He wants to Invest in Bitcoin for His Retirement.

[Findingnemo]

He is investing for retirement while retiring, Ironic though.

No matter if he invest on Bitcoin or anything else it is not really what he wants because it looks like he needs something for his monthly bills when he no longer recieve his salary for that he should have invested a lot earlier whether in Bitcoin or anything now he can enjoy it's benefit but now it's too late so he can only do one thing which is find another gig that let seniors to work as well.

[Questat]

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.

What he is looking is not actually bitcoin can offer. If he wants to find profits to sustain his daily needs for survival, I think he is not looking for an investment but a real job. But because he is retiring soon, then finding a job that will be suitable at his age is quite hard already.

However, if he will invest in a food business or small grocery business, probably he will earn daily to put food on the table. But regarding bitcoin, it's best for long term investment not a short one, most particularly that bitcoin is highly volatile.

[darkangel11]

I wouldn't take this "job" if I were you, OP. That's too much of a burden. A pastor is a public figure. Imagine what's going to happen to you when he loses on this investment. He's going to tell everyone how you took his money and lost it and these people, who are religious, will believe him without even talking to you. They will all look at you as if you're a thief who took advantage of their spiritual leader.
It's not worth it because even if all goes well and he gets that $30% in a year, he's not going to share it with you. He's going to give you a pat on the back and bless you and then ask you to give him all his money back.

[Oilacris]

He is investing for retirement while retiring, Ironic though.

No matter if he invest on Bitcoin or anything else it is not really what he wants because it looks like he needs something for his monthly bills when he no longer recieve his salary for that he should have invested a lot earlier whether in Bitcoin or anything now he can enjoy it's benefit but now it's too late so he can only do one thing which is find another gig that let seniors to work as well.

One of the wrong thing on the time that someone will be making out some investment just because they are being hype or something which is on trend but didnt know that much on what it is all about.
They would really be finding it later on that they are already that late or really just that cant be possible on the passive income that they are really that hoping. Also, when it comes to
crypto investment and even if we do speak or talk about Bitcoin then it wont really be giving out that guarantee that you would really be able to have that kind of thing into your mind.
If you are really that serious on investing to it then just let those people be thinking up on what they do believe, they most likely wont really be listening on others suggestions
and recommendations around not until they would experience for themselves.

[Nwada001]

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.

A lot of things are changing these days. There are those in my locality that are nicknamed digital pastors (those preachers that love technology).
 
I have also read online where a church made provision for some kind of donation and offering that can be paid using bitcoin, which brought about a lot of criticism, but from the way churches are being operated now, there is nothing much different between them and a real business organisation; they are being run as profit-orientated businesses.
 
Bitcoin is no longer something of the world but a gift from God sent to help humanity 😌

[Dr.Osh]

well, it's actually really good when he gets interested in bitcoin. However, I think he needs to rethink the risks that could occur in his investments considering that he only depends on you, and he needs investments that feed him every day. However, before investing, he needs to know that this is not a guaranteed return. We don't know how the price of bitcoin moves. It's great if it goes according to plan, however, what about when the price drops? then he needs to hold on longer, while he needs the results of his investment to provide him with food every day. I would suggest that he needs to think this through more, especially as he expects you to manage his investments. If this doesn't go smoothly, then the main target is you. So, I suggest discussing all the risks that could occur.

[Poker Player]

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.

He is investing for retirement while retiring, Ironic though.

It's just like that. Retirement has to be prepared many years in advance, and for him to want to invest in Bitcoin a few months ahead sounds to me like he wants to make a splash, investing little to see if it goes up a lot and fixes his retirement. It is a gamble.

I wouldn't take this "job" if I were you, OP. That's too much of a burden.

Me neither, he has everything to lose. If something goes wrong for the pastor, which with this lack of planning it will, he will blame the OP.

[bitterguy28]

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.

not sure that bolded part is something that we can claim because with the market volatility and the price going up and down? not that we can guarantee someone of making money in it unless they are willing to take a risk for LONG TERM investments.

if they are for something to take whenever they are in need , then Bitcoin is not the place for them .

[lovesmayfamilis]

My contribution would be to tell his children to come to this forum and figure it out for themselves. They are adults who can read and interact with many users if they are diligent enough to make their own investment decisions. This place, the forum, is not closed. But you OP seem very popular in your area; what about the privacy idea? Also, should a pastor worry about retirement? What about the concept that says, "Don't worry about tomorrow, because tomorrow is entirely up to God?" Sorry, OP, but I always have questions when the church talks about money. "You can't serve both God and mammon."  Isn't that where it comes from?

[CryptoHeadlineNews]

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.


Your input can help this man through me.

Judging for the tune of his choice of words and reason why he chose short over long term investment, it's obvious to me that is man is looking for an investment whereby he can put in like #500,000 and be getting like #50,000 monthly or weekly, and at the end of one year he gets withdraw backs his full #500,000, of which you and I knows that Bitcoin investment is not like that due to it's volatility. So it's best you make things clear to your pastor that this Bitcoin he is planning to invest in is a very risky investment, whereby his #500,000 can fall to #300,000 of the price of Bitcoin falls, and likewise that his #500,000 can also rise to #800,000 if the price of Bitcoin increases. And it's not in your power to decide what direction will go in the future, since it's not a get rich quick scheme, and if he insists that he is ready and willing to bear the risk to invest, then you invest for him, but if not, I advice you back out. 

Because the way I'm seeing this is that if one or two months passes, and this man didn't not see profits as he expected, he is likely to disturb you later. So I will advise that both of you should write a written agreement and sign that he agreed to bear the risk of investing in Bitcoin.

[HelliumZ]

I don't think it makes sense to invest all the money in Bitcoin after retirement, especially in the end of life when retirement or pension money plays a very important role as a security in running the family. If this household money is invested in Bitcoin and that investment is at risk, then of course I cannot support it in any way. It is reasonable to keep this money in a trusted bank because if you keep the money in the bank, the return will not be high, but that money will not be at any risk. Investing in bitcoins if investment losses are faced and market correction does not happen then it will definitely cause tension for the investor later which will not be bearable at the end stage of life at all.  Therefore, I think it is right to keep money in the bank instead of being under excessive tension.

[kryptqnick]

It's kind of you to help out someone who wants to invest in Bitcoin. But it's important to make sure that person understands the risks and that you can't guarantee things will go well. Managing expectations is also important, as Bitcoin is unlikely to make a huge price leap (percentage-wise) any time soon. DCA is a hood idea, but that will take time, so you man cannot rely on Bitcoin, especially not as a source of regular income.

[Wexnident]

~

I actually think short-term would be better for him since he's about to retire if he ever wanted to actually invest? And if ever, the long term plan investment should be handled by his children. Tbh I don't think investing at this point is going to bring him anything, pretty sure most of us know that investments are for the long term. You don't see results that are that big in just a few years, let alone a few months.

There's also other investments that could bring in big bucks but that carries like a LOT of risks in it. I don't think I'd recommend a retiring person to spend his retirement funds there honestly. Might be better honestly if he asked around about possible jobs for his children instead really.

[mirakal]

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.

Indeed, bitcoin is worth investing in and truly profitable, but if he thinks this would give him profit every day, as that person wants to happen, then I would say that bitcoin investment is not the kind of investment he is looking for. I hope I was wrong, but later on, he could find bitcoins that did not meet his criteria and sell them.

Many cases happen like this, and many fail because of their expectations.
I think the OP should tell him that the profit never comes too fast but takes time, and it must be clearly understood that this never works for impatient people. 

[Wapfika]

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 few months deadline is not a retirement investment. Also he is considering short term investments to get quick profit because he still needs the money for his daily necessities which only means that his money is not perfect for Bitcoin investments since it’s volatility. It can go down any moment which means there’s a high risk that his investment is at loss even he use DCA since he plans to do it short term.

I think you better pass on this offer because the money he is using is an amount he can’t afford to lose. Much better to use part of it and allocate money that has no use on Bitcoin investment.

Retirement investments should be done when he is using not during the time when he will retired.

[CoinFoxs]

By reading your post the one thing is understood that bitcoin’s investment is not for your pastor as he is looking for monthly income from which he will meet and manage their monthly expenses. If he invested in bitcoin and at that time market seems bearish then he will have to sell bitcoins as he need money for his household expenses. Bitcoin is not for him, ask him to another business!

[Davidvictorson]

Trading?

Of course, trading is a terrible idea for an old man his age. Even though you didn't mention how old he is, I am presuming that he should be in his sixties. No way he's going to learn about trading and be successful at it with the conditions surrounding him - kids still in school, family, poor and unsupportive country.

So we have to change their thinking from now. Tell your church leaders to invest now before it too late.

Agbe, I hope you know that investment is not for everyone. If they don't have any interest in investing, they shouldn't and I would not advice any person from Nigeria who has no experience in business/ investment portfolio to have their first investment in Bitcoin.

[Distinctin]

He is investing for retirement while retiring, Ironic though.

No matter if he invest on Bitcoin or anything else it is not really what he wants because it looks like he needs something for his monthly bills when he no longer recieve his salary for that he should have invested a lot earlier whether in Bitcoin or anything now he can enjoy it's benefit but now it's too late so he can only do one thing which is find another gig that let seniors to work as well.

Investing comes with the right investment and great timing. With this, the pastor is in the right track investing in bitcoin but the timing isn’t right as he should have invested 5-10 years ago so he can be enjoying his profits at this moment. Also, one should only invest after knowing the nature of investment well, but it seems this pastor is not knowledgeable enough concerning bitcoin and how volatility works in it. Even if the timing is right, the fact that he lacks the knowledge and understanding about bitcoin, he will still be at loss in the end.

[Onyeeze]

What I will tell you to let him know is more of disadvantages of Bitcoin investment, if you want to help him to know of bitcoin you should have know the important of bitcoin and also the effects of bitcoin investment, because this has putting many people in problem when they  have or fail to explain bitcoin very well, bitcoin investment is something you may lose or you benefit from the investment so this are the two things that's involved in cryptocurrency investment mostly bitcoin, tell him to make its own research and understand the implications that's involved in bitcoin, so if it can bear the effects that means is good to invest in bitcoin

[doomloop]

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.

not sure that bolded part is something that we can claim because with the market volatility and the price going up and down? not that we can guarantee someone of making money in it unless they are willing to take a risk for LONG TERM investments.

if they are for something to take whenever they are in need , then Bitcoin is not the place for them .

I think that can still be valid if what they mean is they are good at hodling and then they know how to invest well like they buy low and sell high most of the times. Knowing the DCA method and doing it regularly can also count. Investing is not only for the long-term even though this is the ones that automatically pop in our mind when we heard that term but I think that is because many investors are also doing this.

All investors are not perfect and even if we are well prepared, there might still be times that we can say that we will sell so that we can have a money that will be used on something. I think this is fine to do sometimes, most especially if it's about health-related and how can we able to use our wealth if we are already paralyzed, blind, or worse dead?