Crypt0Gore (OP)
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January 24, 2023, 09:41:52 AM |
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Many people advise newbies to invest only what they can afford to lose but I have done this a few times before and as time goes on they get tired, if I ask them why they reply, 'I don't know it's going to take this long, I have come to realize that telling newbies to invest only what they can afford to lose is incomplete because they don't know how long it will take anyway and most aren't prepared for that.
Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.
If one invests in Bitcoin he is not going to lose money anyways, the worst case scenario is holding longer than they prepared for, I am sure that everyone knows that the risk of losing money invested in Bitcoin has gone down a lot, keep buying with FIAT or Stable coin you don't need for the next 5+ years and you will be 🆗.
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Jawhead999
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January 24, 2023, 09:54:21 AM |
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Actually it's same, if they don't need the money for the next 5+ years, it means they can afford to lose since it's not needed the money for short time. However I don't think there's will be a person need to think the money isn't need for the next 5+ years because it's really long to go and there's no way you can make a plan for the next 5+ years since anything can happen without you expecting.
The most simple thing just allocate 5-10% of your monthly salary to buy Bitcoin.
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Phyna4
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January 24, 2023, 10:11:29 AM |
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Many people advise newbies to invest only what they can afford to lose but I have done this a few times before and as time goes on they get tired, if I ask them why they reply, 'I don't know it's going to take this long, I have come to realize that telling newbies to invest only what they can afford to lose is incomplete because they don't know how long it will take anyway and most aren't prepared for that.
Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.
If one invests in Bitcoin he is not going to lose money anyways, the worst case scenario is holding longer than they prepared for, I am sure that everyone knows that the risk of losing money invested in Bitcoin has gone down a lot, keep buying with FIAT or Stable coin you don't need for the next 5+ years and you will be 🆗.
It's because they haven't gotten a better understanding of how btc works.
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Vyeon11
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January 24, 2023, 10:21:57 AM |
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I also suggest that as a fellow beginner, if investing in bitcoin you must have daily or monthly income, it will help you in terms of the economy, make bitcoin a future asset, don't be in a hurry to invest, because it will be a mental pressure for you.
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Lucius
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January 24, 2023, 10:31:53 AM |
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Everyone has their own vision of how to advise other people when it comes to Bitcoin, and I can agree in principle that one of the good tips is "not to invest more than you can afford to lose", but the problem can arise in that many cannot properly estimate that amount and then find themselves in a problem. Ignorance and greed are often much stronger than common sense, especially at a time when we have a big bull run and when most are under the influence of FOMO (fear of missing out).
I have long taken the position that I will not advise anyone on such sensitive matters if I do not assess that this person is not aware of all the risks arising from such investments. In addition, everyone should focus more on promoting Bitcoin as a currency, and not just as a means to make a profit.
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Cantsay
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January 24, 2023, 10:42:15 AM |
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For me they both mean the same thing. Telling someone to invest what they can afford to lose and telling someone to afford money that they won't be needing in the next five years is same thing just worded differently. Before one gets involved in Bitcoin he/she shouldn't come with the idea that Bitcoin is a get rich quick scheme one such idea has been eliminated from a newbie then such a newbie won't see any difference between the two statements in Op.
So for me; first and foremost prepare the mind of the newbie for what he/she is getting involved into. You might decide to use the latter for them, but, what if an issue arise and they're unable to keep up with the five years agreement? So it takes a prepared mind to successfully navigate through situations like this.
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I_Anime
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January 24, 2023, 12:06:52 PM |
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I guess what affect them most is not really understanding the phrase invest what you can afford to lose they mostly misunderstood it and didn't really have any investment plans, that why they see it has something that is taking a long time.
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examplens
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January 24, 2023, 12:12:45 PM |
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in essence, I no longer advise anyone to invest in crypto. not because I think that such an investment is not a good thing, but because it requires a lot of my invested energy, and a positive result can rarely be expected. I am very happy to share what I know and express my personal views, but giving advice is very ungrateful and will often end unsuccessfully due to impatience or misunderstanding.
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mk4
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January 24, 2023, 12:18:22 PM |
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That makes sense, but also — let them focus on education. If they actually know/understand bitcoin at least with a good amount, chances are, they wouldn't be having doubts and they would know about bitcoin's cyclical nature in the first place.
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Jatiluhung
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January 24, 2023, 12:30:12 PM Merited by fillippone (2) |
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My first lesson when I was a beginner was understanding the risks and opportunities/potentials to be taken. Being aware of the risks that will be taken makes me ready if I have to get a loss. and when I know the opportunities/potentials that I will get, this makes me more prepared for the risks I take. And of course investing with money that you have to be prepared to lose is fundamental in crypto investing and that is something that still needs to be said.
But the fact is that most beginners always invest excessively at the beginning of their investment steps. so that not a few experienced losses at the beginning of their journey in investing in crypto. they know the adage about having money ready to lose. But beginners are more likely to still not be able to control their own psychology. I hope beginners also learn about psychology in investing. so that they are also mentally prepared and can control their own greed or emotions in investing.
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Charles-Tim
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January 24, 2023, 12:45:12 PM |
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Instead, I tell them to invest the amount they won't be needing for the next 5+ years, this prepares them mentally and physically, and those that are weak will give an answer instantly saying no way.
It depends. If it is bitcoin, that is also my advice, but some altcoins are just useless and if someone invested in it, the value can depreciate, some coins will not get to all-time-high is another thing. If it is bitcoin, it is worth investing. As for altcoins, during bear market like this, you can gamble with it with the amount of money you can afford to lose, but you can invest in bitcoin and still have the confidence that you will see positive ROI in long term.
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Luzin
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January 24, 2023, 01:08:04 PM |
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That makes sense, but also — let them focus on education. If they actually know/understand bitcoin at least with a good amount, chances are, they wouldn't be having doubts and they would know about bitcoin's cyclical nature in the first place.
This is difficult, I think nowadays a lot of people want to get to know Bitcoin because of its Value. It's not that they want to learn what bitcoin is and what it is actually for. In addition, many of them do not want to learn, even they are willing to pay for trading assistance. Because I used to be the first one too, only then did I try to learn more through this forum. But the fact is that most beginners always invest excessively at the beginning of their investment steps. so that not a few experienced losses at the beginning of their journey in investing in crypto. they know the adage about having money ready to lose. But beginners are more likely to still not be able to control their own psychology.
That's what traumatized them, and assessed the crypto scam. They didn't want to stick around, and tried again for it which I met in my friend who studied crypto. They give up before they understand it well, probably because they have a job that is more certain to make money from the services they do.
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Z390
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January 24, 2023, 02:32:05 PM |
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Bitcoin and crypto investment is not something you want to get involved with without having a very good job that brings you enough money, so even if you invest some part of your salary you will be able to take your eye off the investment and wait for a long period without any worries. Many people think they can handle anything in a bear market but as time fly they become tired of it and start losing hope.
I could remember someone in my school who bought 100,000 pieces of polygon when it was in few Cents years ago, he got tired of holding and sold, I tried changing his mind but I failed, later Polygon surge so much and he regretted his decision. He was not ready for long term holding and he thought he was.
Its always easier said than done, I believe this is the right quote for this.
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Mate2237
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January 24, 2023, 05:36:59 PM |
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I don't like this statement invest only what they can afford to lose , it is not a statement of encouragement. Instead, tell the person invest in bitcoin but there is risk because the price is not stable. You can invest today with the price of 22$ and probably by the time you want to take the funds it might be at the rate of 20$ which means you are in the losing side. So when you invest in it you have to be attentive to the movement of the price for a very long period of time. And if the person likes the risk involve allow him or her to invest and if the person is not interested then let him or her go. Mate everyone needs money at all time. So investing money that one doesn't need is an understatement, that Investment money can be taken at anytime. Because expenses is uninvitable. So you might spent that at anytime. You have money and you an urgent matter to settle won't you spend it to settle the issue?
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Sanitough
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January 24, 2023, 09:29:13 PM |
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Everyone has their own vision of how to advise other people when it comes to Bitcoin, and I can agree in principle that one of the good tips is "not to invest more than you can afford to lose", but the problem can arise in that many cannot properly estimate that amount and then find themselves in a problem. Ignorance and greed are often much stronger than common sense, especially at a time when we have a big bull run and when most are under the influence of FOMO (fear of missing out).
I have long taken the position that I will not advise anyone on such sensitive matters if I do not assess that this person is not aware of all the risks arising from such investments. In addition, everyone should focus more on promoting Bitcoin as a currency, and not just as a means to make a profit.
Do not invest what you can’t afford to lose, will always be the most basic rule in any forms of investing. However, with bitcoin which involves high risk because of high volatility, I would not advise people to invest but most likely to learn and become knowledgeable about bitcoin. That way, if they have already understood completely about bitcoin, then it’s already their decision if they still wish to invest or not. But the moment they’ll start investing, they should also be responsible enough to think that bitcoin will never give them quick profits as it could be a good long term investment instead.
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kawetsriyanto
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January 24, 2023, 09:49:33 PM |
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Actually it's same, if they don't need the money for the next 5+ years, it means they can afford to lose since it's not needed the money for short time.
It isn't really the same but it is almost the same. Can afford to lose means no problem to lose the money at all. The money isn't crucial to use in a short time or a long time. Whereas what the OP meant, the money isn't crucial to use in a short time, but it is needed for a long time. CMIIW The most simple thing just allocate 5-10% of your monthly salary to buy Bitcoin.
Agree. 5-10% of the monthly salary is safe to use for investment. However, we must be careful to choose the coins to invest in, especially when we are newbies. For newbies, I think under 5% is more than enough to use for investment. And only choose BTC for the safest investment.
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Sandra_hakeem
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January 24, 2023, 10:59:07 PM |
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It's nice to see that alot of low ranking OPs have a solid foundational idea already -- although I know OP ain't a newbie cus he's been here since 2021, even before I got registered though. I keep wishing -- and if wishes were horses, I'd ride 'em myself just to make sure this impression is properly instilled in every rookie's head, not just some mere jokes yunno. Someone said something the other day and he was like: he tutored peeps that finally agreed to invest in BTC after much efforts to convince them the route-wise... Then it came a time, when BTC had to diminish in market value, causing them to lose much funds.... He tried to explain that he's been called a looser and a cheat for advising them to get scammed -- it's the reasons why I'd want every newbie to read the PROs and CONs involved, to avoid something like this next time.
Sandra 🧑🦰
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drwhobox
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January 24, 2023, 11:13:08 PM |
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If you have to convince a newbie to invest in bitcoin, it is necessary to make them understand that they can lose money. Otherwise, you will be responsible for any loss and they will blame you for that. So, it is good to tell them before they invest, but to avoid rejection you can focus on the good things about bitcoin and let them decide.
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qwertyup23
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January 24, 2023, 11:55:02 PM |
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Actually it's same, if they don't need the money for the next 5+ years, it means they can afford to lose since it's not needed the money for short time. However I don't think there's will be a person need to think the money isn't need for the next 5+ years because it's really long to go and there's no way you can make a plan for the next 5+ years since anything can happen without you expecting.
The most simple thing just allocate 5-10% of your monthly salary to buy Bitcoin.
I agree with your statement. The phrase "invest only what you can afford" encompasses all possible circumstances of the person not using the money. Basically or in the most simplest terms, just think of it as throwing away money and not expecting any profit from it or anything whatsoever. In that kind of mindset, you would be surprised to see that your cryptocurrencies would slowly grow from time-to-time. But of course in order to maximize your profits, you must be diligent enough to check its price on the market if your initial investment increased.
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khaled0111
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Top Crypto Casino
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January 24, 2023, 11:55:20 PM |
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By telling them to invest only the money they won't need in the next five years, you are implicitly promising that they will get the invested money or more after that period. I wouldn't do that to be honest. No one knows what will happen in or after five years and you don't want to be held responsible if something wrong happens and they lose their money. By telling them to invest only what they can afford to lose, you are preparing them mentally for the worst case scenarios.
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