Balancing Financial security and Bitcoin Accumulation

[WhoYouCantKill]

You can't talk about automative savings it just wouldn't sit well with everyone, to some it might be alright but to others it won't.

Talking about automatic savings (or automatic buying of BTC) seems to open up considerations of trade-offs between automatic and manual.  For sure, I like the idea of manual in order to be able to attempt to maximize aggressiveness, yet there surely could be cases in which people are steadily busy with a variety of activities and they might not be in a position to make sure that they are doing their weekly buys, so it may well come in handy for them to just set it and forget it so that they can focus on other areas of their life that needs attention while at the same time feeling good that they have already authorized the buying of bitcoin every week.. whether it is $100 per week, $10 per week or some other amount that they feel sufficiently comfortable to establish as a preset weekly amount (or whatever might be the time interval for the BTC buys).

I agree that the trade of between manual and automatic buying of BTC should be of crucial consideration. Manual buying can have some cool benefits, including offering investors the potential for maximizing aggressiveness, and we can agree that this can be even more beneficial for investors who are consistently monitoring the market.

And if you also look at it on the other hand, automatic buying provides investors the convenience when it comes to maintaining consistency in Bitcoin accumulation. This sort of approach can also be more beneficial for investors who mostly have a very busy schedule and have to do several things at a time. When they employ the approach of setting and forgetting it, it allows them prioritize their Bitcoin accumulation, even with their busy schedule, and one advantage of this approach is that, it doesn't require constant market monitoring, which is quite a great way to free up time as well as mental energy, and rather using that energy to constantly monitor your portfolio, you can spend it on other important things that obviously needs more attention.

[CryptopreneurBrainboss]

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment. The reason why some investors won't go forward or make progress in their investments is covetousness, some of them are not always contented with what they have even though that is the only thing they can afford at that point in time and anyone who wants to exceed there capability or capacity will definitely learn in the hard way because there is a saying that  " you can not be faster than your shadow"

People are investing above their limits and this causes them to panic when the market is experiencing some discomfort. Investing isn't supposed to be fast so you can't be think about't investing today and be expecting to be cashing out tomorrow. I won't say people don't understand this but they're just too greedy to care, they want to make money so fast without giving it time to mature and it's not like when they get the money that they'll be able to manage it well to multiply it further instead they burn the whole money and go back to square one to start hustling again. Your Bitcoin accumulation pool shouldn't be extravagant that you go broke because you'll still get to sell your stash prematurely and that's the biggest problem of Bitcoin investors this days.

[Tungbulu]

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment.

That's right. Nativity can indeed be a major barrier and can hinder the progress of an investment. This is why it is always good to always stay updated on matters that concerns your asset class (in this very case Bitcoin) as an investor. Some people rush into Bitcoin without truly understanding the technology, yes it's true that one cannot acquire all the knowledge from the beginning, it's a gradual process, but it's crucial to first understand the investment you're going into, even before you make the first step of entering, because you might end up failing even before you started.

In order not to fall prey to making naive and ignorant decisions, investors or enthusiasts need to first understand the technology, as well as how it works, then you can start and develop your strategy and also acquiring some necessary knowledge on the process.

I have had these arguments with members previously, and surely I believe that there isn't a need to know details of bitcoin's technology prior to getting started investing into it, and one of the most important things to know is your own personal cashflow management and if you have discretionary income.

You can learn various aspects of bitcoin's technology as you go, and surely if you are uncomfortable with the level of your technical knowledge of bitcoin, then you likely would ned to adjust your position size down until you reach a higher level of confidence about your level of knowledge being aligned with your level of investment.

Sure, it can be helpful to understand some of the basics or maybe some of the overview ideas that bitcoin solved the double spend problem and/or that bitcoin becomes difficult to attack in regards to computing power because there are guesses being made and the difficulty of guessing right number adjusts every two weeks to keep the blocks approximately every 10 minutes...and the details might not need to be known, especially in the beginning...and especially in terms of getting started buying $100 per week or $10 per week or whatever amount seems reasonable to the person and within their discretionary income.

Yeah, one doesn't necessarily need to be an expert in Bitcoin's technology or have all the knowledge before they can get started, what I meant was that, to get started, there are some basic knowledge that one needs, and without having these basic knowledge it'll become difficult to make better investment decisions. It's just like you said in your previous post some time ago, that one needs basic maths knowledge, and few other things, I believe that's exactly what I'm trying to say. There are a few other basic knowledge that are essential before one gets started, like understanding your personal cash flow, knowing how to set aside your discretionary income, amongst others, and as you advance in your investment, so will your knowledge too and you can also get better.

It's more than okay to learn about Bitcoin's technology as one advances in his investment, and one can also choose to make certain adjustments in their position size, based on how much confidence they've been able to build in the knowledge they've acquired along the way. All it takes is just to have the basic understanding of the key concepts of Bitcoin, such as securing their asset to avoid losses. It's really not important to know everything, especially when you're just a beginner.

And for someone planning to get started or have already gotten started with a regular investment plan, like choosing to buy $10 or $100 worth of Bitcoin on a weekly basis, I believe the most important thing in this situation would be to understand their own financial situations, as well as their risk tolerance level, and then maybe refine their strategy or plan as they advance to suit their current financial situation.

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment. The reason why some investors won't go forward or make progress in their investments is covetousness, some of them are not always contented with what they have even though that is the only thing they can afford at that point in time and anyone who wants to exceed there capability or capacity will definitely learn in the hard way because there is a saying that  " you can not be faster than your shadow"

People are investing above their limits and this causes them to panic when the market is experiencing some discomfort. Investing isn't supposed to be fast so you can't be think about't investing today and be expecting to be cashing out tomorrow. I won't say people don't understand this but they're just too greedy to care, they want to make money so fast without giving it time to mature and it's not like when they get the money that they'll be able to manage it well to multiply it further instead they burn the whole money and go back to square one to start hustling again. Your Bitcoin accumulation pool shouldn't be extravagant that you go broke because you'll still get to sell your stash prematurely and that's the biggest problem of Bitcoin investors this days.

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

[JayJuanGee]

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment.

That's right. Nativity can indeed be a major barrier and can hinder the progress of an investment. This is why it is always good to always stay updated on matters that concerns your asset class (in this very case Bitcoin) as an investor. Some people rush into Bitcoin without truly understanding the technology, yes it's true that one cannot acquire all the knowledge from the beginning, it's a gradual process, but it's crucial to first understand the investment you're going into, even before you make the first step of entering, because you might end up failing even before you started.

In order not to fall prey to making naive and ignorant decisions, investors or enthusiasts need to first understand the technology, as well as how it works, then you can start and develop your strategy and also acquiring some necessary knowledge on the process.

I have had these arguments with members previously, and surely I believe that there isn't a need to know details of bitcoin's technology prior to getting started investing into it, and one of the most important things to know is your own personal cashflow management and if you have discretionary income.

You can learn various aspects of bitcoin's technology as you go, and surely if you are uncomfortable with the level of your technical knowledge of bitcoin, then you likely would ned to adjust your position size down until you reach a higher level of confidence about your level of knowledge being aligned with your level of investment.

Sure, it can be helpful to understand some of the basics or maybe some of the overview ideas that bitcoin solved the double spend problem and/or that bitcoin becomes difficult to attack in regards to computing power because there are guesses being made and the difficulty of guessing right number adjusts every two weeks to keep the blocks approximately every 10 minutes...and the details might not need to be known, especially in the beginning...and especially in terms of getting started buying $100 per week or $10 per week or whatever amount seems reasonable to the person and within their discretionary income.

Yeah, one doesn't necessarily need to be an expert in Bitcoin's technology or have all the knowledge before they can get started, what I meant was that, to get started, there are some basic knowledge that one needs, and without having these basic knowledge it'll become difficult to make better investment decisions. It's just like you said in your previous post some time ago, that one needs basic maths knowledge, and few other things, I believe that's exactly what I'm trying to say. There are a few other basic knowledge that are essential before one gets started, like understanding your personal cash flow, knowing how to set aside your discretionary income, amongst others, and as you advance in your investment, so will your knowledge too and you can also get better.

I still get the sense that you are expecting more out of beginners than me, since I would suggest that a newbie to bitcoin ONLY needs to do a quick browse at the historical bitcoin charts and see that it is quite volatile and perhaps recognize that the number is tending to go up.. especially on a longer timeline.. yet the extremes in the historical volatility could temper how much they are inclined to start out with.. $100 or $10 or some other amount.. and even if they straight out know that they could start out with investing $100 per week into bitcoin, they might purposefully choose to limit their starting out with $30 per week while they figure out various details - especially in regards to themselves and their general cashflows.. or even perhaps to give further thoughts to their overall budget and how they are spending their money, which they might not have had previously delved into those kinds of thoughts, even though delving into personal budget details does tend to become more important if we start to invest in something like bitcoin and it becomes even more important the more aggressive that we might choose to become in regards to our bitcoin investment (if we go down such a path).

It seems to me that if we were to grab any person off the street or run into them in the isle of a grocery market or we meet them at a birthday party or at an outdoor festival, and if we start to talk with them about their personal budget and the extent to which they have discretionary income. Off the top of their head, many of them likely would be able to tell us if they have some discretionary income or not and they might even be able to tell us how many weeks it would take before they completely run out of money for their monthly expenses if they were to immediately lose their job or their main source of income suddenly dried up due to some force outside of their control (or maybe even if they were struck by a bus or some other kind of surprise event caused them to not be able to work for some amount of time.. then how long would it take before they run out of money and what would they do regarding housing, food, transportation, and/or various essentials.. and perhaps if they were trying to stay self-sufficient and only relying on their own, or if they might have family that mmight step up to the plate for part of those expenses for a few weeks? or maybe other contingencies.  

I would suggest that perhaps after a couple of hours of conversation (and maybe access to their bank accounts and various records that are somewhat at their tip - maybe some folks would say that they would have to look at the money jar/box that they keep in blah blah blah location) more than 80% would be able to give quite a few details in order to establish whether or not they have a discretionary income and to give some general ideas about if they are spending less than their income. .maybe being able to generally outline their various income pieces and their various expenses for each month.

So what I am suggesting is that an overwhelming majority of folks likely already have basic math skills enough in order to fairly quickly (within a few hours) figure out the extent to which they have discretionary  income for 1-2 weeks or some reasonable period into the future.  So then if they were to invest into bitcoin, they already mostly have the skills and they can fairly quickly figure out the matters, and if they were to invest into bitcoin, they would largely be honing skills that they already have.. and perhaps improving on their already existing skills through practice that perhaps many do not practice the skills that are required to invest in bitcoin, even though they have the skills and are able to sufficiently develop them if they were to conclude that it is important to prioritize investing into bitcoin.

Sure, you can operate from differing assumptions, yet largely my assumption is that 80%ish of random normies already have enough skills to get started investing into bitcoin.. perhaps within a few hours or maybe merely a day or two to just figure the matter out, so then it is just a matter of whether they have discretionary income or not...and yeah, if they are fairly lost in the whole thing but they know that they have $100 per week of discretionary income, maybe they just start out with $30 per week and then they can work on figuring out matters and even fitting bitcoin into their schedule and their lives and yeah any new thing that is added to anyone's life may take a bit of time to make space and to prioritize it and once someone starts investing into bitcoin then they will become more motivated to learn about it whether they are starting by investing $30 per week or some other amount.

It's more than okay to learn about Bitcoin's technology as one advances in his investment, and one can also choose to make certain adjustments in their position size, based on how much confidence they've been able to build in the knowledge they've acquired along the way. All it takes is just to have the basic understanding of the key concepts of Bitcoin, such as securing their asset to avoid losses. It's really not important to know everything, especially when you're just a beginner.

I cannot disagree with any of that... and sometimes when I hear people to suggest that newbies have some "technical knowledge" at the time they start bitcoin, and then they proclaim that newbies need to know how to set up a private wallet and to think about the trade-offs between various kinds of self-custody solutions and blah blah blah.. I think that is way too fucking much, even though surely there are going to be some newbies who already are fairly technical in their nature and they get excited about technical challenges, I think that there are not as many of these technical nerds as people would like to presume, and I really doubt that there are needs to know self-custody and even other various technical matters related to bitcoin that distinguishes bitcoin from shitcoins and blah blah blah..

and even if some guys might already be ready (and want to learn those things) it is not necessary to get into technical weeds in order to get started mostly by figuring out that the newbie has enough basic math skills to figure out that he has discretionary income and he has enough common sense to have a general understanding of how much income he has coming in and if it is greater than his expenses and various other common sensical basics of having some general ideas about month to month cashflows and how much of a cushion might exist.  None of those are advanced (and I believe not very technical at all) in order to get the fuck started... even though surely getting started might have some cumbrances in regards to where the first coins will be sourced, and will there be a private transaction or signing up for some exchange and what options are available in the geographical area of this particular bitcoin newbie person.

And for someone planning to get started or have already gotten started with a regular investment plan, like choosing to buy $10 or $100 worth of Bitcoin on a weekly basis, I believe the most important thing in this situation would be to understand their own financial situations, as well as their risk tolerance level, and then maybe refine their strategy or plan as they advance to suit their current financial situation.

They might already have a superficial view of their 9 individual factors, yet I doubt that they need to know them in detail in the very beginning when they are getting started in bitcoin investing beyond the extent to which they have a discretionary income/funds and how much bitcoin are they going to buy on their first bitcoin purchase.. .

Of course, if they have an income of around $25k per year, then they may be able to know if they have $100 available or even $100 per week, but if they are considering investig $10k right from the start, then surely that would show that they are either a very quick study.. or that they have a gamblers mindset, since even if they were to have $10k available, it may well be good right from the start to divide that $10k into three parts (DCA, lump sum and buying dips).. and at least to consider the three ways of accumulating bitcoin.

The way some investors are behaving it is obvious that they don't still understand this you said and that is why we have people selling off when the market is going down because of wrong investment. The reason why some investors won't go forward or make progress in their investments is covetousness, some of them are not always contented with what they have even though that is the only thing they can afford at that point in time and anyone who wants to exceed there capability or capacity will definitely learn in the hard way because there is a saying that  " you can not be faster than your shadow"

People are investing above their limits and this causes them to panic when the market is experiencing some discomfort. Investing isn't supposed to be fast so you can't be think about't investing today and be expecting to be cashing out tomorrow. I won't say people don't understand this but they're just too greedy to care, they want to make money so fast without giving it time to mature and it's not like when they get the money that they'll be able to manage it well to multiply it further instead they burn the whole money and go back to square one to start hustling again. Your Bitcoin accumulation pool shouldn't be extravagant that you go broke because you'll still get to sell your stash prematurely and that's the biggest problem of Bitcoin investors this days.

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

I think that a lot of folks (whether in Nigeria or any other place) have gotten fucked up mentally by the various ways that fiat money incentives contribute towards folks feeling desperate. and it may well be an intentional design of fiat systems that are reinforced in a variety of ways, and even rich people within any society get worried about holding money in fiat once it gets over a certain amount beyond regularly spending, but if someone were to know that he got a bonus of 5 months salary (maybe some surprise deal in which all of a sudden he receives an extra five months of his salary).. and maybe he has a specific thing that he knows that he can buy with it in 2 years.. .. He is likely going to get nervous holding 5 months of his salary in cash for 2 years, so then at that point, he is trying to consider places that he can put the money so that it does not lose value over the next 2 years.

[Olatundespo]

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

This is the main problem of our investors. We do not correct ourselves from our mistakes and are busy in making short term profits. The problem we have in Nigeria is that people lack a stable source of income and most of them are suffering from economic problems. The people you recommend to make money want to make quick profits if I tell them to stay involved in the forum and become more experienced in Bitcoin investment, they will not have that patience but they want to get rich before keeping working.

I cannot play a very effective role in the economic liberation of the poor and their permanent income arrangements but I can give the right direction to the enthusiastic people such as effective and meaningful efforts to increase their source of income and advice to put out laziness and become hardworking. Accumulation Bitcoin from any amount of discretionary income at the end of the week. If the new investor has long term mental and prudent resources, then he will be able to run those cycles correctly and smoothly.

[Spaceman1000$]

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

This is the main problem of our investors. We do not correct ourselves from our mistakes and are busy in making short term profits. The problem we have in Nigeria is that people lack a stable source of income and most of them are suffering from economic problems. The people you recommend to make money want to make quick profits if I tell them to stay involved in the forum and become more experienced in Bitcoin investment, they will not have that patience but they want to get rich before keeping working.

I cannot play a very effective role in the economic liberation of the poor and their permanent income arrangements but I can give the right direction to the enthusiastic people such as effective and meaningful efforts to increase their source of income and advice to put out laziness and become hardworking. Accumulation Bitcoin from any amount of discretionary income at the end of the week. If the new investor has long term mental and prudent resources, then he will be able to run those cycles correctly and smoothly.

Making money quickly have been the mindset of most newbies, they always want to take profit in short term, it is understandable that nigerian's face economic challenges like unstable income and the rest of it, but it is also important for us to re-orientate the mindset of our people in telling them that investment that would give you high return will take a long time, any investment that gives you high return in short term is purely a Ponzi scheme which will eventually crash in no distant time.

Economic liberation for most persons in this part of the world that we found ourselves is not only about the financial aspect of it, but also the poor decision making in choosing the right investment to make and need to have foresight if they choose invest in Bitcoin, which brings us to the point of letting them know what investing in Bitcoin would mean, which is them making profit in the long run if they choose to be patient, investing within your discretionary income and being strategic in building their portfolio over time.

[Rgram]

Maybe an example might be helpful?

Go back to my earlier example. My hypothetical guy had variance in his income and expenses, yet I also mentioned that many times his income was $1,500 per month and his expenses were $950.   So that means he ONLY has $550 left for all of his discretionary income for each month, which I thought was more than a decent income, especially if we might be hypothesizing someone who might be somewhat relateable to folks in Nigeria.. even though sure, this guy might have a higher income than what is typically expected.. but still he ONLY has right around 36.7% total for all of his discretionary income that is left after he accounts for his expenses.

Omo, JayJuanGee… you Dey write shah, to read all these thing way you just carry yakata for here like this no be small kind reading but the thing be say, you make certain interesting points them. I no see you write pigin but, I believe say you understand am via we naija yarn. Oya make I follow up for English!

Given that all that it’s stated in quote is hypothetically, if someone is earning $1,500 in Nigeria as his monthly income, you are well living somewhere above the middle class and could be said to be a reach man. That’s over #2.3m in our local currency with exchange rate at #1,560 and that’s money for months, even with kids to feed.

Should you have expenses to be covered at #950 for the month with a discretionary income, you’re doing so well and it could cover both for financial security and Bitcoin accumulation very well. Using same rate at #1,560 would mean, $550 is well around #850k which is close to a million. That’s a lot of money that can well go into build a portfolio and also do your fiat savings if you care about such things.

[Doan9269]

Maybe some don't even know this already, that their financial investment is part of their financial security if properly managed and we do the right thing that is expected of us, some have been ignorant of these, they lack the necessary steps to take forward towards achieving financial security through accumulative power or potential, you can further discover about some investors, who will only focused on when to invest, forgetting the necessary steps to take before the investment is made.

The way we handle this will determine the level of safety we have from it, financial security should be our utmost need because if this is not secured at first, then any other move taken by us may lead to failure, because it will eventually resulted on loss, while we can still accumulate and be safe if we adopt the safely precautions in our investment and we also adhere strictly to some of the tips given already from previous contributions, all to ensure that we achieve balancing the security of our assets as we continue to accumulate bitcoin.

[ejikeme24]

[Edited out]

The problem we have in Nigeria is that people lack a stable source of income and most of them are suffering from economic problems. The people you recommend to make money want to make quick profits if I tell them to stay involved in the forum and become more experienced in Bitcoin investment, they will not have that patience but they want to get rich before keeping working.

You should know that Nigeria is not the only country facing this economic problem, the economic problem is also affecting other countries but there must be a group of people who would want to put a small portion into bitcoin regardless of their financial status, that is why sometimes we don’t need to get a stable source of income before investing into bitcoin, as long as there is a means of getting money be it stable or not, you can start accumulating bitcoin using the DCA method with an affordable amount, at same time striving to get a stable source of income, instead of waiting to get a stable source of income before investing. Moreover, this same people you think that they don’t have a stable source of income are constantly saving fiat currency in their local bank.

[Tungbulu]

It seems to me that if we were to grab any person off the street or run into them in the isle of a grocery market or we meet them at a birthday party or at an outdoor festival, and if we start to talk with them about their personal budget and the extent to which they have discretionary income. Off the top of their head, many of them likely would be able to tell us if they have some discretionary income or not and they might even be able to tell us how many weeks it would take before they completely run out of money for their monthly expenses if they were to immediately lose their job or their main source of income suddenly dried up due to some force outside of their control (or maybe even if they were struck by a bus or some other kind of surprise event caused them to not be able to work for some amount of time.. then how long would it take before they run out of money and what would they do regarding housing, food, transportation, and/or various essentials.. and perhaps if they were trying to stay self-sufficient and only relying on their own, or if they might have family that mmight step up to the plate for part of those expenses for a few weeks? or maybe other contingencies.  

I totally understand where you're coming from and I absolutely have reasons to agree with you, but looking at it slightly from a different angle, I'd say that I honestly think that you're being too optimistic about how many people actually have a clue or handle on their personal financial position. Yeah, it's true that some folks wouldn't have a hard time rattling off their budget, emergency fund and other areas of their finances, but that doesn't mean everyone can, because I'd bet that a lot of people wouldn't have a single clue as many folks out there are only trying pretty hard just to make it to the next paycheck without having to overdraft. And speaking of planning for unexpected events, so many folks out there would be flying blind. That being said, this is why I believe it's super crucial to first understand your financial situation as a newbie, and have a solid plan in place before getting started, even if it's really not that solid, maybe even just a rough idea would be more than durable. Because if we are to be real here, not everyone thinks about Emergencies or future expenses, at least, not until it's already staring them in the face.

✂️✂️✂️

I cannot disagree with any of that... and sometimes when I hear people to suggest that newbies have some "technical knowledge" at the time they start bitcoin, and then they proclaim that newbies need to know how to set up a private wallet and to think about the trade-offs between various kinds of self-custody solutions and blah blah blah.. I think that is way too fucking much, even though surely there are going to be some newbies who already are fairly technical in their nature and they get excited about technical challenges, I think that there are not as many of these technical nerds as people would like to presume, and I really doubt that there are needs to know self-custody and even other various technical matters related to bitcoin that distinguishes bitcoin from shitcoins and blah blah blah..

and even if some guys might already be ready (and want to learn those things) it is not necessary to get into technical weeds in order to get started mostly by figuring out that the newbie has enough basic math skills to figure out that he has discretionary income and he has enough common sense to have a general understanding of how much income he has coming in and if it is greater than his expenses and various other common sensical basics of having some general ideas about month to month cashflows and how much of a cushion might exist.  None of those are advanced (and I believe not very technical at all) in order to get the fuck started... even though surely getting started might have some cumbrances in regards to where the first coins will be sourced, and will there be a private transaction or signing up for some exchange and what options are available in the geographical area of this particular bitcoin newbie person.

That's right, I also think the idea that newbies need to be some sort of technical wizards or technically advanced to get started is just so lame and a major turn off.  What Most enthusiasts really want is to gain some level of basic knowledge and then get started without having to go through the stress of jam-packing their head with all the technical jargon. Having the basic knowledge of Bitcoin, such as discretionary income and cash flow, is more than enough to get started with. And I agree with you that sourcing coins and having to choose the best storage method can be another pain in the ass as it requires lots of research, but it really doesn't have to be that overwhelming. It's important to keep it simple and accessible for newbies who wanna get started, and then they can worry about the technical aspect later on.

[JayJuanGee]

Maybe an example might be helpful?

Go back to my earlier example. My hypothetical guy had variance in his income and expenses, yet I also mentioned that many times his income was $1,500 per month and his expenses were $950.   So that means he ONLY has $550 left for all of his discretionary income for each month, which I thought was more than a decent income, especially if we might be hypothesizing someone who might be somewhat relateable to folks in Nigeria.. even though sure, this guy might have a higher income than what is typically expected.. but still he ONLY has right around 36.7% total for all of his discretionary income that is left after he accounts for his expenses.

Omo, JayJuanGee… you Dey write shah, to read all these thing way you just carry yakata for here like this no be small kind reading but the thing be say, you make certain interesting points them. I no see you write pigin but, I believe say you understand am via we naija yarn. Oya make I follow up for English!

I don't understand the pigin very well... so I might lose the context when trying to figure out the pigin.

Given that all that it’s stated in quote is hypothetically, if someone is earning $1,500 in Nigeria as his monthly income, you are well living somewhere above the middle class and could be said to be a reach man. That’s over #2.3m in our local currency with exchange rate at #1,560 and that’s money for months, even with kids to feed.

I understand that there might be some aspects of my numbers that were unrealistic, yet I believe the main importance stuff is to attempt to see how the hypothetical guy is attempting to figure out his bitcoin allocation (and even his building of his back up funds) from his discretionary income.. and then in the end over several years he may well build his bitcoin investment to such a level that he might be able to start to draw from his bitcoin, especially if the bitcoin starts to become valuable enough (and I tend to use the 200-WMA to measure value) to be able to replace the guys income and even to cover all of his expenses at a similar standard of living so that he might start to feel justified to either discontinue working or to reduce the demands of his work or even to spend his time on the kind of work that he would prefer to do rather than having to do it.

Should you have expenses to be covered at #950 for the month with a discretionary income, you’re doing so well and it could cover both for financial security and Bitcoin accumulation very well. Using same rate at #1,560 would mean, $550 is well around #850k which is close to a million. That’s a lot of money that can well go into build a portfolio and also do your fiat savings if you care about such things.

Of course, if you think that I am not being sufficiently realistic with the numbers, then you could reduce the numbers or adjust them in one way or another to make them seem like they are more realistic to your situation or to some hypothetical person(s), even though I tried to describe both a variation in the income/expenses and also some ideas of the most regular/common levels of income/expenses so that it might be easier to present ideas about the situation in a thread like this while trying to avoid overly complicating matters...  and sure there may be guys who have a lot of erraticism and/or uncertainties in both their income and their expenses so that they have difficulties figuring out on a month to month basis what the levels of each of those are going to be each month, yet there likely would still be abilities to look back at history and figure out best case and worse case scenarios to get some ideas about the variance and/or the patterns that might exist, even for guys who have erratic income and erratic expenses.

It seems to me that if we were to grab any person off the street or run into them in the isle of a grocery market or we meet them at a birthday party or at an outdoor festival, and if we start to talk with them about their personal budget and the extent to which they have discretionary income. Off the top of their head, many of them likely would be able to tell us if they have some discretionary income or not and they might even be able to tell us how many weeks it would take before they completely run out of money for their monthly expenses if they were to immediately lose their job or their main source of income suddenly dried up due to some force outside of their control (or maybe even if they were struck by a bus or some other kind of surprise event caused them to not be able to work for some amount of time.. then how long would it take before they run out of money and what would they do regarding housing, food, transportation, and/or various essentials.. and perhaps if they were trying to stay self-sufficient and only relying on their own, or if they might have family that mmight step up to the plate for part of those expenses for a few weeks? or maybe other contingencies.  

I totally understand where you're coming from and I absolutely have reasons to agree with you, but looking at it slightly from a different angle, I'd say that I honestly think that you're being too optimistic about how many people actually have a clue or handle on their personal financial position.

You might be correct, and I am not sure if the data is out there in regards to basic levels of math and/or common sense and/or abilities of normal people to learn these kinds of matters.

I hate to presume people as retards, and I would rather presume people as generally capable, even if all of us are somewhat flawed with emotions and impulsiveness.

Yeah, it's true that some folks wouldn't have a hard time rattling off their budget, emergency fund and other areas of their finances, but that doesn't mean everyone can, because I'd bet that a lot of people wouldn't have a single clue as many folks out there are only trying pretty hard just to make it to the next paycheck without having to overdraft.

I am painting the scenario of an hour or two discussion, but yeah, they might have to access some of their documents and maybe they might need help to write them all out, while at the same time, as long as they know basic math and common sense, I am presuming that most of them (like 80%, should be able calculate out if they have discretionary income and/or more income than expenses), and yeah, maybe they cannot do it without some coaxing, but they surely are capable of going through those kinds of basic maths and common sense processing of logic.. which means that that they are capable of learning and capable of figuring out whether they have $100, $10 or some other amount of discretionary income within this particular week).  It is like an ability of someone who is feeling a craving to smoke some cigarettes or they have a friend that would like cigarettes as a gift, and within a short period of time, they can figure out the extent to which they have $10 to buy the cigarettes or not..... just meaning that the cigarettes are not a necessary expense but an extra optional expense.

And speaking of planning for unexpected events, so many folks out there would be flying blind. That being said, this is why I believe it's super crucial to first understand your financial situation as a newbie, and have a solid plan in place before getting started, even if it's really not that solid, maybe even just a rough idea would be more than durable. Because if we are to be real here, not everyone thinks about Emergencies or future expenses, at least, not until it's already staring them in the face.

I agree with you that most people probably suck quite a bit when it comes to their own cashflow management, and maybe even more than 50% of people are not very good at cashflow management, yet you don't need to be good at cashflow management in order to get started buying bitcoin.  All you need is to figure out if you have discretionary income or not... which I am proclaiming around 80% of people are capable of figuring that out, and if they cannot figure it out or they calculate that they do not have discretionary income, then they cannot start buying bitcoin until they figure out that they do have discretionary income/funds.

It is likely 80% of people can learn how to manage their cashflows based on common sense, math skills and/or their ability to learn and prioritize within their own interests.  Sure a lot of folks don't do it, but I am still presuming they are capable even if they have other priorities...and an overwhelming majority.. perhaps 99% or more (based on our already existing low levels of bitcoin adoption) do not prioritize bitcoin investing, which is another reason to show why we are so early in bitcoin, since there are quite great opportunities for anyone recognizing and acting upon the asymmetric status of the information about bitcoin.

We likely can agree to disagree in regards to our presumption of the basic knowledge of normies and/or their ability to learn cashflow management and bitcoin investing within their discretionary income.

✂️✂️✂️

I cannot disagree with any of that... and sometimes when I hear people to suggest that newbies have some "technical knowledge" at the time they start bitcoin, and then they proclaim that newbies need to know how to set up a private wallet and to think about the trade-offs between various kinds of self-custody solutions and blah blah blah.. I think that is way too fucking much, even though surely there are going to be some newbies who already are fairly technical in their nature and they get excited about technical challenges, I think that there are not as many of these technical nerds as people would like to presume, and I really doubt that there are needs to know self-custody and even other various technical matters related to bitcoin that distinguishes bitcoin from shitcoins and blah blah blah..

and even if some guys might already be ready (and want to learn those things) it is not necessary to get into technical weeds in order to get started mostly by figuring out that the newbie has enough basic math skills to figure out that he has discretionary income and he has enough common sense to have a general understanding of how much income he has coming in and if it is greater than his expenses and various other common sensical basics of having some general ideas about month to month cashflows and how much of a cushion might exist.  None of those are advanced (and I believe not very technical at all) in order to get the fuck started... even though surely getting started might have some cumbrances in regards to where the first coins will be sourced, and will there be a private transaction or signing up for some exchange and what options are available in the geographical area of this particular bitcoin newbie person.

That's right, I also think the idea that newbies need to be some sort of technical wizards or technically advanced to get started is just so lame and a major turn off.  What Most enthusiasts really want is to gain some level of basic knowledge and then get started without having to go through the stress of jam-packing their head with all the technical jargon. Having the basic knowledge of Bitcoin, such as discretionary income and cash flow, is more than enough to get started with. And I agree with you that sourcing coins and having to choose the best storage method can be another pain in the ass as it requires lots of research, but it really doesn't have to be that overwhelming. It's important to keep it simple and accessible for newbies who wanna get started, and then they can worry about the technical aspect later on.

Even if we have some differences in our views, we are likely in the ballpark of similar, and so surely there can be differences in regards to approaches and even for individuals to figure out how much they need to know prior to getting started investing into bitcoin and which parts they can learn along the way.  Practice likely makes a lot of folks better and smarter, but it can take discipline and focus to folks to prioritize within their own balancig of activities and interests.. including exercising activism within their own cashflow management (and investment) practices.

[Gooner0]

In as much as we can create guidelines or certain steps that will seem best for anyone doing a 9-5 job and wants to invest in Bitcoin, it is also necessary to know that we all have different financial principles, guidelines and ethics. Like I have always frequently said what fits Mr x might not be what's good for Mr y because we're not all the same, we earn differently we spend differently so all of this should just remain as an opinion not fact's.

It seems to me that many of us are providing examples in order to attempt to show some parameters in which any of us might be needing to decide and/or to prioritize his investment into bitcoin, to the extent that a guy might have discretionary income that varies, yet still choose some level of aggressiveness in regards to his situation.

I had specifically provided an example of a guy who's income tended to vary between $500 and $2,500 per month and who's expenses tended to vary between $750 and $1,200 per month.  Of course, the details might vary, and also a person's assessment of the situation might vary too, yet if we go through the process of pointing out the various parameters and describing the choices that the guy ended up making, including that he decided that tentatively he was going to invest $70 per week into bitcoin for the first 14 weeks, and then $35 per week for the next 71 weeks, and then he was tentatively planning to return to investing $70 per week into bitcoin after the first 85 weeks.  Even though the matter is not set in stone, he has figured out a tentative plan based on what he expects his current situation to be and also in regards to how he expects his future situation to be.  Surely if some of his details change, he can account for the changes and to adapt within parameters that he finds acceptable.  He likely realizes that he has preferences that he is attempting to express through the system that he has chosen to follow, and his options are not "whatever" since "whatever" would not necessarily help him to reach his objectives and/or to balance whate he believes to be limitations within his circumstances (income/expense and/or other matters).

We could have had also contemplated that the guy was not necessarily new to investing, and maybe he had already spent 5 years or more investing at about a rate of 15% of his income, no accumulation on and maybe he had already accumulated an investment portfolio of $30k or more.. and so then when he starts out his bitcoin investment, maybe he wants to take around $10k from his already existing investment and lump sum invest it in into bitcoin.. or at least he might consider lump sum versus DCA versus buying on dips as three accumulation options that he might have right from the start, and he also might have a situation in which he receives a bonus of anywhere between $500 and $2k a couple times every year, and so then maybe he has some additional options that we might be able to take into account, and surely not everyone is going to decide the same in regards to how to treat those additional individualistic factors.  

We describe some individualistic factors in order to show that the choices might not be all over the place, but they have to attempt to deal within the parameters that are available, to the extent that any of us might be in a position to be able to identify our various factors and then to be able to come up with a plan and to employ it within what we would consider to be acceptable terms to our own situation. So in that regard, even if some of us might be expressing our own preferences within the parameters, hopefully none of are imposing our own preferences onto others... even if some others might agree that we had reached a reasonable balance given the known circumstances that have been outlined through the hypothetical example

I agree one hundred percent, with all you've said and the example you've given clarifies it all. Why I said what I said was because I noticed almost everywhere in the forum some members say it like the are trying to impose their own ideas and knowledge in Bitcoin accumulation on others and I know it wouldn't sit right with most people.
Just like you said everyone should be aware that in order to reach that point that the really want to reach there should be a plan on ground, and not just any plan but a good plan that would see them balance their financial capabilities and not take a toll on them.

[Gooner0]

Maybe an example might be helpful?

Go back to my earlier example. My hypothetical guy had variance in his income and expenses, yet I also mentioned that many times his income was $1,500 per month and his expenses were $950.   So that means he ONLY has $550 left for all of his discretionary income for each month, which I thought was more than a decent income, especially if we might be hypothesizing someone who might be somewhat relateable to folks in Nigeria.. even though sure, this guy might have a higher income than what is typically expected.. but still he ONLY has right around 36.7% total for all of his discretionary income that is left after he accounts for his expenses.

Omo, JayJuanGee… you Dey write shah, to read all these thing way you just carry yakata for here like this no be small kind reading but the thing be say, you make certain interesting points them. I no see you write pigin but, I believe say you understand am via we naija yarn. Oya make I follow up for English!

I don't understand the pigin very well... so I might lose the context when trying to figure out the pigin.

well the op acknowledges the way you seem to be very good at writing and how well you put out your words. The way you carefully respond to replies and how direct you are with your words.  And it literally gives them a tough time when reading. But nevertheless it's good , you're good and that's okay.

[Tungbulu]

Yeah, it's true that some folks wouldn't have a hard time rattling off their budget, emergency fund and other areas of their finances, but that doesn't mean everyone can, because I'd bet that a lot of people wouldn't have a single clue as many folks out there are only trying pretty hard just to make it to the next paycheck without having to overdraft.

I am painting the scenario of an hour or two discussion, but yeah, they might have to access some of their documents and maybe they might need help to write them all out, while at the same time, as long as they know basic math and common sense, I am presuming that most of them (like 80%, should be able calculate out if they have discretionary income and/or more income than expenses), and yeah, maybe they cannot do it without some coaxing, but they surely are capable of going through those kinds of basic maths and common sense processing of logic.. which means that that they are capable of learning and capable of figuring out whether they have $100, $10 or some other amount of discretionary income within this particular week).  It is like an ability of someone who is feeling a craving to smoke some cigarettes or they have a friend that would like cigarettes as a gift, and within a short period of time, they can figure out the extent to which they have $10 to buy the cigarettes or not..... just meaning that the cigarettes are not a necessary expense but an extra optional expense.

Yeah, figuring out whether one have discretionary income isn't actually rocket science, and you're not also wrong for pointing out that with a little bit of guidance and of course some basic maths skills, figuring out one's discretionary income shouldn't be much of a big deal. If someone can be able to calculate whether they can actually afford a pack of cigarettes or not, then they can pretty much figure out their discretionary income, it's just simple arithmetic and common sense, even if some folks are actually retards, and needs others to help them calculate their expenses every single time, it still doesn't change the fact that anyone can actually do it.

As long as folks can learn to prioritize needs over wants, and of course also have a clear picture of our finances, then learning to track one's expenses and income, and of course making more informed decisions about their finances should be a piece of cake. And with a little bit of support, folks shouldn't also have a problem developing their skills and of course confidence to effectively manage their finances.
And it's important to note that this is really not about being a financial expert or having some sort of degree in economics, It's more about knowing how/when to add and subtract and most importantly, knowing how to make better decisions when it comes to income allocation. I believe it's also possible for folks to achieve all these on their own, when given the right tools or maybe by also getting a little support from others, either ways, it's more than possible for folks to learn to do this and of course, make progress as they advance towards achieving their financial goals.

✂️✂️✂️

I agree with you that most people probably suck quite a bit when it comes to their own cashflow management, and maybe even more than 50% of people are not very good at cashflow management, yet you don't need to be good at cashflow management in order to get started buying bitcoin.  All you need is to figure out if you have discretionary income or not... which I am proclaiming around 80% of people are capable of figuring that out, and if they cannot figure it out or they calculate that they do not have discretionary income, then they cannot start buying bitcoin until they figure out that they do have discretionary income/funds.

It is likely 80% of people can learn how to manage their cashflows based on common sense, math skills and/or their ability to learn and prioritize within their own interests.  Sure a lot of folks don't do it, but I am still presuming they are capable even if they have other priorities...and an overwhelming majority.. perhaps 99% or more (based on our already existing low levels of bitcoin adoption) do not prioritize bitcoin investing, which is another reason to show why we are so early in bitcoin, since there are quite great opportunities for anyone recognizing and acting upon the asymmetric status of the information about bitcoin.

We likely can agree to disagree in regards to our presumption of the basic knowledge of normies and/or their ability to learn cashflow management and bitcoin investing within their discretionary income.

Yeah, inasmuch as cashflow management isn't everyone's strong suit, I believe you're right about individuals not needing to be a pro at it before they can get started with Bitcoin. As long as they can be able to figure out their discretionary income, then they probably have a great starting point. I also share in your view that 80% of people is a reasonable number, and can probably manage their finances with basic maths and common sense.

It's also quite agreeable that there are a lot of folks out there who might not prioritize Bitcoin investing, but for those who actually does, it becomes a pretty great opportunity for them because they're the ones who can actually recognize Bitcoin's true potential. And just like you pointed out, Bitcoin is still relatively a new technology and we are also early in the adoption circle, and there is a lot of room for growth and more education and discoveries in the long.
I'd also like to believe that it's not just about managing one's cash flow but also about understanding the basics of investing and risk management, and even if I agree that these skills could be learned, improved and even perfected as they advance and of course, with the proper guidance and resources, I believe it's important that folks should at least have a clue that they'll be needing some of these things and as well as to know that it's also quite essential to every investor.

Another thing I'd also like to add to this is that, it's really not about the individual's current knowledge or skill, but also pretty much about education and of course accessibility. I believe if more people are able to see that Bitcoin is more accessible and also that educational resources are also widespread, they'd be more enthusiastic to get involved because learning to manage their finances and investment wouldnt have to be much of a big deal.

[Zackz5000]

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

This is the main problem of our investors. We do not correct ourselves from our mistakes and are busy in making short term profits. The problem we have in Nigeria is that people lack a stable source of income and most of them are suffering from economic problems. The people you recommend to make money want to make quick profits if I tell them to stay involved in the forum and become more experienced in Bitcoin investment, they will not have that patience but they want to get rich before keeping working.

I cannot play a very effective role in the economic liberation of the poor and their permanent income arrangements but I can give the right direction to the enthusiastic people such as effective and meaningful efforts to increase their source of income and advice to put out laziness and become hardworking. Accumulation Bitcoin from any amount of discretionary income at the end of the week. If the new investor has long term mental and prudent resources, then he will be able to run those cycles correctly and smoothly.

Every country has poor people and some of these poor people still make a way to invest in bitcoin so not having a stable source of income shouldn't be an excuse of not getting started with your bitcoin investment besides what is needed to start investing in bitcoin is your discretionary income and not having a stable source of income, those who are desperate to make quick money in bitcoin are not investor but trader because as an investor your major priority will be to accumulate more Bitcoin and hodl for a very long time with the range of 4-10 and more.

[Tungbulu]

Every country has poor people and some of these poor people still make a way to invest in bitcoin so not having a stable source of income shouldn't be an excuse of not getting started with your bitcoin investment besides what is needed to start investing in bitcoin is your discretionary income and not having a stable source of income, those who are desperate to make quick money in bitcoin are not investor but trader because as an investor your major priority will be to accumulate more Bitcoin and hodl for a very long time with the range of 4-10 and more.

Having an unstable source of income isn't just a good excuse not to get started with Bitcoin but also a major drawback. And you say that what is needed is a discretionary income and not a stable source of income, so I wanna know how possible it is to have a discretionary income when your income isn't stable? You get your discretionary income from your initial income so if your income isn't stable, then that automatically means that your discretionary income will also be unstable and so will your accumulation and this is Infact very bad for your investment.

Having a stable income source is Infact one major tool you need to get started with Bitcoin accumulation, except you don't have intentions to engage in consistent accumulation using the DCA strategy, which comes highly recommended for newbies who are hoping to get started with Bitcoin investment. I'm not saying anyone without a stable income source can't invest in Bitcoin, I'm saying that it's appropriate to have a stable income source so that it'll be easier for you to discover and know your discretionary income and furthermore, how much you wish to invest consistently from your discretionary income.

[Merit.s]

Every country has poor people and some of these poor people still make a way to invest in bitcoin so not having a stable source of income shouldn't be an excuse of not getting started with your bitcoin investment besides what is needed to start investing in bitcoin is your discretionary income and not having a stable source of income, those who are desperate to make quick money in bitcoin are not investor but trader because as an investor your major priority will be to accumulate more Bitcoin and hodl for a very long time with the range of 4-10 and more.

Having an unstable source of income isn't just a good excuse not to get started with Bitcoin but also a major drawback. And you say that what is needed is a discretionary income and not a stable source of income, so I wanna know how possible it is to have a discretionary income when your income isn't stable? You get your discretionary income from your initial income so if your income isn't stable, then that automatically means that your discretionary income will also be unstable and so will your accumulation and this is Infact very bad for your investment.

It doesn't really matter for you to have a stable income before you can invest in bitcoin, build and grow your portfolio. What matters most is having a source of income and a discretionary income. What about some people that havea stable income but don't have discretionary income from their income, such people cannot invest in bitcoin. So let's not see a stable income as the priority before getting your bitcoin investment started.

Let me explain further. There are some people that are contractors and they don't have contracts every month which means that they don't have a stable income. But from the pay of their contract, they use that money to take care of their monthly expenses and still save from there. In fact, they feed on that money before a new contracts comes. Such people can start their bitcoin investment when they get paid for the contract that they did.

All he needs is to know how much will be his discretionary income from his money and use part of it to invest in bitcoin using DCA. He will divide the money into smaller parts and spread it over several weeks to keep his bitcoin investment ongoing. Some persons have good skill and they don't work under anyone but they have their clients that call them from time to time for their services. Sometimes, these skill people do have one big job that will pay them very well. They can also invest in bitcoin with their discretionary income.

Lastly, a gambler that won a jackpot can invest in bitcoin with DCA and holding for long-term but he has no stable income.

[ejikeme24]

[Edited out]

The problem we have in Nigeria is that people lack a stable source of income and most of them are suffering from economic problems.

Every country has poor people and some of these poor people still make a way to invest in bitcoin so not having a stable source of income shouldn't be an excuse of not getting started with your bitcoin investment

You should try and be checking comments to avoid repeating what have been Said earlier, because there's an existing comment regarding this aspect, here is the link https://bitcointalk.org/index.php?topic=5546384.msg65526360#msg65526360  so what you said is just like a flip. I hope this does not sounds disrespecting to you? I just want to make correction, as plagiarism is against the rules here, I hope you understand.

besides what is needed to start investing in bitcoin is your discretionary income and not having a stable source of income,

Even if we don't need a stable source of income, yet we still need to have a source of income even if it is not  stable, so as to enable us maintain the ongoing buying of bitcoin. Because without this, we May be facing some challenges in our accumulating journey and this can probably lead some guys into selling their bitcoin for short term. However,  We need a source of income to be able to keep our discretionary fund active and also our emergency fund for safety reasons.

[sotelorene]

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

This is the main problem of our investors. We do not correct ourselves from our mistakes and are busy in making short term profits. The problem we have in Nigeria is that people lack a stable source of income and most of them are suffering from economic problems. The people you recommend to make money want to make quick profits if I tell them to stay involved in the forum and become more experienced in Bitcoin investment, they will not have that patience but they want to get rich before keeping working.

I cannot play a very effective role in the economic liberation of the poor and their permanent income arrangements but I can give the right direction to the enthusiastic people such as effective and meaningful efforts to increase their source of income and advice to put out laziness and become hardworking. Accumulation Bitcoin from any amount of discretionary income at the end of the week. If the new investor has long term mental and prudent resources, then he will be able to run those cycles correctly and smoothly.

Every country has poor people and some of these poor people still make a way to invest in bitcoin so not having a stable source of income shouldn't be an excuse of not getting started with your bitcoin investment besides what is needed to start investing in bitcoin is your discretionary income and not having a stable source of income, those who are desperate to make quick money in bitcoin are not investor but trader because as an investor your major priority will be to accumulate more Bitcoin and hodl for a very long time with the range of 4-10 and more.

To some extent I think being poor is a decision people do take because no one has an excuse to be poor in life and if I'm not mistaking most of the people we see or call wealthy and rich today are people who pass through worst situations but decided not to see poor as an option and today they are rich and if they tell's you their stories, you can shed tears.

Additionally, no matter how strong a situation is one can still overcome if only they are determined and refused to see poverty as an option and as a matter of fact challenges are what defines people, if one can not overcome challenge they will remain a minor to the challenge but once someone overcomes the challenge, successful is already by the corner waiting and that challenge will be like nothing to them anymore.

[Cryptomultiplier]

I usually have people come to me for help on how to make some money online, this first thing I usually tell them is that, if they're looking for a way to make quick profits online, then I don't have it, but if they're seeking for a way to gradually build wealth overtime, then I'd be happy to help them. Nigerian economy is messed up and everyone is looking for an escape route from the hardship and that's why majority of the people who go into the market are mostly very interested in taking quick profits, not like I blame them them for that, but it'll only result to unnecessary panic and pressure just as you've rightly stated, whenever the market declined, they feel they're losing their money, and even when the market is in an upward trend, and theyre making some pretty cool profits, they'd also feel like taking their profits and this only means they lack that long term outlook and also missing the big picture while chasing small profits.

This is the main problem of our investors. We do not correct ourselves from our mistakes and are busy in making short term profits. The problem we have in Nigeria is that people lack a stable source of income and most of them are suffering from economic problems. The people you recommend to make money want to make quick profits if I tell them to stay involved in the forum and become more experienced in Bitcoin investment, they will not have that patience but they want to get rich before keeping working.

I cannot play a very effective role in the economic liberation of the poor and their permanent income arrangements but I can give the right direction to the enthusiastic people such as effective and meaningful efforts to increase their source of income and advice to put out laziness and become hardworking. Accumulation Bitcoin from any amount of discretionary income at the end of the week. If the new investor has long term mental and prudent resources, then he will be able to run those cycles correctly and smoothly.

Every country has poor people and some of these poor people still make a way to invest in bitcoin so not having a stable source of income shouldn't be an excuse of not getting started with your bitcoin investment besides what is needed to start investing in bitcoin is your discretionary income and not having a stable source of income, those who are desperate to make quick money in bitcoin are not investor but trader because as an investor your major priority will be to accumulate more Bitcoin and hodl for a very long time with the range of 4-10 and more.

To some extent I think being poor is a decision people do take because no one has an excuse to be poor in life and if I'm not mistaking most of the people we see or call wealthy and rich today are people who pass through worst situations but decided not to see poor as an option and today they are rich and if they tell's you their stories, you can shed tears.

Additionally, no matter how strong a situation is one can still overcome if only they are determined and refused to see poverty as an option and as a matter of fact challenges are what defines people, if one can not overcome challenge they will remain a minor to the challenge but once someone overcomes the challenge, successful is already by the corner waiting and that challenge will be like nothing to them anymore.

Saving some amount of money aside for future use could pose a serious  challenge for many of us these days mostly as we live in a country where the price of certain commodity today may rise tomorrow if we use old budget or price tags when making our purchases.
As such, I have always thought that buying things in bulk is a wiser choice at a certain period, let's say at the start of a quarter of a year, and then the rest of the months we can focus more on savings and adjust our savings amount to meet our savings and investment plan simultaneously.