How can a student make balanced investments without his source of income?

[Tongley]

Let's assume that a student does not have a source of income, he wants to invest the amount of money he gets from his family for his daily expenses. Yes, he can definitely invest, if he can manage his financial situation properly and reduce his depreciation expenses. In the case of a student, the main task is not to invest continuously but to hold it in the long term. Because he does not have a source of income, he

How to distribute or spend the money for daily expenses:

1 Stop all unnecessary expenses, such as smoking expenses, drinking expenses, extra mobile expenses, spending extra with friends, going out, etc.

2 Buy every thing or product at a reasonable price and save money.

Investment Amount and Expense Amount Division:

1 Suppose you are given $30 for monthly expenses or for your hand expenses and you are able to find $10 discretionary income by spending all your expenses. You can invest with this $10, but it would be foolish to invest the entire amount.

2 You can create an emergency fund or if your family always gives you money in times of danger, then you may not create an emergency fund. But creating an emergency fund is good because it is better not to depend on anyone else.

The investment method that will be most effective for students:

1 In this way, the DCA method is the most effective investment method.

2 We can use the DCA method according to our financial situation, again many times we cannot invest due to the increase in our expenses and if we invest the same way next month, it will still be included in the DCA method.

3 The DCA method provides us with many more benefits compared to all other investment methods

The goal of every student should be long-term. It is better for a person or a student to have some Bitcoin than not to have any. So if a student wants to invest in Bitcoin, he can do so. If they start investing now, they will learn to manage their finances very quickly and in the future, when they find a source of income, they will not have any problem in managing their finances properly in terms of investment.

[Hypnotizer]

Let's assume that a student does not have a source of income, he wants to invest the amount of money he gets from his family for his daily expenses. Yes, he can definitely invest, if he can manage his financial situation properly and reduce his depreciation expenses. In the case of a student, the main task is not to invest continuously but to hold it in the long term.

Well it is possible for a student who gets money from his family to do so but imo it’s not ideal, atleast if he wants to start investment, he should have a source of income. Most students nowadays do remote jobs and earn some money that help fund their lifestyles…for those group of students, they can invest but for someone who doesn’t earn anything rather he spend from his allowance, I don’t think it’s ideal for him to invest.

The expenses of being a student are really high and sometimes even the allowance that your parent or family would give you might not be enough for you,  talkless of having leftover discretionary money from it.

-snip

Still I wouldn’t advice anyone without a source of earning his own money to start an investment journey especially a student in a country like Nigeria, except if the allowances his family are giving him is a very reasonable sum of money that can cater for his need completely. Then he can apply your principles to start NCA.

[promise444c5]

Be realistic and put all those values in Naira instead of of dollar..
There’s absolutely no reason to force investment if you don’t have any source of income yet.. you can save up instead to start but before starting, you need to ask yourself if you can afford it.  Going after some immediate profit in Bitcoin will humble you and you might eventually sell in loss.

Invest with some sense not because everyone is doing it and you must.. there are different options but Bitcoin stands out.

[Cleanshit]

The issues here now is not about allowances they receive, but it about their financial situations. Some student might be privileged to receive allowances that are much more higher than their needs, while others don’t. In this kind of situation, student that don’t receive allowances above their need can’t participate because Dey will end up selling their coin at the wrong time if need raises. Because as a student there are allot of spending everyday.

And again as a student you must not  wait first to get a job before starting to invest. The little you can afford, little by little u can sacrifice that. Your aim is that you shouldn’t sacrifice ur mine need or start to go borrow just to keep up.

[Barikui1]

Investing as a student that have no source of income may not be easy as you are making it look like because things are easier said than done. Since you investment depends on what you are given for upkeep, your investment will be quite difficult to sustain because if your the money is not on the higher side, financial pressure may compel you to sell prematurely.

Investing is not a bad practice, but if it's not done the right way, you are definitely going to lose some money, because doing the right thing the wrong way or the wrong time will never end well, so it's best to wait until you start earning a income for yourself before you proceed in your investment journey.

[Moreno233]

The little contradiction in your post is you mentioning that the student have no source of income yet you stated that he receives funds from his parents, that is exactly his source of income. Wherever the money comes from is irrelevant, as long as it is an inflow, then such student will be able to figure out how to proceed with investing from there. You have already stated some ways such student can do that such as cutting down on unnecessary expenses and living a modest life to be able to save more money which can be used for the investment. Assuming I knew what I know now, I would have had lots of Bitcoin stashed in my wallet because as a student I knew many ways of generating income.

[PostQuantumBTC]

1 Suppose you are given $30 for monthly expenses or for your hand expenses and you are able to find $10 discretionary income by spending all your expenses. You can invest with this $10, but it would be foolish to invest the entire amount.

2 You can create an emergency fund or if your family always gives you money in times of danger, then you may not create an emergency fund. But creating an emergency fund is good because it is better not to depend on anyone else.

This is very good, emergency fund is good for students but when they want to invest in bitcoin should determine if they should have emergency funds or not, a time like this that bitcoin can not fall much lower, I do not see the point of having emergency fund when the money invested on bitcoin can be taking from at anytime. I do not have believe in naira, the long the money stay in the emergency fund, the more likely the money value will reduce.

[Merit.s]

From my experience in school, this is a difficult task because most people are still new in managing themselves since, they left home for the first time to stay alone without being under the care of anyone to monitor you. You will find it difficult to even manage the little given to you.

I don't think DCA method is important at this time if you have extra to invest because the extra wouldn't come often. Just buy whenever, you have the extra. It's only students that are working and at the same time going to school are the ones that can invest in bitcoin when they are still in school.

[Mr Reporter]

Sometimes, something are just to be said plainly for a student with no daily or monthly income, wants to invest what is he investing in? Investment without having cash flow is a big stress for the mindset, because nah who don eat they remember say investment dey...using myself as a big example back then my upkeep was around 40k monthly, and this upkeep was been given to me with strict rules being attached to it, so tell me how much do you want to use to invest as a student who has transportation fees and school feeding, data, projects and all to cover with that little upkeep…

What would be running through the mind of a student with such a mindset is that every dip in the investment would feel like the world is coming into an end…for people with payrolls can wait for an investment to grow at some point but as a student I would doubt if such might happen… It's simple and short-term it's like
doing the right thing at the wrong  time..

[Hyphen(-)]

Be realistic and put all those values in Naira instead of of dollar..
There’s absolutely no reason to force investment if you don’t have any source of income yet.. you can save up instead to start but before starting, you need to ask yourself if you can afford it.  Going after some immediate profit in Bitcoin will humble you and you might eventually sell in loss.

Invest with some sense not because everyone is doing it and you must.. there are different options but Bitcoin stands out.

This sound like FOMO to me because why in a hurry when you don’t have source of income that stable yet?

What if the family members that used to send money monthly or weekly basis stoped and the coin he invested in is at lost? I think he will be forced to sell at loss which means there is no meaning to investing since there will not be consistency in the investment due to lack of stable and reliable sources of income.

Although it is true that some students make money while in school if they have rich parents that send them money enough, they should try and save up for themselves so that when they graduate they can start up something good for themselves of invest when they know they have other sources. No condition is permanent, let’s always think and have stable source before we think about investment because even if we decide to use the little amount we have, we will sell to cover some important needs as long as we dint have stable source of income.

[Nathrixxx]

It is very possible that a student decided to invest in Bitcoin even while in school. Still, we have to understand the way some country operates when it comes to student opportunities and employabilities, Nigeria is a kind of country that does not aid in support of this, but in foreign countries, you will discover that every student is eligible to be enrolled in one or two job they are still doing to earn a living, come to think of it, any student who already invested but lack is source of income may later fall back at his investment to meet up some needs as the demands may come, this is why students must also afford to have something they are doing that could generate them income.

[CryptopreneurBrainboss]

The goal of every student should be long-term. It is better for a person or a student to have some Bitcoin than not to have any. So if a student wants to invest in Bitcoin, he can do so. If they start investing now, they will learn to manage their finances very quickly and in the future, when they find a source of income, they will not have any problem in managing their finances properly in terms of investment.

As a student excluding your academic functions one thing you need is to have multiple source of income to sustain you in school, the income must not be those that demand a lot of time but the minor incomes that can sustain you with the help of your sponsors in school. You shouldn't be investing in BTC without having a source of income, anybody that is thinking they can do that isn't serious about investing as they will probably end up spending the money they had in Bitcoin. Education is very expensive so you shouldn't be dividing the little you have instead you can work multiple jobs to generate more income then you can start thinking about saving them as investment in Bitcoin for when you are done with school because the system does not care about graduate.

[Hatchy]

The goal of every student should be long-term. It is better for a person or a student to have some Bitcoin than not to have any. So if a student wants to invest in Bitcoin, he can do so. If they start investing now, they will learn to manage their finances very quickly and in the future, when they find a source of income, they will not have any problem in managing their finances properly in terms of investment.

Not as easy as it sounds, I was once a student and I can tell you, saving in school when you have a lot of tremendous expenses weekly from your school activities is not really fixable, but it's possible is you have something else that brings in extra income for you while in school. Another problem would be your heavy school schedule because as a student you have to focus on your studies too.
One way to actually do this as a student is planning, nothing is impossible but requires discipline, effort and a good spending plan to archive your bitcoin investment journey while in school. I knew of some students then, who lived lavishly even when they could have planed for some investment like bitcoin.

[EL MOHA]

As a student excluding your academic functions one thing you need is to have multiple source of income to sustain you in school, the income must not be those that demand a lot of time but the minor incomes that can sustain you with the help of your sponsors in school. You shouldn't be investing in BTC without having a source of income, anybody that is thinking they can do that isn't serious about investing as they will probably end up spending the money they had in Bitcoin. Education is very expensive so you shouldn't be dividing the little you have instead you can work multiple jobs to generate more income then you can start thinking about saving them as investment in Bitcoin for when you are done with school because the system does not care about graduate.

Exactly I don’t actually agree with the statement that people like student or others actually living off expenses from their parents can easily invest into bitcoin, because this actually affects their emotions and that’s one key area when one is trying to invest into bitcoin. You need to actually be on good emotional state to be able to handle the volatility of the bitcoin market, people without right psychology actually panic easily when the market is actually facing dips.

Imagine a student actually taking care of student stuffs and thinking of his investment, if they are not actually having a source of income on their own it will be extra burden in my opinion because they would have to cut their expenses and invest into bitcoin which actually means they have reduce some school activities which sometimes is not advisable.

[Showlove01]

Be realistic and put all those values in Naira instead of of dollar..
There’s absolutely no reason to force investment if you don’t have any source of income yet.. you can save up instead to start but before starting, you need to ask yourself if you can afford it.  Going after some immediate profit in Bitcoin will humble you and you might eventually sell in loss.

Invest with some sense not because everyone is doing it and you must.. there are different options but Bitcoin stands out.

You are absolutely correct, there is something some people don't actually understand in Bitcoin investment, Bitcoin investment is not a must to invest but some people has taken it upon themselves as a thing or something they must do guess what people can still not invest in Bitcoin and be great in life. Some people know they don't have what it takes to start Bitcoin investment yet they will still strive to... Though I'm not saying striving if bad but they should be conscious of it.

[Princess Leah]

Be realistic and put all those values in Naira instead of of dollar..
There’s absolutely no reason to force investment if you don’t have any source of income yet.. you can save up instead to start but before starting, you need to ask yourself if you can afford it.  Going after some immediate profit in Bitcoin will humble you and you might eventually sell in loss.

Invest with some sense not because everyone is doing it and you must.. there are different options but Bitcoin stands out.

I support your opinion cause this is the Nigerian local board and he's trying to encourage students in Nigerian school not globally, Nigerian students don't use Dollar but Naira so it's a good suggestion that the dollar symbol should be changed to Naira since this is not a general board. Although the OP's advice are valid.

 However it would be very tough for a Nigerian student to cut down expenses like smoking, drinking, clubbing, extra internet bill etc cause a good number of students do all in combined but it's very realistic and takes determination to be achievable, smoking especially is addictive and very tough to stop but once someone makes up their mind to choose financial freedom over that the person would work on cutting out expenses that would hinder them from investment.

[Abu-Naim]

You are absolutely correct, there is something some people don't actually understand in Bitcoin investment, Bitcoin investment is not a must to invest but some people has taken it upon themselves as a thing or something they must do guess what people can still not invest in Bitcoin and be great in life. Some people know they don't have what it takes to start Bitcoin investment yet they will still strive to... Though I'm not saying striving if bad but they should be conscious of it.

Seeing how Nigeria youths are actively participating in crypto investment and Bitcoin investment, no one will want to be left behind, that can be the reason why even students will want to invest ahead so that they can’t miss this price as it is now dip according to the market condition.
But the reality remains the same that if you don’t have sources of income that is more than one and you are not stable financially, it is better to survive than invest out of pressure because investment needs time to give profit.

Therefore, as a student, willing to have a stable source of income is better so that if they save the extra money they are having during school days, they can start something small and not the profit back into Bitcoin investment.

[Fivestar4everMVP]

The goal of every student should be long-term. It is better for a person or a student to have some Bitcoin than not to have any. So if a student wants to invest in Bitcoin, he can do so. If they start investing now, they will learn to manage their finances very quickly and in the future, when they find a source of income, they will not have any problem in managing their finances properly in terms of investment.

Your advice is basically very good though, but one fact I personally have always believed in is that being a student does not and should not stop you from acquiring skills that can help you become independent of your parent's or guardian's monthly handout, with a good skill, you can still be making money as a student while you treat the handout as a extra income..

A student can learn painting for example, he can learn skills that are hot in the market like solar installations, smart home setup, pop installation and any others, this are physical skill they can even continue doing after they have graduated..
And when it comes to online, the student can learn how to trade, he learn digital art and designs, he can learn content creation and so on.
In this time and age we are, being a student is not an excuse to be idle and completely dependent on your parents, there are many legit things to do to make money and help yourself while you study, and sometimes even help your parents too..

[promise444c5]

However it would be very tough for a Nigerian student to cut down expenses like smoking, drinking, clubbing, extra internet bill etc cause a good number of students do all in combined but it's very realistic and takes determination to be achievable, smoking especially is addictive and very tough to stop but once someone makes up their mind to choose financial freedom over that the person would work on cutting out expenses that would hinder them from investment.

Don’t misunderstand my point..
 
A student that has money to smoke, drink and go clubbing at the same time , have the money to start atleast little investment and Bitcoin is no exception..
My point is focus on students, that can’t even afford to do all those stuffs because they are always left with little to no funds left after paying up their school bills.

If any student falls in the first category, then they have no excuse on not having any investment upfront their graduation.  Any student that falls in category B and still doing what category A s are doing is not serious about life  

[Lembo69]

Don’t misunderstand my point..
 
A student that has money to smoke, drink and go clubbing at the same time , have the money to start atleast little investment and Bitcoin is no exception..
My point is focus on students, that can’t even afford to do all those stuffs because they are always left with little to no funds left after paying up their school bills.

If any student falls in the first category, then they have no excuse on not having any investment upfront their graduation.  Any student that falls in category B and still doing what category A s are doing is not serious about life  

If a student can spend money from his school fees on immoral habits like smoking, drinking, etc., then he can also invest a part of that money if he wants. Because, if he can save some money from the amount of money he spends on these bad habits and invest it, then he can get involved in investment right from his academic life. If he can gain something from this investment, then that may be a reason for him to get out of addictions like smoking and drinking.

Because, by investing, he will understand that if it is possible to gain by just controlling his habits to some extent, then he can gain more if he gives them up completely. If this thought is once developed in him, then maybe he will be more interested in investing. Although it is not easy for our Nigerian boys and girls, it is not impossible either. Because, I believe that people are never slaves to habits; rather, habits are slaves to people. So if a person wants, he can give up any bad habit very easily.