Can the average Nigerian actually afford to DCA?

[Antidote47k]

The main thing no be whether Nigerians fit afford DCA, but whether they fit do the type wey go match their own pocket.
DCA just mean say you dey drop one fixed amount consistently, whether market dey sweet or e dey sour. The amount self no matter, na the consistency be the main ginger.

But me sef  gree with you say many Nigerians get serious matter wey dey hold them for neck right now. If person dey suffer to buy food, pay rent, enter transport, or even clear school fees, make we no lie, Bitcoin investment no suppose dey the top of the list. E no go make sense make you dey starve yourself to build portfolio today, then next week you go sell am because emergency bump enter. That one na double wahala.
Where I disagree na that side wey you say na only person wey their life don set, or get steady hand, fit do DCA. Even guys wey dey run daily hustle or get irregular income fit Dey game, they go just tweak the rules small. Instead of "every month," their own fit be say anytime wey money dey hand or anytime wey extra change remain after expenses, they go just chop inside pull small percentage put inside.
To me, the real secret of DCA no be say you must get big salary. Na to get that money wey you know say your mind don comot from am for near future. If you no get that kind backup, even if your DCA plan solid, you go still end up dey force yourself sell am when urgent 2k hit you.

[Versatile_choice]

Of course, the reason why the DCA method was introduced is to help those that can't afford to buy in lump sum. With the DCA method you can invest according to your financial capacity so this means that the DCA method is for everybody.

At the same time, It feels like the DCA method is mainly for those average people you're talking about because, those rich people find the DCA strategy very boring so they prefer using the lump sum strategy. Although most of the rich make use of this strategy regardless but they will be more aggressive while investing with that method. While those average people are always comfortable with it since it gives them the opportunity to invest with any amount.

[Coin_info]

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DCA will require some sacrifices and everyone who does so is actually doing a sacrifice. The average Nigerian can actually afford DCA, it depends on the level of sacrifices that they are willing to make. The amount of money you are sacrificing does not have to be a huge amount of money you just have to show willingness to sacrifice even a small fraction of the amount of money you make occasionally to invest in Bitcoin. I believe that if you're able to do so slowly you will to build up from there because even little drops made in investments can turn into something very big.

[gracreavix]

You have a point, Nigerians are poor and they are finding it difficult to actually feed talk more about investing. The truth is that if one is basically tired of his or her situation a way will be found. After all, things won't be handed over to you. One has to work his or her way out. But for DCA investment, one surely must have a stable income. Without that all will be smoke screen. Stable income is a must. I say this with so much confidence because at the end of the day, you might invest and end up withdrawing it out again. Just as OP as said.

Stable income then you can diversify.

[Fiasem20]

The question be say, e go advisable for someone wey him income no dey stable make he do DCA?

With the level of hardship, and with what I have seen, I think it's best that some people just find ways to survive, rather than trying to start what they can't keep up with. Some people's priority at the moment is just to feed. Most people don't even have discretionary income because every single penny ends up going to one thing or the other. There are those who earn far below the minimum wage. Let's be honest with ourselves, an average Nigerian is not in a good position to DCA something meaningful for long. He/she is likely to fall back to their investment after a short while... And that's if they even have something to set aside.

I support your opinion 100%.With the current economic downturn I don’t think an average Nigerian can invest on bitcoin for the long term,you may start the DCA with the least amount but as expenses begins to expand due to high cost of goods in the market that least amount may no longer be there anymore.You aren’t investing today so that you can reap the investment prematurely tomorrow,that’s not what it is rather investment is more profitable when you reap it in the long term.It’s not about starting,the question would be;how consistent do you think you’d be?Normally dem say advice dey sweet for mouth well well,this one no be time to sugarcoat words oh na who don chop belleful nai dey invest on bitcoin.

[Salahmu]

Average person is more than financial strong for DCA or even the DIp because people that's below average in Nigeria are the ones that should be wondering if the money they have can actually give them a chance for DCA. Actually is a false believe that all of us here are millionaires that is why we are investing in Bitcoin but however that's not the reason because when determination is working that's how people think about others who has Bitcoin so actually if you start believing that you also have what every other person has to invest in Bitcoin you will see yourself accumulating like everyone.

[Btcdeybodi]

I dey feel say most people wey dey talk about DCA na people wey their lives don settle one kind, abi I lie?

Just the same way people still dey save money despite the harsh economic situation of the country, na so some people dey take invest in Bitcoin using the DCA. We dey feel like say investing in bitcoin na by using big money but no be so. FYI, nobody wey don settle because even the people wey we dey see say dem get money still dey find more too so no man dey get enough for himself. Even as the economy bad like this, person wey wan invest in Bitcoin fit still meet up inasmuch as the person get source of income. 10% or 5% from person income no go bad to take invest with because na just small portion of their income be that so if you can't manage yourself to save money and make investment e go really worry you for future because na only feeding money you fit dey afford for yourself and if anything happen to that your source of income e mean say your life go spoil.

[Mr_Brilliant$]

Average person is more than financial strong for DCA or even the DIp because people that's below average in Nigeria are the ones that should be wondering if the money they have can actually give them a chance for DCA. Actually is a false believe that all of us here are millionaires that is why we are investing in Bitcoin but however that's not the reason because when determination is working that's how people think about others who has Bitcoin so actually if you start believing that you also have what every other person has to invest in Bitcoin you will see yourself accumulating like everyone.

Many people dey look Bitcoin investment like say na only millionaires fit afford am, but nor be true.. DCA no require plenty money, na consistency matter pass..  If person fit dey buy small amount regularly without affecting their daily needs, over time e go add up..

The biggest challenge for most people nor be always the amount, but the mindset and discipline to start.. Plenty people wey get Bitcoin today no start with huge capital, dem start with small amounts and kept accumulating..

[CryptoHeadlineNews]

The question be say, e go advisable for someone wey him income no dey stable make he do DCA?

As e be so, e be like say we dey copy wetin other countries dey do, and those countries stable pass us. Most families there get disposable income. But for Nigeria side, e red.

I dey feel say most people wey dey talk about DCA na people wey their lives don settle one kind, abi I lie?

If you dey get the mentality say Bitcoin investment na for people wey don get stable income, then don't be surprised, you won't be able to invest in Bitcoin any day. Because when we talk about people investing via using the Dollar Cost Averaging method, it simply doesn't mean you have to be making huge money before you can venture into investing in Bitcoin in that manner. Because no amount is too small, as long as you remain consistent with your investment. And if you are very broke and not financially bouyant enough, you can choose to either invest yours every 2 months or 3 months. Rather than monthly.

[Samlucky O]

The truth of the matter be say Bitcoin no be by force, as everybody dey talk about DCA for forum no mean say Dem dey do am, some just dey follow dey hype am, My advice for you be say e no dey necessary say you must DCA all the time, apart from the DCA wey everybody dey talk, e get another strategy to invest for person wey no dey see money well well, maybe you dey see money once in a blue moon, you fit just adopt the lump sum strategy, wey be say you go buy Bitcoin once, den Comot body for long until you get another funds. You fit get like $500 today come invest the amount wey no go affect you now. Then after some time when you get another money too you invest. Just like that continuously till you get a stable job, When you get stable job you fit Continue with your normal DCA.

[Big Dirams]

The truth of the matter be say Bitcoin no be by force, as everybody dey talk about DCA for forum no mean say Dem dey do am, some just dey follow dey hype am, My advice for you be say e no dey necessary say you must DCA all the time, apart from the DCA wey everybody dey talk, e get another strategy to invest for person wey no dey see money well well, maybe you dey see money once in a blue moon, you fit just adopt the lump sum strategy, wey be say you go buy Bitcoin once, den Comot body for long until you get another funds. You fit get like $500 today come invest the amount wey no go affect you now. Then after some time when you get another money too you invest. Just like that continuously till you get a stable job, When you get stable job you fit Continue with your normal DCA.

You are right not everyone taking about DCA or hyping it are into it at all and many might just lack the funds but the idea and knowledge is intact but there are just lacking the funds.
DCA isn’t the only strategy to follow, right there are other strategies but with DCA we stand a lot of biggger opportunities from the market but as for those that don’t have a constant source of income or get money on a regular basis then the lump sum strategy isn’t a bad idea too because we get to buy at once and hold for longer period of time.

[Zorellian]

The question be say, e go advisable for someone wey him income no dey stable make he do DCA?

As e be so, e be like say we dey copy wetin other countries dey do, and those countries stable pass us. Most families there get disposable income. But for Nigeria side, e red.

I dey feel say most people wey dey talk about DCA na people wey their lives don settle one kind, abi I lie?

If you dey get the mentality say Bitcoin investment na for people wey don get stable income, then don't be surprised, you won't be able to invest in Bitcoin any day. Because when we talk about people investing via using the Dollar Cost Averaging method, it simply doesn't mean you have to be making huge money before you can venture into investing in Bitcoin in that manner. Because no amount is too small, as long as you remain consistent with your investment. And if you are very broke and not financially bouyant enough, you can choose to either invest yours every 2 months or 3 months. Rather than monthly.

I know that problem is not a finishing solution but to me I know that when you are stable enough that when you have to invest in bitcoin because you will not invest in panic mood and frustrations, you will invest a way that your mind will be at rest and know how to invest, have the knowledge in the process to. You have to invest when you have the money that the person can lose that time and don’t have plans in it.

[OsaiEmma]

I done check whether person done drop topic and talk like this i no see. I come wonder why nobody done talk about am. So i say make i do the honors to does who dey really struggle. Make i no lie ooh, i dey among them. But sha, i get small crypto investment like that.

Anyways, DCA requires income that is left after basic needs have been met. As the condition of Nigerians be so, una sure say people fit afford to do DCA?

Many Nigerians struggle with food, rent, transport and school fees. All these go make person say make DCA dey one side first. Imagine say person dey struggle to see food chop come later do DCA. Na the Bitcoin last last he go sell take chop.

The question be say, e go advisable for someone wey him income no dey stable make he do DCA?

As e be so, e be like say we dey copy wetin other countries dey do, and those countries stable pass us. Most families there get disposable income. But for Nigeria side, e red.

I dey feel say most people wey dey talk about DCA na people wey their lives don settle one kind, abi I lie?

OP, you just talked about something most people don't. Bitcoin investment isn't for people that want to make money but rather, for people that have money already and want to invest. I'd have generalized it to all investment, but there are some investment that can truly alleviate your financial status too.

Truth is, Bitcoin investment is only ideal for someone with a stable income, and not a struggling Nigerian. If you're investing in Bitcoin, you're just preserving your wealth so it won't be wasted or diminished over time. A struggling Nigerian doesn't have any wealth to preserve; rather, they're looking for ways to make ends meet.

I initially didn't realize this, but when I decided to pitch the idea of Bitcoin investment to someone else, I realized it isn't ideal to a struggling Nigerian.

[EarnOnVictor]

-Snip-
I dey feel say most people wey dey talk about DCA na people wey their lives don settle one kind, abi I lie?

I think you misjudged the concept of the DCA entirely.

The DCA approach is one of the finest strategies to invest in any asset, and it gives you time to gather money because you are not committing all your investments at once.

To cut it short, you can divide your money into 10 equal parts and choose the most convenient period of your yourself. That period alone has bought you enough time. You could be injecting the money once in a week, biweekly, etc. That should be enough time for you to save money for the DCA approach.

[Stormisover]

I done check whether person done drop topic and talk like this i no see. I come wonder why nobody done talk about am. So i say make i do the honors to does who dey really struggle. Make i no lie ooh, i dey among them. But sha, i get small crypto investment like that.

Anyways, DCA requires income that is left after basic needs have been met. As the condition of Nigerians be so, una sure say people fit afford to do DCA?

Many Nigerians struggle with food, rent, transport and school fees. All these go make person say make DCA dey one side first. Imagine say person dey struggle to see food chop come later do DCA. Na the Bitcoin last last he go sell take chop.

The question be say, e go advisable for someone wey him income no dey stable make he do DCA?

As e be so, e be like say we dey copy wetin other countries dey do, and those countries stable pass us. Most families there get disposable income. But for Nigeria side, e red.

I dey feel say most people wey dey talk about DCA na people wey their lives don settle one kind, abi I lie?

OP, you just talked about something most people don't. Bitcoin investment isn't for people that want to make money but rather, for people that have money already and want to invest. I'd have generalized it to all investment, but there are some investment that can truly alleviate your financial status too.

Truth is, Bitcoin investment is only ideal for someone with a stable income, and not a struggling Nigerian. If you're investing in Bitcoin, you're just preserving your wealth so it won't be wasted or diminished over time. A struggling Nigerian doesn't have any wealth to preserve; rather, they're looking for ways to make ends meet.

I initially didn't realize this, but when I decided to pitch the idea of Bitcoin investment to someone else, I realized it isn't ideal to a struggling Nigerian.

Bitcoin investment is not just ideally only for those with a stable income, an average Nigerian who has an income source that is not stable can still invest in Bitcoin at any point he discovers that he has a discretionary income, DCA doesn't mean all the time like every week or every month but only whenever you have the little you can, when you don't have to invest you focus only on taking care of yourself and your family, anyone struggling with taken care of themselves and their family can not invest but they can only invest once their financial situation changes and it doesn't matter how small, some contractors who doesn't have a a stable income can still invest, you don't wait until you have a stable income before you can invest just that one thing to know is that any money to be put in bitcoin investment should be the money that you are not going to be needing in a long time because Bitcoin is not a quick money machine.

[Bryan jessy]

The fact is; Bitcoin will always be there waiting and existing so whoever that can not afford it now due to some financial struggles can still make it up later on, Regardless of how DCA is general known or lebaled  as the best method for middle class let's not forget that it's not still possible for some of this middle class to invest due to low income. But there are some that can afford the DCA. I have this feeling that we have more of this average people more in the investment, there are some of them that is so determined to have some portions of Bitcoin in possession no matter how little it may be. An average and determined person can DCA, it's not by financial strength but the willingness to start with what you can.

[Chinesebaby]

If you dey get the mentality say Bitcoin investment na for people wey don get stable income, then don't be surprised, you won't be able to invest in Bitcoin any day. Because when we talk about people investing via using the Dollar Cost Averaging method, it simply doesn't mean you have to be making huge money before you can venture into investing in Bitcoin in that manner. Because no amount is too small, as long as you remain consistent with your investment. And if you are very broke and not financially bouyant enough, you can choose to either invest yours every 2 months or 3 months. Rather than monthly.

I know that problem is not a finishing solution but to me I know that when you are stable enough that when you have to invest in bitcoin because you will not invest in panic mood and frustrations, you will invest a way that your mind will be at rest and know how to invest, have the knowledge in the process to. You have to invest when you have the money that the person can lose that time and don’t have plans in it.

So th question now is when are you going to have that stable income? Or have you forgotten that as humans, we all have an insatiable needs, whereby the more we earn, the more our expenses are likely to double or triple too. Because just as CryptoHeadLineNews earlier said that if having a stable income is the mentality you have before investing in Bitcoin, then you are likely never to invest in it at all, because no amount of money is ever enough. And considering our economy here in 9ja, we have lots of people who have an unstable income but yet some days usually sees good sum of money. And imagine after making 20k that day and you removed the least 2k or 5k in Bitcoin regularly. Before you know you might have accumulated a very good sum of Bitcoin.

[Showlove01]

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DCA will require some sacrifices and everyone who does so is actually doing a sacrifice. The average Nigerian can actually afford DCA, it depends on the level of sacrifices that they are willing to make. The amount of money you are sacrificing does not have to be a huge amount of money you just have to show willingness to sacrifice even a small fraction of the amount of money you make occasionally to invest in Bitcoin. I believe that if you're able to do so slowly you will to build up from there because even little drops made in investments can turn into something very big.

Well, using the word sacrifice can really confuse some people and it also look somehow so I think instead of the word sacrifice you should use discretionary income that is money that is left after every other expenses must have been taken care of. In Bitcoin investment what is needed to start is a basic knowledge and a discrestionary income and the discretionary income is not about how big someone's source of income is or if the income is stable but rather this can be gotten whether or not someone has a stable or huge source of income. Some people with huge and stable source of income don't invest and sometimes it is also about interest. therefore, any average Nigerian that is interested and has a discrestionary income can invest in Bitcoin.

[Agbamoni]

An average Nigerian to me are those earning slightly above the minimum wage. Those people cannot withstand the responsibility of taking care of themselves at the same time managing an ongoing investment with the amount they earn in a month. Except they have other business that covers basic need while another covers the investment side. Bitcoin invesmtne is got established Nigerians.

[Churchillvv]

An average Nigerian by definition can not and would not be able to DCA, there is no way we can romanticize the case that an average person in Nigeria will be able to dca which is why we Nigerians are calling for a change in government and its activities, the minimum wage does not allow one to have enough to eat not to talk of investment, the country has forced people to be food insecure and hence make it the core interest for many. Allowing poverty to keep the economy and those in the capitalist market to remain in control however, it would have been nice and more motivating if we are able to afford food and have discretionary income to spend on whatever investment we want.