Topic: Advice to friend for financial improvement. - page 7. (Read 906 times)

Most likely, the author is talking about people who are not rich, but they want to buy a new iPhone, which in itself is not a very good idea. I know people who bought an iPhone and got into debt because of it or took out loans and then pay for it. The iPhone does not bring them money and is not a necessary thing like a computer, air conditioner or washing machine, it is just an expensive toy. The author mentioned a salary of 500 dollars or something, with such a salary in my opinion it is not very reasonable to buy an iPhone

It's pretty hard to make general advices because everyone's situation is different.

What if the person would benefit far more with the iPhone because of business/work-related reasons? Heck, if a person doesn't need a new phone but isn't in the best financial situation, I'd say start a small business than invest in bitcoin. Bitcoin won't give you steady cashflow.

It's great if your friend can make money from this. But if Bitcoin halves next year, as you said, if I understood you correctly, and your friend at some point discovers half as much money in his account, then he may be upset and will definitely remember you at that moment . Of course, you will explain to him that Bitcoin will grow and so on, but I don’t know if this answer will suit him. Perhaps you immediately warned him about possible risks and temporary price drops, then you did everything right. In any case, I wish you success

I will not suggest your Friend buy an iPhone, firstly you have already noticed that Bitcoin should be profitable in 2024 as it is halving. But, I can't suggest the bitcoin too, because this is trading and we can't expect what will be tomorrow. In trading a coin can reach any place or any price. As you know the batteries of the iPhone are going to be low day by day, I have used the iPhone I have now, but it is not good in terms of batteries, so it will decrease the price. For example, if he buys an iPhone for $200 and is using it constantly, then after 6 months or 8 months, the battery will be 90% from 100%, which is quite disgusting and it will lose its original price of $200, and now it will be around $160.

Comparing these two, bitcoin investments would be a better choice to get some profit, whether if he didn't have that much of the money but he should invest.

Well, it's hard to say whether steering someone towards buying a particular item and recommending Bitcoin is the right choice or not. I often see content creators on YouTube prioritizing their devices to enhance their video production capabilities on their smartphones. They buy iPhones out of necessity for their work, not just to make a fashion statement.

The average iPhone user tends to have the financial means to easily spend $1000, and for some wealthy individuals, they can recoup that amount within a day. So, it's not a matter of blindly advocating for Bitcoin without considering other opportunities. Let's be honest, everyone has their preferences and priorities.

If someone regrets their iPhone purchase, they may eventually realize that the Apple gadget doesn't hold as much value for them. And I believe that realization might lead them to change their mind, potentially selling their iPhone and investing in Bitcoin.

Different people have different interests and needs. If you love luxury stuffs, you won't stop to buy them because your life looks more boring at least in your thinking, without those luxury stuffs.

In addition, iPhone can be a luxury stuff with me or you but with some people, it's not kind of luxury thing as they are rich enough to buy one iPhone. They even can use money to invest in Bitcoin but still can manage to buy an iPhone. If they can do it, it's not financially wrong by buying an iPhone to use and enjoy life.

Your advise is true if a person is poor but want to make a loan for buying an iPhone. It is true with those people, they are doing something bad and very unnecessary spending in their life while they can use the same money for more important stuffs. Learning a course to improve their skills to have better jobs, become more competitive when applying for a job. Using it for investment like in Bitcoin. Using that money for emergency. All those spending types are more meaningful and helpful for them than an iPhone.

Buying bitcoin is not enough. The rest must be holding it in a safe and secure wallet because if you lose bitcoin after buying it a few days, it's won't help you to get richer or have a brighter future.

Reminder: do not keep your money in online accounts.

OP, so do I need to sell my computer and phone to invest in bitcoin when you think buying a phone is a waste?  furthermore, what is your goal of investing in bitcoin, do you want a better life or are you just trying to stop using it all to invest in bitcoin?  I believe that most people who buy iphones are people with good income and they also have profitable investments and huge savings.  only some braggart young people would sacrifice important things in exchange for a new iPhone.

One more thing, you can know if there are any devices that increase in value the more you use them, computers, phones, washing machines, refrigerators, air conditioners...they are all serving us every day and I won't call them devalued but we are paying every day for them to serve us.

Exactly, I don't think anyone will use investment money to buy an iPhone or anyone will use daily spending money to buy a new iPhone. I believe that each person will have their own spending plan and it is normal for them to buy necessary things for their needs. I don't understand why there are so many topics discussing iPhones and bitcoin investments when they are two completely different things. If we think buying a new phone is a waste, then it's best to limit our daily meals, limit the purchase of necessary items and put it all into bitcoin.

It's the weekend and I took my kids out after a stressful week at school and it cost me quite a bit of money, would it be better if I kept my children at home and used that money to invest in bitcoin? If we cannot balance our lives, then if we pour all our money into bitcoin, life will become meaningless and investing in bitcoin will become a crime rather than bringing us a better life.

BTC doesn't make your life bright, you can live a good life without ever usng BTC, to live a better life and have a good future, you simply need to work hard, be financially responsible and try to increase your income; and you can do all of these without using BTC. Take note that BTC is volatile, and people also lose money when they use it as an investment.
You are not so sure of that, because you cannot tell what is going to happen in the future. When people who don't know what they are doing buy BTC, they can also expose their keys or seed phrase and lose it, or store it in an online device ad lose it, you can't tell what the state of ones coins would be in the future. Take note that there is also nothing wrong in buying whatsoever you like, and if it is an iphone, go for it, as long as you have the money to get it.
Giving financial advise is a risky thing to do, be careful with how you do that.

I think it depends on the priority and use case because who will use investment money just to purchase an iphone? It’s not bad to purchase gadget if you need it and you have money for it. It’s not necessary to invest every penny of your money on Bitcoin and leave all your necessities to make your life enjoyable.

What if you die tomorrow while you put all your money on Bitcoin? You need to balance it to have a happy life currently and prepare in the future by properly splitting your capital in different type expenses and investments.

This is a great thinking of a person who looks into his future. Everything always starts small and any investment of $ 100 now can turn into a profit of $ 1000 tomorrow. When bitcoin fell after it was $60,000, I remember reading the news that a married couple decided to buy it at such a cheap price and sold their house for it.

https://www.thenationalnews.com/business/money/2021/08/17/this-family-sold-everything-they-owned-to-invest-in-bitcoin-when-it-was-900/

In fact, there are a lot of such stories and often people around do not understand and laugh at such people, but the fact is that it will still be above $ 60,000, and it will grow to 100,000.

You want me to say that I am not a fan of i iPhone, because I like using the Android operating system more than iOS operating system. In this case, from my point of view, the price of iPhone 15 will go above 800 dollars, in that case, I think if this money can be invested now, in the next bull run, I think this money is likely to triple.
Because in the last bull run, Bitcoin touched around 69k dollars, and now if you see the current price around 28k USD. However, no one can guarantee when the price of Bitcoin will increase or when the bull run will start. But if you check the past history, it will be seen that the bull run started immediately after the bitcoin halving. And Bitcoin halving is very close now you suggested to your friend and he accepted it, I think it is a very good job. Hope your friend can buy iphones with his profit in the next bull run.

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.

Firstly, I suggest moving your topic to the Bitcoin discussion section since it pertains to the idea of investing in Bitcoin.

I understand that the concept of investing in Bitcoin instead of purchasing the latest iPhone has been discussed several times on the forum, but it remains sound advice. This doesn't mean you shouldn't buy an iPhone, but it's worth considering the potential profit from investing the same money in Bitcoin. Buying an iPhone locks your funds into a fixed asset, which, over time, will depreciate as new designs emerge in the market. On the other hand, investing in Bitcoin, especially given the expectation of an upcoming bull run, can yield higher profits. We should all strive to make intelligent choices that can safeguard our financial future.

Mention this from the thread I posted to your friend. How much Bitcoin is needed to buy iPhone 15?
Improving each individual's finances requires many factors to evaluate. With close friends, we can easily talk about opportunities to develop ourselves more. I also said to a close friend that he was feeling poor? And of course we understand the poverty of knowledge, spirit, and material,... thereby rebuilding the most basic things. I don't like talking about an opportunity without understanding its nature, that doesn't guarantee sustainability.

The journey to a goal requires a beginning and perseverance. Here I see that beginning and hope everyone keeps that fire to have better opportunities in life.

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.