What Happens to a Nigerian's Bitcoin Plan When an Emergency Comes

[God Tim]

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.
‎The real challenge is not only buying Bitcoin but also having a well laid plan for unexpected.
‎situations imagine somebody who uses parts of his/he income to purchase Bitcoin every month they have a long good and cannot want to sell their Bitcoin anytime soon suddenly a family member or relatives need urgent medical Care and the person does not have enough money on ground it may force them to sell some of their Bitcoin even if the price of the market is low than what they paid.

‎This is one reason why emergency savings is important before installing money into Bitcoin people should consider and remember their easy needs and keep some money available for unexpected expenses this can reduce the pressure to sell their Bitcoin at the wrong time.
‎Another mistake is borrowing money just to avoid the sale of your Bitcoin although holding Bitcoin for the long term maybe someone is taking on debit without a reliable repayment be up and plan can be a bigger financial problem.
‎
‎In my opinion i think financial discipline means knowing when to invest when to save and when to   consider urgent need first There is no benefit in holding Bitcoin for the future while ignoring serious problems that need urgent attention today.
‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

[Hypnotizer]

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.
~

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.

[ColdLava40]

Long term you said right?

If I'm holding for a long term, then I will see to it that I hold my coins very much well.

Emergency is not something we prepare for, buy that is why emergency funds are out in place because we never know when it happens and we really need money to sort out the issue.

The plan is to make sure you do not sell your coins at loss or at a lower price before it gets into profits. You have to be prepared for every scenario of the market that is the job of an Investor.

It is why you need a good source of income before you dive into crypto investment.

[Mia Chloe]

~snip

There are levels to emergency... The major one ill say easily stands out is health related ones. Regardless of the form of investment you are involved in if you have any pending health issues that can be fixed always prioritise that first. That being said if you wrongly mark certain responsibilities as emergencies then you face a higher chance of wasting it unnecessarily.

Bitcoin is not the only investment out there and you need to always diversify at least to your level of understanding. These are the major reasons why you need to increase your income before you even consider investment.

[CryptopreneurBrainboss]

‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

Problem no fuey finish na wetin I go fit tell you, no think after you solve a particular problem say every problem done finish be that as you can never know what's going to happen next. That being said, always prioritize your investment because that's what's going to give you more money so as you're investing, make it difficult for yourself that you don't get easy access to the investment to liquidate in the sights of any problem because problem no dey finish. Always make your investments not that accessible to you if you can't hold yourself from cashing out when the pressure gets tougher. Prior to this, make your emergency savings big enough to be able to tackle any emergency that cones your way. But since life isn't scripted, trails and tribulations might come and only then should you ssll some portions of your investments to relieve yourself so you can then hodl the rest for long.

[Mayor of ogba]

‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

As long term investor, I have already set up my emergency funds, so if unexpected emergency pop up as I'm investing in Bitcoin I will rely on my emergency funds to take care of the unexpected emergency but if the unexpected emergency requires a lot of money to be solved, and my emergency funds cannot solve it I don't mind tampering my bitcoin just to solve the unexpected emergency because as far as I'm alive and healthy I can rebuild my bitcoin portfolio.

[SDS11]

Problem no fuey finish na wetin I go fit tell you, no think after you solve a particular problem say every problem done finish be that as you can never know what's going to happen next. That being said, always prioritize your investment because that's what's going to give you more money so as you're investing, make it difficult for yourself that you don't get easy access to the investment to liquidate in the sights of any problem because problem no dey finish. Always make your investments not that accessible to you if you can't hold yourself from cashing out when the pressure gets tougher. Prior to this, make your emergency savings big enough to be able to tackle any emergency that cones your way. But since life isn't scripted, trails and tribulations might come and only then should you ssll some portions of your investments to relieve yourself so you can then hodl the rest for long.

I agree with you. This life is problem after problem. If person say make e wait till all problems settle before e go invest, e no go ever fit invest for this life. Na why your point about emergency fund make sense well well, if emergency savings big you no go dey panic to touch investment for every small bill wey show. And locking am na discipline. Na so e suppose be. Invest, but get backup, make pressure no make you cash out your future.

[Nasdel4]

This topic is similar to others I've come across in the local board. We agree that the DCA method is a good strategy to adopt for bitcoin accumulation while holding long term but it's also advised to also keep money aside for emergencies too. It's common for a lot of people to understand that unforseen circumstances can arise at any point in time and preparations should be made ahead of time for such occurrences. If you're accumulating bitcoin without keeping money for emergency then you'll likely take out from your bitcoin if an emergency arises.
In a situation where the emergency funds set aside cannot cover the emergency then it's okay to take out of your bitcoin because nothing can be compared to life. It's known that health is wealth and no amount of money can be measured to the life of an individual.
You can have a perfect plan for your bitcoin journey, follow all the rules and still end up losing your bitcoin so in this journey, nothing is 100% guaranteed and life can take a turn at any point but it's better to have a plan than no plan at all.

[Giwagi56]

Long term you said right?

If I'm holding for a long term, then I will see to it that I hold my coins very much well.

Emergency is not something we prepare for, buy that is why emergency funds are out in place because we never know when it happens and we really need money to sort out the issue.

The plan is to make sure you do not sell your coins at loss or at a lower price before it gets into profits. You have to be prepared for every scenario of the market that is the job of an Investor.

It is why you need a good source of income before you dive into crypto investment.

You are right, having a good sources of income before going to crypto investment is very important, your sources of income prove that you are ready to invest and hold for a long time, your sources of income is the key to help you to hold for a long time, of not no matter how smart you are, if you don't have a good sources of income before dive into crypto investment, you will end up selling your coin when you have an emergency problem.

Some people will say that a good sources of income can not affect your investment when you have a good plan and how to manage your funds but we should also remember that we can not escape a big emergency situation where you will need a huge amount to solve a problem, in a country where things get expensive every day, you have to be worry about the emergency funds.

[Nathrixxx]

There are some vital steps we must take before investing in Bitcoin regardless of being in Nigerian or not.

Plan well before investing and ensure that you have additional funds you are going to make use of in case of emergency; this means that you are not expected to invest all your money in Bitcoin when you know that it may rise at any time.

Your emergency fund can as well be in Bitcoin, and this is not going to be in the same wallet for your major portfolio, while it is also a lucrative idea that the moment we are investing in Bitcoin, why shouldn't be our last priority of investment assets, instead we can also choose to diversify to have multiple source of income over our investment and be more profitable.

[Hewlet]

‎Another mistake is borrowing money just to avoid the sale of your Bitcoin although holding Bitcoin for the long term maybe someone is taking on debit without a reliable repayment be up and plan can be a bigger financial problem.‎

If you look at  borrowing on a shallow level, you might make the mistake of concluding that borrowing to sort out your needs as an alternative to selling your bitcoin is a bad idea but if the loss you are able to avoid after borrowing money to offset an emergency is less than the loss you would have incurred if you sold your bitcoin at a loss, borrowing becomes a better option.

There are still some wealthy folks that still borrow money to sort out some key needs and even for investment purposes. as long as you have counted the cost and know that borrowing is your best bet, such decision is not wrong at all. the core remedy remains setting up an emergency fund while accumulating your bitcoin but if the emergency fund is not available or it is available but not enough to solve your needs, you have to look for the nearest alternative you can easily forgo to safeguard your asset.
 

[Sammye3]

This is the reason why investors should always have alternative sources of income without looking at bitcoin as an investment until it's maturity. It's normal to understand that emergencies would come but it would only affect people who see bitcoin as their only way out of financial freedom because they would look at withdrawal to sustain themselves temporarily.

Anyone could invest in bitcoin, both traders, market women, government workers, etc but the knowledge of bitcoin's volatility and market sentiments should be acquired before investment takes place. This is to ensure that there is no rush or panic buying that could regretted along the way.

[Chibit01]

In my opinion i think financial discipline means knowing when to invest when to save and when to   consider urgent need first There is no benefit in holding Bitcoin for the future while ignoring serious problems that need urgent attention today.
‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

When you don't use your money to solve your problem, when the person dies, do go use the money to bury the person, a popular statement for our side.

If I hold bitcoin and there are issues which need to be resolved, not luxury but just pressing needs. That holding is not a statue. If I have checked and there is no other means to raise money, I will sell my bitcoin without even giving it any thought. When things settle down, I can start accumulating again.

[I_Anime]

Those that would be caught off on guard by emergency are those that are not investing properly . When come to investment there’s something called emergency fund, specially for handling unexpected expenses like job loss, hospital bill and other form of emergency. So when you have a good amount for emergency funds set aside as you accumulate it would reduce the chances of you depending fully on your investment. Only when you will have to rely on your investment, is when come to life and death situation and your emergency money wasn’t enough to coverup the expenses that’s when you can rely on your investment don’t forget as long there’s life you can always bounce back .

[NewRevelation]

The topic raises a major concern for an investor who has no emergency funds or have not made any attempt to build his emergency funds while accumulating Bitcoin. If an investor fails to prepare a solid ground for his investment in from of an emergency funds, there will be problems, and as a human, you might be forced to tamper with your investment.

The best form of investment has always been to make sure that you try your possible best to keep an emergency funds nearby so that once these emergencies starts to show up, you have a liverage to tackle them quickly.

[CryptopreneurBrainboss]

The topic raises a major concern for an investor who has no emergency funds or have not made any attempt to build his emergency funds while accumulating Bitcoin. If an investor fails to prepare a solid ground for his investment in from of an emergency funds, there will be problems, and as a human, you might be forced to tamper with your investment.

When you fail to plan then you have planned to fail, it's that simple as it doesn't even make sense that you're claiming to be an investor yet you don't even have emergency funds then how do you plan to be able to hold that investment to the period you have in mind. Lets say you planned on using active income to support yourself, you mean you aren't saving any money from the active income that you're getting? There are just some things that an investor should be doing and having an emergency shavings is just one of them because if you can't even do the bare minimum like this, how then do you think you can succeed as an investor? Just living in Nigeria is an emergency on its own so why then don't you have an emergency funds even though you no be investor self?

[Wiwo]

The topic raises a major concern for an investor who has no emergency funds or have not made any attempt to build his emergency funds while accumulating Bitcoin. If an investor fails to prepare a solid ground for his investment in from of an emergency funds, there will be problems, and as a human, you might be forced to tamper with your investment.

When you fail to plan then you have planned to fail, it's that simple as it doesn't even make sense that you're claiming to be an investor yet you don't even have emergency funds then how do you plan to be able to hold that investment to the period you have in mind. Lets say you planned on using active income to support yourself, you mean you aren't saving any money from the active income that you're getting? There are just some things that an investor should be doing and having an emergency shavings is just one of them because if you can't even do the bare minimum like this, how then do you think you can succeed as an investor? Just living in Nigeria is an emergency on its own so why then don't you have an emergency funds even though you no be investor self?

The capital investment is never safe if the investor have not made allocations for emergency fund's, this emergency is far different from basic bills which should also be kept away from your investment or it profits, what I have learnt over the time is that, money in investment easily grow when you are not taking from it for other expenses, for example in my real estate business, the first turn over I got from the rent, I reinvested it into getting more lands, and the second turn over I started developing the new site, this have given me an hedge and that is possible because I have other sources that take care of my emergency and other basic bills.

The essence of making that illustration is to show how important having emergency fund's and other sources helps your investment portfolio to grow quickly than it should if you start spending from your investment income for emergency needs that have no returns.

[PhilosopherKing]

‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

Problem no fuey finish na wetin I go fit tell you, no think after you solve a particular problem say every problem done finish be that as you can never know what's going to happen next. That being said, always prioritize your investment because that's what's going to give you more money so as you're investing, make it difficult for yourself that you don't get easy access to the investment to liquidate in the sights of any problem because problem no dey finish. Always make your investments not that accessible to you if you can't hold yourself from cashing out when the pressure gets tougher. Prior to this, make your emergency savings big enough to be able to tackle any emergency that cones your way. But since life isn't scripted, trails and tribulations might come and only then should you ssll some portions of your investments to relieve yourself so you can then hodl the rest for long.

Yes problem na really no dey finish. Person fit solve one problem today and three more comes out the following week and then months after, na why building emergency funds gats to be a continuous process. It is not right to just build emergency funds to a level and just stop, person have to keep on ongoingly building it at any available chance they have discretionary income even while they are also investing in bitcoin

Life can happen to any person and when it happens, this one no be say na devil cause am or anything, na just how life be.  So emergency funds shouldn't be a negotiable thing to do, na something wey all investor wey no plan sell their bitcoin supposed get with them.

[Sammysmart001]

money in investment easily grow when you are not taking from it for other expenses,

Without having any extra cash set aside, any sudden bill can forces you to sell your Bitcoin early.
Market don’t care about your personal life or problems. When it turns out that emergency happens when price turns out to be low, you see that you lose money by selling at the wrong time.
A separate cash savings is not a waste, This gives a room to protect your Bitcoin so you don’t have to touch in the name of settling any bills but still when u are ready.

[AVE5]

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.

What you're talking about is a general challenge that's bound to happen to any bitcoin investor and not the specific Nigerians.
Everyone do have bills to attend to and because we're aware about the essential needs which we can't be denied of such as the food, medications, schools and all that may be, there's definitely every reasons why we must prepare ahead by having additional savings that we can use to solve those emergency need's. If ignores and move forth to invest all of our incomes, s time will definitely come when you'll force yourself to sell your coin just to attend to the immediate that matters because, life and good health first is where wealth is recognized.
Bitcoin isn't a get quick rich asset and for that reason, we're bound to hold for the long term and with the tendencies of its volatility, selling at the short term may even cause you lost.
So while investing in bitcoin whether a Nigerians or not, you must need to have savings to tackle your other needs while your bitcoins remains untouched until you meets your aim of investing.