lot of person have the mentality of buying Bitcoin with the aim of holding or keeping it for a long time they believe in it in the future and want to build something that will benefit them later but however one thing we sometimes forget is that not all things go according to it's plan and emergency can occur at any time and it may affect the way we manage our Bitcoin. in Nigeria unprepared and unexpected expenses such as hospitals bills school fees family responsibilities or business challenges can tend to increase the pressure on someone finance somebody who holds the plan to hold Bitcoin for five years may suddenly be in need of money just after six months.
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Is school fees an unexpected expenses? I don’t think so.
That’s by the way, moving on from that.. the importance of an emergency fund can’t be over emphasized because it helps in situations that could warrant serious consideration like medical expenses that comes unexpectedly.
Sometimes though the emergency fund alone can’t cover the emergency expenses, you’ll still need to touch from your investments to cover it. But even as that, an emergency fund might reduce the amount you’d touch from the investment in such scenarios.
For someone to manage Bitcoin investing very well, emergency fund is very important to own a sustainable long term investment. We cannot avoid emergency occurrence, and therefore we should make separate savings for it. However, if their is an emergency that your emergency fund cannot take care of, tempering your investment to handle the emergency situation is not wrong, however if your investment is tempered as a result of emergency fund ensure your investment or asset is replaced when you recover financially.
It is common to touch one's investment more especially when you are facing immediate financial challenge, but this is not surpose to change your investment goal, you really have to restore your asset to achieve your financial goals and objectives on the long run.
