Balancing Financial security and Bitcoin Accumulation

[Gost ms]

I agree with your balancing financial security and Bitcoin accumulation strategies but I don't quite agree with your allocating the percentage that should be used by people's for their income. Our needs and financial obligations are different so generally allocating the 50 30 20 strategy can only work for people with same kinds of needs but generally it is not everybody that can afford to remove 20% or 30% of their income for discretionary funds. Some theories are perfect on paper but in practical they are not easy to implement, your basic expenses is more important than allocating funds into emergency funds and investment funds.

Sometimes 50% or more of a person's income is not sufficient to take care of their basic expenses so what I advice is giving priority to expenses that you cannot avoid like food, if you have children allocating funds for their school fees and the rest that you cannot avoid. If a person's income is not surficient for basic expenses they cannot allocate any funds for discretionary funds and your strategy is not for them. The economic situation is quite hard in the country and everybody needs to find legal ways to increase their incomes so that they can be able to allocate funds for discretionary expenditures.

I gree with you because judging from the way our economy is at the moment most people can't bost of having discretionary funds, either because there income is too low or there responsibilities are most time overwhelming, because of that this set of people might just have to settle for emergency funds and investment funds as you said.
But there is always a way to accumulate money to be able meet up with this his perfect strategy of balancing financial security and Bitcoin accumulation. And that way is to look for multiple sources of income, I know you have to worker harder most times if you have multiple sources of income, but it's necessary for stability especially in this present economy.

There are many of us whose income is very low. Those who have very low income can earn money by working extra, but there are many people who become physically ill if they work extra. They should invest with the amount of income they have through proper financial management and by reducing extra expenses, finding discretionary income. Through the DCA method, a person can invest even with a very small amount of money. If a person is able to find $ 10 discretionary income, he can invest. The importance of proper financial management of a person is very important.

But if someone is able to work extra. He can sit with a small meal in the evening or do the work he is good at in his spare time. If someone's income is very low and if he is able to work extra, then he needs to work extra.

[Jaksonhard]

I think what will possibly make someone to sell off his or her property to buy Bitcoin can either be greed or circumstance and when I said greed I mean selling one's property with the intention to buy and sell immediately when there is a surge and also circumference can also make someone to sell off their property and continue their accumulation but normally we are not suppose to sell off our property to buy Bitcoin because most times people with challenges are the ones that sell off to buy, someone who is doing well will never think of selling his or her property and I don't want to be among the people that will sell property.

I agree with your point and believe that this is a pragmatic and realistic way of viewing the scope of the transaction at hand (i.e., selling property to purchase bitcoin). Selling property to purchase bitcoin is often done out of either extreme greed or desperation (which are generally both very risky behaviors), either way it carries considerable risk. In general terms, bitcoin should only be considered as an investment and never something that would put us in a position of compromising our basic financial security. Financially secure investors usually only invest whatever they are willing to lose and never their primary residence or other types of assets, and therefore continuing to avoid selling property demonstrates a level of maturity and healthy mindset when it comes to the actions of others as well as his/her long-term investments.

[Tonimez]

I think what will possibly make someone to sell off his or her property to buy Bitcoin can either be greed or circumstance and when I said greed I mean selling one's property with the intention to buy and sell immediately when there is a surge and also circumference can also make someone to sell off their property and continue their accumulation but normally we are not suppose to sell off our property to buy Bitcoin because most times people with challenges are the ones that sell off to buy, someone who is doing well will never think of selling his or her property and I don't want to be among the people that will sell property.

I agree with your point and believe that this is a pragmatic and realistic way of viewing the scope of the transaction at hand (i.e., selling property to purchase bitcoin). Selling property to purchase bitcoin is often done out of either extreme greed or desperation (which are generally both very risky behaviors), either way it carries considerable risk. In general terms, bitcoin should only be considered as an investment and never something that would put us in a position of compromising our basic financial security. Financially secure investors usually only invest whatever they are willing to lose and never their primary residence or other types of assets, and therefore continuing to avoid selling property demonstrates a level of maturity and healthy mindset when it comes to the actions of others as well as his/her long-term investments.

Selling properties to buy bitcoin is a practice that mostly comes from greed especially among the bitcoin traders who aim at using the period of dips to trade bitcoin. This is why it is not good to trade bitcoin because you will become too greedy and always having FOMO in any slight market shift. This has led many people into loosing their properties completely after loosing the money to trading. If you really want to invest in bitcoin, you have to think about long-term investment because it gives the peace of mind that is needed to HODL and avoid panicking. When you plan on long-term holding, you should avoid investing Beyond your financial capacity by investing with only your discretionary income.

We have read a lot about the effects of this bitcoin attitudes (Trading and HODLing) and I believe by now a beginner should be able to take the right decision while investing in bitcoin especially the beginners who have been in this forum before venturing into bitcoin accumulation.

[Hardyrobust]

I think what will possibly make someone to sell off his or her property to buy Bitcoin can either be greed or circumstance and when I said greed I mean selling one's property with the intention to buy and sell immediately when there is a surge and also circumference can also make someone to sell off their property and continue their accumulation but normally we are not suppose to sell off our property to buy Bitcoin because most times people with challenges are the ones that sell off to buy, someone who is doing well will never think of selling his or her property and I don't want to be among the people that will sell property.

I agree with your point and believe that this is a pragmatic and realistic way of viewing the scope of the transaction at hand (i.e., selling property to purchase bitcoin). Selling property to purchase bitcoin is often done out of either extreme greed or desperation (which are generally both very risky behaviors), either way it carries considerable risk. In general terms, bitcoin should only be considered as an investment and never something that would put us in a position of compromising our basic financial security. Financially secure investors usually only invest whatever they are willing to lose and never their primary residence or other types of assets, and therefore continuing to avoid selling property demonstrates a level of maturity and healthy mindset when it comes to the actions of others as well as his/her long-term investments.

Selling properties to buy bitcoin is a practice that mostly comes from greed especially among the bitcoin traders who aim at using the period of dips to trade bitcoin. This is why it is not good to trade bitcoin because you will become too greedy and always having FOMO in any slight market shift. This has led many people into loosing their properties completely after loosing the money to trading. If you really want to invest in bitcoin, you have to think about long-term investment because it gives the peace of mind that is needed to HODL and avoid panicking. When you plan on long-term holding, you should avoid investing Beyond your financial capacity by investing with only your discretionary income.

We have read a lot about the effects of this bitcoin attitudes (Trading and HODLing) and I believe by now a beginner should be able to take the right decision while investing in bitcoin especially the beginners who have been in this forum before venturing into bitcoin accumulation.

selling property to sell bitcoin isn't good idea as bitcoin doesn't  reward those that are greedy, desperate and lack patient. This can only be good in few cases maybe the property has high maintenance cost and you are not staying/ living or making use of such properties selling it and investing in bitcoin won't be bad idea altogether. This can also be done when we have an emergency funds and also a stable source of income if not it won't be a good idea to sell a property and invest the income in bitcoin whether we are making used of it or not. We shouldn't forget this bitcoin doesn't reward desperation and those that lack patience.

[yixichloro2xx]

I agree with your balancing financial security and Bitcoin accumulation strategies but I don't quite agree with your allocating the percentage that should be used by people's for their income. Our needs and financial obligations are different so generally allocating the 50 30 20 strategy can only work for people with same kinds of needs but generally it is not everybody that can afford to remove 20% or 30% of their income for discretionary funds. Some theories are perfect on paper but in practical they are not easy to implement, your basic expenses is more important than allocating funds into emergency funds and investment funds.

Sometimes 50% or more of a person's income is not sufficient to take care of their basic expenses so what I advice is giving priority to expenses that you cannot avoid like food, if you have children allocating funds for their school fees and the rest that you cannot avoid. If a person's income is not surficient for basic expenses they cannot allocate any funds for discretionary funds and your strategy is not for them. The economic situation is quite hard in the country and everybody needs to find legal ways to increase their incomes so that they can be able to allocate funds for discretionary expenditures.

I gree with you because judging from the way our economy is at the moment most people can't bost of having discretionary funds, either because there income is too low or there responsibilities are most time overwhelming, because of that this set of people might just have to settle for emergency funds and investment funds as you said.
But there is always a way to accumulate money to be able meet up with this his perfect strategy of balancing financial security and Bitcoin accumulation. And that way is to look for multiple sources of income, I know you have to worker harder most times if you have multiple sources of income, but it's necessary for stability especially in this present economy.

There are many of us whose income is very low. Those who have very low income can earn money by working extra, but there are many people who become physically ill if they work extra. They should invest with the amount of income they have through proper financial management and by reducing extra expenses, finding discretionary income. Through the DCA method, a person can invest even with a very small amount of money. If a person is able to find $ 10 discretionary income, he can invest. The importance of proper financial management of a person is very important.

But if someone is able to work extra. He can sit with a small meal in the evening or do the work he is good at in his spare time. If someone's income is very low and if he is able to work extra, then he needs to work extra.

You are right, an average Nigerian worker earn $40 - $50 per month, it's not like that of countries like USA, UK etc so it is very small base on the high cost of living. So adding side hustle to boost your income is very good.  It shouldn't be any hard task hustle because we need to care for our health, it can be freelance task , tutoring or  even using the money that you earn in this forum can boost your income level. I am sure if you you are a careful spender, you can raise up to $20 as your discretionary income, it varies it can be higher than that or something lower depending on how life is. Depending solely on your salary as an average Nigerian worker will be quiet tough to get DCA funds.