no one knows when the next gift will be received, one should not plan to buy the same amount every week with that money. The ability to regularly give new money will not be created with the first purchase, but if the person gets new discretionary income later, he can buy again. Even if he does not get discretionary income, he can focus on increasing his income and reducing expenses while keeping the previously purchased Bitcoin.

[Female King]

No no my friend, I think you’ve gotten it all wrong.  Backup funds is important and necessary even as you’re starting your investment. It is mandatory you start investing with some kind of backup funds that’s why it’s important you invest with your discretionary income because it gives you the flexibility to build both your investment and your backups simultaneously.

Don't you think you are missing the point here? I know that having back up funds is very important when investing in bitcoin but that doesn't mean an investor must have e everything in place before they can start investing in bitcoin, the reason why we are to use our discretionary income is that it gives the room to build your investment gradually while you set aside money for your back up and also other necessary funds like the emergency funds from your discretionary income as you continue to buy bitcoin.

The main ability to start Bitcoin investment is to have  discretionary fund . And  if there is any  income source that is generating regular discretionary income from that fund we can buy bitcion regularly too by following dca method. . Bitcoin can brought  from that discretionary fund  and backup funds like emergency fund and reserve fund can also build buy discretionary income . Now before investing a perfect back up fund is not mandatory. If @Agbam means that there must be a mandatory backup before investing then  i will now agree with him.  Even if a newbie does not have a 3 to 6 months emergency fund , he can start with a small amount in Bitcoin. If we  say a newbie to complete all kind of financial preparations first then investing bitcion will be delayed. And backup fund does not mean that you have to keep a separate fund before starting Bitcoin. Specific fund, normal savings or fiat currency in the locker of the room can also work as a backup. So an investor actually  is not starting with zero backup at all.

The most balanced  concept is that just  suppose someone has $300 discretionary money after accounting for expenses. He doesn't need to put all of the $300 into an emergency fund for the first few months, and it may not be also logical to put all of the $300 into Bitcoin. He may give some to Bitcoin and some to backups based on his own circumstances. The ratio is not fixed as you know income stability, existing savings and expense are not the same for everyone. So I think @Female King statement is more logical.

I see you understood more of what i was talking about these two guys BluebloodCXVI and cyberninja2 were just talking trash, how can it be mandatory to have some back up funds before you can start investing in bitcoin, i wasn't saying we don't need back up but to get started we do but it shouldn't be mandatory what should be mandatory at first should be our discretionary income that we can use to buy bitcoin, then anyone who knows they have the capacity to put everything in place before getting started can do so, but in a situation where you can't put everything in place and you were able to figure out that you have some little discretionary income left behind i think it's better to start with it instead of waiting to have everything in place.

[Grease5000]

Because having an emergency fund allows us to invest with discretionary income, it provides a little protection when situations arise that require us to use the emergency fund, with the reason being that the emergency fund is an additional fund for us to invest in Bitcoin, especially if the portfolio we are building looks good in performance, so the use of the emergency fund is to purchase Bitcoin to increase the amount of our investment because with discretionary income alone, it looks like it is starting to improve, so it needs to be added to be able to have more assets in the future.

I think you are mixing things up here, maybe you don't know what an emergency fund is use for or the reason why investors preach about emergency fund.

An emergency fund is meant for unexpected expenses and not for buying more bitcoin because your portfolio is performing well. If an investor use his emergency fund to buy bitcoin that defeats the whole purpose of having one. As an investor if you have $200 left as your discretionary income after settling all essential needs, you can devide it into three places let say 50, 30, 20 or 40, 35, 25 depending  on which suits your style , you can use $50 to invest in bitcoin, $30 in building an emergency fund and 20 to build some financial cushion.

Yo can  increase your bitcoin holdings,  by increasing your discretionary income  by get a better paying work or by cutting down some unnecessary spending.  You don't put your financial safety at risk by using  emergency fund meant for emergency situation to buy bitcoin just because you want to accumulate more bitcoin.