Balancing Financial security and Bitcoin Accumulation

[samadam007]

Additionally, when accumulating especially when you have an irregular discretionary income, what you should do is by looking for an additional source of discretionary income, so that it may help you bust your Bitcoin accumulation fastest, unlike when you are focusing only on a single source of discretionary income.

I support long term accumulation through consistent DCA but I don't think an additional source of income should automatically be treated as a tool to accumulate Bitcoin “faster” like you said. Additional income can increase folks investment capacity, but it should be used to solidify their investor financial position by covering his emergencies, build savings and reduce financial stress. The goal is not tobuy plenty Bitcoin as quickly as possible... the goal should be to accumulate consistently over time without putting pressure on your finances

[Joeboy]

I support long term accumulation through consistent DCA but I don't think an additional source of income should automatically be treated as a tool to accumulate Bitcoin “faster” like you said. Additional income can increase folks investment capacity, but it should be used to solidify their investor financial position by covering his emergencies, build savings and reduce financial stress. The goal is not tobuy plenty Bitcoin as quickly as possible...

Notwithstanding the fact that additional source of income isn't needed to prior to kickstarting your investment journey so as far as discretionary income is available, but then it could be very pivotal in maintaining your investment as you go..
Here are some of the few importance of additional sources of income

1) Additional source of income though not necessary from the start, could very well help folks to have more discretionary for investment at hand.
2) Additional source of income could very well create room for more income which could be use to grow/or increase your emergency funds.
3) Additional source of income could help sort out some minor expenses without having to deplete your emergency funds just yet...etc..
4) It increases the pace of your accumulation journey...

the goal should be to accumulate consistently over time without putting pressure on your finances

You really seem to have a point...Investment really shouldn't be what should place folks under a lot of pressure that is why it is always good that folks make purchases irrespective of how small their buying amount is... Since investment is long termed, it is more better and wiser to invest those small amounts and be consistent with it, than to invest using large amounts and pressure yourself, only for you to eventually stop halfway and not be able to continue.. The truth about investing under pressure is that it could even eventually lead to folks depleting their investments before reaching their investment timeline...

[Xackie]

Not having a regular income should not be a reason why people cannot start investing in bitcoin, rather the issue should be not having a discretionary income available to use and start buying bitcoin. They should understand that for the fact that they don’t have regular income doesn’t mean they can’t start investing in bitcoin and all they need is to figure out a discretionary income to use in buying bitcoin and hold, they need to understand that even though the income isn’t stable, as far as they can be able to from time to time figure out a discretionary income to use and buy bitcoin then they are good to go..

You are right about everything you said here, and it's because of that I think that those that uses irregularities of their income as an excuse not to start their Bitcoin investment journey are not serious. It's true that regular or stable income is good, but it should not be the yardstick or criteria that should be used before you start your Bitcoin accumulation, what is more important is your discretionary income, and as long as you can figure out your discretionary income from your net income, you can start right away.

Additionally, when accumulating especially when you have an irregular discretionary income, what you should do is by looking for an additional source of discretionary income, so that it may help you bust your Bitcoin accumulation fastest, unlike when you are focusing only on a single source of discretionary income.

True , it is good if someone can able to have more ways to increase their Discretionary income to accumulate more especially if they initially started with little amount. I will say that they shouldn't depend on that little amount alone because that won't give them enough amount stash they want after a long period of accumulation so the gains at the end will be small. Low income investors sometimes focus on cutting expenses while ignoring the importance of increasing their income.  There is a limit to how much you can cut spending, but there is often more room to give yourself in order to grow your earnings through additional side hustle. An increase of discretionary income gives investors opportunities to buy and hold more stash. The increase doesn't need to happen instantaneously instead the increase can be done gradually.

[POPOLUV]

There has never been any other better time to start your bitcoin accumulation order than NOW. If you are still waiting for tomorrow before you start, then you are getting it all wrong. The only genuine reason for not starting today should be the absence of your discretionary income. There has been folks who learned about bitcoin earlier than now perhaps, in the early developmental stage, but never bought a bitcoin simply because of "Tomorrow".

When a person starts procrastinating, fear enters and he starts wishing to buy at lower price, he believes that bitcoin would drop further and uses it as a reason to waste his time further. This is not supposed to be so when you have your discretionary income already. Your mentality while going into bitcoin largely determines how successful you would become and this mentality is the only antidote to procrastination. When you plan for a long-term investment, you begin to see reason to buy bitcoin at any price since you intend to hold over a long time during which you have more chances of making profit.

Bitcoin traders are known for timing the market and waiting for further Dip. Most of them buy today and sell tomorrow and mostly ending up with losses.

Now is even too late... Since for me the best time to start was yesterday Bitcoin investment is best when it is long termed, and if folks plan is long termed, they could very well start out small, then build up and also unlearn and learn as they go.. And this is why waiting or having the procastinating mentality shouldn't longer be a thing amongst investors...And honestly I really like to think that understanding Bitcoin itself can only come through an actual involvement... Involvement or experience gives investors first hand knowledge of how the market behave which is something that can't be learnt when folks keeps excluding themselves...

There are factors that could have made a folk not to invest yesterday ranging from ignorance to lack of funds. Yesterday is irreversible but today is still here with its full opportunities. When a person gets to know about bitcoin, he starts to think about it and could then give it a try. There's no better time to invest in bitcoin than "Now" especially if you have your discretionary income. We may not blame ourselves for the days we were ignorant of this bitcoin opportunities, but we can't save ourselves from the guilt of remaining a no coiner after hearing about bitcoin and also having a discretionary income to invest but refused to invest.

There's no point timing the market or getting locked in with the charts because that's where the real delay usually emanate. If you understand that your investments should be aimed at holding for at least 4 to 10 years, then you won't bother what the price is today because you believe that your chances of making profit in the long run is very high.

The idea of an investors still thinking if actually he will consider to buy Bitcoin, when he has already been educated on how Bitcoin works before joining the forum, because of that i don't think it is necessary for an investors to keep himself busy thinking while you have the knowledge which you could have just convert or proceed in making use of the opportunity as an investors by buying and accumulating as much as your discretionary income can enable you to regulates your buying of Bitcoin on a daily or weekly basis, because once i see any investors ignore such opportunities and still engage themselves in thinking when to invest or not,  that makes me to consider such investors as a gambler and have the mindset of waiting for the dip to happen, before buying of Bitcoin.

[Tetu100]

Why do you want to collect all the knowledge before starting Bitcoin investment, rather than explaining to the mind that we can be a suitable person for investment with a little knowledge. In fact, there is no such rule in Bitcoin investment that you will become a person full of knowledge before starting, rather if everyone starts with a little knowledge, it is not difficult to become an expert in investment while keeping the path moving. See, I say that one way to expand Bitcoin investment is possible from the starting screen that if someone starts with a little knowledge and tries to learn along with investing, then two tasks are completed for him at once, one is investing and the other is learning about this investment.

Waiting to acquired every neccesary  knowledge concerning bitcoin investment before kick starting up a bitcoin investment journey isn't advisable. It can actually delay you on various opportunities and set you backward, however bitcoin knowledge is just too wild to know in day, and even if you decide to learn it in a whole year, you still can't get it right. What is recommendable is just to start at once with the little knowledge of investing from your discretionary funds, endeavor to keep on a consistent accumulating strategy using the dca method (buying bitcoin bit by bit according to your financial capability) and every other things you need to know that can also aid up your investment journey will follow as you proceed further.

[Cgrexp]

Not having a regular income should not be a reason why people cannot start investing in bitcoin, rather the issue should be not having a discretionary income available to use and start buying bitcoin. They should understand that for the fact that they don’t have regular income doesn’t mean they can’t start investing in bitcoin and all they need is to figure out a discretionary income to use in buying bitcoin and hold, they need to understand that even though the income isn’t stable, as far as they can be able to from time to time figure out a discretionary income to use and buy bitcoin then they are good to go..

You are right about everything you said here, and it's because of that I think that those that uses irregularities of their income as an excuse not to start their Bitcoin investment journey are not serious. It's true that regular or stable income is good, but it should not be the yardstick or criteria that should be used before you start your Bitcoin accumulation, what is more important is your discretionary income, and as long as you can figure out your discretionary income from your net income, you can start right away.

Additionally, when accumulating especially when you have an irregular discretionary income, what you should do is by looking for an additional source of discretionary income, so that it may help you bust your Bitcoin accumulation fastest, unlike when you are focusing only on a single source of discretionary income.

True , it is good if someone can able to have more ways to increase their Discretionary income to accumulate more especially if they initially started with little amount. I will say that they shouldn't depend on that little amount alone because that won't give them enough amount stash they want after a long period of accumulation so the gains at the end will be small. Low income investors sometimes focus on cutting expenses while ignoring the importance of increasing their income.  There is a limit to how much you can cut spending, but there is often more room to give yourself in order to grow your earnings through additional side hustle. An increase of discretionary income gives investors opportunities to buy and hold more stash. The increase doesn't need to happen instantaneously instead the increase can be done gradually.

Bitcoin DCA can be adjusted according to  comfort with Bitcoin. So many people can probably build some kind of DCA system that suits their comfort and income level.  No one should try to invest aggressively in Bitcoin unless they are willing to spend more time paying attention to their cash flow and perhaps Bitcoin itself. The level of this aggressiveness should be more related to the strength of the cash flow than to the theory of Bitcoin's short- to medium-term price fluctuations. Ultimately, how organized individuals are and how well they can assess their personal affairs can also affect their comfort level. We each need to come to an assessment of our own priorities. This includes whether or not we should get involved in buying Bitcoin. And if so, we should consider how aggressive we feel we are ready, willing, and able to be in our Bitcoin accumulation journey.

[Ribust]

Not having a regular income should not be a reason why people cannot start investing in bitcoin, rather the issue should be not having a discretionary income available to use and start buying bitcoin. They should understand that for the fact that they don’t have regular income doesn’t mean they can’t start investing in bitcoin and all they need is to figure out a discretionary income to use in buying bitcoin and hold, they need to understand that even though the income isn’t stable, as far as they can be able to from time to time figure out a discretionary income to use and buy bitcoin then they are good to go..

You are right about everything you said here, and it's because of that I think that those that uses irregularities of their income as an excuse not to start their Bitcoin investment journey are not serious. It's true that regular or stable income is good, but it should not be the yardstick or criteria that should be used before you start your Bitcoin accumulation, what is more important is your discretionary income, and as long as you can figure out your discretionary income from your net income, you can start right away.

Additionally, when accumulating especially when you have an irregular discretionary income, what you should do is by looking for an additional source of discretionary income, so that it may help you bust your Bitcoin accumulation fastest, unlike when you are focusing only on a single source of discretionary income.

True , it is good if someone can able to have more ways to increase their Discretionary income to accumulate more especially if they initially started with little amount. I will say that they shouldn't depend on that little amount alone because that won't give them enough amount stash they want after a long period of accumulation so the gains at the end will be small. Low income investors sometimes focus on cutting expenses while ignoring the importance of increasing their income.  There is a limit to how much you can cut spending, but there is often more room to give yourself in order to grow your earnings through additional side hustle. An increase of discretionary income gives investors opportunities to buy and hold more stash. The increase doesn't need to happen instantaneously instead the increase can be done gradually.

Bitcoin DCA can be adjusted according to  comfort with Bitcoin. So many people can probably build some kind of DCA system that suits their comfort and income level.  No one should try to invest aggressively in Bitcoin unless they are willing to spend more time paying attention to their cash flow and perhaps Bitcoin itself. The level of this aggressiveness should be more related to the strength of the cash flow than to the theory of Bitcoin's short- to medium-term price fluctuations. Ultimately, how organized individuals are and how well they can assess their personal affairs can also affect their comfort level. We each need to come to an assessment of our own priorities. This includes whether or not we should get involved in buying Bitcoin. And if so, we should consider how aggressive we feel we are ready, willing, and able to be in our Bitcoin accumulation journey.

One of the greatest strengths of the DCA approach is flexibility. It does not assume that all participants have to invest an equal amount of funds or apply the same degree of aggressiveness. Instead, individuals can develop their Bitcoin buying plans depending on their income, expenditures, liabilities, and comfort levels.

People usually do not consider their financial circumstances and pay attention only to the ups and downs in Bitcoin prices. Often, strong and stable cash flow is more valuable than attempts to predict the changes in the markets. Those who receive a good income, have an emergency fund and some extra money after meeting all their necessities may want to invest more using the DCA approach or even buy some Bitcoins when the prices go down. Those who have more financial problems can benefit from lower amounts invested in a steady manner.

A Bitcoin strategy has to integrate smoothly into the life of an individual and not to cause any problems. Each person has his own priorities and goals, and assessing these things is essential for developing a strategy that can be implemented for many years ahead.

[I_Anime]

Additionally, when accumulating especially when you have an irregular discretionary income, what you should do is by looking for an additional source of discretionary income, so that it may help you bust your Bitcoin accumulation fastest, unlike when you are focusing only on a single source of discretionary income.

I support long term accumulation through consistent DCA but I don't think an additional source of income should automatically be treated as a tool to accumulate Bitcoin “faster” like you said. Additional income can increase folks investment capacity, but it should be used to solidify their investor financial position by covering his emergencies, build savings and reduce financial stress. The goal is not tobuy plenty Bitcoin as quickly as possible... the goal should be to accumulate consistently over time without putting pressure on your finances

Is actually same thing , you increasing your sources will one way or the other increase your accumulation rate . Like you mentioned one can use the new source for covering emergency funds , savings and handling some expenses too when necessary. Which will reduce the load of the other sources , so for instance you usually buy bitcoin with 30% of your earning , now there’s an additional source you can increase your accumulation amount with an extra 20% making it  50% while working with budget.

[JayJuanGee]

Additionally, when accumulating especially when you have an irregular discretionary income, what you should do is by looking for an additional source of discretionary income, so that it may help you bust your Bitcoin accumulation fastest, unlike when you are focusing only on a single source of discretionary income.

I support long term accumulation through consistent DCA but I don't think an additional source of income should automatically be treated as a tool to accumulate Bitcoin “faster” like you said. Additional income can increase folks investment capacity, but it should be used to solidify their investor financial position by covering his emergencies, build savings and reduce financial stress. The goal is not tobuy plenty Bitcoin as quickly as possible... the goal should be to accumulate consistently over time without putting pressure on your finances

Is actually same thing , you increasing your sources will one way or the other increase your accumulation rate . Like you mentioned one can use the new source for covering emergency funds , savings and handling some expenses too when necessary. Which will reduce the load of the other sources , so for instance you usually buy bitcoin with 30% of your earning , now there’s an additional source you can increase your accumulation amount with an extra 20% making it  50% while working with budget.

Guys who believe that they do not need to create back up funds (and emergency funds) because they have a second source of income, they seem to be taking too many risks, since back up funds should be actively built even when there is more than one source of income.

One of the great things about more than one source of income is that the income (and the discretionary funds) go up, so then there are more funds available to be able to 1) invest, 2) save (create back up funds/emergency funds) and/or 3) discretionarily consume.  When guys have more funds to work with then they can make greater and/or faster progress in their building up their bitcoin investment and also their strengthening their cashflow management with actual back up funds that are kept for emergency purposes and also kept for the purpose of protecting the bitcoin investment.

[abaeze]

Additionally, when accumulating especially when you have an irregular discretionary income, what you should do is by looking for an additional source of discretionary income, so that it may help you bust your Bitcoin accumulation fastest, unlike when you are focusing only on a single source of discretionary income.

I support long term accumulation through consistent DCA but I don't think an additional source of income should automatically be treated as a tool to accumulate Bitcoin “faster” like you said. Additional income can increase folks investment capacity, but it should be used to solidify their investor financial position by covering his emergencies, build savings and reduce financial stress. The goal is not tobuy plenty Bitcoin as quickly as possible... the goal should be to accumulate consistently over time without putting pressure on your finances

Is actually same thing , you increasing your sources will one way or the other increase your accumulation rate . Like you mentioned one can use the new source for covering emergency funds , savings and handling some expenses too when necessary. Which will reduce the load of the other sources , so for instance you usually buy bitcoin with 30% of your earning , now there’s an additional source you can increase your accumulation amount with an extra 20% making it  50% while working with budget.

I disagree with this particular line of thinking and I think you should reconsider your idea a bit. You said, "If you increase your source of income, it will somehow increase your savings rate." This is not always true for everyone because for many people, as income increases, the cost of living also increases, which is often called lifestyle inflation. Then, even if income increases on paper, the financial situation remains the same. So, just increasing income does not guarantee that everyone will save more. So, instead, if a portion of the extra income is allocated to regular savings or investments, the savings rate increases, and that is what happens in real life. The purpose of the extra income is not just to buy more bitcoins quickly, but to strengthen your financial foundation. If that foundation is strong, it makes perfect sense to accumulate more bitcoins with a large portion of the extra income.