You should not presume the income, the expenses or even the prior investments of a person based on age, even though age is a factor that each person needs to take into account. If you ignore age or even just superficiallly make presumptions about your bitcoin investment based on your own age, then you are being sloppy and likely going to do worse in your bitcoin investment based on your failing/refusing to adequately account for your personal factors in meaningful and significant ways..
Actually it's not that we shouldn't assume what we do but we must adjust our expenses to our income. If we can't manage these two factors even if we assume too much it will be very difficult to invest in whatever we want. This assumption has the factor of not being careless so our activities will be well-maintained and prevent failure in potentially significant matters. Because having investments is only for the purpose of our future but considering before doing it of course there are sufficient ways to get assets for our future so that all of these things without any personal factors may be sufficient.
I am not opposed to some frameworks to consider people as they age, yet it becomes problematic if we try to get into too many details, since various actions of individuals can end up making differences, and even if there are a lot of people who end up forming families, we cannot necessarily presume family context or even income or amounts of investments and/or savings - even though generally an overwhelming number of folks are inadequately invested in various assets - and surely when it comes to bitcoin it is quite likely that we have somewhere in the ballpark of only around 1% of the world's population invested in bitcoin, and maybe even the ones who are invested in bitcoin are inadequately invested in it.
So if we come up with five hypotheticals and we attempt to make them representative of various age groups, such as 25, 35, 45, 55, 65, we might give certain financial characteristics to each of them in terms of their income level (their discretionary income), the kinds of investments they own, the level of their back up funds and maybe a few other presumptions that might not fit everyone of their age group.. but we are giving someone who we might be wanting to describe.. such as someone who is new to bitcoin or maybe someone who had already been investing into bitcoin for a period of time.
Age is not a barrier to Bitcoin investment because you do not need strength before you can buy Bitcoin, but i agree that investing in Bitcoin at a youthful age is a worthy time to invest in Bitcoin because youths have enough time to work on their finances to have discretionary income that they will use to invest in Bitcoin, and they also have plenty of years ahead of them they can use to ccumulate Bitcoin and hold for plenty of years so that they can stand a chance of being in profit in Bitcoin investment, and they can also handle the pressure of the market sentiments in a way that it will not have any negative effect on them.
True, age is na a barrier, old and younger folks can invest in bitcoin and hold for the long term. Younger folks find bitcoin investment as an opportunity to improve their financial situation. Older folk may not want to invest because of their age. They believe that they don't have enough years to live again. That's why young people should Start accumulating bitcoin early so that by the time they are older, they have already build their portfolio. it is never too late for older folks who are considering to invest in bitcoin however if they have accumulated earlier,by now they would be reaping the fruit of their hardworks.
You make little sense Cossyblack.
You agree that age is not a barrier, but then you go on to describe various age-related scenarios to show that age can be a factor.
Age is a factor regarding investment timeline (life goals), ability to train (learn), income, expenses, family/relationship status, potential health issues, maturity etc.
Age is a factor that you cannot ignore or downplay if you are trying to figure out how bitcoin might fit into the lives of individuals.
Taking of loan is definitely a personal choice, it has worked well for some folks while some other folks having regretted taking such an action....Well I believe that when done the right way loans will not take away you peace of mind....Bitcoin is a volatile asset, the future is mostly uncertain, and it would seem only foolish for folks to borrow money with the intention of using the proceeds/profits they get from Bitcoin in repaying that loan...It wouldn't be a bad idea if one takes probably a low interest loan, and the repayment of the loan is not dependent on the supposed profit you will get from Bitcoin...
Indeed folks should stick to what they can handle without letting it interrupt their bitcoin investment, just as Jay said, taking loans to invest in bitcoin is an advanced technique however, those starting their bitcoin investment shouldn't attempt taking loans because they still need some level of experience to really understand how the whole accumulation process works first with their discretionary income until it becomes their habit. Loans can be used to front load your bitcoin investment especially during dips but first we must ensure we have a way of paying back without messing with our bitcoins.
Well I think everything we must do with our finance especially when it comes to investment must be thoroughly planned with a touch of experience. The difference between a newbie and a pro bitcoin investors is the planned strategy and how they implement them.
You don't need to plan and figure out to just start buying bitcoin and DCAing. The more complicated and/or aggressive that you plan to be, then you will likely have to employ higher levels of preparations and plannings to make sure that your chosen added level of complexity is not going to cause too much risks and/or costs in regards to your bitcoin holdings and/or management.
If I get right what JJG pointed, is that you don't need to have everything planned out before starting Bitcoin accumulation using DCA strategy because over thinking can call things that are not as if they are existing which will definitely complicate things by taking it to a higher level of complexity that will require more than ordinary efforts to handle the complexity that has been created. All that can cause unnecessary fear.
This happens in other areas of life. Just being afraid of what does not enough exist or afraid of what will not even exist.
If you are afraid or lack experience, then maybe you start out with investing into bitcoin at $30 per week instead of investing $100 per week, and you invest and study bitcoin and your finances and financial management.
After a few weeks you raise your bitcoin investment amount to $50 per week and you start adding $20 per week to your back up funds.. They were around $700 at the time that you started investing into bitcoin.
Then maybe after 10 weeks you increase your bitcoin investment to $75 per week and your addition to your back up funds at $50 per week.
Then maybe after 7 months you increase your bitcoin investment to $100 per week and your addition to your back up funds at $60 per week.
Then maybe after 16 months, you figure that you got your back up funds up to 3 months of your expenses, so you increase your bitcoin investment to $120 per week and you stop adding to your back up funds.
The point is that you learn as you go and you make adjustments as you go... and yeah there can be alternative approaches, but you try to figure out the approach that is comfortable for you and your situation.
