Bitcoin investment certainly requires a reasonable income, but even then it is very reasonable for us to add some additional strategies such as building an emergency fund. We should definitely consider this situation. To be successful in Bitcoin investment, we must be patient, but a new investor can invest in Bitcoin freely.
If he can invest in Bitcoin using his income in a new situation, then this will be the best for him, patience is definitely the most important thing for Bitcoin investment.
Bitcoin investment certainly doesn’t need a reasonable amount of income before you can get started with investing in bitcoin, as you’re not investing from your income, rather you’re investing from your discretionary income leftover money, however I don’t really know how much income you classify as reasonable, you don’t need to have all the money in the world before you can start buying and investing in bitcoin, as small as your discretionary income you can buy from the DCA, the most important thing is that you’ve a discretionary income to invest in bitcoin, considering that you’ don’t have a huge amount of discretionary income you can stick with buying through the DCA and then try increasing your cashflow as you keep investing, to also enable you to increase your amount of accumulation, but as a beginner you have a discretionary income you can buy small small and staying consistent.
A stable and high income is very important for long-term investment. If your income is not high, it will be difficult to separate your discretionary income from that income and when you cannot separate discretionary income for your investment, then naturally you will not be able to invest. I think that along with investment, we should pay maximum attention to how to earn more money. The more money we can earn, the safer our investment will be and it will be easier for us to continue that investment in a long-term plan.
You seem to be exaggerating @Patrol69. Sure, if we are going to invest in bitcoin for 4-10 years or longer, we need to be able to pay our basic expenses through that whole time, and surely the more money we make and the better we manage our various expenses, then the more likely that we will be able to create situations in which we can both keep contributing to our bitcoin holdings, yet we can also avoid or minimize the amount that we are tapping into our bitcoin at times that are not of our own choosing.
There is no reason to be describing perfect scenarios since a lot can happen to people in 4-10 years or longer, and they may end up having to change the amount that they can buy bitcoin or even the times that they can buy, and yeah, they also might have to sell some bitcoin against their wishes.
Even if there are preferred outcomes, I see little to no value to proclaim that the only way that bitcoin investing will be successful is to have the preferred outcomes play out.
Now those whose income is relatively low but they are able to separate discretionary income from that relatively low income to invest, but even if the amount of that discretionary income is low, they can start that investment because it is not like that, it will actually take a very large amount to start investing and no amount of investment is small.
However, if the investor earns more money, it is always positive for him, so he should try to earn more money.
I agree with this portion of your post - including that if guys can figure out ways to increase their discretionary income by increasing their income and/or decreasing their expenses, then they will likely have more money to invest in bitcoin and also more money to strengthen their back up funds... and wealth likely could be built by a combination of those two ongoing building practices.
Of course, many of us already recognize that discretionary funds are used for investing, saving and discretionarily consuming, and so then the more discretionary income that we have over time, then the more options we will have in regards to how to use those discretionary funds as they come available. Not all guys are in a good position to increase their discretionary funds and/or even able to stop their discretionary funds from shrinking over time, yet as you seem to be advocating, they can attempt to be proactive in improving their circumstances so that their discretionary funds can be increased and/or stopped from shrinking over time.
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In my country's context I can say that there are some people who are poor but they are also accumulation Bitcoin. It is true that they lack some knowledge in long term but they are able to realize that Bitcoin will give them huge returns in the future. What is surprising is that these poor investors have a long term strategy. They have not built an emergency fund but are accumulation Bitcoin based on discretionary income. Although it is risky for them because they do not discuss in forums like ours, they are just investing in Bitcoin using their own methods. I do not know if the number of poor investors is so high in other countries but some investors in my country are using their morale and making a single effort to reach a good position financially and are holding Bitcoin by fighting against financial adversities.
For sure, some folks struggle in regards to the sources of their information, and there are ONLY so many hours in a day to try to figure out if some sources of information might be helpful in the abilities of normies to organize themselves in their finances and to figure out good ways to accumulate bitcoin and to safeguard themselves.
Cashflow management is a kind of basic skill that a lot of people learn, practice, repeatedly practice, make mistakes and hopefully learn from their mistakes (and hopefully their mistakes are not so BIG that they end up ruining themselves. The fact of the matter is that many normal purposefully strive to be sufficiently conservative in their finances so that they do not ruin themselves and that they always have enough money to cover their basic expenses.. and sure sometimes they might have to struggle to make sure that they don't run out of money.. so then if they invest (including investing in bitcoin), that investment money gets set aside (not to be spent for 4-10 years or longer), and it can be quite challenging to adapt to having money on the side (that could be accessed) that is purposefully being taken out of current availability in order to be held for a time in the future that may or may not end up playing out as expected.
For sure, many of us bat around ideas in forums like this (and in threads like this), and it is not always clear if we are using our time well, since a lot of value can come from our own organizing of our finances and/or our thoughts, but sometimes we might not know what we do not know until we interact about our ideas in threads (forums) like these.
Many of us would presume that investing into bitcoin should incentivize guys to want to learn about bitcoin and about cashflow management, yet each person has their personality and they make choices about how much to prioritize bitcoin investing as compared with other things going on in their lives. We cannot tell people what they should do, since it is up to them, even if we might realize that bitcoin is amongst the best, (if not the best place?) to put our time, energy and value, other folks might not come to those same conclusions in regards to how to spend their time, energies and value.
Yes, I need to correct myself here. I think I was a little too strict about human freedom, after your comment I thought deeply about the matter and realized that I need to correct myself here.
People have freedom in terms of acquiring knowledge and in terms of investing, every person has the freedom to decide how much knowledge to acquire and how much to invest. We should make sure that we are acquiring the necessary knowledge and are not neglecting acquiring the necessary knowledge. Perhaps instead of using the word "deep knowledge", the word "necessary knowledge" should have been used. We definitely need knowledge to acquire skills in investing and to handle the situation, we cannot neglect acquiring knowledge in any way.
You seem to be making the same (or a similar) mistake that I was criticizing you for in your earlier post, since truly within your own choices, you can choose to prioritize learning, and even consider that the most likely path to success is to spend your time, energy and/or value on becoming more knowledgable about bitcoin.
One of the problems that I attempted to identify and to suggest that you had gone overboard was when you proclaimed that others need to prioritize knowledge and/or learning, when surely they can choose to prioritize what they like, and sure you can suggest to others that their likelihood of success increases with improving their knowledge, and they may or may not agree with you about the value of either gaining knowledge and/or the best methods to gain knowledge (about bitcoin and/or cashflow management), yet at the same time, they can still invest their time, energies and/or value into bitcoin.
Your link did not work... so I fixed it.... otherwise I agree with the points that you are making that relate to guys abilities to try to work towards putting themselves into a better category with the passage of time, even if they might have had started without much of anything.
What we understand from these Hypo's is that if you are newbie, who don't have any emergency funds in place even then you must not hesitate to start investing in Bitcoin and building emergency funds alongside. As newbie start investing in Bitcoin, he will have better understanding of how much Bitcoin he needs in future that he can call adequate. Moreover as we keep on investing, we are also in position to catch the dip which was not possible otherwise.
Newbies must be aggressive in start of their Bitcoin accumulation journey because they have to gather good number of Bitcoins before they can think about their future journey.
Aggressiveness level remains a choice that each of us has.
Sure, we can proclaim that the more aggressive we are in buying bitcoin, then the more likely that we will profit in the future from our bitcoin investment, and accordingly we would presume that bitcoin prices will continue to go up... yet in the end, each person has to decide.
I frequently suggest that guys "should" try to invest in bitcoin as aggressively as they can without over doing it.
There is a difference between the use of the term "should" and "must." Ultimately, when it comes to how whimpy or aggressive we are in the way that we buy bitcoin and in the way that we manage our cashflows, each of us chooses, and we are responsible for our choices.
