Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income

[uneng]

Untill it's realized that the nature of bitcoin investment is not a get rich quick and isn't one of the MemeCoins that's subjected to coins surprising increase based on marketing hypes strategies, then beginners would bear it in mind that there coming to invest on bitcoin would require a long time holding which only an alternative and stable source of income would let you achieve your investment goal.
Considering a good life the reasons why invest, we can't have the money growing somewhere there while we're dieing on hunger and medical cares. Of course non alternative income would always disrupt our bitcoin holding while waiting to make profits.

Even though the individual doesn't have a large income right now to fulfill all his needs, I guess he has to re-calculate his household spendings, and find a way to allocate part of his budget for investments, otherwise how is he going to overcome the current financial issues he is facing? Maybe he can cut some expenses here and there to use the money to invest in Bitcoin.

Moreover, the biggest problem in his case is mindset. He has the wrong mindset for life, since he is an immediatist person who want quick profits from investments, can't deal emotionally with volatility, besides wasting money when he has a lot of it disponible on his hands.

If he doesn't change his approach towards his lifestyle nothing is going to improve for him. Even if he had a million of dollar, it wouldn't be enough, anyway...

[peter0425]

Investing in Bitcoin is risky, not only in Bitcoin, but investing in all sectors is risky, some sectors have less risk, some sectors have more risk, so no one should give financial advice to others. And those who will invest should invest from their own responsibility. 

The risks we talk of differ from person to person.

Because it depends on an investor’s ability, goals, and methods in investing. Their geographical location also matters and how their government operates and regulates different kinds of investments are all part of risks to be managed.

[Betwrong]

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But when you tell them what happened in the past, predicting bitcoin will reach 200k USD means you are giving them suggestions and intending to advise them to invest in bitcoin even though it is not advice direct.

I'm just saying my personal opinion. I'm not an expert, and even experts can be wrong. That's why I'm always saying: "Invest only what you can afford to lose". Don't listen to anyone, because no one except yourself can really know your situation. I mean, no one can know what you can afford lose.

That's not necessarily too bad, but I think you need to emphasize the risk more to them instead of just talking about the returns they will get when they invest in bitcoin.

You are absolutely right, the risk is huge and everyone should be aware of that.

Giving the advice “only invest what you can afford to lose” is certainly indispensable but what worries me is whether they will actually follow your advice or will they invest with borrowed money or money that cannot be lost. For someone who is unemployed or has no source of income and wants to get rich, they can do anything without caring about the risks they will face.

No one thinks that borrowed money is something that you can afford to lose. Absolutely no one.

[AVE5]

It sounds like your cousin is facing a challenging situation with the loss of his job and financial difficulties. It's understandable that he might be considering Bitcoin as an investment opportunity, but it's crucial for him to approach it with caution and a clear understanding of the risks involved.

Bitcoin can be volatile, and investing in it requires a long-term perspective and a diversified portfolio. It's also important for him to have other sources of income or savings to cover his financial needs and not rely solely on Bitcoin.

Ultimately, the decision to invest in Bitcoin or any other investment should be based on careful consideration of one's financial situation and risk tolerance. If your cousin decides to invest, it's essential for him to do thorough research and seek advice from financial professionals.

He's responsible to whatever he's facing about his finances as a case to had lost his job. There where lot of chances for him to diversify his earning and mustn't been on bitcoin as i advised him. Now he's learning how lessions in the hard way after spending on unproductive things when he had a job.
Investing in bitcoin isn't a saviour to magically take one out of poverty but as a hedge to boycott economy inflations with rewarding potentials of profitabilities on long time holding and anyone without an alternative source of income is never a welcomed to the long term holding demands on bitcoin. My cousin is an failure to partake on the bitcoin as currently of his joblessness because all he sees now is a quick provisions to earning.

[Rabata]

Although he later realized that he was determined to make a good investment. But now that he is out of a job, if he's trying to rely on Bitcoin to conduct his family, it would be a complete miscalculation. Because no one will get regular income by investing in Bitcoin, but if one keep investing here, Bitcoin will turn into a big asset in the long run. It would be best if he could keep his job and accumulate bitcoins by doing DCA regularly then he would definitely get a good return. One will not get rich by investing in Bitcoin. So everyone must invest with long-term planning. If a person does not have an alternative source of income then he cannot hold Bitcoin for long. So before investing in bitcoins one needs financial independence first otherwise the investment will not be prosperous.

[Baki202]

Although he later realized that he was determined to make a good investment. But now that he is out of a job, if he's trying to rely on Bitcoin to conduct his family, it would be a complete miscalculation. Because no one will get regular income by investing in Bitcoin, but if one keep investing here, Bitcoin will turn into a big asset in the long run. It would be best if he could keep his job and accumulate bitcoins by doing DCA regularly then he would definitely get a good return. One will not get rich by investing in Bitcoin. So everyone must invest with long-term planning. If a person does not have an alternative source of income then he cannot hold Bitcoin for long. So before investing in bitcoins one needs financial independence first otherwise the investment will not be prosperous.

Advising someone to invest in Bitcoin is not a bad idea but how the person responds to the advice is what matters, I want to address what OP is saying first because, if not for advice, I am sure Op himself would not be involved with Bitcoin. Aside from the fact that anyone can be interested in Bitcoin, the only thing the person needs is to be given guidelines on where to start before they will still think that it will all be easy. From the guidelines, they will know if they continue or not, and it is better that way so that there won't be too much stress. because after a lot of explanation, you see them giving excuses, instead of making everything plain.

losing a job. Before getting a new one, he is going to keep himself busy. Bitcoin is not a bad idea for the time there will be something to depend on, it would have been interesting if he had started before losing his job. before getting a new one, is going to keep himself busy. bitcoin is a long-term asset the earlier you invest, the more interesting it becomes, for those that want to always accumulate, but as for me, I will buy once and hold once. That is more convenient for me than buying and buying, and if I am adding big, because my target will be making a good profit out of my investment i see how people pull out big profits and that has also become my goal.

[Casdinyard]

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

Don't know if this story is true or not but you totally did the right thing. Telling and actually setting the expectations of people who think and see bitcoin as a get rich quick scheme are seldom able to keep investing in the crypto industry, cause by the time they lose their shit, even if it's just a single dollar, they automatically flip out and they end up with no money, and a new sense of spite and hate for bitcoin and crypto. It was a mistake I made as well in the past that I will no longer do ever again.

Also could be the reason why this cousin of yours asked you to help him with his investments is because he still has spare money lying around, thinking that was enough an investment to make a sustainable income stream without having to work, or he's asking for a quick buck from you and bitcoin lol. In any case, do not let this guy in on cryptocurrencies unless he learns what it's really all about.