What are things to consider before someone go into investment?

[Pikiboy]

You did the right thing because, before someone would decide to go into bitcoin they should have something doing so that their basic needs and expenses would be taking care of. They also need to have an emergency savings before investing in bitcoin because, emergency can happen unexpectedly. Do your own research to understand the risks involved and make informed decisions before investing your money.

This is something that a lot of people that are trying to get into Bitcoin investment neglect, having a source of income or something doing that brings money is very important, this is what's basic before thinking about having an emergency fund which is also very important for Bitcoin investors to have. An emergency fund needs to be set aside but without an income there's no way that anyone investing would be able to do this successfully.

To be honest investment sounds so simple but for someone to make a successful investment plans they must also know what that is involved in doing investment because, one can't think of making investment without having other sources that would be helpful to them while waiting patiently for their investments to yield something that is promising. Whomever that knows how to make investment would never venture into investment without them having an alternative to their investments. Such funds serves as their emergency funds, cushion funds and also savings.

[Sonia_123]

Before investing in bitcoin one should understand that it takes time to mature and has high risk but unique because you must definitely get a good reward at the end, know that Bitcoin does not operates with a third party, therefore your security and performance relies heavily on you

As a beginner, you  should be able to invest in Bitcoin base on his/her financial goals, he should be able to tolerate and understand the risk involved and how it works since it needs care in handling the investment so that you don't end up being a trader

A beginner should always start buying Bitcoin little by little using the dca strategy to avoid stress, timing the market since it will help you buy bitcoin with fixed amounts on a regular bases either daily, weekly or monthly to ease high price volatility.
They should also note that bitcoin investment is for a long-term holding of 4-10 years and not a short-term holding to be able to achieve your goals.

Lastly it's not a quick money medium therefore you should be patience in accumulating and holding and don't rush to sell whenever the market is not favourable or when you have some financial challenge until you reach your over accumulation stage.

[Lembo69]

Lastly it's not a quick money medium therefore you should be patience in accumulating and holding and don't rush to sell whenever the market is not favourable or when you have some financial challenge until you reach your over accumulation stage.

Yes, I agree with you that Bitcoin is not a means of making quick money. I think before investing in Bitcoin, one should ask his own soul whether he can invest in the long term or not. He should think about whether he has enough patience or not. Because investing in the long term is a matter of patience which not everyone can do. And those who have less patience become traders. Rushing is never the nature of investment, it is the nature of a trader. In Bitcoin investment, an investor should always invest from his discretionary income and plan it for a specific cycle time and then invest. For example, his time can be 4-10 years or more. And until he reaches the cycle according to his plan, he cannot be left behind from investing.

[Tony Adams]

Before investing, we must follow a goal that is long-term. I think that if we invest in Bitcoin, we will not get much profit in the short term. Therefore, investing in Bitcoin should be done according to a long-term plan, so that we can benefit a lot in the future. It is very important for us to be able to take risks before investing and to control our emotions. Moreover, it is important to do good research and gain knowledge, and then consider inflation. After investing, store them in a safe place, and use a safe wallet to control risk, especially in the case of Bitcoin.

[Bluebird1357]

~snip
If it was you what would you do at this point, allow him to invest or what?
Your input are needed, maybe who knows I could share some post here with him to know that I was doing him right thing.

Since he is new and interested in investing, I would tell him to understand where you want to invest first because before investing in anything, you need to understand the risks of the place where you are investing and the volatility of Bitcoin. I would initially tell him something about this, especially the possibility of a sudden 30% to 40% drop in price and its risks, then when he was finished explaining it, I would ask him, so are you ready to invest in Bitcoin now, or should you wait a little longer? In that case, I think your friend has made the right decision. It is not right to invest without understanding anything or without gaining a good idea or knowledge about where you are investing because it can lead to loss or loss of investment. One thing to remember is that before you can profit from investment, you should first have knowledge of how to protect your investment and how to avoid loss.

[Patrol69]

However, in some cases, if we can motivate investors, they may be more interested in investing in the right way.
For example, if an investor does not have a stable income but has a random income, he still wants to invest. In this case, we cannot disappoint him, but we can advise him to first monitor that unstable income and his expenses carefully and if he sees that he still has some money left after meeting his needs, then he can initially start investing. Actually, not much money is needed to start investing, rather, an investor can start investing if he has a certain amount of extra money within his means. No amount of investment should be underestimated, but for those whose income is unstable but still they are able to try and set aside some money, this is certainly commendable.

[danieldavidd]

For me with my little experience that I've seen from my dad when I was a kid my dad was financial ok he was into property lands and timber and the business was moving smoothly in Nasarawa state then he relocate to Gombe state and everything starts falling apart about his business he's not longer making much profit than before, the reason behind is that the location he chose to invest there is the wrong choice he made sometimes is not just the capital is about chosing the right location too better your investment.