Advice to friend for financial improvement. - page 2.

gunhell16

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Quote from: Bd officer on October 08, 2023, 02:16:46 AM

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright. Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. I searched among my friends to see if anyone would buy an iPhone, finally one of my close friends lives in my country's capital. Working in a good company and getting salary of $500 per month. Buying that friend's iPhone is easy. He came to visit my house a few days ago. My friend had a $200 normal phone, one time I talked to him he said he was going to buy an iPhone 15. I can't knowingly recommend my friend to buy an iPhone. I got good knowledge about Bitcoin, I suggested my friend to invest in Bitcoin thinking about his future development. Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

The good thing about what you did is that you just shared and gave a suggestion about the investment here in Bitcoin, and you explained it well to your friend. He had doubts that you were right, so your friend decided to invest in Bitcoin. Good job there, dude.

Then I even saw something on the news that an iPhone fanatic said in an interview that buying an iPhone is an investment for him; the iPhone 15 is around $2,000 here in our country. When this device became an investment type, its value decreased as time went on, so if it were me, I would not buy such an expensive mobile device, to be honest.

With that amount of money, I can get rich if I use the money I bought here in Bitcoin and other cryptocurrencies that are top-listed in the market if I will hold em in until bull run comes.

seanskie18

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The author suggests that the choice between investing money in a gadget like an iPhone depends on the individual's priorities and use case. They argue that it's not necessary to spend all your money on Bitcoin and sacrifice basic needs for a fulfilling life. Instead, allocating resources to various types of spending and investments can help strike a balance between living a good life now and planning for the future.

TakeItEasy

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Quote from: rojan on October 08, 2023, 11:18:33 PM

I think what you have given is correct. I think 200$ can be invested in Bitcoin now and after few months or few years it will get good amount of profit. So if you can invest in Bitcoin instead of iPhone money at this time. It can bring profit for him. But I don't think he will invest in bitcoin if he can invest now it seems like the best time to invest.

I don't think 200$ investing opportunity in a coin like Bitcoin would be a smart choice as the amount is too small. One should invest in Bitcoin if he has a little bit larger amount than this. So, he should get a proper profit. As the price is Bitcoin is too high, as it is now at $31k so if it pumps how much profit he can get from $200 in a month, only a little? It is better to invest these dollars in some other coins if he really likes trading and if he has much knowledge about it and can get a profit easily, then it would be better to invest in different coins. But it should also be not in a single or two. Otherwise, there will be more risk in doing this.
And things like the iPhone I don't think the investment is these things have more capitalization because as compared to trading these are just work I can say in other words.

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Quote from: Dimitri94 on October 23, 2023, 02:41:30 PM

Quote from: Renampun on October 23, 2023, 01:56:33 PM

Quote from: Bd officer on October 08, 2023, 02:16:46 AM

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright. Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. I searched among my friends to see if anyone would buy an iPhone, finally one of my close friends lives in my country's capital. Working in a good company and getting salary of $500 per month. Buying that friend's iPhone is easy. He came to visit my house a few days ago. My friend had a $200 normal phone, one time I talked to him he said he was going to buy an iPhone 15. I can't knowingly recommend my friend to buy an iPhone. I got good knowledge about Bitcoin, I suggested my friend to invest in Bitcoin thinking about his future development. Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

The iPhone is very popular with young people, especially those who are still active on social media. I myself bought an iPhone X when it first came out because I really wanted to have an iPhone, but for now, even though I have the money to buy another new iPhone, I won't do it again, right now I am more concerned with investing in Bitcoin than buying a new iPhone or other brand of new smartphone. I once saw on a Twitter status, there were people comparing the prices of iPhone when they first came out until now and to be honest, that post really opened my mind.

From the day I found out about Bitcoin, I put aside all my other hobbies. Because I know that if I have money, I will always be able to buy new models of phones and various products. But if I spend the money on other things then I will lose that opportunity. I will be able to make my future better if i invest that money instead of buying iPhone that will turn into a big asset after some time. Just as there was a huge difference between the current price of Bitcoin and its price 10 years ago, many are now able to predict what level it may reach 10 years from today. If you have one phone then there is no reason to buy another phone.

Good realization and this is something that should really be done in the first place on which dont make yourself that buying on things which depreciates value like Mobile phones, cars and other liabilities that we do know.
If you have made out those kind of realizations then congratulations you are really that mature enough and really that minding about your future plans which ending up with this kind of endeavor on engaging with investment which it might not really be just that limited with Bitcoin/Crypto but also in other investment as well on which it could really give out that kind of financial enhancement or progress if its done right.
We could really make out some advices basing up with our own experiences on which it is really just that right or wise thing to do because spending or splurging cash into something that not appreciates its value
would really be just simply a waste.

Dont put up yourself into such scenario that you've been struggling on day to day living just because of making some bad financial decisions that you had made out in life.
No one is perfect but doesnt mean that you wouldnt really be mindful about on the things that you are currently doing. Mistakes are common but people do learn with those mistakes
and make those improvement later on which its a common action to be done.

wallet4bitcoin

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Quote from: Bd officer on October 08, 2023, 02:16:46 AM

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright. Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. I searched among my friends to see if anyone would buy an iPhone, finally one of my close friends lives in my country's capital. Working in a good company and getting salary of $500 per month. Buying that friend's iPhone is easy. He came to visit my house a few days ago. My friend had a $200 normal phone, one time I talked to him he said he was going to buy an iPhone 15. I can't knowingly recommend my friend to buy an iPhone. I got good knowledge about Bitcoin, I suggested my friend to invest in Bitcoin thinking about his future development. Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

That friend of yours clearly has little or no information about being financially literate. Putting it in simple terms, he's not ready to get rich. Who spends such an amount of money buying the latest liability (whatever asset that isn't raking in revenue is a liability irrespective of what it is) and still expects to be rich or be financially free. Your friend should thank you and look for more of your kind to keep as friends. He will observe his financial status will take a new course in a very short while.

Financial education is important only to those who know about it but then everyone is supposed to know about it.

Dimitri94

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Quote from: Renampun on October 23, 2023, 01:56:33 PM

Quote from: Bd officer on October 08, 2023, 02:16:46 AM

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright. Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. I searched among my friends to see if anyone would buy an iPhone, finally one of my close friends lives in my country's capital. Working in a good company and getting salary of $500 per month. Buying that friend's iPhone is easy. He came to visit my house a few days ago. My friend had a $200 normal phone, one time I talked to him he said he was going to buy an iPhone 15. I can't knowingly recommend my friend to buy an iPhone. I got good knowledge about Bitcoin, I suggested my friend to invest in Bitcoin thinking about his future development. Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

The iPhone is very popular with young people, especially those who are still active on social media. I myself bought an iPhone X when it first came out because I really wanted to have an iPhone, but for now, even though I have the money to buy another new iPhone, I won't do it again, right now I am more concerned with investing in Bitcoin than buying a new iPhone or other brand of new smartphone. I once saw on a Twitter status, there were people comparing the prices of iPhone when they first came out until now and to be honest, that post really opened my mind.

From the day I found out about Bitcoin, I put aside all my other hobbies. Because I know that if I have money, I will always be able to buy new models of phones and various products. But if I spend the money on other things then I will lose that opportunity. I will be able to make my future better if i invest that money instead of buying iPhone that will turn into a big asset after some time. Just as there was a huge difference between the current price of Bitcoin and its price 10 years ago, many are now able to predict what level it may reach 10 years from today. If you have one phone then there is no reason to buy another phone.

Renampun

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Quote from: Bd officer on October 08, 2023, 02:16:46 AM

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright. Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. I searched among my friends to see if anyone would buy an iPhone, finally one of my close friends lives in my country's capital. Working in a good company and getting salary of $500 per month. Buying that friend's iPhone is easy. He came to visit my house a few days ago. My friend had a $200 normal phone, one time I talked to him he said he was going to buy an iPhone 15. I can't knowingly recommend my friend to buy an iPhone. I got good knowledge about Bitcoin, I suggested my friend to invest in Bitcoin thinking about his future development. Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

The iPhone is very popular with young people, especially those who are still active on social media. I myself bought an iPhone X when it first came out because I really wanted to have an iPhone, but for now, even though I have the money to buy another new iPhone, I won't do it again, right now I am more concerned with investing in Bitcoin than buying a new iPhone or other brand of new smartphone. I once saw on a Twitter status, there were people comparing the prices of iPhone when they first came out until now and to be honest, that post really opened my mind.

Lorence.xD

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Quote from: Kelward on October 23, 2023, 01:04:22 PM

I think that the main focus here is that it's best to forgo some of our secondary and luxury needs and invest the money that we can use to purchase these needs. When the investment starts to yield profit, then you can conveniently purchase the needs and your investment capital will most likely be yielding more profit. So as we're focusing on bitcoin as an investment option, i think that it is a good place to invest, because despite it's fluctuations of price pump and dump, where the investor will experience loses sometimes, it however has a high probability of being very profitable if you hold on a long term. Because perfect opportunities will always come by after waiting for bull runs and the investor can cash in on the profit to buy what they've forgone to invest in bitcoin, whether it's iPhone or any other commodities.

Buying luxury could be used as an investment as well, such as watch, cars and etc., where they increased their value depends on the rarity plus for how long the product exist like it's from 19s. It would literally depends on their lifespan, because if we compare it into iPhone where phones could last for 2-3 years depends on the person's caution. This would only differs on the person's preference on investing, because we all know that Bitcoin is not the only thing that you could stake your money to invest, as there's a lot of variety of options. Bitcoin has the potential to grow for a long term, it's already given that's why people are accumulating and holding it for aiming to profit huge. But some people are not that patient with Bitcoin as they really need to earn quick, that's why some would do trading, other investment such as business, and etc.

Kelward

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I think that the main focus here is that it's best to forgo some of our secondary and luxury needs and invest the money that we can use to purchase these needs. When the investment starts to yield profit, then you can conveniently purchase the needs and your investment capital will most likely be yielding more profit. So as we're focusing on bitcoin as an investment option, i think that it is a good place to invest, because despite it's fluctuations of price pump and dump, where the investor will experience loses sometimes, it however has a high probability of being very profitable if you hold on a long term. Because perfect opportunities will always come by after waiting for bull runs and the investor can cash in on the profit to buy what they've forgone to invest in bitcoin, whether it's iPhone or any other commodities.

TelolettOm

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Quote from: Bd officer on October 08, 2023, 02:16:46 AM

.. Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. ..

The period may not be as precise. That is, if it is between 2-4 years, if it is 4 years later than this year, maybe that is when the bearish is happening. Meanwhile, on the other hand, a bullish era may occur after the halving, perhaps around 2024-2025. So, the actual amount of knowledge will not guarantee that our money in Bitcoin investment will really increase. because, you should take profits at the right time, namely during the bullish era. Even though we don't fully know when this will happen, at least we can watch the market and its developments.

But actually, I also agree that I would rather use that money to invest in Bitcoin than buying an iPhone. However, this will also depend on each person's condition. If you don't have financial problems, you don't need to worry about buying an iPhone as a self-reward. On the other hand, sometimes, someone buys an iPhone to do some nicer, smoother, smoother, and professional things when using an iPhone. So, this will again depend on individual conditions and needs. What is certain is, avoid having high style when our financial condition is not that good, just for prestige.

Mr.suevie

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Quote from: Patrol69 on October 14, 2023, 11:17:50 AM

Those who are financially well off usually think of buying an iPhone. For some people iPhone is a hobby but they cannot afford it due to financial constraints. Since your friend planned to buy the iPhone Fifteen Pro Max, we can assume that your friend is financially well off. If your friend was not financially sound then he would have never planned to buy iphone but he would have used the same money to buy a brand new iPhone and he would have done some other business plan. Still if you claim that your friend is not financially well off and is only planning to buy an iPhone for his hobby then I tell you if you give him investment advice now he will never listen to your advice. He has accumulated money and surely with that money he will fulfill all his needs. Still, since you said the words for his good, your initiative is undoubtedly admirable.

Someone who has the money to buy this iphone won't ever hacken to the advice you would probably give him to actually use the money to purchase Bitcoin which can give your money value over some years unlike the iphone which will just lose value as time goes by. Someone who has the funds can only see this as fulfilling his pleasure abd same case won't be for someone who is actually struggling because the same money he used to buy this iphone can be used for other good investment which can yeild him much profit In the future.

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Quote from: karabiber on October 14, 2023, 08:38:08 AM

In countries where iPhones are expensive and inflation is high, iPhones or Apple products are used as a store of value and investment tool, just like Bitcoin. For example, due to government taxes the average iPhone price is $2000 in Turkey, which is twice the price of an iPhone in the US and Europe.

Especially due to high inflation, the price of a good you buy today can double the next day and in this case, the iPhone can be an investment tool. In such a country, i would not advise someone to buy Bitcoin for investment and buying an iPhone may be a more profitable investment than Bitcoin. Because the price of Bitcoin has been stable for a long time and it makes more sense to buy an iPhone for short term profits. However, i should note that the value of the OP's advice to his friend will be much better understood years from now.

I don't think that works in every country, I agree that inflation does make the prices of goods increase but sometimes it can go on the negative side if you buy a product like an iPhone and it loses value after a month or so for some reason. And products don't carry the same value once they are opened and used as they become second-hand and most people don't pay a lot of money for them when they know they can get a new one by just paying a little bit extra.

It's also not always about short-term investment and users mostly buy Bitcoin for long-term profits you can't really keep a product, especially a mobile, for the long-term and then expect to get profit when you sell it because it will most probably lose value in the long run and you will need to sell it for a lower amount.

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Quote from: Patrol69 on October 14, 2023, 11:17:50 AM

Those who are financially well off usually think of buying an iPhone. For some people iPhone is a hobby but they cannot afford it due to financial constraints. Since your friend planned to buy the iPhone Fifteen Pro Max, we can assume that your friend is financially well off. If your friend was not financially sound then he would have never planned to buy iphone but he would have used the same money to buy a brand new iPhone and he would have done some other business plan. Still if you claim that your friend is not financially well off and is only planning to buy an iPhone for his hobby then I tell you if you give him investment advice now he will never listen to your advice. He has accumulated money and surely with that money he will fulfill all his needs. Still, since you said the words for his good, your initiative is undoubtedly admirable.

There is different between investing our money and using our money to buy liability. Many people had been using there money to buy liability but they never know because they are no that attentive to the way they spend there funds. We need to improve in our financial struggles and say no to too much spending that has no impact to our mental health.

Sometimes we see people running after fashion just to look good in the eye of there friends and followers. We don't need to do things to impress people but to do things to build our portfolio as an investor just like the way many of our billionaires normally do just like the Facebook CEO that mostly dress causally.

GbitG

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Quote from: Bd officer on October 08, 2023, 02:16:46 AM

Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone.

It is a very good decision to invest in Bitcoin instead of buying an iPhone, because, as you see, the value of the iPhone is 1.4k euros, and if you invest in Bitcoin instead of an iPhone, it will give you a lot of profit. Can be found And anyway, there is a passion for the iPhone for a few days, but after a while, that passion fades, and you want to sell the iPhone and get the latest one, and at the end of the day, you feel grateful that I wish I had saved this money to buy it. He would have done a good job. So it is better than regrating that by investing in Bitcoin, you can not only recover your invested amount but also earn profit from it and set your life.

Quote from: Bd officer on October 08, 2023, 02:16:46 AM

Suggested my friend to invest in Bitcoin by following DCA.

You have given a very good suggestion to your friend to choose the DCA method for investing in Bitcoin. There's no doubt that there are several advantages to investing through DCA, and in my opinion, it's the most effective and beneficial way to invest in Bitcoin that anyone would recommend. DCA allows people to diversify their portfolios, reducing risk involvement, which is highly important in the cryptocurrency industry. In other words, what I mean to say is that you've given a superb piece of advice to your friend, and I commend you for offering a positive recommendation to an aspiring investor.

Patrol69

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Those who are financially well off usually think of buying an iPhone. For some people iPhone is a hobby but they cannot afford it due to financial constraints. Since your friend planned to buy the iPhone Fifteen Pro Max, we can assume that your friend is financially well off. If your friend was not financially sound then he would have never planned to buy iphone but he would have used the same money to buy a brand new iPhone and he would have done some other business plan. Still if you claim that your friend is not financially well off and is only planning to buy an iPhone for his hobby then I tell you if you give him investment advice now he will never listen to your advice. He has accumulated money and surely with that money he will fulfill all his needs. Still, since you said the words for his good, your initiative is undoubtedly admirable.

Viscore

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Quote from: Solosanz on October 08, 2023, 02:38:10 AM

Isn't it depend on the person?

I'm a typical person who will save as much as I can and invest in an asset that I trust, which is Bitcoin.

But I have a friend who like to spend most of his salary to buy anything to fulfill his desire e.g. buy a coffee every morning, hangout every week, going to concert every month etc.

I did ask my friend, "Don't you think such money is better for saving to prevent from worst situation could happen?"

Then my friend answer my question, "I'm happy with that (living by paycheck to paycheck) because we only live in this world once and when we die we won't able to bring our money in heaven."

Honestly I can argue with him because I don't agree with such thought, but if I win, what I get? nothing and it just make my friend become worse because he's not happy to follow my lifestyle.

It just proves that what works for you may not work for others as we don’t have the same goals and interest in life. In that case, just leave him to where he is happy. He will only remember your words once he’ll come to realize that living by paycheck to paycheck is not good at all.

However, back to OP, don’t you think your friend might be too rush in his decision to invest? I agree that bitcoin investment is more valuable in the future than by spending your money to buy an iphone but he should know the risk first when investing in bitcoin, and that he should never expect for sure profits especially if he is still an inexperienced one.

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Quote from: karabiber on October 14, 2023, 08:38:08 AM

In countries where iPhones are expensive and inflation is high, iPhones or Apple products are used as a store of value and investment tool, just like Bitcoin. For example, due to government taxes the average iPhone price is $2000 in Turkey, which is twice the price of an iPhone in the US and Europe.

Especially due to high inflation, the price of a good you buy today can double the next day and in this case, the iPhone can be an investment tool. In such a country, i would not advise someone to buy Bitcoin for investment and buying an iPhone may be a more profitable investment than Bitcoin. Because the price of Bitcoin has been stable for a long time and it makes more sense to buy an iPhone for short term profits. However, i should note that the value of the OP's advice to his friend will be much better understood years from now.

If you are talking about people who trade iPhones by buying and reselling them, then we have nothing to discuss here, it's their business. But if someone just likes to boast and show off while their income is still unstable, then buying a new iPhone is really condemnable and too wasteful.

But I don't agree with you when you say bitcoin has been stable for a long time, I have never seen bitcoin being stable. Bitcoin is always volatile, but the volatility is sometimes quite small and you cannot make a profit if you hold it. But you can make profits by trading bitcoin.

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Quote from: Bd officer on October 08, 2023, 02:16:46 AM

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright. Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. I searched among my friends to see if anyone would buy an iPhone, finally one of my close friends lives in my country's capital. Working in a good company and getting salary of $500 per month. Buying that friend's iPhone is easy. He came to visit my house a few days ago. My friend had a $200 normal phone, one time I talked to him he said he was going to buy an iPhone 15. I can't knowingly recommend my friend to buy an iPhone. I got good knowledge about Bitcoin, I suggested my friend to invest in Bitcoin thinking about his future development. Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

It's not a bad idea, but I hope you mentioned to your friend that Bitcoin might not experience an immediate price surge as he imagines. He could be calculating his potential gains based on your input, but he should understand that patience is essential to achieve his goals. If he's inclined towards trading, he could also consider using the Sniper Range strategy to potentially earn more profits and then consider Dollar-Cost Averaging (DCA) for a longer-term approach.

karabiber

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In countries where iPhones are expensive and inflation is high, iPhones or Apple products are used as a store of value and investment tool, just like Bitcoin. For example, due to government taxes the average iPhone price is $2000 in Turkey, which is twice the price of an iPhone in the US and Europe.

Especially due to high inflation, the price of a good you buy today can double the next day and in this case, the iPhone can be an investment tool. In such a country, i would not advise someone to buy Bitcoin for investment and buying an iPhone may be a more profitable investment than Bitcoin. Because the price of Bitcoin has been stable for a long time and it makes more sense to buy an iPhone for short term profits. However, i should note that the value of the OP's advice to his friend will be much better understood years from now.

doomloop

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Quote from: Bd officer on October 08, 2023, 02:16:46 AM

Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

I'm actually not a fan of forcing someone into making financial decisions if they are not really comfortable with them or they haven't thought of them themselves. It's their life, let them make their decisions, they might have a different plan for their future and they might need to buy something, even if it's not a need but a lot of people also have wishes and desires that they have been saving up for so that they can get what they have been wanting for years.

So, we should actually just make suggestions just to see if they are interested in the idea and if they are not, we shouldn't ask them twice. If they show some interest and say that they are completely okay with skipping buying a phone or anything and invest the money in Bitcoin, then one should go ahead and guide them through.

Topic: Advice to friend for financial improvement. - page 2. (Read 906 times)