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

[Kelvinid]

Investing $400 monthly is quite big already, know the fact that bitcoin price is still unpredictable no matter how promising bitcoin is, so just invest on what you can afford to lose, or something that you won't get aggressive to sell early when emergency happens.

I prefer to lower your monthly budget like $100-$200, that's good enough, or buy extra when you received some bonuses or unexpected incentives. But never forget saving for your emergency funds as well, so that when sudden financial problems arise, you can use that without touching your bitcoin investment.

[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.

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.

You have explained the matter correctly, and I have benefited from it. However, what I meant is that I will be sending money from Bangladesh to Cambodia. My family lives in Cambodia. I stay in Cambodia for about six months and in Bangladesh for about six months. They are currently in Cambodia, and I am thinking of sending the money there.

[jcojci]

Lets make it easy.

1. You need to set your wallet. You can use Software Wallets or Hardware Wallets. You can find more about wallet on https://bitcoin.org/en/choose-your-wallet

2. You needs to have an account on exchange or places to buy Bitcoin. You can select Binance, Bitget, KuCoin, or other exchanges you feels comfortable. You need to do KYC on the exchanges.

3. You need to prepares the money to start. You have $400 monthly as free money to invests in Bitcoin. That is a good mount for Bitcoin investment. You needs to determine how long you want to invests in Bitcoin.

4. You can invests $50-$100 weekly and send it to your own wallet that you choose in the first step. Don't keep your Bitcoin in the exchanges.

[Publictalk792]

Saving on your own is very good idea since when safety plan is provided, you can be able to take care of yourself in future and not rely on others. Being saver, best choice is to buy Bitcoin with DCA because you will avoid price change pressures. You may safely use ABA Bank or Wing in Cambodia but make sure that you only trade with sellers that have high ratings. When you have saved one thousand dollars, you should put money in hardware wallet such as Trezor so that money is offline and unreachable to hackers. Lastly, you can keep your passwords private at present with your family, but however, you can leave secret letter with lawyer so that they can get back money in case any bad luck happens to you.

[Oshio-man]

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.

To me, is a good plan that will bring out positive result op, since you said your monthly salary is $1,200 and you decided to be investing $400 monthly it will help you to build a bright future because you will still be saving some funds in your bank without touching the $400 you are saving in your wallet, I will not encourage you to be keeping all the monthly salary in your bank or at home because you will not save from the funds because you will be going there to pick from the funds hoping another fund is still coming by month end, there are many wallets in the Internet to download to store your bitcoin, I will advice you to make use of this wallet electrum because I have not heard any bad record about the wallet and the wallet is good for long term holding.

[Ocham]

Saving on your own is very good idea since when safety plan is provided, you can be able to take care of yourself in future and not rely on others. Being saver, best choice is to buy Bitcoin with DCA because you will avoid price change pressures. You may safely use ABA Bank or Wing in Cambodia but make sure that you only trade with sellers that have high ratings. When you have saved one thousand dollars, you should put money in hardware wallet such as Trezor so that money is offline and unreachable to hackers. Lastly, you can keep your passwords private at present with your family, but however, you can leave secret letter with lawyer so that they can get back money in case any bad luck happens to you.

You are right, by following this approach, I can safely send money to my family in Cambodia through ABA Bank or Wing. I will also consider the idea of sending a secret letter to a lawyer, as you suggested. Thank you very much.

[Roland_King]

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.

Since you earn around $1,200 per month, planning to save $400 worth of Bitcoin is truly a smart and commendable initiative. In the long run, this type of strategy can benefit you financially.

However, I would like to draw your attention to an important point. In my opinion, you should first keep a portion of your income saved in cash dollars . This is because if you suddenly need money in the future or face any financial difficulties, you can easily cover your expenses from that savings.

As for the $400 worth of Bitcoin you plan to buy each month, you should try not to touch that investment. If you can plan in way that your Bitcoin savings remain strictly for the long term, it can be much more profitable for you time.

I am saying this from real-life experience. I have seen someone who regularly bought and saved Bitcoin, but when his financial situation worsened, he was forced to sell his Bitcoin holdings and withdraw the money. As a result, he could not benefit much in the long run.

Therefore, my advice to you is:
Keep separate savings for your daily or emergency needs, and do not touch your Bitcoin holdings until you reach your planned goal or target. If you can maintain this discipline, your Bitcoin investment can truly become rewarding in the future.

[Iranus]

Most people have already said what needed to be said, and I just want to add a few more points. In theory, investing sounds easy: just buy and hold, and you will make a profit. But in reality, Bitcoin is a highly volatile asset, and holding it long-term is not easy. There is a significant gap between theory and practice. Therefore, no matter how busy you are, you should take the time to learn about the history and everything related to Bitcoin if you want to profit from it. You won't succeed with Bitcoin just by relying on everyone's advice.

In addition, I think that besides having an emergency savings fund, it is also necessary. Diversifying your investment portfolio should also not be overlooked, because anything can happen. Putting all your egg in one basket is not a wise investment strategy

[Rockstarguy]

It is a good idea for you to invest part of your allowance in Bitcoin, but I will advise you that before you invest some of your allowance, it is very important to get a better understanding of what Bitcoin investment is all about.

You shouldn't just go in and invest just because you feel like investing in Bitcoin. If you go in with only how you feel and a blank knowledge of Bitcoin, it might be difficult for you. Bitcoin investment is not just about having funds to invest; it is about properly understanding Bitcoin and adopting the mentality that is needed to invest in Bitcoin.

[YOSHIE]

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

In my opinion, your decision in taking the spot trading method in the crypto market, of course you already have a realistic and genius mind, $400 per month for one year and 12 months, You have collected $4,800, that doesn't include profits when Bitcoin prices rose drastically.

In situations like this we need to understand, every investment certainly has benefits and wins for the user himself, Definitely make long-term investments, at least the upcoming halving, I probably don't imagine if the results you get will be multiple profits.
Usually what we plant is what we reap.

[passwordnow]

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.

Don't worry, no one is going to say anything negative to you because you are not bothering anyone and you're asking nicely. And even if not, most of the people here are good with everyone.

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 for you for realizing that, I've known friends who work far away from their families and they gave their everything and when they come back, they've got nothing because they've given everything they had and didn't save some for themselves. And so that plan of yours for investing $400 every month, what's keep you waiting to do that? do it rightaway.

[Rockson1]

It is a good idea for you to invest part of your allowance in Bitcoin, but I will advise you that before you invest some of your allowance, it is very important to get a better understanding of what Bitcoin investment is all about.

You shouldn't just go in and invest just because you feel like investing in Bitcoin. If you go in with only how you feel and a blank knowledge of Bitcoin, it might be difficult for you. Bitcoin investment is not just about having funds to invest; it is about properly understanding Bitcoin and adopting the mentality that is needed to invest in Bitcoin.

Good advise, although Bitcoin investment requires just the basic knowledge for any investor to come in first to start and learn more in the process, the knowledge is needed and I believe that is your reason for this advice.
have
Those that know nothing about Bitcoin investment weren't doing themselves good although some person are smart and are ready to learn at anytime but still, every intending investor has to know some things before investing but not very dip because there are things that can serve as a discouragement although investors has to know things they can lay their hands on so that they can make their decision on to avoid as some point acting as if they were forced into investing in Bitcoin.

[ScamViruS]

If you don't have any problems, you can buy 1/3 of your monthly salary in Bitcoin for the future. But I think you should also keep some savings on the other side, so that you can use that fund as an emergency fund instead of selling your Bitcoin at any unexpected moment. I see buying Bitcoin monthly as a positive, because there are many people who have been able to accumulate a good amount of Bitcoin today by slowly buying Bitcoin every month, and that too according to their ability.

And many members have already told you about the security of your Bitcoin. So you must pay attention to the security of your Bitcoin wallet as well as buying your Bitcoin.

[leonair]

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.

This is undoubtedly a good decision because if you can save Bitcoin like this every month, then after a few years your holding will be very big. $400 is not equal to the monthly total income of people in many countries, if you can hold such an amount of Bitcoin, then your investment will be considered as DCA and if you can continue this investment for 5 years or more, then I think this investment or savings will bring you a lot of great things. Keep it up.

[moneystery]

If you intend to invest in Bitcoin with the salary you have, my advice is that you should understand the risks, because Bitcoin tends to be volatile, so you should understand this before starting to invest your money in Bitcoin.
Next, you need to make sure that the $400+ money you want to invest is money you are ready to invest, and has been deducted from your living needs, or we could say it is discretionary income, If you don't understand about discretionary income, you can search on Google.
After that, you can create savings to ensure that the money you invest will not be touched just because you need the money, so you can use your savings to cover anything that is urgent. And you need to understand that storing your assets in a non-custodial wallet is much safer than on an exchange.

[Findingnemo]

So you want to save some money for yourself for the future that you don't want to spend everything on your family which is financially the right decision. Be specific what suggestion you need because you already said that you will be investing $400 a month so what else, are you seeking the validation that you are doing the right thing that will make you feel better?

[SamReomo]

OP, I suggest you to follow either DCA method or dip buying method as those methods will be very helpful for you to accumulate more Bitcoin than you would normally do. Well, doing $400+ per month is already DCA but it'll be even better if you do it alongside dip buying. And, also follow the suggestions of all those reputed members who said to create your own personal wallet and save your seed phrase and private keys.

[salad daging]

No one will give negative comments here, instead many people will point to the better with their suggestions while you adjust accordingly.

$400/month investing in bitcoin is pretty much the equivalent of $100/week you can do DCA.

I think you are accumulating bitcoin every month for future goals is good, just your planning must be consistent and not easily influenced by other sentiments that cause you to panic sell halfway.

Make sure as someone else asked, where to have an emergency fund because that is also more important.

[Strongkored]

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.

Not giving all your income to home/to your family is perfectly fine because you have to manage your own future, and I'm sure if you're successful, your family will also enjoy it.

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.

By allocating 1/3 of your income, you've already calculated that 2/3 is enough to cover all your living expenses and those of your family, including reserves and savings.
You can't invest without having reserves fund and savings. Investing is for the long term, so having reserves and savings will protect your investments from being sold prematurely and at a loss.

[landheer]

You have done a great job and it seems that you are someone who has the potential to be even more successful in the future. The proof is that you have done a great job and there are currently many people who are unwilling to buy BTC because they are afraid of losing money, but you have been brave enough to regularly buy BTC by setting aside a small portion of your salary. This is a good thing because BTC has the potential to be even better in the future. In my opinion, you do not deserve negative comments because you have done the right thing. If you continue to regularly buy BTC like this and store it for the long term, you will definitely reap the rewards and have the potential to be more successful in the future.

However, my advice is that you should be prepared for the risks of investing in BTC because even though BTC has the potential to rise significantly in the future, we don't know what will happen to the price of BTC in the future. Keep investing in BTC as a side business.