He wants to Invest in Bitcoin for His Retirement.

[Agbe]

A Senior Pastor (The Most Reverend in the Province) in my Church called me last week Sunday to see him after the Sunday service which I did. When I met him, he told me that he wanted to see me for a very long time. People have told him that I am good with bitcoin investment andalso teaching people in it. Thathe has three children and all have graduated from University but because of the way things are in the country, they have not secured jobs. And any moment from now he will retired. So he wants to invest online business if I know any. And I told him that I know of only one which is investing in bitcoin.

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.

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.

Your input can help this man through me.

[Frankolala]

There is no need for your pastor to invest in bitcoin from his monthly stipense if he is retiring soon as you said, because I don't think he will be able to make anything out of his investment and I see that as gambling. Bitcoin is not a get rich quick scheme, therefore anyone investing now as a new investor must plan to invest and hodli for 4-10 years with regular DCA purchase for him to make profit in future.

Let your pastor think of something else and not bitcoin because he will run at loss if he invest on short term like he said, especially if bitcoin price dips. Also bitcoin investment is not a shopping mall where you can feed from daily.

[Davidvictorson]

I don't advice this. You made him to see Bitcoin as a business he can  invest in and make profit. I beg to differ unless you're going to teach him trading. He's old and that's his retirement money he should rather go invest in some business that he has experience in. As an old man, he may have some  underlying health conditions that affects old people which may include hypertension etc, I don't I would want to put an old man through the ups and downs of the market no matter what my strategy is. Nigeria is a poor country and every single penny matters especially as it is his retirement funds. This is my opinion.

[AVE5]

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?

I think he suddenly realized his lapses of not to had diversified his source of income earlier before now.
We really need to understand that something usually prompts an average or poor individual to invest on bitcoin that is usually when he has approached the scene of his threats to easy living based on the present economy challenges.
Now due to the short range of time about his motive on investing on bitcoin, I'd suggest you advice him to invest with how little he can afford to overlook for a long period of time which he must not expect profit in a short period.
Let him understand that his children can also benefit from if any cause of action but though doesn't mean he's Investing for a life time.
If he has enough savings he can diversify to some physical trading which potential to quick profits while he exercises patient on his bitcoin asset. He must not DCA but it he has enough to risk then he can DCA as time goes .
Be careful not trying to convince him so that blames doesn't splash at you at last when things ain't goin as he expected.

[Agbe]

I don't advice this. You made him to see Bitcoin as a business he can  invest in and make profit. I beg to differ unless you're going to teach him trading. He's old and that's his retirement money he should rather go invest in some business that he has experience in. As an old man, he may have some  underlying health conditions that affects old people which may include hypertension etc, I don't I would want to put an old man through the ups and downs of the market no matter what my strategy is. Nigeria is a poor country and every single penny matters especially as it is his retirement funds. This is my opinion.

Trading? Ah! That is not possible and that should not be mention because it is too risky. Investment is still the best option. And he has no retirement benefits from the church as a Pastor but only from the stipend and once he has retired, the stipend will also stopped because he is not in active service again. And that's why he is eager to invest. But I don't know how much he has at the moment to kick start any investment. And I believed many pastors in Africa is facing this problem because they were completely relying on the church stipend and when they are not in active service, they will not have anything to feed themselves. So we have to change their thinking from now. Tell your church leaders to invest now before it too late.

[Justbillywitt]

There is no two ways about it, since his retirement is very close, he should take the money available and invest in physical business that he can be managing and get his daily feeding from there. From the profits he will be getting from the business he can investing in bitcoin through DCA on monthly basis, since the business is still new, he might not be getting enough profits to cater for his daily needs and weekly DCA. So monthly DCA will be best for him. You know that bitcoin investment need to be done in a manner where there is no pressure on you and the capital invested should be one that is not for immediate use. Also anyone going into bitcoin investment should have other sources of income. But in the case of this your client, he hasn't put any thing on ground that will serve as a source of income which will sustain the investment he intends doing. So when you meet him this Sunday, advise him to use that money and start up another business and invest in bitcoin with time. That's the best advice you can give to him, so you don't end up putting yourself and him in a tight corner.

[Gladitorcomeback]

As we know Bitcoin is known among the investors for its high volatility than other real world assets and so far it gives a very handsome profit to holders but I don't think that it will be good advice for new users to invest in btc just for monthly salary. we all know that sometimes btc remains down for year so he will not get what he expected and he will be forced to look for other job. Secondly it will be tough to learn the trading skill for old men.

OP ,you should tell him risks and benefits if investing in btc so that he decide whether invest or not and how to manage money for investment. I think their sons should continue their learning skills and at the same time invest in btc 1/3 of their money for good return. Long term investment is solid idea

[Tmoonz]

There is no need for your pastor to invest in bitcoin from his monthly stipense if he is retiring soon as you said, because I don't think he will be able to make anything out of his investment and I see that as gambling. Bitcoin is not a get rich quick scheme, therefore anyone investing now as a new investor must plan to invest and hodli for 4-10 years with regular DCA purchase for him to make profit in future.

Let your pastor think of something else and not bitcoin because he will run at loss if he invest on short term like he said, especially if bitcoin price dips. Also bitcoin investment is not a shopping mall where you can feed from daily.

I completely agreed with your points, considering the fact that Bitcoin is not a quick and get rich scheme, patient is a virtue and worth prioritizing in Bitcoin investment, the power of dcaing is consistency and holding for as long as 4 to 10 years and above of having a compounded value of investment over the period of time, Bitcoin investment is best performed when viewed from a long term perspective and not short term, the man is old and might not enough psychology to withstand the pressures that comes with the news and the emotional devastation that is attached to trading Bitcoin for term profits, I will also suggest that he should consider another investment plan and not Bitcoin.

[Doan9269]

A Senior Pastor (The Most Reverend in the Province) in my Church called me last week Sunday to see him after the Sunday service which I did. When I met him, he told me that he wanted to see me for a very long time. People have told him that I am good with bitcoin investment andalso teaching people in it. Thathe has three children and all have graduated from University but because of the way things are in the country, they have not secured jobs. And any moment from now he will retired. So he wants to invest online business if I know any. And I told him that I know of only one which is investing in bitcoin.

For his own benefits and that of the children, he will have to learn about bitcoin together with his children, then he may later invest in it and hold for some time, while his children will be busy gaining knowledge on the bitcoin network and acquiring some necessary skills that may help them when ready to invest on their own, such will also create in some opportunities for them to enjoy with the use if the network, lastly, introduce them to the forum here and let them understand the necessary steps to acquire knowledge from here and have a stay, but you must never forget to tell them as well that here is not a source of income revenue generation platform, but bitcoin can open one to several opportunities if we have the required knowledge from it.

[wallet4bitcoin]

A Senior Pastor (The Most Reverend in the Province) in my Church called me last week Sunday to see him after the Sunday service which I did. When I met him, he told me that he wanted to see me for a very long time. People have told him that I am good with bitcoin investment andalso teaching people in it. Thathe has three children and all have graduated from University but because of the way things are in the country, they have not secured jobs. And any moment from now he will retired. So he wants to invest online business if I know any. And I told him that I know of only one which is investing in bitcoin.

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.

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.

Your input can help this man through me.

A better advice would be for him to have you walk his children through the process of understanding 'how it works' since they have graduated from the university.

If he invests and wants to use the proceeds to still take care of his family and kids at his age then it will elude him, there is also no guarantee that his investment can cover the expenditure as they keep growing daily.

An investment in his children will solve their immediate needs and also span to him, depending on what country he is from and the policy they have for the aged people.

He should tell you to train his children rather than invest in a short term investment that might see him incurring loses now and again.

[Marvell1]

Your input can help this man through me.

He was looking to invest in bitcoin because he thought it was easy to make a profit from bitcoin, he was not yet aware of the risks he would face. In this case I will not rush to give him investment advice, I will spend more time talking about the risks that bitcoin brings and that he may encounter. If he's willing to take the risk, I'll talk about investing.

Also according to what you said, what he needs is an income to put food on the table every day, I don't think investing in bitcoin is suitable for him. If that is what he wants and is determined to invest in the short term, I will refuse to give him investment advice because it is not suitable for him.

[Marvelockg]

This is a typical case of doing the right thing at the wrong time. He's already said that he prefer investing into something he can be taking out some profit time after time to take care of his needs. That alone takes out Bitcoin as a potential investment choice. Thier are a lot of things to take out of what you've said here. Since the children are done with school and still yet to get a meaningful job, if they are responsible enough to utilize the money the right way, it's best he invest the money in the lives of those children by starting up a good business for them, that way, it's possible for him to take out some fraction of the profit that's coming from the business to take care of his needs. Bitcoin investment is mostly good for individual that are at least comfortable with the primary source of finance  and can afford to take out a portion from it and still have some reserve that's enough to Carter for thier needs. The stipend most pastors get from churches aren't always much to serve these purpose and I understand that the reason why he's considering investing in a digital asset is because his schedule wouldn't allow him get involved in any investments choice that is demanding and time consuming. What you can alternatively do for him is to educate his children if they will be willing to learn on how to start investing in Bitcoin since they are much younger and can get some extra benefits that comes with it.

[Not A Fool]

A Senior Pastor (The Most Reverend in the Province) in my Church called me last week Sunday to see him after the Sunday service which I did. When I met him, he told me that he wanted to see me for a very long time. People have told him that I am good with bitcoin investment andalso teaching people in it. Thathe has three children and all have graduated from University but because of the way things are in the country, they have not secured jobs. And any moment from now he will retired. So he wants to invest online business if I know any. And I told him that I know of only one which is investing in bitcoin.

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.

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.

Your input can help this man through me.

Tell him NO and to run away. Bitcoin is a scam, a fools game. I am an intelligent, educated engineer. Just do some basic research and see that all of the white paper points have been debunked. Bitcoiners make up new stories and they eventually are debunked as well. Bitcoin websites are constantly all over the place with their predictions (1 million by 2025, LMAO at that one), often contradicting earth other. Only the whales make money. Only people that profit from you buying will tell you to invest. Any small fries are just feeding the whales.  Bitcoin had been crashing for a while now, with the whales propping it up. Most people get this, which is why most of us ignore bitcoin. We know better.

[Marykeller]

For someone who wants a daily feed on their table, you don't introduce them to Bitcoin investment, no matter what their situation looks like. Don't make the mistake of introducing someone who, all through their life, never had a future investment in any volatile assets all because they were busy catering for themselves and their families. Having them introduced to Bitcoin investment is not something they can't easily do because of their family responsibilities placed on them.

Someone who has a few months to their retirement can start up something different from Bitcoin investment if they want to start up something that will be bringing forth a daily feed on their table. They can go into agriculture farming, poultry,   provision shop, cement business, etc.

All these mentioned businesses are good businesses to start up for someone who is in his or her old age for retirement. At least their children can be of help to run the physical input and output of the business.

[Wiwo]

From the look of things and my analysis of the situation from the way you explained it, your pastor exhibit two very dangerous mindsets for picking bitcoin, and such mindset can lead to more crisis in the future.

1: you pastor believe that bitcoin is a get rich quick scheme, which could lead him to investing in scam which he may thinks is bitcoin investment.

2: your pastor is not interested in the knowledge that is why he want you to manage his bitcoin investment, instead of learning and managing his bitcoin holding as a self custodian.

With the above mentioned characteristics, your pastor is not suitable to invest in bitcoin right now, what he needs now if he has the motivation is to learn about bitcoin for sometime and then develop a path based on the interest he  has for bitcoin.

[seoincorporation]

For sure he asked God "What should i do with my money now", and god say "Buy bitcoin son".

It is fun to see the church involved with Bitcoin because in the past some religious figures used to say that Bitcoin was a tool from the devil, and that's how they used to tag things that they didn't understand.

But i like the position of this pastor, buying cryptos for retirement is a wise move. The hard part is to hold them, but if we can do it, then a good future is waiting for us.

[Viscore]

I have this feeling that this Pastor fails to understand the real nature of bitcoin investment and how unpredictable this crypto market is. Hence he should not be investing in bitcoin but should look for other type of investments that have higher chances to give him fast returns.

Otherwise, if he insist to invest in bitcoin with his type of mindset, he will definitely lose in the long run. Just tell him that investing in bitcoin cannot guarantee fast and secured profits considering there is price fluctuations that’s inevitable, but should be prepared to lose his funds instead if he is not patient enough to invest for long term.

[serjent05]

@OP if you are skilled in day trading, swing trading or arbitrage trading then you can use your skill to help your senior pastor to earn from short term investment.  I believe this are the only options to choose if one aimed to get profit from Bitcoin in short-term.

We know it has a higher risk than the conventional DCA and hodl strategy.  If you are not confident that you can deliver a profit from these options (short-term) then you should tell him frankly and decline to assist him if he doesn't follow your original advice of DCA and long-term investment.  After all, you are not responsible and it is not your obligation to assist him in realizing his investment plan.

@OP, I know that you wanted to help but if he doesn't listen to your proven strategy, it is better to let go of the idea to save you from future troubles.


You an also advice him to go outside the cryptocurrency investment that offers a short-term investment plans like what is stated in this article: https://www.bankrate.com/investing/best-short-term-investments/#best-list

[naira]

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.

With the current bitcoin situation even after the ATH movement that occurred, it seems that the pastor will have difficulty in getting short term profits. A little dilemma and you certainly would not advise him to invest if his goal is to seek profit every day in his retirement. So it is better to give him clearer pressure about long-term investment and if he is still firm for the short term option, of course don't follow his wishes. Because the results are very insecure in the midst of the pressure to want quick profits. In the end, what I fear is that you will be blamed for not meeting the pastor's expectations.

[Plaguedeath]

Lol.

First Bitcoin isn't an online business and the second, few months savings aren't enough for retirement.

I feel like your Pastor is looking for "magic money" where he can earn a big amount of money without doing anything from small amount money, which is impossible in the first place. It's better if you tell him, Bitcoin can't do like that.