What's the best piece of investment advice you can give me? (bitcoin tied in)

[RockBell]

If I where to advice you base on your speach from this last paragraph I bolded, I would say that listening to advice from friends and co workers is not a bad  thing, but the type of advice given to you determine if it is bad or not. If you want to succeed be quick to listen but slow to action because there could be a misleading advice that will trigger a fast investment that may collapse so suddenly but if it is given a thought for sometime you may discover some lapses that may have gotten you into a mess, Because as a business person there could be somany advice from everyone, and you must be selective to know the right one. And don't ever do business in favour of family and friends including relatives.

I don't think give somebody advice. It's actually the right thing to do when it comes to investment because eventually everything that goes wrong. Do you want to blame it on you and what did not understand the stats you have nothing to do with the market. The same way they are investors the same way you are currently the same way that bitcoin is even if there's no longer interest than the position should be, let's go to do whatever the advice and to do not all advice work, but it helps

I don't think we see the reason why everyone needs to stop yourself trying to encourage people to invest if they don't want to invest they should leave them alone. Investment cannot be forced on anyone. It has to be a volunteer contribution that this is what time laundry any can can actually and that is why I have backed out from investment for a very long time now and there is not way ot all work for, and I don't want to be blamed for anything you invest your choice.

[Reatim]

 What immediately came to mind "never listen to your friends, family or co-worker when it comes to investment advice.  

yeah good advice best that they learn it now rather than learn it the unfortunate way

.   But here's the thing, it's inherently NOT an investment, and you shouldn't consider it until you get your finances straight. He has NOTHING to his name.  He just for the first time in his 40 plus year life got a decent job.  I know he doesn't know how to properly bank even (credit unions for check, online banks for savings...AVOID the big banks like BOA, Chase, Wells Fargo etc).  I also know he doesn't have knickle in any "backbone investments".  What I mean buy that is your long term financial plans.  401k's, IRA's etc.  I said once you get that on track, then sure I think you should probably put a few bucks in to it, but until then.

why is it not an investment? ofc if is he bought it with his money and now he is waiting for his money to return and more besides i don’t think it’s really necessary for people to know how to bank if they are involved with bitcoin

[o48o]

I do one thing. I will never tell my family members and relatives about investment in Bitcoin. I did it in the past, but from my experience, I knew it is painful experience, hence I no longer want to repeat it in future.

Even it is investment, people can do their investment differently and that leads to different results, success or failure. It's obviously their own responsibility, but when they fail, they will not recognize their own reasons but will immediately find reasons from someone else. And at that time, you as a tutor for their investment debut, will be one of first victims. Honestly, I want peace, freedom and no pressure from someone, so I don't want to introduct Bitcoin investment and get such headache later.

Same here. At some point you can be pressured to sell. And that's frankly understandable, as if you would had told them that bitcoin eventually hits 100k when it goes down, they would think you are crazy and you might even believe you are crazy too.

You will also become the bank, because they believe you are rich. You start to curse yourself not exiting at the top and then you need to explain why are you risking all your money, that always looks like some internet crypto scam to them. Especially when it's dropping.

Also watching your fortune crashing, while everyone is relying on you financially can be devastating. And your family knowing it, it can be devastating to them as well. They aren't even experienced such drops before, so it can be mentally way more taxing for them.

[Solosanz]

Not all financial advice from other people are bad, they actually give you their best advice, unfortunately their advice are only for their position, not in their position. Because there's a difference in different tiers.

Net worth classes.

$0-$10K, in this group people don't mind to take high risk.
$10-$100k, in this group people can still take high risk.
$100k-$1M, in this group people only take moderate risk.
$1M-$10M, in this group people only take smaller risk.
$10M+, in this group people take small risk, they will diversify to many assets.

If $0-$10K group ask to $10M+, it's no longer relevant because the $10M+ group will advise to only take small risk because the return are enough to make them survive, but the poor will not good to use this strategy.

[Redley555]

Don't stop, keep pushing keep improving, and learning you don't become perfect in the day it takes constant practice to get to the top

[Yoona_As]

To invest in Bitcoin, we must understand this well and take the right steps, so that you will definitely be able to benefit financially. Bitcoin often fluctuates, but it is more pumping than dumping, which we have always seen. Bitcoin has currently become the most expensive currency among all cryptocurrencies and it is relatively far ahead in terms of popularity. By investing in Bitcoin, you have to be patient and do it for the long term, then you will be able to sell Bitcoin at a high price, which will give you experience in investing and you will also go a long way financially.

[michellee]

We may face a situation where we suggest Bitcoin investment to our friend but he reject it. No matter what we tell to him, he will leave it like that without think or make a little research. We can not suggest them to invest in Bitcoin if they don't have a stable income yet because they will difficult to choose to use the money for his daily need or the investment.

But we can tell about Bitcoin according to the question that they ask and not tell more details so they will curious and will find out by themselves. I do not care if they know Bitcoin or not because I met many experienced about telling Bitcoin investment in the past. But most of them don't care and not decide to invest in Bitcoin.

Learning the investment before you decide to join is the best suggestion to those who want to know. They need to learn many things about Bitcoin investment so they will know what, why, where, when, and how to start.

[yhiaali3]

It reminded me of a funny story that happened to me years ago. I was visiting my elderly sick uncle. Of course, he didn't know anything about Bitcoin. But he apparently heard from his children that I owned Bitcoin and jokingly told me: "You're rich because you have Bitcoin. You own at least 100 million (the price of 1 Bitcoin in local currency)." I laughed and not knowing how to explain it to him.

They don't know anything about Bitcoin. They don't know that Bitcoin is made up of many satoshis, so they believe that everyone who owns a Bitcoin owns 1 Bitcoin, which in their understanding, is equivalent to $100K. Therefore, they think anyone who owns Bitcoin is wealthy. They don't realize that they can own small portions of a satoshi, which could be worth as little as a few dollars.