Investing in BTC can be done by both young and old people, as we don't know how long we'll live. It's true that quite a few young people die, and there are also quite a few elderly people who are still active and healthy. However, quite a few people don't want to invest in BTC because they think they're old and will die quickly. In my opinion, investing shouldn't be based on age. However, the decision is ultimately up to each individual, as everyone has different perspectives.
This is just ridiculous because anyone that have such a mindset will never invest in bitcoin, and such person that reason in such a manner is indirectly saying that he may die tomorrow, so he wanted to eat up or spend every single penny before he dies, does that even make sense?
If we get to that tomorrow and he is still alive, what would he have to say?
In my own perspective, that shouldn't be something a sensible investor should be thinking about before starting his Bitcoin investment journey because shit do happens wether you are young or old, what you just have to do logically is to plan the length and number of years you will be holding and accumulating, not by refusing to invest because you feels like you are going to die anytime soon.
I personally think that any new money into bitcoin should have at least a 4 year timeline. Otherwise it is trading rather than investing.
So it would be risky to trade bitcoin.
If a person is in his early 60s and just transitioning into retirement, he might have a pension or some social programs, yet there can be questions about whether those are going to provide enough income, yet it might be difficult to suggest that they put some of that money into bitcoin as long at they might think that they would have the bitcoin as a potential supplemental fund when they get into their 70s. That could be a possible way of thinking of someone who might be newly moving into a retirement status and to potentially be able to receive a pension and/or other kind of an income without working.. Every country is different in regards to what might be available and/or if certain folks might be eligible to receive monies from such programs.
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.
Planning is important because after all the initial planning is to determine what our future direction is like and of course to optimize the financial conditions we have but not all planning will be perfect because the initial plan will not cover the whole that we will do. Because when we invest sometimes flexibility is also important so that this can be used as a form of initial planning that we did before coupled with the actions we take when investing.
With bitcoin, getting started is more important than planning - especially if you have already determined that you have discretionary funds and you have common sense. You can plan as you go, and sure, nothing wrong with investing in a conservative way as you are working out the details of your plan.
Bitcoin tends to be a long term investment of 4-10 years or longer, so it can take a while to build up a bitcoin portfolio and get used to how much bitcoin you are able to buy each week while you are building your bitcoin holdings.
We need initial planning so that we can see whether what we will do in this investment can be an ideal thing with the income we have and the expenses we make.
That is called figuring out your discretionary income. Many times people should know within a short period of time whether they have discretionary funds or not. If they are not sure, then sure it might take them a bit of time to figure it out. If their finances are messed up and they cannot determine if they have discretionary funds, then they should not buy any bitcoin, since bitcoin should be bought with money that can be afforded to lose and also money that is not needed for any expenses for 4-10 years or longer. There is also no guarantee that any amount invested into bitcoin will be profitable, even if invested for 4-10 years or longer.
Let's say that a person is brand new to bitcoin and they did a quick look at their finances and determined that they could probably invest $100 per week into bitcoin.. yet it may well be better if they start with $30 per week and study bitcoin, so that when they get more comfortable they can increase their weekly invested amount or any other money that they might decide to put into bitcoin in the future.
Although not everything has to be thought of from the start, but still there must be at least a rough picture so that what we want to do
Yep. the rough picture that you need is to figure out do you have discretionary funds or not, and the second question is do you have common sense or not? If you have both of them, then you have enough to get started and to work out the details as you go.
Perhaps you can look at your
9 individual factors. You don't need to know all of the answers to your 9 individual factors from the start, even though it would be a good idea to work on figuring each of them out while you are building your bitcoin stash.
becomes a big bubble that we cannot bear because the capital we have from our income cannot back up what we do which actually makes our investment hampered or even fail. This is not because what we invest in is bad but we cannot manage the actions we take properly.
You are correct. If you do not have discretionary funds and if you cannot figure out the extent that you have discretionary funds and you can put them into bitcoin, then you cannot get started until you figure out that you have discretionary funds.
Like I mentioned earlier, you could have circumstances in which your present discretionary funds are in question and even your future discretionary funds might not be clear. So then your investment into bitcoin might be tempered to be a small amount until you might come to figure out that you are able to invest more.
So with common sense, you can identify things that you know or that you don't need to know, and so if your math is bad, you might need to work on your math, but even if your math is not good, you can still figure out whether or not you have discretionary funds, and if you do have discretionary funds you can at least start, even if the starting amount might be a small amount and it might even start out to be infrequent (even though I recommend trying to invest every week during your early period and while you are becoming more acquainted and comfortable with bitcoin, and sure maybe you have to spend several months getting more comfortable with bitcoin and also more comfortable making sure that you have a sufficient cash cushion...
So for example, maybe you have a $30k income ($2,500 per month), and you have $1,500 in basic expenses, and maybe you have very little back up funds, but you know that you have $1k in discretionary income each month.
So maybe when you start out you know that you could spend $333 investing, $333 on savings (backup funds) and $333 on discretionary consumption. .. and maybe you decide to only put $100 into investing, $500 into savings and $400 into discretionary consumption.
I personally think that is too conservative but it is understandable that a person might take a bit of time to get used to investing in bitcoin and also strengthening his cashflow management systems / practices in order to protect his bitcoin once he has started to build his bitcoin stash.. so that he does not end tapping into his bitcoin at a time that is not of his choosing and hopefully he figures out that he his investing into bitcoin for 4-10 years or longer..
Of course, the sooner you start investing the better, and the biggest reason for this is that since Bitcoin investing is a long-term investment, it may be most effective to start investing as early and as young as possible to enjoy your wealth. If you start investing in Bitcoin between the ages of 25 and 26 and decide to hold it for the next 10 years, then after the next 10 years you will be 36 years old, that is, you are not very old at that time, that is, if you have a very good financial base at that age, you can do much better with it. But you are already 50 to 55, and if you decide to hold it for the next ten years, you will not be able to fully enjoy the money yourself.
I believe there is still alot of live ahead at 60 and/or after, yea! And don't also forget, bitcoin is a
generation wealth , we keep investing and accumulating, HODL for years, and it keeps growing if all things been equal, and surely, you have a family, a generation and so many people around you, and they can all reap from your diligence and investments while also learning to invest and also continue since it's a valuable assets to keep. So I believe the wealth accumulation from HODLing bitcoin doesn't only stop with you at your old age, it grows beyond just you but your generation, just like a retired business man handing over his company and business empire to a trusted hand, either family or friend or colleague, etc, and of course, till you leave the surface of the earth, you will keep reaping and enjoying the fruits of your solid investment in Bitcoin if you have invested right and HODL enough
If we are trying to talk about age in the context of bitcoin, then if we have a guy who is 60 years old, then we might have questions regarding if he is in a good place with his finances or does he have various deficits in his finances.
So there are likely other factors related to the status of his family (if any?), whether he is still working what are his goals? what is his health status and how long does he expect to live? and surely a variety of factors that would be specific to the guy in terms of the topic of this thread about bitcoin. In other words we are not talking about age in the abstract, but instead in connection with what might be going on in regards to his having had come to bitcoin, or maybe he had already been in bitcoin for a few years, yet based on how much he had put into bitcoin up until now, he still considers himself to be a low coiner rather than a no coiner... so yeah, we should be talking about the age matter in relation to bitcoin rather than abstractly.
You are absolutely correct Michael saylor started his Bitcoin investment at his late 50's but that doesn't mean this will work for everyone and the reason why Saylor started Bitcoin investment and bought that large quantity was because he has the capacity and he kinda foresee what Bitcoin holds in the future and I believe whatsoever amount he is using to purchase Bitcoin with, is what he can actually afford to lose ( discretionary income). Yes that advantage is very certain if only we hold for long and Bitcoin actually surge in that stipulated time.
Exactly, someone of age that got to know about Bitcoin when he is spending from his pension or probably other source of income with no tangible capacity to look back to shouldn’t not invest in Bitcoin. Though it’s wise that if they invest in Bitcoin, it’s certain the ROI will be for their kids or grand children, but you won’t want them to start developing high blood pressure when the market is on a downtrend, I don’t think they can cope with that. Right now you can barely convince an elder to invest in Bitcoin, because they never had the know about it from their youthful age, rather they fall will back to the system they know best, which is to keep their money in fiat.
Age is just a factor when it involved investing in bitcoin, but if it’s a barrier I really don’t know, but what I can actually understand is that Health could actually be a barrier, I can’t tell someone who is probably in their 80s not to stop investing in bitcoin because you wouldn’t know what is that individuals plans when it involves investing in bitcoin,
Age is a factor for everyone, whether we are referring to someone who is 80 years old or 70 or 60 or 50 or 40 or 30 or 20 etc etc.
what is your own situation? Age is a factor to consider in relation to how you might go about your bitcoin investment, or not.
there are people who investing in bitcoin have made them happy that they’re investing their money into something tangible, but I always encourage the youthful once to develop that investment mentality that comes with investing in bitcoin, some older people also try to make investments with bitcoin mostly for the future of their Children, which the money and return of investment would probably be for their own families, everyone would definitely have reasons for investing in bitcoin at a certain age, but I don’t believe age is a barrier at all when it comes to buying and stacking bitcoin.
Who the fuck cares if bitcoin is a barrier since it is a factor, including for you. You need to figure out your investment timeline, your income/expenses expectations, and a variety of matters that relate to your age. You should not ignore it or downplay it.
Are you where you expect to be for your age? Where would you like to be in 1 year, 5 years, 10 years, etc etc.
Age is a factor.
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.
When we invest in an asset, I believe that everything must be balanced and nothing should be lacking or excessive. So, both fear and confidence must be present, because that is what will enable us to take careful steps. The same applies to investing in bitcoin; we must still consider the important factors that will make our bitcoin investment easier in the future. This includes considering a purchase strategy, and most importantly, managing the funds to be accumulated and knowing how to secure our assets. I think that's the most important point,, and beyond that, I don't think we need to worry about it in the early stages. Because,, as you said, overthinking isn't good when it comes to investing. So, just think about the things that are important to us and make us feel safe when investing in Bitcoin, and then we can start buying Bitcoin right away.
I surely don't mind your ideas about thinking and planning, which to me also implies to tweak plans along the way.
Accordingly, we might have some systems that are already in place and being followed. yet from time to time we have to tweak and change the plans. .and sometimes we might start to follow a direction in which the details of the plan are general rather than specific and the details will be worked out as we go.
Even plans may well have flexibility and don't necessarily need to be plotted out in detail prior to proceeding, since we might not even really be able to plan the second step until we learn from the first step, which is similar for each step as we are advancing through the general plan and the details might be worked out as we go.
Investing in BTC can be done by both young and old people, as we don't know how long we'll live. It's true that quite a few young people die, and there are also quite a few elderly people who are still active and healthy. However, quite a few people don't want to invest in BTC because they think they're old and will die quickly. In my opinion, investing shouldn't be based on age. However, the decision is ultimately up to each individual, as everyone has different perspectives.
This is just ridiculous because anyone that have such a mindset will never invest in bitcoin, and such person that reason in such a manner is indirectly saying that he may die tomorrow, so he wanted to eat up or spend every single penny before he dies, does that even make sense?
If we get to that tomorrow and he is still alive, what would he have to say?
In my own perspective, that shouldn't be something a sensible investor should be thinking about before starting his Bitcoin investment journey because shit do happens wether you are young or old, what you just have to do logically is to plan the length and number of years you will be holding and accumulating, not by refusing to invest because you feels like you are going to die anytime soon.
It is likely we go through stages of our investment, so that initially we are building it through accumulation, then we go into maintenance and then we go to liquidation and/or sustainable withdrawal.. so we might no longer be accumulating when we are in sustainable withdrawal.
If we don't have any investment to sustainably withdraw from, then yeah, we are kind of fucked if we are older and we have not built up our investments enough in order to transition into sustainable withdrawal.
