Balancing Financial security and Bitcoin Accumulation

[JayJuanGee]

For sure there is nothing wrong having arguments even though sometimes some people can be too entitled to their own opinion without giving a second thought to what others are saying, for those you are referring to that are using their mouth to accumulate we don't have to worry about that and think  more about our self and our achievements because we are all responsible for the consequences of whether or not we invest in to Bitcoin, Bitcoin is not begging anyone to invest in it for it to be called Bitcoin.

It is a waste of time to think if people are accumulating bitcoin or not, because it is none of anyone business. Whether invest or accumulate or not it is not anyone's business but the result will always speak. Bitcoin is personal and what you need to focus on is how to accumulate your bitcoin and make a better profit as result and nobody cares about your own result. Their is no need to be worried about others people investment.

In fact, the value of Bitcoin will never stop for anyone, it will continue to improve over time, and if you want to achieve success from Bitcoin investment, you need to deposit as much as possible, that's all. There is nothing that is beyond your ability to understand, the more Bitcoin you deposit and the longer you can hold it, the greater your success will be, you should move forward according to your own plan, discipline and goals without worrying unnecessarily about other people's strategies, because the money is yours, the investment is yours and the success is yours, so investing effectively instead of thinking unnecessarily is the right decision.

I agree with you that each of us should be attempting to accumulate as much bitcoin as we can without overdoing it.  If we overdo it, then we end up having to sell bitcoin at a time that is not our choosing or we might end up with some other financial and/or psychological problems based on our bitcoin accumulation obsession.. so we have to be careful not to overdo it and perhaps to make sure that we have back up systems in place in the event that we make mistakes so that our mistakes do not have too severe of an impact on us.

Another thing is that the extent to which we chose to be aggressive or whimpy in our bitcoin accumulation remain discretionary matters, which means that each of us is free to choose our level based on our own perspective of matters, including our own assessment of our individual factors.

[Makus]

For sure there is nothing wrong having arguments even though sometimes some people can be too entitled to their own opinion without giving a second thought to what others are saying, for those you are referring to that are using their mouth to accumulate we don't have to worry about that and think  more about our self and our achievements because we are all responsible for the consequences of whether or not we invest in to Bitcoin, Bitcoin is not begging anyone to invest in it for it to be called Bitcoin.

It is a waste of time to think if people are accumulating bitcoin or not, because it is none of anyone business. Whether invest or accumulate or not it is not anyone's business but the result will always speak. Bitcoin is personal and what you need to focus on is how to accumulate your bitcoin and make a better profit as result and nobody cares about your own result. Their is no need to be worried about others people investment.

In fact, the value of Bitcoin will never stop for anyone, it will continue to improve over time, and if you want to achieve success from Bitcoin investment, you need to deposit as much as possible, that's all. There is nothing that is beyond your ability to understand, the more Bitcoin you deposit and the longer you can hold it, the greater your success will be, you should move forward according to your own plan, discipline and goals without worrying unnecessarily about other people's strategies, because the money is yours, the investment is yours and the success is yours, so investing effectively instead of thinking unnecessarily is the right decision.

I agree with you that each of us should be attempting to accumulate as much bitcoin as we can without overdoing it.  If we overdo it, then we end up having to sell bitcoin at a time that is not our choosing or we might end up with some other financial and/or psychological problems based on our bitcoin accumulation obsession.. so we have to be careful not to overdo it and perhaps to make sure that we have back up systems in place in the event that we make mistakes so that our mistakes do not have too severe of an impact on us.

Another thing is that the extent to which we chose to be aggressive or whimpy in our bitcoin accumulation remain discretionary matters, which means that each of us is free to choose our level based on our own perspective of matters, including our own assessment of our individual factors.

Which is why i recommended DCA to anyone  who just began their bitcoin investment or who is going through one problem or the other, in respect to emergencies or problem encountered along the way that wasn't planned for. The concept of emergency fund and DCA from discretionary fund is very important because it would help the investors be in track without undergoing any financial problems if practiced correctly. After which you have made use of the DCA strategy  and understand how the market operates for a while then it would be OK if you decide to get aggressive so long as your emergency fund is intact. But with DCA strategy irrespective of how much you have already in fiat, you can't possibly overdo your investment when you stay discipline and follow a particular order.

[Silikiem]

From the beginning of you want to invest in bitcoin and you don't have source of income, some day sometimes you will sell from your investment and when emergency cases arises. Because of this kind of situation, it's advised to have an emergency funds of up to 3 to 6 months so that you will not be forced to sell your investment at any moment. Some investors have sold their assets out of loss because they don't have money to use during emergency.

One of the way to save money for emergency is Other one is having a source of income, without this you can not save for emergency and you can not own an investment.
Other one is before your investment, at that moment you might just be a lot of things that takes money from you, so you can be able to save money for emergencies. After 3 yo 6 months of emergency savings you can invest into Bitcoin without tempering your assets anytime soon. With the help of this link you can know more about emagency funds https://cryptoscamdefensenetwork.com/crypto-emergency-fund-what-money-should-invest/

During investment good strategy helps. From my time in the forum I have concluded that DCA method is a good method to use during investment. DCA method is mostly use for beginners. Big investors that have known the market for a long time mostly use lum sum strategy because it obvious that they known when to buy. From my perspectives they mostly buy during the dip. But for an investor with little strategy they buy small amount weekly or monthly but depends on how regular they get money.

Truly, the emergency funds is very vital for our bitcoin investment, the importance of having an emergency funds cannot be overemphasized as it goes a long way to protecting and sustaining our bitcoin investment. But, not having an emergency funds doesn’t mean we can’t own or start an investment in bitcoin, what you need to start or accumulate bitcoin is just a discretionary income. The idea is, as far as you’re accumulating bitcoin and hold for the long term without panicking to sell or  selling when it’s not yet appropriate to do so. It’s advisable to get started in accumulating bitcoin first and along the line we can be building up our emergency funds with time, but not having an emergency funds shouldn’t prevent one from investing and accumulating bitcoin when your discretionary income is available.

[kanftka]

do you know what else is a digital asset, the so called shit coin, NFTs, gift cards, shares and bonds,

Bond is not a digital asset and not a cryptocurrency. Bond is a fixed income asset or debt security and are manage by a third party because bond is a traditional thing. Bonds has a fixed return why bitcoin doesn't have a fixed return because of her volatile nature as the price increases overtime. It's good that we make research before giving out wrong information so that you don't mislead newbies like you.

Well explained and said

But we can't just say Bitcoin is the only thing out there, we have Etherum, which is like the mother of crypto currency, she birthed so many new Blockchain technologies, in fact, she made Blockchain technology very popular, I'd love to call binance but it is not as decentralized as I'd like, but it is still something.

If you want, you can consider shitcoins like Ethereum and/or Binance coins as if they were adding value or contributing something, but they are not.  There is nothing unique about either of them that cannot be imitated by some other project, so neither of them is adding anything of value.  Sure, ethereum might have had one thing going for it prior to it's transitioning from proof of work to proof of stake, but they were too retarded to understand their earlier proof of work status as being potentially valuable, even though they still suffered (and continue to suffer) from the problem of pre-mining without having any way to verify either how many coins were initially issued and/or how many currently exist.  So in those regards, I have difficulties appreciating how ethereum is providing any value from the mere fact that they had made systems in which anyone and his dog can spring up some shitcoin with little to no effort.. Difficult to know how any of that is adding much if any value without a secure base layer, which bitcoin has the most secure base layer of any of the systems, so ethereum and all of the other shitcoins, both rely on bitcoin for their own security layer and they even affinity scam to suggest that they are like bitcoin and/or better than bitcoin, even though without bitcoin (or something  like bitcoin upon which to secure themselves) they would have not way of surviving or being allowed to survive.

OsaiEmma TBH, I think Ethereum gets way more praise than it actually deserves. Yeah, it made it easy for anyone to launch a token, but that is also why the space is flooded with shit coins that do not last beyond one hype cycle. Being popular does not always mean you are adding real value, sometimes it just means you are making more noise...

From how I see it, if the foundation is not solid and secure, all those so called innovations (shit coins) are just built on shaky ground. Bitcoin’s edge has always been that it is proven, decentralized, and secured in a way no other chain has pulled off. Most of these other chains still end up leaning on Bitcoin’s reputation or its network effect just to look serious...

it is clear Ethereum jst opened the door to endless empty promises. When you strip away the hype and look at what is truly built to last, the list gets real short and Bitcoin is still at the very top....

[Gost ms]

Truly, the emergency funds is very vital for our bitcoin investment, the importance of having an emergency funds cannot be overemphasized as it goes a long way to protecting and sustaining our bitcoin investment. But, not having an emergency funds doesn’t mean we can’t own or start an investment in bitcoin, what you need to start or accumulate bitcoin is just a discretionary income. The idea is, as far as you’re accumulating bitcoin and hold for the long term without panicking to sell or  selling when it’s not yet appropriate to do so. It’s advisable to get started in accumulating bitcoin first and along the line we can be building up our emergency funds with time, but not having an emergency funds shouldn’t prevent one from investing and accumulating bitcoin when your discretionary income is available.

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

If you do not have basic knowledge about Bitcoin, then you will never know what Bitcoin is and how we can profit from Bitcoin. If you do not have faith in Bitcoin, then you can sell your holdings during the decline. So you have to have faith in Bitcoin. If a new person is scared, it is very natural, but he has to be careful that he does not get so scared that he has to sell his holdings. Along with investing, by gaining knowledge and gaining experience, you will be able to learn to deal with the decline gradually.

[Futurexxx]

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

[Yablee0]

For sure there is nothing wrong having arguments even though sometimes some people can be too entitled to their own opinion without giving a second thought to what others are saying, for those you are referring to that are using their mouth to accumulate we don't have to worry about that and think  more about our self and our achievements because we are all responsible for the consequences of whether or not we invest in to Bitcoin, Bitcoin is not begging anyone to invest in it for it to be called Bitcoin.

It is a waste of time to think if people are accumulating bitcoin or not, because it is none of anyone business. Whether invest or accumulate or not it is not anyone's business but the result will always speak. Bitcoin is personal and what you need to focus on is how to accumulate your bitcoin and make a better profit as result and nobody cares about your own result. Their is no need to be worried about others people investment.

In fact, the value of Bitcoin will never stop for anyone, it will continue to improve over time, and if you want to achieve success from Bitcoin investment, you need to deposit as much as possible, that's all. There is nothing that is beyond your ability to understand, the more Bitcoin you deposit and the longer you can hold it, the greater your success will be, you should move forward according to your own plan, discipline and goals without worrying unnecessarily about other people's strategies, because the money is yours, the investment is yours and the success is yours, so investing effectively instead of thinking unnecessarily is the right decision.

I agree with you that each of us should be attempting to accumulate as much bitcoin as we can without overdoing it.  If we overdo it, then we end up having to sell bitcoin at a time that is not our choosing or we might end up with some other financial and/or psychological problems based on our bitcoin accumulation obsession.. so we have to be careful not to overdo it and perhaps to make sure that we have back up systems in place in the event that we make mistakes so that our mistakes do not have too severe of an impact on us.

Another thing is that the extent to which we chose to be aggressive or whimpy in our bitcoin accumulation remain discretionary matters, which means that each of us is free to choose our level based on our own perspective of matters, including our own assessment of our individual factors.

You are very correct sir, bitcoin investment shouldn't be overdo in any way, let your approach in every investment be setup from your discretionary funds to avoid some unnecessary tension that might surface later in future.

secondly, also avoid being in a competition with anybody in bitcoin accumulations so that you wouldn't start having issues along the line, however always buy (accumulate) or top up your bitcoin portfolio at your convenient time using your discretionary funds, therefore this steps or techniques that is been mentioned can trigger success through patient in every bitcoin investment.

[Tungbulu]

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

You're absolutely right Futurexxx in your assertion. It doesn't matter the size of a person's income, if he's not able to figure out his discretionary income, it'll be impossible for them Invest in Bitcoin, even if they move ahead to invest in Bitcoin without actually figuring out their discretionary income first, they'll end up making a huge financial mistake along the line which could potentially send them back to square one. This is the mistake that most people often make, they feel an individual's chances of investing in Bitcoin is dependent on the size of their income, which is in fact a wrong perspective of approaching Bitcoin Investing. Once again, people don't accumulate Bitcoin with their income, but discretionary income.

[Fiatless]

You are very correct sir, bitcoin investment shouldn't be overdo in any way, let your approach in every investment be from your discretionary funds, also avoid being in a competition with anybody in bitcoin accumulations so that you wouldn't start having issues along the line, however always buy (accumulate) or top up your bitcoin portfolio at your convenient time using your discretionary funds, therefore these steps or techniques can trigger success and sustain patients in every bitcoin investment.

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs.

This is when we need to cut down on expenses that we don't really need. Focus on buying durable items because it will help to save money since they last for a long time. Take advantage of seasonal foods because they are cheaper. Find alternatives to expensive products; there are always cheaper substitutes. Take care of your health to avoid medical expenses due to an unhealthy lifestyle. Investment is important, so there is a need to make some sacrifices.    

[Shadiq]

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

You're absolutely right Futurexxx in your assertion. It doesn't matter the size of a person's income, if he's not able to figure out his discretionary income, it'll be impossible for them Invest in Bitcoin, even if they move ahead to invest in Bitcoin without actually figuring out their discretionary income first, they'll end up making a huge financial mistake along the line which could potentially send them back to square one. This is the mistake that most people often make, they feel an individual's chances of investing in Bitcoin is dependent on the size of their income, which is in fact a wrong perspective of approaching Bitcoin Investing. Once again, people don't accumulate Bitcoin with their income, but discretionary income.

Yes, I agree with you. The size of the income is not important for investment, but whether he is able to separate the discretionary income from that income is important. There are many people who earn more than $1000, but their expenses are not balanced with their income. Due to their family needs or inflation, most of their income is spent on meeting daily needs. Again, there are some people whose income is less than $500, but due to their family needs or the inflation rate of their country, most of their income is added to the discretionary income fund.

We basically have to give importance to discretionary income so that we can separate money from it that I can afford to lose. The above two people have been mentioned where one person's income is $1000 but his discretionary income may not be even $100, while the other person's income is $500 but his discretionary income may be more than $250. It completely depends on the inflation rate of his country and the cost of purchasing goods. Even if his family size is small, his daily expenses are a very small part of his income. In this case, the size of his discretionary income will be large and will bring more benefits for investment. Therefore, discretionary income should be given importance for investment, not the size of income.

[Agbamoni]

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs.

Minimum wage earner cannot afford to have discretionary income no matter how they try to minimize cost in Nigeria. The minimum amount for an investor to invest weekly is $10 which is around NGN 15,000 and the monthly minimum wage amount is NGN 70,000.

NGN 15,000 time 4 weeks is NGN 60,000.
NGN 70,000 - NGN 60,000.

What will be left to cover monthly expenses would be NGN 10,000. Which we know it is impossible to cover up their needs.

[Cossyblack]

You are very correct sir, bitcoin investment shouldn't be overdo in any way, let your approach in every investment be from your discretionary funds, also avoid being in a competition with anybody in bitcoin accumulations so that you wouldn't start having issues along the line, however always buy (accumulate) or top up your bitcoin portfolio at your convenient time using your discretionary funds, therefore these steps or techniques can trigger success and sustain patients in every bitcoin investment.

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs

Sometimes it all depends on the individual and how he budget his spendings for the month. Yes Nigeria is facing economic issues that have resulted to high costs of living but even at that,I think an individual who doesn't shoulder any big responsible and if also he can utilize his expenses by cutting down costs then he can still save  some discretional income for investments after taking care of his personal necessities. In other words there also fat salaries earners who are earning good money but are still finding it difficult to set aside some money as discretional incomes to buy Bitcoin. It's not  all about the size of an individual income that matters but what matters the most is his level of financial discipline and how determined he his in achieving his goals in Bitcoin for the long term.

[Fiatless]

Minimum wage earner cannot afford to have discretionary income no matter how they try to minimize cost in Nigeria. The minimum amount for an investor to invest weekly is $10 which is around NGN 15,000 and the monthly minimum wage amount is NGN 70,000.

NGN 15,000 time 4 weeks is NGN 60,000.
NGN 70,000 - NGN 60,000.

What will be left to cover monthly expenses would be NGN 10,000. Which we know it is impossible to cover up their needs.

When someone says minimum wage, it doesn't necessarily mean that the worker earns the least amount. It is assumed that the tasks with little or no skills will earn the minimum, while graduates and those with high-level skills should earn above the minimum amount. Minimum wage is just the benchmark or the least a worker should earn.

Some people have other sources of income or who also get assistance from friends and family. It is also noteworthy that there are some states in Nigeria where you can have discretionary income if you earn NGN 70,000. In such areas accommodation and food prices are cheap.   

[Finebone]

Sometimes it all depends on the individual and how he budget his spendings for the month. Yes Nigeria is facing economic issues that have resulted to high costs of living but even at that,I think an individual who doesn't shoulder any big responsible and if also he can utilize his expenses by cutting down costs then he can still save  some discretional income for investments after taking care of his personal necessities. In other words there also fat salaries earners who are earning good money but are still finding it difficult to set aside some money as discretional incomes to buy Bitcoin. It's not  all about the size of an individual income that matters but what matters the most is his level of financial discipline and how determined he his in achieving his goals in Bitcoin for the long term.

That's just it bro, in the history of Nigeria, their is no time it was easy, so life wouldn't get easier, you just have to get tougher, make more money and manage your finance properly, because their are so many folks out their that earn little, but they still manage to live a good life and still invest from it even more than those earning much, it mostly boils down to how an investor manages his finances.

So an average income earners must be financially conscious, in other not to mismanaged money meant for other vital things, that would warrant him to think of tempering with his holdings. Those rich guys can mismanage their funds and go scort free because they have rich uncles, dad, friends that can bails them out easily and their holdings is untouched, but a low income or and average income earners can't try that shit.

[JayJuanGee]

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

You are right Futurexxx that having discretionary funds is necessary from the start, and a discretionary income is needed to continue to invest into bitcoin, yet a discretionary income is not needed to get started, only discretionary funds are needed to get started.

Part of the reason that this is important is that people keep mixing up what is needed to get started and what is needed to continue to invest.

Surely even I outline 9 individual factors to consider when starting to invest into bitcoin, yet guys do not need to have concrete answers to each of the 9 individual factors at the time that they start investing into bitcoin, and it is likely that they will continue to develop their assessment of their 9 individual factors and to adjust them through the years as they continue to build their bitcoion investment and strengthen various aspects of their cashflow management systems and practices.

For sure there is nothing wrong having arguments even though sometimes some people can be too entitled to their own opinion without giving a second thought to what others are saying, for those you are referring to that are using their mouth to accumulate we don't have to worry about that and think  more about our self and our achievements because we are all responsible for the consequences of whether or not we invest in to Bitcoin, Bitcoin is not begging anyone to invest in it for it to be called Bitcoin.

It is a waste of time to think if people are accumulating bitcoin or not, because it is none of anyone business. Whether invest or accumulate or not it is not anyone's business but the result will always speak. Bitcoin is personal and what you need to focus on is how to accumulate your bitcoin and make a better profit as result and nobody cares about your own result. Their is no need to be worried about others people investment.

In fact, the value of Bitcoin will never stop for anyone, it will continue to improve over time, and if you want to achieve success from Bitcoin investment, you need to deposit as much as possible, that's all. There is nothing that is beyond your ability to understand, the more Bitcoin you deposit and the longer you can hold it, the greater your success will be, you should move forward according to your own plan, discipline and goals without worrying unnecessarily about other people's strategies, because the money is yours, the investment is yours and the success is yours, so investing effectively instead of thinking unnecessarily is the right decision.

I agree with you that each of us should be attempting to accumulate as much bitcoin as we can without overdoing it.  If we overdo it, then we end up having to sell bitcoin at a time that is not our choosing or we might end up with some other financial and/or psychological problems based on our bitcoin accumulation obsession.. so we have to be careful not to overdo it and perhaps to make sure that we have back up systems in place in the event that we make mistakes so that our mistakes do not have too severe of an impact on us.

Another thing is that the extent to which we chose to be aggressive or whimpy in our bitcoin accumulation remain discretionary matters, which means that each of us is free to choose our level based on our own perspective of matters, including our own assessment of our individual factors.

You are very correct sir, bitcoin investment shouldn't be overdo in any way, let your approach in every investment be setup from your discretionary funds to avoid some unnecessary tension that might surface later in future.

secondly, also avoid being in a competition with anybody in bitcoin accumulations so that you wouldn't start having issues along the line, however always buy (accumulate) or top up your bitcoin portfolio at your convenient time using your discretionary funds, therefore this steps or techniques that is been mentioned can trigger success through patient in every bitcoin investment.

The main point about overdoing it has to do mostly investing beyond ones discretionary income and/or not having enough back up funds and/or engaging in sloppy cashflow management that results in running out of funds because expenses are either greater than income or greater than any back up funds that are in place, and of course, there are degrees to how much damage guys might do depending on how badly guys screw up, and surely smaller level mistakes might not even cause a lot of damage, yet surely greater level of damages would be being forced to sell large portions of ones bitcoin holdings at a time that is not of their own choosing and/or maybe screwing up cashflow management to such an extent that a guy is not able to continue to accumulate bitcoin during extended periods of time.

Surely the worse situation would be ending up with way less bitcoin than what he would have had otherwise had and perhaps never reaching fuck you status that he could have had reached or even perhaps having delayed reaching fuck you status by many years.. and/or never really reaching a place that he could have had otherwise been able to reach if he had not screwed up... and yeah, sometimes not having options can have fairly negative impacts upon a person's life... even causing bitterness, resentment and/or having to make choices that he had not wanted to have to make.

So for sure there are degrees to the idea of giving suggestions that guys should attempt to be as aggressive as they are able to be without overdoing it,, and guys are responsible to figure out their level of aggressiveness and what would constitute overdoing it from their own financial and/or psychological standpoint, so if they end up overdoing it, then they pay the consequences and I suppose that they can hope to have negative consequences that are less severe rather than more severe, yet even the failure to keep adequate back up funds could end up in quite costly damages that are not able to reverse once they happen and the mere fact of having sufficient back up funds could result in circumstances of having had either avoided or greatly mitigated the damages that ended up happening.

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

You're absolutely right Futurexxx in your assertion. It doesn't matter the size of a person's income, if he's not able to figure out his discretionary income, it'll be impossible for them Invest in Bitcoin, even if they move ahead to invest in Bitcoin without actually figuring out their discretionary income first, they'll end up making a huge financial mistake along the line which could potentially send them back to square one. This is the mistake that most people often make, they feel an individual's chances of investing in Bitcoin is dependent on the size of their income, which is in fact a wrong perspective of approaching Bitcoin Investing. Once again, people don't accumulate Bitcoin with their income, but discretionary income.

Many times people do not figure out exactly what is their level of discretionary income, yet they already kind of intuitively know how much money they have at each pay period and how many expenses that they have and they roughly understand that they have to either spend less than their income or that they have to have back up funds for those cases in which they might want to spend more than their income for that period.

So at the same time, anyone who had not previously been saving/investing and holding their value in some potentially volatile asset such as bitcoin, they might not realize the importance of safeguarding their investment (bitcoin in this case) from being tapped into at a time that is not of their choosing.... So accordingly, once they start investing into bitcoin, they have to get into the habit of keeping greater levels of backup funds than they would have had in their lives prior to their having been investing.. and they likely need to attempt to create systems in which they mentally block themselves from either tapping into their bitcoin or thinking about their bitcoin as a place in which they can tap into for 4-10 years or more and perhaps ever time they put new money into their bitcoin, that new money that is put into bitcoin should be considered as locked up for 4-10 years or more.

After these better habits of maintaining back up funds and even making sure to mentally separate the value of bitcoin while building it up, then hopefully with the passage of time and the ongoing continued investment into bitcoin, the person will figure out plans that account for how much bitcoin that they might be shooting for (including accounting for its dollar/fiat value) and then to consider at which points they might transition from their bitcoin accumulation phase and then into their maintenance phase and then into some form of sustainable withdrawal phase, and surely sometimes the phases will have some overlap with each other.

Their identifying where they are at should help to inform them on their strategies, yet it can take a decent amount of time of practicing the employment of strategies and to even tweak their strategies from time to time in light of where they are at and considerations of where they would like to get to.

You are very correct sir, bitcoin investment shouldn't be overdo in any way, let your approach in every investment be from your discretionary funds, also avoid being in a competition with anybody in bitcoin accumulations so that you wouldn't start having issues along the line, however always buy (accumulate) or top up your bitcoin portfolio at your convenient time using your discretionary funds, therefore these steps or techniques can trigger success and sustain patients in every bitcoin investment.

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs.

This is when we need to cut down on expenses that we don't really need. Focus on buying durable items because it will help to save money since they last for a long time. Take advantage of seasonal foods because they are cheaper. Find alternatives to expensive products; there are always cheaper substitutes. Take care of your health to avoid medical expenses due to an unhealthy lifestyle. Investment is important, so there is a need to make some sacrifices.    

Of course, if you don't have any discretionary income, you cannot invest, and if you put money into bitcoin with non-discretionary income you are trading/gambling.  Not investing.

Increasing discretionary income comes from increasing income and/or cutting expenses, and surely there can be some locations in which it is quite difficult to increase income, and sometimes there could be investments into gaining skills and/or education or even getting exposure to higher paying jobs through working on networking or even doing unpaid work in order to get inside some positions that might lead to promotions later down the road.  Some guys might be limited in what they are able to accomplish in a short period, and some guys might be of an age (or health status) where it might not be practical for them to try to pursue certain lines of higher paying work... which sometimes there can also be questions regarding working for someone else versus creating your own business in which sometimes a lot of capital might be required or certain areas of expertise or access to social capital might be needed for certain lines of business.

[edited out]

Yes, I agree with you. The size of the income is not important for investment, but whether he is able to separate the discretionary income from that income is important. There are many people who earn more than $1000, but their expenses are not balanced with their income. Due to their family needs or inflation, most of their income is spent on meeting daily needs. Again, there are some people whose income is less than $500, but due to their family needs or the inflation rate of their country, most of their income is added to the discretionary income fund.

We basically have to give importance to discretionary income so that we can separate money from it that I can afford to lose. The above two people have been mentioned where one person's income is $1000 but his discretionary income may not be even $100, while the other person's income is $500 but his discretionary income may be more than $250. It completely depends on the inflation rate of his country and the cost of purchasing goods. Even if his family size is small, his daily expenses are a very small part of his income. In this case, the size of his discretionary income will be large and will bring more benefits for investment. Therefore, discretionary income should be given importance for investment, not the size of income.

You are correct that discretionary income is the more important of the ways of measuring what to do, yet the longer that we invest in bitcoin, we should likely figure out plans that account for a variety of factors that might also consider overall income that we have been making in terms of our target.

So if we have been making $15k per year for 10 years or more, and we are investing into bitcoin, maybe we want to be able to aim to be able to replace our income so then we quit our job once our bitcoin can sustainably support our $15k of income per  year... or instead maybe we want to shoot to continue to build our bitcoin until it can sustainably support an income of $30k per year..

We should be attempting to figure out our various factors and our targets based on a variety of ways of assessing current matters, perhaps assessing historical matters and also projecting out various scenarios into the future.  We might put ourselves in a limited place if we are merely looking at discretionary income without considering broader factors such as our overall income, whether we might want to increase our overall income, whether we want to work to increase our income and/or whether bitcoin might be able to totally replace our income or to supplement our income..

I frequently tend to consider that guys should be ongoingly building their bitcoin, yet at some point after a guy has gotten to a certain bitcoin stash, the size of his bitcoin stash might inform him about other things that he might consider that he wants to build besides the bitcoin, even though the bitcoin will continue to serve as either the main source of wealth or a way to supplement other wealth that he is simultaneously building.

I do frequently consider that guys might get distracted into inferior investments (buying housing and/or transportation and/or other items that they consider to be investments but might be way inferior compared with keeping value in bitcoin), which will dilute and take away from their building and maintaining their bitcoin holdings.  Sometimes guys can make BIG mistakes that take away from their growing wealth through bitcoin, yet each of us has to figure these matters and hopefully come to balances that are ultimately good for our own circumstances.

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs.

Minimum wage earner cannot afford to have discretionary income no matter how they try to minimize cost in Nigeria. The minimum amount for an investor to invest weekly is $10 which is around NGN 15,000 and the monthly minimum wage amount is NGN 70,000.

NGN 15,000 time 4 weeks is NGN 60,000.
NGN 70,000 - NGN 60,000.

What will be left to cover monthly expenses would be NGN 10,000. Which we know it is impossible to cover up their needs.

On average a month has 4.33 weeks, so be careful in regards to how you calculate monthly amounts into weeks, so 15,000 x 4.33 is 65,000.

This outline of numbers shows that it is surely problematic for guys to be considering minimum wage jobs as some kind of a standard or target for their own incomes, and so there likely has to be ways to figure out how to earn more than the minimum wage, especially in circumstances in which the minimum wage does not even seem to provide enough discretionary income to be able to invest $10 or more into bitcoin per week.

Another thing is that $10 per week into bitcoin is going to be a real difficult way to make progress, even though surely some guys might consider that investing $520 per year or $5,200 over 10 years and $10,400  over 20 years to be sufficient.. but it seems like a pretty low standard and guys, if possible, should be trying to figure out ways to be able to get to some higher numbers.. of  course without over doing it.

Although we know that if a guy had invested $10 per week into bitcoin over the past 10 years, he would be in a very good position right now.. yet we cannot know whether $10 per week in the upcoming 10 years is going to be enough... .. but surely it is better than nothing, and surely if guys are only making around $12 per week, then they cannot be investing $10 per week into bitcoin.  At best they might  only be able to invest $4 per week, and that level of weekly investment into bitcoin might be difficult with a $12 per week level of income.

[Promocodeudo]

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

Very much outlined mate, having a sensible income will help to invest in Bitcoin but managing the sensible income well sharing is part by part and using the one that you can actually not be stressed with to invest in Bitcoin help investors a lot, don't want to called it discretionary income but in reality that's what it, you some people have to be taken down the lane for them to understand, some people failed in their Bitcoin journey not because they weren't capable of investing in it but consistent tampering of their investment led them to decide to withdraw all just because they keep using an amount that isn't comfortable for them, don't know that till this moment some people don't know that emergency funds is needed as a bitcoiner to battle some unexpected stuffs that may likely come along the line during ones Bitcoin accumulation and holding and this funds can be called a salvager of unexpected monetary situation it in turn helps us to battle any stumbling block on our way that may cause us to have the mindset of withdrawing prematurely.

[cxtreenal]

You are very correct sir, bitcoin investment shouldn't be overdo in any way, let your approach in every investment be from your discretionary funds, also avoid being in a competition with anybody in bitcoin accumulations so that you wouldn't start having issues along the line, however always buy (accumulate) or top up your bitcoin portfolio at your convenient time using your discretionary funds, therefore these steps or techniques can trigger success and sustain patients in every bitcoin investment.

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs

Sometimes it all depends on the individual and how he budget his spendings for the month. Yes Nigeria is facing economic issues that have resulted to high costs of living but even at that,I think an individual who doesn't shoulder any big responsible and if also he can utilize his expenses by cutting down costs then he can still save  some discretional income for investments after taking care of his personal necessities. In other words there also fat salaries earners who are earning good money but are still finding it difficult to set aside some money as discretional incomes to buy Bitcoin. It's not  all about the size of an individual income that matters but what matters the most is his level of financial discipline and how determined he his in achieving his goals in Bitcoin for the long term.

The negative impact of inflation on the economy in Nigeria is that it is a struggle for the lower and middle class to survive on their own money. Despite this, some investors are keeping their heads down and regularly accumulation Bitcoin as much as their discretionary income is left at the end of the week. Some of the upper class people who can afford it and work in high paying jobs or are businessmen are lagging behind in accumulation Bitcoin because they may consider themselves financially strong. You will find a large number of investors among the wealthy who are regularly depositing Bitcoin through their discretionary income.

A statistic in 2023 shows that about 10% of the population in Nigeria owns cryptocurrency, most of whom accumulation or hold Bitcoin. Nigeria is the second largest Bitcoin user after the United States. This is encouraging for Nigerians as the number of users is constantly increasing making it an important hedge against inflation.

https://www.binance.com/en/square/post/1121946

[OsaiEmma]

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs.

Minimum wage earner cannot afford to have discretionary income no matter how they try to minimize cost in Nigeria. The minimum amount for an investor to invest weekly is $10 which is around NGN 15,000 and the monthly minimum wage amount is NGN 70,000.

NGN 15,000 time 4 weeks is NGN 60,000.
NGN 70,000 - NGN 60,000.

What will be left to cover monthly expenses would be NGN 10,000. Which we know it is impossible to cover up their needs.

i feel it is far-fetched to sey there isa minimum amount for Bitcoin investment, I think Bitcoin investment should be done as earlier stated from discretionary funds or income, or you can make a little sacrifice from your non-discriminatory income so as to kick start your Bitcoin investment journey if at all it's possible (NFA), but stating a minimum amount can really be somewhat discouraging to some people.

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

You are right Futurexxx that having discretionary funds is necessary from the start, and a discretionary income is needed to continue to invest into bitcoin, yet a discretionary income is not needed to get started, only discretionary funds are needed to get started.

Part of the reason that this is important is that people keep mixing up what is needed to get started and what is needed to continue to invest.

Pardon my ignorance, but what is the difference between discretionary funds and income.

[Derekfunds]

Truly, the emergency funds is very vital for our bitcoin investment, the importance of having an emergency funds cannot be overemphasized as it goes a long way to protecting and sustaining our bitcoin investment. But, not having an emergency funds doesn’t mean we can’t own or start an investment in bitcoin, what you need to start or accumulate bitcoin is just a discretionary income. The idea is, as far as you’re accumulating bitcoin and hold for the long term without panicking to sell or  selling when it’s not yet appropriate to do so. It’s advisable to get started in accumulating bitcoin first and along the line we can be building up our emergency funds with time, but not having an emergency funds shouldn’t prevent one from investing and accumulating bitcoin when your discretionary income is available.

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

If you do not have basic knowledge about Bitcoin, then you will never know what Bitcoin is and how we can profit from Bitcoin. If you do not have faith in Bitcoin, then you can sell your holdings during the decline. So you have to have faith in Bitcoin. If a new person is scared, it is very natural, but he has to be careful that he does not get so scared that he has to sell his holdings. Along with investing, by gaining knowledge and gaining experience, you will be able to learn to deal with the decline gradually.

Income can only be sensible as you said if someone who is earning it is reasonable and responsible because there are a lot of folks out there that use money anyhow even when the money or income is huge and so this kind of person will always say what they earn is not sensible or enough for them. But there are also folks out there that are making good use of there income no matter how small it is, utilizing income and investing is a choice and only responsible and determined investor can do this. It is not just about having faith if you are not determined and you don't have patient, you will surely sell your investment but the most important thing is knowing why you are Investing.

[Regardme]

Based on the economic situation in Nigeria, it will take lots of sacrifice for a minimum wage earner to have discretionary funds. The cost of living is going high and salaries have not been increased making people spend all they have earned for the month on basic needs.

Minimum wage earner cannot afford to have discretionary income no matter how they try to minimize cost in Nigeria. The minimum amount for an investor to invest weekly is $10 which is around NGN 15,000 and the monthly minimum wage amount is NGN 70,000.

NGN 15,000 time 4 weeks is NGN 60,000.
NGN 70,000 - NGN 60,000.

What will be left to cover monthly expenses would be NGN 10,000. Which we know it is impossible to cover up their needs.

i feel it is far-fetched to sey there isa minimum amount for Bitcoin investment, I think Bitcoin investment should be done as earlier stated from discretionary funds or income, or you can make a little sacrifice from your non-discriminatory income so as to kick start your Bitcoin investment journey if at all it's possible (NFA), but stating a minimum amount can really be somewhat discouraging to some people.

Just as a sensible income is needed to start investing, 2 more things are needed
1 Basic knowledge about Bitcoin
2 Faith in Bitcoin

I wonder what type of sensible income you are talking about because to the best of my knowledge, their are so many guys out there that wish to invest in Bitcoin that are earning a sensible income as you called it but still can't figure out their discretionary income, what an investor need in other to invest in Bitcoin consistently is a discretionary income and the will to hold for a very long period of time, because if he has the will to hold for the future, he will put down measures that will make him develop a strong holding hands, like having an emergency and reserve funds in place to protect his investment against any unforseen circumstances that may arise in the future.

You are right Futurexxx that having discretionary funds is necessary from the start, and a discretionary income is needed to continue to invest into bitcoin, yet a discretionary income is not needed to get started, only discretionary funds are needed to get started.

Part of the reason that this is important is that people keep mixing up what is needed to get started and what is needed to continue to invest.

Pardon my ignorance, but what is the difference between discretionary funds and income.

Discretionary income is the money that’s left over after all your essentials bills are being paid. Let’s say, you’re being paid $4,000 and your essential expense is $3,000, then the remaining $1,000 is your discretionary income. While discretionary funds are money set aside for investments or non essential spending. Let’s say, you’re now left with $1,000 discretionary income, then you can decide to set $500 for your non essential spending or for investments, that becomes your discretionary funds. Therefore; you get your discretionary funds from your discretionary income