Why a source of income is very important before investing in Bitcoin

[AGogi2003]

Many of the youth are really interested in investing in Bitcoin when they have done research about it and see the vision of it, and then they invest too, but due to not having enough funds, they fail to invest. Bitcoin is another way to get rich when the market is in good condition, but we need to have another source that you can be generating money from before you invest in bitcoin to get a better profit. When there is no money, you can't invest for the long term because anytime you need funds, you will definitely withdraw your investment at a loss or gain because you don't have any options. Since you don't know any other way, you generate money to support your investment.

Why I said a source of income is very important before you invest in Bitcoin is because anytime you invest, you will not really see the value of your investment because the market doesn't guarantee you will get profit easily, and without the source of income, when the price decreases, you won't have any source to top up the funds, or if you have an emergency, you will just sell everything without getting any benefits. But if there is a source, things will always come easy to solve and protect your Bitcoin investment and get profit when the price increases for the long term.

I usually notice that when the bitcoin price is dropping, it is another opportunity to top up your bitcoin investment so that when the price increases, you will get a huge profit.

In any business or investment you want to do, you need to get a source of income before you can succeed at it because any investment, business, or trade you are interested in all have their own risks, and you need to have a source of income to fight for you, so that you won't lose all your funds by regretting and won't have anything to offer in the market anymore. Anytime you failed and you have a source you will always have backup to fill the space to make it balanced for you.

Investment and business are all good to make you wealthy, but we need to fight for a source of income first before we invest in Bitcoin because Bitcoin is unpredictable. You can't say that since you are broke, he won't decrease, he will raise to get profit. You need to put in your mind that investment is 50/50. You lose your capital, or you get profit.


All this requires a source of income before you can see the benefits of it, but if you don't have one, you will always see the negative side of it without seeing the positive side, because you don't have enough money to build yourself up to increase your experience towards it.

[Jegileman]

Investment and business are all good to make you wealthy, but we need to fight for a source of income first before we invest in Bitcoin because Bitcoin is unpredictable. You can't say that since you are broke, he won't decrease, he will raise to get profit. You need to put in your mind that investment is 50/50. You lose your capital, or you get profit.

Bitcoin investment cannot be said to be outrightly 50/50 because those that have invested in bitcoin over a long period of time have benefited from their investment because they held till the profit grew to the target they set to exit the investment. Why many people still call it an investment of 50/50 is just for one to invest only what they can afford to lose overtime and not feel the need to want to come back to the investment and withdraw from the investment when the targeted goal is yet to be reached. So bitcoin hasn’t been a 50/50 case if you invested rightly  and wait for the right time to take profit.

All this requires a source of income before you can see the benefits of it, but if you don't have one, you will always see the negative side of it without seeing the positive side, because you don't have enough money to build yourself up to increase your experience towards it.

Having a source of income while investing in bitcoin is very very important because those will not make you to want to see your bitcoin investment as another vault you can take money from when you’re in need of emergency funds. If you see your bitcoin investment as such, you won’t be able to make enough profit from it and mostly sell at a loss when you’re suppose to held on to your investment for a long time to reach the targeted goal. Bitcoin investment is not a get rich quick scheme, so it needs proper planning to be executed which having another source of income should be apart of the planing to achieve good results in your investment.

[Ishicryptic]

Investments are not like jobs that you don't need money to get started because you will be paid at the end of an agreed time, inorder to invest you need to have fund on ground to start it, it takes money to do any investments. A source of steady income is very important for Bitcoin investors because they need to hold for a long term before being profitable, especially during dip, the longer you hold Bitcoin on the long term the more profit it will accrue for you.

Bitcoin investment is not recommendable for people who don't have steady source of income because it is a volatile asset, they might sell prematurely when they need urgent money to solve a problem and it can be when the price has dumped. It is better to continue to accumulate and hold for the long term inorder to be getting returns on investment in bull circles, that is why DCA method is highly recommended. But if you don't have a steady flow of income there is no how that you can sustain DCA strategy, you will be compelled to stop and you will sell if there is no means to survive. If your salary is not enough to take care of your basic expenses you don't need to think about Bitcoin investment, first grow your income to take care of basics and have extra for discretionary funds from where you can afford be buying Bitcoin.

[Shadiq]

The most important thing for investment is prudent money which must be obtained from a source of income. We should never enter into investment without a prudent source of income. If you do that, you may be leading yourself to losses. Most of the time, the mistake we make is to think of positive results in the initial stage of business or investment and start taking profits. But in reality, the opposite happens. It is important to plan your long-term plan for business or investment. Because it is normal to stumble in the path of life, if you do not have the ability to get up again and continue to walk, you will stay there and physically harm yourself.

In the same way, to prolong the path of investment, you need an income source that will work to deposit Bitcoin continuously in the investment fund. Your investment fund will be in loss at some time and in profit at some time. You need to continue on the path of continuity without focusing on that, for which your source of income is an integral part. After a long time on the path of business or investment, you may see success.

[Ruttoshi]

How can anyone invest when he does not have a source of income, I don't think that is possible, because who will give you the money that you will use to invest in bitcoin. However, you don't only need a source of income but you need to have a discretionary income which is the leftover money after you have taken away the money for your up keep and monthly expenses. That is the money that you can use to invest in bitcoin.

A source of income isn't a guarantee for you to invest in bitcoin because some people income is not enough to take care of their monthly basic needs. Some people feed from hand to mouth, such people cannot invest in bitcoin, because they don't have a discretionary income. If you find yourself in this category of not having discretionary income, you should look for a second means of income so that from there, you can use part of the money to invest in bitcoin and hodli overtime.

[DaNNy001]

When it comes to trading or investing in Bitcoin having a source of income is very crucial...if you don't have a source of income you might end up spending your investment because you won't have the patience for it to appreciate...This is the reason why you must have a source of income so you don't make terrible decisions.. Another reason why you must have a Source of income is, thr crypto market isn't stable, there's a possibility that the price might go down and if you have nothing to fall back to it will be a problem

[Stable090]

Many of the youth are really interested in investing in Bitcoin when they have done research about it and see the vision of it, and then they invest too, but due to not having enough funds, they fail to invest.

Things no really easy for dis country now, everybody just Dey hustle how dem go survive, but I no go lie you people still Dey invest in bitcoin. If you wan invest in bitcoin, no be till you get enough before you go fit invest, if you Dey wait say you wan get enough, e fit be say you no go invest be that ooo. Even if na small Dey enter, you fit Dey try commot small small Dey forget for bitcoin investment.

Wetin I like about bitcoin be say even if na small amount you get, you go fit use am buy am, no be say na only when you get big money you go fit invest.

Bitcoin is another way to get rich when the market is in good condition, but we need to have another source that you can be generating money from before you invest in bitcoin to get a better profit.

Bitcoin no be get rich quick scheme, if you want to make money from bitcoin investment, then you should be prepared to hold for long term, no be say you go Dey reason say immediately you buy bitcoin, then after few days or few hours you go don get money mad money, things no really Dey work like that.

Also if you wan invest in bitcoin, and you no get steady source of income, then when you need money, na from the bitcoin wey you Dey plan hold for long term you go Dey sell am Dey chop money small small, so you see that source of income, e Dey important.

[Versatile_choice]

In my opinion I think the reason why source of income is very important in bitcoin investment is because bitcoin investment is not like that of shitcoin investment that you will just put your money and start waiting for the value to get hype No" hyping does not take place in bitcoin investment Rather the amount you invested will determine how the potential return will look like, so for you to have a reasonable portion you need a source of getting money so that you can be able to make a large portfolio by investing weekly or monthly, though most people can only investment in bulk and then allow it to compound.

[Smartvirus]

You no get source of income, which one you wan con use Dey invest?
It even gets worst when you are investing in Bitcoin which is highly volatile. Not having a source of income will just keep you constantly on the charts, looking at the prices and various moves of them candles because, it would be a hard to take in when price does drop. You would want to sell in order to safeguard the value of your Bitcoin investment but that wouldn’t help you very much.

That’s why it’s important to have another source of income that would ensure you stay in the market even when the conditions doesn’t look favorable.

[Fiatless]

When it comes to trading or investing in Bitcoin having a source of income is very crucial...if you don't have a source of income you might end up spending your investment because you won't have the patience for it to appreciate...This is the reason why you must have a source of income so you don't make terrible decisions.. Another reason why you must have a Source of income is, thr crypto market isn't stable, there's a possibility that the price might go down and if you have nothing to fall back to it will be a problem

Having a source of income is important before investing in Bitcoin but there are some exemptions. However, some of the first people who bought Bitcoin were young students. Some of them depended solely on their parents for survival, but they were able to use extra savings to buy Bitcoin. So it will not be out of place to encourage anybody with expendable funds to invest in Bitcoin. If they are patient and focused they might be able to hodl for a long time and make good profits.

[Tonimez]

The first most important step in bitcoin investment is getting a stable source of income. This would allow you make a long term plans with your bitcoin investment. Going by strategies on ground; Investment by lump-sum, Buying the Dip and investment by DCA.  In all these, your option depends on how stable your source of income is. In a situation whereby you are into contract jobs, Lump sum investments become your best approach since your income comes once in a while. So out of the income, you can set aside a part of it to invest in bitcoin. In the event where you do a full time or part time job where you earn your pay regularly: Weekly or monthly, you can choose the DCA strategy using only discretionary income while making provision for Emergency funds and back up funds all in your earnings. This method allows you hold your bitcoin for a long time of 4 to 10 years. Going chance and opportunity investment which involves buying at DIPs is also there. But the common thing among all is having an income source and investing within your financial capacity.

[osasshem]

You have spoken well, and you are correct. For a good result when making investment in Bitcoin and any crypto currency at large or any form of investment of any kind, securing your capital is very important, as that is what will determine if profits can be made.

Having a source of income is what will make an investment grow, because the income will secure you from taking out from your investment funds. Also, when the investment is now yielding out profit, there will be no reason to take out your profit, as you have a source of income to foot any bills at hand. With a set aside income system, no matter the situation of the market, it is either profit is secured, or a deep for one to buy more.

[Futurexxx]

Anyone that has no source of income has no business investing in Bitcoin, what that person needs is to look for a job so that he can take care of his or her basic needs, after that, if their is any discretionary income left , that's when he can start thinking of investing in Bitcoin because having a source of income alone is not enough, discretionary income is what that is needed in other to invest in Bitcoin and not fall back to it in the nearest future, because it's through that discretionary income you invest and still remove your emergency and backup funds, so all that needs to be in place for you to be successful in your Bitcoin investment.

[Cossyblack]

E no means say person wey no get a stable source of income no go fit invest in Bitcoin. You fit start by investing with de little amount wey you get for hand then later you fit start to dey source for a stable income/Job wey go keep you consistent in accumulating Bitcoin. Having a stable income dey very important for an investor because e  go need the money from his earnings to use sort out his basic needs,then wetin remain from the money go become his discretional income. From his discretional income na em go take use dey buy Bitcoin weekly or monthly regardless of de price while him go also dey build his emergency funds simultaneously with his investment. So Having a stable income dey very important to keep our Bitcoin investment running.

[Hewlet]

All this requires a source of income before you can see the benefits of it, but if you don't have one, you will always see the negative side of it without seeing the positive side, because you don't have enough money to build yourself up to increase your experience towards it.

Priority differs and depending on different Investors, what's the priority of one might not be the priority of another depending on the different individuals financial status.

If you don't have a source of income, there's no possibility that you can even consider investing in the first place. You have to first have a source income, earn up to a given amount already then you can talk about investing which is more like a means of diversification of the income you've already built over time. Trying to invest without a single stream of income is just like going for a Z even when you don't have anything at the foundation level.

Even an average salary earner in Nigeria that has a steam of income that's just enough to meet his needs can't boost of investing in bitcoin because from a realistic point of view, our currency places us at a disadvantage where investing is going to be tough if you're not earning a really strong income.

[Omahabit]

All this requires a source of income before you can see the benefits of it, but if you don't have one, you will always see the negative side of it without seeing the positive side, because you don't have enough money to build yourself up to increase your experience towards it.

Priority differs and depending on different Investors, what's the priority of one might not be the priority of another depending on the different individuals financial status.

If you don't have a source of income, there's no possibility that you can even consider investing in the first place. You have to first have a source income, earn up to a given amount already then you can talk about investing which is more like a means of diversification of the income you've already built over time. Trying to invest without a single stream of income is just like going for a Z even when you don't have anything at the foundation level.

Even an average salary earner in Nigeria that has a steam of income that's just enough to meet his needs can't boost of investing in bitcoin because from a realistic point of view, our currency places us at a disadvantage where investing is going to be tough if you're not earning a really strong income.

The importance of having a source of income before thinking of going all into bitcoin investment cannot be overemphasized because money is the only factor that bring ones wealthy dreams to live. However, i think we should help out with additional ways to help those that don't have a good source of income or have any at all, to earn from the sacrifice of their time to learn the process and then their resources in the long run.

[Bryan jessy]

Everything in life requires readiness or preparation, for example if someone what to start up a business, of course the person will have to get a job to save up for that business, like some persons will say, "I do not want to work under anyone" and I usually ask them how do you tend to grow then, because you need work under someone for a start before you get there.

One can not save for investment without any means of income, so to invest and in order to grow we will need to work really hard to relieve our self, and be the boss we long for.

[Jaycoinz]

First you can start an investment if you don't have a capital and when it comes to Bitcoin investment, your capital must be something that can stand out for you when the time comes especially if you turn out to be holding for long term because if you don't have something consistent doing that can get fetch you even the little capital you tend to DCA either weekly or monthly then it's obvious you will fall back to that same funds you are saving.

[I_Anime]

First you can start an investment if you don't have a capital and when it comes to Bitcoin investment, your capital must be something that can stand out for you when the time comes especially if you turn out to be holding for long term because if you don't have something consistent doing that can get fetch you even the little capital you tend to DCA either weekly or monthly then it's obvious you will fall back to that same funds you are saving.

Well having a stable income will give you an upper hand (being in advantage ) when come to bitcoin investment, but despite having good capital  following the right principles still matters too . Everything all about planning that’s why those without stable income are able to invest in bitcoin smoothly , because is always advisable to invest with funds you can stay with using for long (discretionary income) .

Beside with Dca it will be easy for you to balance things while accumulating bitcoin , maybe then you can choose to make it monthly. By knowing your weakness you can use it to work on yourself, just imagine you are a monthly salary earner you can’t compare yourself with those business owner , those that have their own personal business they can choose to accumulate weekly , but as a monthly earner you can make month endings your target for accumulating, because during the month all you can focus on is handling expenses with your reserve funds till you get paid again in another month end.

[Fiatless]

First you can start an investment if you don't have a capital and when it comes to Bitcoin investment, your capital must be something that can stand out for you when the time comes especially if you turn out to be holding for long term because if you don't have something consistent doing that can get fetch you even the little capital you tend to DCA either weekly or monthly then it's obvious you will fall back to that same funds you are saving.

For people who are independent and don't rely on any family member for survival,  you should have three important funds to apply the DCA strategy. You should have a source of income that could cover your needs. The next one is expendable funds that can be used to buy Bitcoin as planned.  The third one is emergency funds that will cover unexpected expenses. So it is important to have a budget that streamlines how funds are managed to avoid any financial problems. Don't be too greedy to invest amounts that will negatively affect the finances you need to live a comfortable life.