He wants to Invest in Bitcoin for His Retirement.

[ThemePen]

No matter what his purpose of investing in bitcoin is, you need to make sure that as long as he can keep it for the long term and invest with money he can afford to lose, you can start teaching him. In addition, helping others is a good thing but you also need to consider before giving advice to someone, especially investment advice related to money. If your advice is not suitable for them, not only will they lose money, but you will also be implicated. It will be difficult for you to avoid getting a bad reputation or being criticized by them if their investment fails.

Bitcoin is worth investing in and you have made a profit but that doesn't mean everyone will make a profit by investing. So please consider before giving advice to anyone, especially public figures.

I totally agree that we need to be careful when giving advice about investing in bitcoin or other things. We need to make sure person knows about risks and can handle losing money and don't have emotions which can destroy his life. We also need to think about their financial situation and goals before giving advice. Helping others is great but we also need to protect ourselves. If investment doesn't work out we don't want to get blamed. When giving advice we need to be clear honest and set realistic expectations. This way everyone knows what they are getting into. And if there is Bitcoin like OP want to advice so OP should tell about the risks and about its volatility. And teach some fundamentals to him. If he has knowledge about that so he will be careful about it and he has no right to blame OP.

[BALIK]

Retail trade or employee someone, Can't support in any way for a retirement officer to train employees yes but it is reasonable for him to do retail trading if he can master the details of trading beforehand. But another thing is that if bitcoin is not legalized in his country then he cannot do all these activities even as a retired officer in this case he has to maintain his privacy. I think he is interested enough to invest in bitcoin because bitcoin is legalized in his country.  However, I don't understand how logical it would be to trade or train someone on Bitcoin at his age.

Why not? It is true that older people will have some difficulty accessing bitcoin but as long as he is serious about his decision, there is nothing inappropriate. I don't think age is an issue here. The issue that OP needs to be more concerned about is that if he just wants to speculate with his pension, and it is money that cannot be lost, OP should advise him not to invest in bitcoin.

Like some people, if it were me, I would also find reasons to refuse to help him build this investment because I find him unsuitable. He can only invest in bitcoin if he can invest for the long term and only invest money that he can afford to lose. If he only wants to make short-term profits, passive income to cover his daily needs, he should not invest in bitcoin.

[Krishna1942]

I think bitcoin will definitely give good returns in long time but short time volatility is there. If he wants to invest better to invest on sip basis monthly some amount so that more units will come when there is downtrend.

[goldkingcoiner]

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.

[TsenTsen]

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.

Here here, couldn't agree more. we have to highlighted the pastor's family condition is full of uncertainty itself. This is also an advice for anyone who doesn't have stable incomes with a lot of responsibilities or expenses to pay. Bitcoin is not an okay alternative to invest with pension money or someone who has a small fixed income.

[ringgo96]

I think bitcoin will definitely give good returns in long time but short time volatility is there. If he wants to invest better to invest on sip basis monthly some amount so that more units will come when there is downtrend.

This is a good decision taken by a retiree, because investing in bitcoin in the long term will certainly provide huge profits, if investing gradually this is certainly a good idea because the price of bitcoin always changes at any time, but retirees like the pastor need great consideration because the assets to be invested are truly safe and he has a decent living.

[passwordnow]

I think bitcoin will definitely give good returns in long time but short time volatility is there.

There is no doubt that if someone is for long term, Bitcoin is the best option. In short time investing, it's also a good one but you don't expect a larger return compared when you hold it for so long.

If he wants to invest better to invest on sip basis monthly some amount so that more units will come when there is downtrend.

This is still DCA and I agree.

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.

IMHO, before it's okay to say that invest all eggs in Bitcoin. But over the period of time, the narrative changed a lot and even if someone who's very much enthusiatic about Bitcoin will come to the point of their lives that they have to scatter somewhere else their assets but leaving Bitcoin with a larger portion of their wealth.

[Rockstarguy]

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 he is thinking about Bitcoin investment because he wants an alternative source of income since he will be getting retired soon, and from the way he sounds from your story he needs something that generates quick income. You need to let  him know what he needs right now is to get understanding about bitcoin first, and understand the movement of the market. Bitcoin is more profitable when people understand it first before going into it as investment. Since he is getting retired from his service anytime soon it is better for him to think of anything that can be a source of income than planning to make money from bitcoin.  Bitcoin investment is good when it is longterm and it doesn't make sense when people try to depend on it.

[Maslate]

He can always invest if he really wanted to but tell him honestly that he can't easily make short term profits out from bitcoin knowing it's good for long term investment. And with so much volatility in bitcoin, I don't think he'll be able to sell anytime he wants, otherwise he'll be at loss often times. It's better if he will invest into other investments that can provide quick profits in order to put food on the table regularly, and it's certainly not bitcoin.

[adultcrypto]

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.

If he is not willing to invest for long term, I will advice you to be careful else you will be blamed for the loss. Bitcoin is mostly safer when the investor is willing to hold for at least four years which is between market cycles. If he is too old to invest for long term, it is better you ask him to invest a smaller amount so that he can comfortably give the investment to his children. I will never suggest or encourage anyone to engage in short term investment because it is risky. Stand your ground and explain things to him and don't take because he is a respected clergy and not be too open to him about what he is aiming for, the advantages and disadvatnages. 

[Smack That Ace]

He can always invest if he really wanted to but tell him honestly that he can't easily make short term profits out from bitcoin knowing it's good for long term investment. And with so much volatility in bitcoin, I don't think he'll be able to sell anytime he wants, otherwise he'll be at loss often times. It's better if he will invest into other investments that can provide quick profits in order to put food on the table regularly, and it's certainly not bitcoin.

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.

[Apocollapse]

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.

[dzungmobile]

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.

The screenshot on top gainers and losers is a good example on risk of altcoins. I knew it but your screenshot can help newbies in cryptocurrency market, who are easily find love in altcoins, feel danger of these shit coins.

Frankly I don't know any of these coins in both top gainers and top losers list. Does this mean I miss some hidden gems?

I did not actually and I felt happily that I didn't touch any of these coins because they soon will change from top gainers to top losers.

[Dr.Bitcoin_Strange]

If he is looking for an investment where he can feed from then he should open a retail trade and employe someone that can be doing the sales, while he will stand as the manager, even if he must invest some his retirement fund into Bitcoin, I suggest you advice him to start a retail trade that can be earning him profit consecutively. That's only when he can be able to hold his Bitcoin for a long time. Like you already said, if he only rely on the Bitcoin, you might end up to sell the Bitcoin during price dip.

It will be risky for a retiree to invest all his retirement benefits in Bitcoin. He can take this step if he has another reliable source of income after retirement. But if he doesn't, I suggest he divide these funds into long-term and short-term investments. He should consider taking a part-time job or establishing a business that will generate daily or monthly income to enable him to take care of his daily needs. Investing in Bitcoin should be a long-term plan where he would be willing to hodl for a minimum of four years. He should also make provisions for emergency funds, to cushion the effect of emergencies.    

Yea, that why I had to suggest for him to go into a retail trade, at least he and his wife can manage the business. If he is not really too old, then he can actually look for another job in a private company just like you suggested. But as a retiree, I believe he is supposed to be entitled to receive  pension on a monthly basis. If he receives pension every month, it's possible that he can invest all his retirement funds into Bitcoin while relying on his pension.

[legendbtc]

....

I totally agree that we need to be careful when giving advice about investing in bitcoin or other things. We need to make sure person knows about risks and can handle losing money and don't have emotions which can destroy his life. We also need to think about their financial situation and goals before giving advice. Helping others is great but we also need to protect ourselves. If investment doesn't work out we don't want to get blamed. When giving advice we need to be clear honest and set realistic expectations. This way everyone knows what they are getting into. And if there is Bitcoin like OP want to advice so OP should tell about the risks and about its volatility. And teach some fundamentals to him. If he has knowledge about that so he will be careful about it and he has no right to blame OP.

Honestly, giving investment advice to others is a huge responsibility, we can help change their lives but we can also ruin their lives if unexpected incidents occur. That's why I don't like giving investment advice to anyone. In addition, we are just regular investors, we are not advisers or experts so it is not our job to give advice.

Even if we knew their circumstances and deemed them suitable to invest in bitcoin, but what guarantee is there that they would follow our instructions? For example, OP, what will guarantee that the other pastor will hold bitcoin for the long term as OP instructs? In front of him he may agree with what the OP instructs, but behind his back he secretly does the opposite of what the OP instructs. And if he accidentally loses money, is it guaranteed that he will take responsibility himself or will he find a way to blame OP?

There are a lot of consequences that the OP needs to think about and like I said, especially public figures like that pastor. If something happened, do you think people would believe you or him? OP?

[Dr.Osh]

He can always invest if he really wanted to but tell him honestly that he can't easily make short term profits out from bitcoin knowing it's good for long term investment. And with so much volatility in bitcoin, I don't think he'll be able to sell anytime he wants, otherwise he'll be at loss often times. It's better if he will invest into other investments that can provide quick profits in order to put food on the table regularly, and it's certainly not bitcoin.

Well, based on OP's story, I don't recommend that either. In fact, going short is not easy. there are still many people who fail out there. The question is, is the pastor willing to take the risk of losing the assets he entrusted. Sometimes, it is very easy for people to say that management shares when they are making a profit. However, sometimes they are not ready for the risks, especially when they actually use their savings after retirement.

[Woodie]

Fair game you played here and honest advice too 💯!!

My only problem at the moment is the pastor is an aged man, and with crypto we know how people have lost or forgotten their private keys thereby losing their investments...so like you said a trustee needs to be engaged here like a trusted child to avoid losing coins easily. Btw, even though he hasn't said it but from how I see things here... his looking for some kind of get rich quick solution and you better let him know that's not how these investments work and neither are they one way as they could either go boom or burst. Ask him who this investment is suppose to benefit, is it him or the kid's because best ROI will come from long term investments!!!

Off topic, by the looks of things is this how the clergy are made to fend for themselves... thought they are well taken care of even after retirement 

[Peanutswar]

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?

Your input can help this man through me.

In my point here I guess it's not ideal at all you will manage the asset of other people because in the first place the market is volatile so what's your reason if you lose most of his money possible they will accept the reason but not all the time this happens for your safety too as possible let them make the move to invest and handle, you can give an opinion but you can let them decide where to invest we got too much knowledge and they trusted us but of course not as always the market is on with us sometimes it's your friend and sometimes it's not.

Even though it's never been told late to make an investment but make sure there's an agreement between you and not just a verbal thing money still valuables to the people and they afraid to lose it at all.

[knowngunman]

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.

There's no big deal here. Just like you presumed people might have told him you are good with bitcoin investment (thou I don't know what you actually mean here) and also teach people about bitcoin, accept it that it is what you do and he can also be part of the class if he's interested. Forget about the religious tittle he's holding, kindly desclaim helping people with investment and encourage him to be part of your students if he cares and he will eventually invest on his own without looking for someone to manage it for him.

People should not be desperate to invest in bitcoins for their survival, they might get disappointed. Moreover, investing in bitcoin is not suppose to be retiree dump ground who depend on pension and gratuity to feed. It's for people that earn regularly so they won't be tempted to temper with the money invested and thereby shorten their investment or probably lose due to immature exit.

[RockBell]

He can always invest if he really wanted to but tell him honestly that he can't easily make short term profits out from bitcoin knowing it's good for long term investment. And with so much volatility in bitcoin, I don't think he'll be able to sell anytime he wants, otherwise he'll be at loss often times. It's better if he will invest into other investments that can provide quick profits in order to put food on the table regularly, and it's certainly not bitcoin.

It's a thing of Choice but I don't think a lot of people will truly want to venture into something like this, It is not As if It is bad investing with your retirement money, but we all know the kind of families we are coming from. How do you even convince your dad to invest with his retirement money before you actually convince him you have to do a lot of paperwork because we know the kind of parent we all have, and as for me I will suggest they should go for something physical then at the end of the day they can't consider investing gradually into bitcoin since it is more of a long time investment for them to retire they will need a business that would bring them profits gradually for them to be able to sustain yourself if I don't think they will agree to investing into bitcoin just like that so the only advice I can give to them to start something physical then at the end of the day consider  bitcoin as a second option of investment, going directly into investing I don't buy the idea.