Investing $400+ in Bitcoin Monthly from Cambodia: Saving for the Future

[Ocham]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month. Please, I kindly ask not to make any negative comments. I would be very grateful if experienced people in the Bitcoin space could give me some advice.

I just want to save something for my future, because I’ve seen that if you give everything to your family, sometimes it can lead to problems later. I am looking for guidance from experienced folks.

[bitbollo]

why negative comments? Nice country Cambodia, I have nice memories from Siem Reap.
In general, there are many advantages if you can get certain VISA....

My suggestions about your savings:

- create a safe wallet - bip38 or a seed even with extra word. learn how to safe store your key and how to generate it

- Are you sure you can afford to save 1/3 of your salary each month in bitcoin? normally this is a kind of investment that you must to not take for years...
Have you evaluated this chance to be forced of any expense (like a marriage or buying a new car)?

- don't invest your coins, never trade them. you can just lose more money and earning (in the BEST option) peanuts

- LEARN. STUDY. Try to get as much as possible from the forum and bitcoin community.

- don't talk about bitcoin with no one in real life. safety first.

[Ocham]

why negative comments? Nice country Cambodia, I have nice memories from Siem Reap.
In general, there are many advantages if you can get certain VISA....

My suggestions about your savings:

- create a safe wallet - bip38 or a seed even with extra word. learn how to safe store your key and how to generate it

- Are you sure you can afford to save 1/3 of your salary each month in bitcoin? normally this is a kind of investment that you must to not take for years...
Have you evaluated this chance to be forced of any expense (like a marriage or buying a new car)?

- don't invest your coins, never trade them. you can just lose more money and earning (in the BEST option) peanuts

- LEARN. STUDY. Try to get as much as possible from the forum and bitcoin community.

- don't talk about bitcoin with no one in real life. safety first.

Brother, thank you for giving me the courage to step out of my wrong mindset. From this post, I realized that saving in Bitcoin will take me a lot of time, and I don’t have the certainty to be able to save exactly 1/2 of my salary each month. I hadn’t thought about this before. Thank you again for giving me proper guidance 🥰

[Outhue]

The first step you should take is remove $60- $100 and purchase a open source airgapped hardware wallet, then use the rest to buy some Bitcoin and deposit it into the hardware wallet. Then keep your recovery seed safe, for yourself only, it's not meant to be shared with others, make sure no one sees the recovery seed.

Keep gathering your Bitcoin every month and a better future awaits you, so many people can't even afford to invest $400 every month, this is a good amount and also make sure you are doing this for a long term, one day Bitcoin will make it to $500,000, a better future awaits anyone that choose to accumulate Bitcoin from now on, it's never too late.

[Peanutswar]

This forum is ease to help you regards with your crypto journey so dont get bothered to ask here and most of them recommend things to you.

There's nothing wrong with your investment but is that all the available credits you can risk you must need to consider the net income, which is deducted all of the expenses with your gross salary. Now if thats so the available money you can risk go a head and make an investment monthly. But if you can deeply dive into crypto you can take an advantage that DCA is not the only efficient way to make an investment with crypto. You can also learn about the market trend so you can make a buy at the dip of the market.

[Hyphen(-)]

Brother, thank you for giving me the courage to step out of my wrong mindset. From this post, I realized that saving in Bitcoin will take me a lot of time, and I don’t have the certainty to be able to save exactly 1/2 of my salary each month. I hadn’t thought about this before. Thank you again for giving me proper guidance 🥰

Your mindset matters in Bitcoin investment, since you have the mindset to invest some part of your salary monthly in Bitcoin, the best advice we give you now is to be consistent and make sure you learn how to keep your seed phrase safe because that is mostly the hardest thing to do because some of us feel too lazy to safeguard their seed phrases, they only screenshot them or just write them down in a random paper that they might even forget or lose at anytime which is wrong because you are your backup; not your keys not your Bitcoin.

Firstly, as others have said, have a good understanding about Bitcoin you can check here .

Find a safe and secure way to save your seed phrase. I will recommend Secure your seed phrase with washers a thread by fillippone; it have detailed explanation and guidance on how to safeguard your seed phrase which can help you incase if some natural disasters.

[fullfitlarry]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month. Please, I kindly ask not to make any negative comments. I would be very grateful if experienced people in the Bitcoin space could give me some advice.

I just want to save something for my future, because I’ve seen that if you give everything to your family, sometimes it can lead to problems later. I am looking for guidance from experienced folks.

Kudos to you mate, and as someone who work outside of your country, for sure your family are very proud of you. So in this case, it's not that you should send all your monthly salary to your family back home.

I think it's a good idea to keep something for you and as what you have said, investing $400.00 is a good idea. It might be really a life changing for you if you can do it for at least one cycle so that the profit is going to be big for you.

[Don Pedro Dinero]

But do you have any saving other than bitcoin, OP? If not you should start by saving 3 to 6 months of expenses in fiat money before you start you investing process, depending on how stable your situation is (more stable just 3 months, otherwise up to 6).

Otherwise, if you only save in bitcoin, you may find yourself facing a 50% or greater decline in value in the coming years, as well as some unforeseen circumstances that force you to sell at a loss or go into debt by paying interest. Investing in bitcoin for the long term has very good prospects, but it should not be done recklessly.

[Rikafip]

Please, I kindly ask not to make any negative comments.

This is a public forum with very relaxed rules so you have to be ready to receive criticism. That's just how things work on the internet.

I just want to save something for my future, because I’ve seen that if you give everything to your family, sometimes it can lead to problems later. I am looking for guidance from experienced folks.

That plan of yours is not bad at all, to buy bitcoin on the regular basis with part of your salary. Just make sure that you have some other type of savings set as well, so you don't end up having to sell bitcoin for lower than you bought (because bitcoin is volatile and this may happen) due some unexpected expense that you may have in the future.

[Lucius]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month.
~snip~

So you are doing a highly paid job, because as far as I can see, those who work as engineers, in the banking sector and similar are paid that much. I always expect such people to be financially literate and to be able to manage their money properly. The worst thing you can do is listen to the advice of others on this matter, because it shows that you are not capable of taking responsibility for yourself.

Investing in Bitcoin not only carries risks in terms of volatility, but also risks arising from storage methods, personal security if someone bad finds out you have Bitcoin, and the possibility of losing access to your wallet or seed. There is no guarantee that in 20 or 30 years the price of BTC will be higher than it is today.

[Majestic-milf]

 I would take the advice Bitbollo left for you because that's about the same thing I would have told you in respect to the amount you plan to use. Bitcoin investment is profitable but also risky and you'd not want to regret later if things go south. Probably start with something small that you might not be tempted to touch later on so it's up to you.

[Bobrox]

Forget about negative comment due every one know well about Cambodia, I think your investing around 33% of your capital allocate for investing in bitcoin very large amount and its great ideas. You make good decision by investing $400 of your $1200 salary and earn up to $4,800 every years, its huge amount of investment you can spent almost $5,000 yearly for saving money in bitcoin. Its easily way having stable salary up to $1,200 every month and you can investing in bitcoin up to 30% from the salary receiving.
Imagine if bitcoin increasing 20% to 30% in yearly you can earn profitable above $1000 and keep consistent investing until three or four years later, one day later your consistent investment in bitcoin exactly huge amount possibility would be the next rich person in your environment.

[SmartGold01]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month. Please, I kindly ask not to make any negative comments. I would be very grateful if experienced people in the Bitcoin space could give me some advice.

I just want to save something for my future, because I’ve seen that if you give everything to your family, sometimes it can lead to problems later. I am looking for guidance from experienced folks.

To be realistic this is a good amount earned at every month ending which is very nice, then again $400 every month is also nice as well because when you removed that amount from your actual income you would have 800$ which is enough to take care of your family and the rest. upon that I would also want to advise you to keep your emergency fund from there so that when you direct or indirectly exhaust your money you wouldn't that hasty to go temper your investment, rather you can only dip on hands on your savings like your emergency funds to sorts out whatever thing you are facing at the moment than sending all to your family where you wouldn't be that depending on the amount you have already saved in bitcoin.

For instance; you can save $200 every month and then spend the rest $600 for family, and this $200 would help you a lot so that you wouldn't be that desperate to go borrow money to sort out your emergency needs instead you could dip hands on your savings to sort out everything that may seems to be bothering you.

[MusaPk]

You are doing the right thing by investing in Bitcoin to secure your future. 400$ per month means you are investing 4800$ per year, which is a decent amount according to your income. If you can continue this investment for more then 4 years then you will get good return at the end. Those who are looking for long term investment must choose Bitcoin because it has proven itself as valuable investment option. I will suggest OP to keep investing in Bitcoin for 10 years at least to get extraordinary profit.   

[bangjoe]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month. Please, I kindly ask not to make any negative comments. I would be very grateful if experienced people in the Bitcoin space could give me some advice.

I just want to save something for my future, because I’ve seen that if you give everything to your family, sometimes it can lead to problems later. I am looking for guidance from experienced folks.

Good move OP, you are better than people who only do nonsense in the allocation of bitcoin purchases for investment, if you are committed then do it, but in addition to that pay attention to other things in shaping your portfolio;

+ Do not store on exchanges, store Bitcoin in a wallet that you control yourself.
+ Determine investment for the long term at least at least 1 cycle to enjoy learning to hold bitcoin, after that if you know what it feels like to hold Bitcoin and want to extend it is a good motivation.
+ Don't forget to build a reserve fund and emergency fund after the budget is formed, this helps your worst case scenario in terms of finance when you don't have a job, your investment will be safe until you get a new job.

Hope this helps you.

[nakamura12]

If you can afford to spend 1/3 of your income then why not do it. It's your money afterall but make sure you know how to keep it safe and know how and what wallet to choose. Better be knowledgeable compared to doing things without knowledge. If you cannot afford to spend 1/3 of your income then better spend less if ever you won't earn a profit because holding Bitcoin for profit needs to be in long term. You can try the advice given by smartgold01 which is $800 sent to family and $400 for Bitcoin and for yourself.

[Cryptoprincess101]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month. Please, I kindly ask not to make any negative comments. I would be very grateful if experienced people in the Bitcoin space could give me some advice.

When you remove $400 from your salary of $1200 you will be left with $800 which is not a bad amount to have at the end of every month after removing money for your investment. It's just like investing $100 weekly which will still sum up that $400 monthly DCA. Anyways you need to figure out how long you want to invest and your target amount at the end of your accumulation. You also need to calculate how much expenses you do monthly and if you will still be left with some reserved funds and emergency funds so that you don't touch your holdings while you are still accumulating.

I just want to save something for my future, because I’ve seen that if you give everything to your family, sometimes it can lead to problems later. I am looking for guidance from experienced folks.

It is a good decision to save your money in bitcoins since it is likely not to suffer inflations but investing your money in bitcoins should not make you to stop giving your family some money because they are your loved ones and you should be happy that you are even earning that amount just that don't give excessively.

[Cyber_warrior]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month. Please, I kindly ask not to make any negative comments. I would be very grateful if experienced people in the Bitcoin space could give me some advice.

If you are on the forum here, then there is something you might not be able to avoid which is hate speech, so just try and get use to it.

It’s a nice idea to invest in bitcoin, but if you are planning to invest in bitcoin, the money which you are suppose to use is not what you going to be using within a short period of time, it should be any amount which you won’t be using soon. I don’t know when you are planning to send the money home, but if it’s going to be within some days or months, then it’s better you don’t even invest the money into bitcoin, because when you might be needing the money, maybe bitcoin price might have dropped below the amount you bought by then, and you will be selling at loss.

[Powerjumboo]

I am in Cambodia with a monthly salary of $1,200. I don’t want to send all the money back home, so I’m thinking of buying $400+ worth of Bitcoin each month. Please, I kindly ask not to make any negative comments. I would be very grateful if experienced people in the Bitcoin space could give me some advice.

I just want to save something for my future, because I’ve seen that if you give everything to your family, sometimes it can lead to problems later. I am looking for guidance from experienced folks.

It would never be right to make negative comments based on the steps you have taken here. Also, Cambodia is a very beautiful country and if you are living in this country and if you are getting a good salary from there, then I would definitely say it is very beautiful. Anyway, if you can invest $400 per month from your $1200 salary, then it is a very beautiful step because this step of yours will make you stand in a very beautiful place one day. Also, you have learned about Bitcoin and since you have learned about Bitcoin investment, of course you should continue your investment, I hope you will be very successful. If you have ever thought about Bitcoin, then you must have known how Bitcoin has become popular with people and will be more so in the future.

[bitbollo]

A suggestion for OP
I would not spent to much money in hardware wallet. If you have time and be able to make a good read, take a look here
https://glacierprotocol.org/ on how to setup a safe wallet or how to have idea on how to setup (this process is really long but it gives to you some hints).
This is should be also fundemental, understand how to create and safely recover your bitcoin...
Other worth reading https://en.bitcoin.it/wiki/Multi-signature - https://en.bitcoin.it/wiki/BIP_0038
Please don't see this as OT but at a certain point I would evaluate also a crypto collectible as item to have.
It gives the idea of "physical" item. This is certain rare to see, and an interesting way to explain how bitcoin works
https://bitcointalk.org/index.php?board=217.0