He wants to Invest in Bitcoin for His Retirement.

[Gladitorcomeback]

As much as I love Bitcoin for the amazing investment it is, I would still advise against putting all your eggs into one basket - In other words do not put all your wealth into one investment. Especially if you are trying to save up/grow your money for retirement.

I completely agree with that. Many people make the mistake of putting together capital that they want to use in investments to grow it over time but they put it all in a single thing. This way, if the investment asset doesn't perform up to the expectations, all the time that the person has waited to get profits will be wasted and they won't get what they were expecting all this time.

This is why it's important for someone willing to invest their savings or pension funds or any other amount that they have available to make sure they are diversifying their investments and aren't putting all their eggs in one basket so that if one of the investments they have made doesn't perform very well, the others should cover up for it.

So I also believe that someone shouldn't invest everything they have only in Bitcoin or cryptocurrencies but they should also go for some traditional assets such as gold or real estate.

[Natalim]

As much as I love Bitcoin for the amazing investment it is, I would still advise against putting all your eggs into one basket - In other words do not put all your wealth into one investment. Especially if you are trying to save up/grow your money for retirement.

I completely agree with that. Many people make the mistake of putting together capital that they want to use in investments to grow it over time but they put it all in a single thing. This way, if the investment asset doesn't perform up to the expectations, all the time that the person has waited to get profits will be wasted and they won't get what they were expecting all this time.

This is why it's important for someone willing to invest their savings or pension funds or any other amount that they have available to make sure they are diversifying their investments and aren't putting all their eggs in one basket so that if one of the investments they have made doesn't perform very well, the others should cover up for it.

So I also believe that someone shouldn't invest everything they have only in Bitcoin or cryptocurrencies but they should also go for some traditional assets such as gold or real estate.

Diversification is the key most especially if your goal is to build retirement funds in the future. No certain investment guarantees all time profits, even with bitcoin, so it's always advised to invest in bitcoin for long term for higher chances of profitability and only invest using an amount that one will afford to lose.

Now, if investing means you want to put food on the table on a daily basis, bitcoin is not the right investment for you. Go for another investment that will give you daily or weekly profits, and not with bitcoin where its due time to profit at a maximum level may only comes once or twice a year depending on how your investment goes due to unpredictable market condition.

[Ale88]

And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

As it is, we have scheduled another meeting this Sunday again after the Sunday service. And if he is serious I will invest for him but I prefer the long term but as a age man, really he needs an investment that can brings feed to his table daily and that is why he was insisting on the short term investment buy that cannot do him anything base on the volatile nature of Bitcoin.

I think you're getting involved in a situation which is potentially way bigger than you: first the requests of this guy are, in my opinion, nonsense: why would you trust someone managing all your money? And he wants short term gains with bitcoin? That is not how it works unless you are willing to take some very big risk.

Also don't forget that if he's a pastor for sure he knows a lot of people, if you mess up somehow the fault will always be yours, and he could start badmouthing you with all the people he knows. If I were you I would explain some basic stuff, tell him to discuss with his sons and good luck. Don't get more involved than that.

[Smack That Ace]

Bitcoin is considered an investment that brings returns faster than many other investments, and if bitcoin can't do that then I believe no investment will. He should not look for quick investments because they are very risky. If he wants to generate daily, weekly income to sustain his daily needs, what he should think about might be a suitable small business rather than looking for an investment.

Also, as OP said he has sons and I think OP should discuss investing in bitcoin with his son rather than with him. Young people will be more receptive and better able to take risks than him.

Wrong, shitcoins is.

As you can see there are many shitcoins that the price double in just a day, this is a quick making money. Don't argue with me if shitcoins can make your money down 50% or more, that's the risk of gambling in shitcoins.

Small business has no guarantee to be successful, actually most business are failed.

I'm not forgetting the altcoin market but I just want to compare bitcoin with other traditional investments. I don't want to mention altcoins or shitcoins because that's not investing but gambling and should never become investment advice for anyone.

Everything in this world has risks but when you join a paid job or run a small shop, it helps you minimize the risk and it becomes more realistic in generating income maintain daily needs.

In any field, success depends on each person's ability and bravery. Additionally, just because you fail in business doesn't mean others will fail too. There are many businesses that have also succeeded and are growing stronger, why don't you mention them? Why do you like to talk about failure to discourage others?

[Dailyscript]

As much as I love Bitcoin for the amazing investment it is, I would still advise against putting all your eggs into one basket - In other words do not put all your wealth into one investment. Especially if you are trying to save up/grow your money for retirement.

I completely agree with that. Many people make the mistake of putting together capital that they want to use in investments to grow it over time but they put it all in a single thing. This way, if the investment asset doesn't perform up to the expectations, all the time that the person has waited to get profits will be wasted and they won't get what they were expecting all this time.

This is why it's important for someone willing to invest their savings or pension funds or any other amount that they have available to make sure they are diversifying their investments and aren't putting all their eggs in one basket so that if one of the investments they have made doesn't perform very well, the others should cover up for it.

So I also believe that someone shouldn't invest everything they have only in Bitcoin or cryptocurrencies but they should also go for some traditional assets such as gold or real estate.

Diversification is the key most especially if your goal is to build retirement funds in the future. No certain investment guarantees all time profits, even with bitcoin, so it's always advised to invest in bitcoin for long term for higher chances of profitability and only invest using an amount that one will afford to lose.

Now, if investing means you want to put food on the table on a daily basis, bitcoin is not the right investment for you. Go for another investment that will give you daily or weekly profits, and not with bitcoin where its due time to profit at a maximum level may only comes once or twice a year depending on how your investment goes due to unpredictable market conditions.

It's not always about diversification sometimes. Yes, doing the right diversification can lead to financial stability and wealth. On a deeper note if you have a proper investment in one asset it will yield a huge return if the money invested in it is much. Now this is how these things work. When you invest in Bitcoin what determines the level of profit we can have is the number of accumulations and how much we have invested in Bitcoin. So the higher the number of Bitcoin the higher the returns when the price gets high.

[Iranus]

It's not always about diversification sometimes. Yes, doing the right diversification can lead to financial stability and wealth. On a deeper note if you have a proper investment in one asset it will yield a huge return if the money invested in it is much. Now this is how these things work. When you invest in Bitcoin what determines the level of profit we can have is the number of accumulations and how much we have invested in Bitcoin. So the higher the number of Bitcoin the higher the returns when the price gets high.

Diversification has its pros and cons, it is not as perfect as we think. Putting our eggs in multiple baskets can help us minimize risk because anything can happen, but it also limits our investments from achieving the maximum possible return. For example, if we diversify our portfolio into 50% gold and 50% bitcoin, then obviously gold will give us safety but the return cannot be better than bitcoin. Meanwhile, if we invest only in bitcoin, we will face greater risks but can definitely get maximum profits.

After all, it all depends on each person's choice. Putting all your eggs in one basket isn't necessarily a bad thing when it comes to a potential asset like bitcoin.

[Kelward]

It's not advisable to invest in Bitcoin on the short term because it's a volatile asset, it's price might dip at the time that he wants to sale. As the pastor is a senior citizen it'll be best for him to invest in a business that he's sure of getting daily, weekly or monthly profits. From his profits he can diversify some of it into buying Bitcoin and as some members have advised he can adopt the DCA method. By doing DCA he can then be able to achieve the long term investment that is best suited for Bitcoin. We should understand that Bitcoin investment is a secondary need, his income or profits should first satisfy his primary needs like food, shelter and miscellaneous expenses before talking about any investments.

[dzungmobile]

It's not advisable to invest in Bitcoin on the short term because it's a volatile asset, it's price might dip at the time that he wants to sale.

Investment is not for short term and if anyone considers his activities with money as investment in short term, he misunderstands about investment. Short term is for trading and speculation, not for investment.

he can adopt the DCA method. By doing DCA he can then be able to achieve the long term investment that is best suited for Bitcoin.

DCA is a good investment strategy which is recommended by many people. I recommend it too. With DCA, a good personal financial management and capital management are key to apply this strategy confidently with time and maintain it to get profit.

We should understand that Bitcoin investment is a secondary need, his income or profits should first satisfy his primary needs like food, shelter and miscellaneous expenses before talking about any investments.

A good investor will have reserve money to use or have a good source of income to use for life and don't force themselves to entirely rely on investment profit to survive in life.

When an investor has such dependence, it means bad risk and capital management that should be avoided.

[jcojci]

It's not advisable to invest in Bitcoin on the short term because it's a volatile asset, it's price might dip at the time that he wants to sale. As the pastor is a senior citizen it'll be best for him to invest in a business that he's sure of getting daily, weekly or monthly profits. From his profits he can diversify some of it into buying Bitcoin and as some members have advised he can adopt the DCA method. By doing DCA he can then be able to achieve the long term investment that is best suited for Bitcoin. We should understand that Bitcoin investment is a secondary need, his income or profits should first satisfy his primary needs like food, shelter and miscellaneous expenses before talking about any investments.

In this matter, we can suggest him to use two type of period which is short term and long term so he can still hope to make a profit from his short term investment while he can wait for his long term investment. But that doesn't guarantee him to make a profit since Bitcoin price will not always increase in a short term. Using DCA can be done but I doubt that he can make a profit in a short term because DCA will be recommended for a long term at least that is for me. But if he is lucky enough to make a profit in a short term, he can make money from that. I agree that Bitcoin investment is a secondary thing that we do but we should have an income to fills our daily needs. Maybe he needs to search for a work to fills his daily needs and saving some money in Bitcoin for short or long term investment.

[Odusko]

You can suggest him to save money and invest in new business.  Which in turn will bring profit to meet his daily needs and he can invest in Bitcoin on DCA (Dollar-Cost Averaging) method on a monthly basis from new business income and profits.  However if he invests in this way he should keep the capital in a way that is not used immediately, and he should have another source of income to reduce the pressure on his bitcoins.  And while taking advantage of this new business, a large part of the profit should be invested in Bitcoin because it can be profitable for him in the long run.

Good idea, the man should fine a sustainable investment to put his money into it and also make plans to buy Bitcoin from his accumulated profits along the way, and not invest in Bitcoin the reason is that, with the way the man sounds he has pressure on his investment and will not be able to wait for the Bitcoin holdings to appreciate in profits befor he may want them liquidated to sort out one personal issue or the other, but if he has an already operating business that could provide him a cash flow he will definitelyake a good investment choice buying and holding Bitcoin, but anything other than that with his current financial situation will be like gambling, because buying Bitcoin with the wrong mindset and expectations will only lead to frustration along the way, having a business center or a restaurant something that brings in daily incomes since retirement means that he is out of active service after serving his productive years of service.

[LogitechMouse]

---
And I told him the two types of investment. Short term and long term and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it. He can't feed from it because if he does then he will be at the losing side so the best option is the long term investment.

Feed from it? What do you mean by feed from it?
I will just assume that the one you're talking about wants to invest into Bitcoin for short term, then he will take the profits immediately and then that will be used for their daily lives. If that's the case then it's more of a trading then, and as a newbie, I'm not recommending it. It's good that you said that it's preferable especially for a newbie like him to invest in long-term.

And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

That's the problem. Time isn't on his side. What's even worse is that, his children don't have a job based on what you said. Where will they get the money for investing into Bitcoin.
There's one solution that I'm thinking and that is, to extend his service as a Senior Pastor. That is, if he really wants to have some money to invest into Bitcoin. Another one is to let his children continue what the Pastor is doing which is to invest into Bitcoin, but for that to happen, they need to find a job.

Now you're a fund manager for them, eh? Just kidding, but if I'm in your shoes, I will also decline it because there's a chance that they will blame you if things go the other side especially they don't know that much with regards to Bitcoin.

As it is, we have scheduled another meeting this Sunday again after the Sunday service. And if he is serious I will invest for him but I prefer the long term but as a age man, really he needs an investment that can brings feed to his table daily and that is why he was insisting on the short term investment buy that cannot do him anything base on the volatile nature of Bitcoin.

Your input can help this man through me.

So I'm right then that he wants to get his daily needs from Bitcoin. Let him trade.
Sometimes, letting them experience will make them realize that what they're thinking is wrong and it's not for them. Newbies often think too much that they don't know how hard it is to earn profit on a daily basis using Bitcoin.

If he really insists to do it then let him do it, and say to him that whatever happens to your money, I'm not the one to blame because at first place, you warned him already that it is almost impossible.

[uchegod-21]

...and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it.

There's no rule as this. You can invest in bitcoin and still feed from it especially when there's upwards movement, you can take profit and take care of yourself. So, the bitcoin belongs to the investor and the investor has the right to withdraw anytime and sort himself out.

And if he is serious I will invest for him

What do you mean by investing for him? You know it's wrong. Show him how to invest himself. It is not very difficult, don't invest for him else you take the blame when the market moves the wrong direction.

[Publictalk792]

You can suggest him to save money and invest in new business.  Which in turn will bring profit to meet his daily needs and he can invest in Bitcoin on DCA (Dollar-Cost Averaging) method on a monthly basis from new business income and profits.  However if he invests in this way he should keep the capital in a way that is not used immediately, and he should have another source of income to reduce the pressure on his bitcoins.  And while taking advantage of this new business, a large part of the profit should be invested in Bitcoin because it can be profitable for him in the long run.

Good idea, the man should fine a sustainable investment to put his money into it and also make plans to buy Bitcoin from his accumulated profits along the way, and not invest in Bitcoin the reason is that, with the way the man sounds he has pressure on his investment and will not be able to wait for the Bitcoin holdings to appreciate in profits befor he may want them liquidated to sort out one personal issue or the other, but if he has an already operating business that could provide him a cash flow he will definitelyake a good investment choice buying and holding Bitcoin, but anything other than that with his current financial situation will be like gambling, because buying Bitcoin with the wrong mindset and expectations will only lead to frustration along the way, having a business center or a restaurant something that brings in daily incomes since retirement means that he is out of active service after serving his productive years of service.

Right. It is smart for man to invest in things that will give him steady income other than putting all of his money into Bitcoin. If he invests in Bitcoin he might get frustrated and lose money because he needs to use his money for personal things too.

Having business like restaurant or store that brings money every day would be good idea. Then he could invest in Bitcoin and wait for it to increase in value. Investing in Bitcoin without stable financial situation is risky and could lead to big losses.

It is good to prioritize financial security especially when retired and not working. By focusing on good investments and building business that generates cash he will make better investment choices and can achieve his financial goals.

[fuguebtc]

I completely agree with that. Many people make the mistake of putting together capital that they want to use in investments to grow it over time but they put it all in a single thing. This way, if the investment asset doesn't perform up to the expectations, all the time that the person has waited to get profits will be wasted and they won't get what they were expecting all this time.

This is why it's important for someone willing to invest their savings or pension funds or any other amount that they have available to make sure they are diversifying their investments and aren't putting all their eggs in one basket so that if one of the investments they have made doesn't perform very well, the others should cover up for it.

So I also believe that someone shouldn't invest everything they have only in Bitcoin or cryptocurrencies but they should also go for some traditional assets such as gold or real estate.

It is true that diversification is the key to reducing risk but this is only true when you have a significant amount of capital. But if you don't have that much capital, diversification won't make sense and won't be possible  .  We often advise diversifying our portfolio with gold and real estate , but how many of us have such large sums of money ?

So this will depend on how much capital we have. If we only have a small amount of savings to start our investment journey, we should spend a lot of time researching and investing in a single asset . Such as bitcoin , that would give us the opportunity to earn more significant profits instead of diversifying our portfolio with our small capital .

[red4slash]

We should understand that Bitcoin investment is a secondary need, his income or profits should first satisfy his primary needs like food, shelter and miscellaneous expenses before talking about any investments.

A good investor will have reserve money to use or have a good source of income to use for life and don't force themselves to entirely rely on investment profit to survive in life.

When an investor has such dependence, it means bad risk and capital management that should be avoided.

The concept is actually wrong if in the end we only depend on investment profits for survival. It is okay to do something like that because all rights and decisions are ultimately in your own hands, but we must be aware that in the end this concept will only make you lose your own potential because you always depend on your life only on the investment profits made, while we certainly understand that investment is an option to make our future better, which means indirectly we certainly know that as long as there is no urgent need, you will not stop the investment you are making in this case because you think that this is good for the long term, while the needs we currently have can still be met with the income from the work we have.

Taking advantage of the investment we make may not be considered wrong because it is the right of each person, but what makes this less appropriate is when you depend on your life as if the investment you make can cover the life you do just because of a naive view where every day it gets profit but does not know that the worst possibility is that the investment made experiences decline and loss.

[SatoPrincess]

...and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it.

There's no rule as this. You can invest in bitcoin and still feed from it especially when there's upwards movement, you can take profit and take care of yourself. So, the bitcoin belongs to the investor and the investor has the right to withdraw anytime and sort himself out.

That would be considered trading and the potential investor here is not very knowledgeable about bitcoin or trading. For someone who has no job and is planning on investing his pension in bitcoin, how would he handle the risk of losing since the market can move in an uptrend and downtrend? Investors who do not have other means of income usually find themselves in life situations where they sell their hodlings irrespective of where the market is at.

OP hasn’t updated the thread on the meeting with his pastor. I think that will give us information on whether the pastor invested in bitcoin after the suggestions and advice from this thread.

[ITExpert]

You can suggest him to save money and invest in new business.  Which in turn will bring profit to meet his daily needs and he can invest in Bitcoin on DCA (Dollar-Cost Averaging) method on a monthly basis from new business income and profits.  However if he invests in this way he should keep the capital in a way that is not used immediately, and he should have another source of income to reduce the pressure on his bitcoins.  And while taking advantage of this new business, a large part of the profit should be invested in Bitcoin because it can be profitable for him in the long run.

Nice, though It's a very good thing I agree with you. Investment in Bitcoin is for long-term holding. You didn't use it whenever you needed. for emergencies, you have more than one source of income. if you invest in crypto, especially in Bitcoin, you should have multiple sources of income that are necessary for basic needs and not use Bitcoin investment for having profits in long-term holding. If a person with multiple sources of income has multiple sources of income, he will not be able to withdraw their Bitcoin investment, and if necessary then he will be able to withdraw money from our other business and invest it DCA is a good formula by which we invest profit every month in bitcoin and holding it for long-term to get benefit from it.

[Just Say]

As per the comment you mentioned if the pastor retires soon I would suggest he invest in some other real estate instead of investing in Bitcoin. Because you mentioned that you analyzed him for short term and long term investment but he chose short term investment. He might have thought that investing in Bitcoin would make him rich overnight. Maybe he's wrong because Bitcoin is not a get-rich quick scheme. Whenever we invest in Bitcoin it is with a long-term and holding mindset that may be four years six years or more.

It can be a best move for him if he invests his money in a store or business after retirement and buys bitcoin regularly on weekly or monthly basis using DCA method with the proceeds.

[pawanjain]

And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

If he is going to retire in a few months then what is the point of DCAing because the monthly income he gets would be stopped right ?
How would he keep buying bitcoin after his income has stopped ?
In this case, it is not really a good idea to invest in bitcoin because he cannot invest for a long term.
He would need an investment which is liquid and easy to access and with bitcoin he would have to go through the hassle of exchanging to fiat and then get it to his bank account in case of an urgent need.
It would be better for him to invest in a fixed deposit and get an assured return on his capital.
His capital amount would be safe and he would be getting fixed monthly/quarterly returns as well.

[Jewan420]

Your input can help this man through me.

I think Bitcoin may not be able to fully meet its demand. The probability of Bitcoin's failure to meet its demand is high. Because We know Bitcoin is profitable in the long term but can be counterproductive in the short term. Bitcoin often continues to decline in value month after month. How will he handle the situation where investment is his only breadwinner? Will he be prepared for the loss then? Will it suit him?

I think you should convince him as much as possible so that he doesn't expect this from Bitcoin. If he is not willing to take the risk then suggest him to invest at his own risk where you will be his advisor only and you will not be responsible for any profit or loss. Because you should not cause harm to someone where there is a definite possibility of harm. Better advice for him would be to invest by fiat in a business that is most capable of meeting his needs.