With this fund, I believe we don't need to worry about solving problems, as we have an emergency fund or reserve fund set aside before starting Bitcoin investment.
Actually, we don't necessarily need emergency fund and reserve funds set aside before starting our Bitcoin journey, if we've backup funds already before we got into Bitcoin, then it might do us some good to deploy some of it to lump sum or front laod our investment instead of Idly piling up cash.
You sound lost, @Sticky Bomb. Emergency funds and reserve funds are part of back up funds, so they are the same thing, except that emergency funds and reserve funds are more specified as to what they are and back up funds is a generic description that captures both.
Back up funds should not necessarily be used to buy bitcoin, unless you have enough back up funds that you are not putting yourself at risk in terms of overly spending from your back up funds and then not having enough income to cover all of your expenses.. which then means you may well end up overly depleting your back up funds and/or having to tap into your bitcoin at a time that was not of your own choosing.
There is nothing wrong with considering ways to invest into bitcoin faster, aggressively or to front load your investment into bitcoin so that you can accumulate bitcoin at a faster rate than you would have had otherwise accumulated - so long as you do not end up going from aggressive accumulation and then falling into overly aggressive accumulation.
Investors who don't have backup funds can start right away and build them alongside buying and holding Bitcoin. There's no need to keep waiting while you have discretionary income, such delays are unnecessary. Again it doesn't make sense building emergency fund when you don't have Bitcoin, that's misappropriation of priorities. The first priority is to check if you've discretionary income, of you do, then you're ready for your first purchase, you can now keep buying consistently and building backup funds alongside your consistent buys.
These are all good points in your last paragraph, even though you may need to think more clearly about the different ways that back up funds are built up, held and managed. In the end, you may be correct about everything that you are saying, even though your first paragraph was confusing and likely misleading in the way that you were using terms and even seeming to believe that back up funds are different from emergency funds and reserve funds.
Think about it. Emergency funds are a kind of back up funds that you may well not want your back up funds to go to such low level and to dip into them since they are the last line of defense before tapping into your bitcoin... Generally, guys think about building up emergency funds first and even getting emergency funds up to a certain high level before having other funds (ie reserve funds) that have more flexibility, which would include the ability to buy bitcoin on the dip with those funds.
Sure, the fact of the matter is most likely that when guys are in the early stages of building up their back up funds, they have some funds categorized as emergency funds and other funds categorized as reserve funds, which means that the reserve funds have flexibility and the emergency funds do not, yet if they are early in their building up of their back up funds, they likely should not have a lot of flexibility since they should have a priority of both building up their back up funds and building up their bitcoin, so then when you are proclaiming some kind of a practice that suggest that back up funds are not important (yeah you used the terms emergency funds and reserve funds), you seem to be glossing over the whole complementary need to maintain back up funds and bitcoin building and for me it seems problematic to be glossing over the value of those back up funds by suggesting that there might be some value to be using them to buy bitcoin during dips... which largely seems to me that you are acting as if buying the dip is smarter than ongoing, persistent, consistent, and regular bitcoin investing.
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I understand Sir Jay's point of view about poor people figuring out how to increase their income, some people are just so unfortunate and always get hit hard by life to the point that it affects them from progressing even when they're putting much effort too, if i were superstitious i would've said it's a generational curse like some superstitious do think about such people, well their case is understandable.
However there are those who have opportunities to change their situations but are too lazy to put in effort or sacrifice their time and effort to make sure their situation changes. Everyone can never have equal opportunities but some people misuse their chances of changing their situations, sometimes it might not even be lack of effort but have to patience in allowing their efforts produce live changing opportunities.
I doubt that we can generalize why many poor people end up failing, since there are going to be various levels of effort and there are going to be various pieces of luck that might take place along the way, and surely, if a guys is ongoingly putting forth effort, then perhaps those kinds of guys are going to be in a better position to take advantage of good luck when it such good luck ends up presenting itself.
I would think that almost no matter what, a certain amount of hard work is needed from poor people in order to get ahead of their poor status, and the level of work, effort and organizing that poor people do is likely not going to completely explain outcomes.
On an individual level, we might not really enjoy the amount of work that we have to do, and we also might consider that it is unfair that some of us are having to work way harder than some of those who we perceive as our peers, and yeah, if we are able to keep up our morale and our energy, and maybe even we have to keep up our health by making sure that we eat well, get enough sleep and enough exercise, then perhaps we are improving our chances for success, even though success is not guaranteed even if we do everything correct.
With this fund, I believe we don't need to worry about solving problems, as we have an emergency fund or reserve fund set aside before starting Bitcoin investment.
Waiting to start investing, to build an emergency fund is not the right decision at all. You can build an investment and an emergency fund in a balanced way at the same time. If you divide your discretionary income into three categories: emergency fund, investments and extra expenses. If you divide your discretionary income in this way, you can easily build an emergency fund and investments and extra weekly or monthly expenses at the same time, all in a balanced way.
If you wait to start investing until you have built your emergency fund, you will definitely miss out on buying opportunities, you may not be willing to invest due to the fear of seeing the market fall, and you will fall far behind the goal of building a portfolio. So if you build your investment and emergency fund at the same time, you will definitely protect yourself from such risks and setbacks.
I will suggest that you are correct in everything that you are saying, except that you seem to be presuming that everything is easy, which I doubt to really be the case for a lot of people. In order to both invest in bitcoin and also to strengthen cashflow management practices (that also includes building up back up funds), there are likely a lot of people who have to make quite a few changes in their already existing practices. Accordingly, there can be a lot more comfort and east to transition into some kind of a maintenance status after the back up funds had already been built up, as compared with the struggles (and even sacrifices) that frequently will end up existing for guys who are both in their early stages of building their bitcoin/cashflows and they are getting used to adapting to some of the trade offs that may well exist when they are making changes to how they are spending, saving and investing their discretionary funds on a weekly-ish basis.
