He wants to Invest in Bitcoin for His Retirement.

[Taskford]

Before suggesting someone invest in Bitcoin, we need to keep in mind some important points. Advising someone to invest in Bitcoin won't be a be a proper adaptation unless he knows what Bitcoin is and how it works. You shouldn't take the risk of other investors because you can't secure his funds in case the price drops hardly. It's crypto, and anything could happen at anytime. For better practice, you need to explain about Bitcoin. Let them decide whether they want to invest or not. If someone needs to feed from Bitcoin earnings, then ask him to keep his funds in the bank. Because if it falls, he can't survive.

I think the same. You should think carefully about this, because in the crypto world, anything can happen, even losing your investment in a short time. It might have a very negative effect on him, because it is his retirement fund. The scariest thing is, when you are the one who is targeted for the loss.
Anyway, I just suggest to educate him and of course emphasize the risks. I feel that he only thinks about the profit that can be obtained, not the loss that he can receive.

Retirement funds should not be spent on volatile asset. We don't know what will happen in future and maybe those volatile movement could affect the health of that investor so instead of thinking about investing on bitcoin, maybe they should spend a retirement life without thinking any stressful in their side. And I don't recommend this investment to old people since this is really risky then to bad if they can't handle the situation since this may lead them to lose their money especially if they have less knowledge to do counteraction on some situations that slowly drain their funds.

Maybe best to forget about having discussion about investment since what's best for retirees is to enjoy their life outside on any matters that could potentially give them a big problem. Retirement funds should be spend on more valuable things like what those old people need to survive.

[bitzizzix]

My question is, how much pension does a pastor receive every month?
Because I also have a neighbor who wants his pension fund invested, and the problem is that the pension fund is also very important for his last child's college fees, and also other important needs. And if his pension money is invested, even if only a few percent, it will not be enough to meet his needs which will make him think a lot in his old age. Unless the pension fund that he can get is very large and there is a possibility to be able to do it, but on the condition that he must prioritize his important needs first.

Investing pension funds after retiring from work is not a good suggestion if you are old and still have dependents, unless you have other income.

And back again with the story about my neighbor, and finally he gradually collected money from his pension fund to build a grocery store because he knew that grocery stores in his area were still rare. And what I saw and also heard his story, he was happy because the profit from the grocery store with the pension fund received every month was greater and he still did not invest and all his money was saved for the needs of one of his children who was still in school and also other important needs.

It is better to invest if we are under 50 years old because if we do, there is still a chance to get profit for 5 or 10 years. And my suggestion, OP should suggest to the pastor to use the pension fund to do a business that will generate profit every week or month for him after prioritizing his important needs and also according to his ability.

[doomloop]

After the retirement minute, to invest your capital or saving on Bitcoin is good. But it is not appropriate to show haste. It is better that Bitcoin business should be thoroughly studied for this purpose. Its maps, flow charts, graphs, market fluctuations and its history should be thoroughly seen. study whale,for Bitcoin Coin, Trading, Staking, Valuation and Mining etc.
Initially ,invest in Bitcoin experimentally and after learning this business thoroughly. Gradually invest and then jump completely in this business. So in this way, your capital will avoid to waste due to inexperience.ٰ I think it is better way to invest and other that God will do it better for you.

Please remember that we are talking about retirement funds here and not just a simple budget that one decides to invest in Bitcoin to earn yearly outcomes from it. The person wants to earn an steady income by investing his retirement funds in Bitcoin which is not a good idea because we know there is no guarantee for short-term gains from cryptocurrencies, especially Bitcoin since it isn't usually as volatile as other cryptocurrencies in the market.

We have seen Bitcoin being stagnant from $28k to $31k for almost six months or so. Imagine if someone has invested all their money into it so that they can earn a monthly income from it and then this happens. So it's not a foolproof plan when it comes to steady incomes.

Bitcoin is only good for long-term investments and not for short-term gains.

[bigmanik]

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.

I won't advice you to take up on his offer or he's request rather
As it stands he probably thinks investing in Bitcoin is like a get rich quick scheme but that's not the case
We have our good and our bad days and since he's about to retire you should advice him to invest in something else
Some more physical like a small business
If he insists that he wants to invest in Bitcoin
Explain to.him properly the risks involved in crypto or you could rather teach one of he's kids about crypto since you said they are graduates with no job

[Callido]

Can we say he requested too late and at this point, investing into Bitcoin might not be the best among many others. First what is the equivalent amount of funds from local currency to dollars because i am sure they are not getting paid much to fit in with huge capital at first entry.

He can't feed his family from the profits made from Bitcoin considering the short term approach, even at the short term, it takes close to many months before a decent profit can be made. Suggest he thinks on investing in a more physical kind of investment, this can help generate enough profit either weekly or monthly basis.

[Pmalek]

The man doesn't seem to me like he has strong hands and is willing to wait to profit off the money he invested. He is looking for something quick, and that's a danger for you. If you introduce bitcoin to him, and he starts losing money, he will associate you with that loss and even think bitcoin is a scam because he didn't earn any money from it.

Instead of talking with an older man who, lets be honest, is no longer in the best condition to make sound and safe decisions, I would try to bring his children into those meetings. I would explain to them that they can purchase and hold bitcoin, but the price can both increase and decrease. Show them a few charts explaining the volatility, with values both going up and down. They must know it's not always a safe bet with constantly increasing value. And if they are ok with those risks, you can talk more about how to help them buy bitcoin. If not, better go your separate ways. And you should absolutely make it clear to them that you don't want any praise or criticism, depending on the price movement nor can you do anything about it.

[avp2306]

The man doesn't seem to me like he has strong hands and is willing to wait to profit off the money he invested. He is looking for something quick, and that's a danger for you. If you introduce bitcoin to him, and he starts losing money, he will associate you with that loss and even think bitcoin is a scam because he didn't earn any money from it.

Instead of talking with an older man who, lets be honest, is no longer in the best condition to make sound and safe decisions, I would try to bring his children into those meetings. I would explain to them that they can purchase and hold bitcoin, but the price can both increase and decrease. Show them a few charts explaining the volatility, with values both going up and down. They must know it's not always a safe bet with constantly increasing value. And if they are ok with those risks, you can talk more about how to help them buy bitcoin. If not, better go your separate ways. And you should absolutely make it clear to them that you don't want any praise or criticism, depending on the price movement nor can you do anything about it.

Provably that's how they gonna expect especially there's profit to be taken involved in the discussion. Bitcoin investment is not easy to learn due to its volatile movement and to bad if they caught up with bad market decline since they might lose their money with this.

Maybe rather I don't want to talk about it with old people. They don't need to know about this. Bitcoin investment is so stressful for new investors and to bad if those old people will get a lot of stress especially if they get worried about losing their retirement fund from this coin.

There's no automatic learning in bitcoin and crypto it will take a lot of time for them to learn these and if bad luck came to many money will get drained since new investors are prone to lose their money and get panic on every negative movements they see happened.

[Y3shot]

"Investing in Bitcoin for retirement? Well, that's one way to keep the faith strong! 😅 But tell the pastor that Bitcoin might be a bit too volatile for divine intervention—he might need more than a prayer to retire comfortably! 🙏📉"

Since the pastor is getting retired bitcoin shouldn't be the first plan.  He is getting retired and where he normally make money from he won't be getting it again,  that source is already close. It will be better for him to think about how to create income first either by doing business that can give him income everyday. If having a steady income is achieved then he can think of investing bitcoin.  It does not make any sense that someone is getting retired and he is just making plans to invest bitcoin,  the truth is that he is thinking bitcoin can be is next source of income or a career line to depend on.

[CryptoBuds]

After the retirement minute, to invest your capital or saving on Bitcoin is good. But it is not appropriate to show haste. It is better that Bitcoin business should be thoroughly studied for this purpose. Its maps, flow charts, graphs, market fluctuations and its history should be thoroughly seen. study whale,for Bitcoin Coin, Trading, Staking, Valuation and Mining etc.
Initially ,invest in Bitcoin experimentally and after learning this business thoroughly. Gradually invest and then jump completely in this business. So in this way, your capital will avoid to waste due to inexperience.ٰ I think it is better way to invest and other that God will do it better for you.

Please remember that we are talking about retirement funds here and not just a simple budget that one decides to invest in Bitcoin to earn yearly outcomes from it. The person wants to earn an steady income by investing his retirement funds in Bitcoin which is not a good idea because we know there is no guarantee for short-term gains from cryptocurrencies, especially Bitcoin since it isn't usually as volatile as other cryptocurrencies in the market.

We have seen Bitcoin being stagnant from $28k to $31k for almost six months or so. Imagine if someone has invested all their money into it so that they can earn a monthly income from it and then this happens. So it's not a foolproof plan when it comes to steady incomes.

Bitcoin is only good for long-term investments and not for short-term gains.

Since Bitcoin hit ATH before halving and till now, the price has been correcting and stagnating for more than 6 months and this topic was created in August. And as we can see, it has barely brought any significant returns to any investor who has invested in the past 6 months, let alone being able to give us a steady income.

Indeed, using retirement funds to invest in bitcoin in the hopes of making short-term profits or expecting it to provide a steady income is a bad idea.
Although bitcoin's volatility may seem appealing for us to make short-term profits, the truth is not that simple, bitcoin is only suitable for long-term investment.