Topic: Bitcoin and cost of living. (Read 103 times)

Yes, before investing in Bitcoin we need to pay attention to our financial management, if we can properly manage the surplus funds left after meeting monthly expenses and needs, we can slowly build up our Bitcoin stash. We must have a long-term investment mindset, and manage our income and expenses accordingly. And we need financial stability so that we can run our DCA evenly even when our costs increase during inflation. If we plan everything properly during inflation, our investment results can be better. And we must plan for the long term.

Investing in bitcoin is for those who have a means of income and also do have extra funds after they must have taken care of their monthly expenses and needs. You can divide your extra cash into two parts and use one part to invest in bitcoin. Since it is a small amount that you are using, it is good that you continue with your buying process whenever you receive your income and gradually, you will build have grow your bitcoin stash. Financial management is very important so that you can know the exact amount that you will use to buy bitcoin monthly. There are sometime that our expenses will increase due to either inflation or an additional expenses, at this time, you reduce the amount that you will use to buy bitcoin at that particular month and if you have less expenses, you can increase the amount of bitcoin that you will buy in that month. It is not to invest but to invest and hodli for long is what matters a lot

Investing in bitcoin is not something you will do while struggling financially, you don't strangulate your financial lifestyle because you want to invest in Bitcoin. Bitcoin investment is capital intensive, so if you have the interest to invest you can do it whenever you feel you have the financial capacity. If as a Nigerian and you've been investing, and the current economic reality is affecting your investment plans, the best thing to do is to give yourself a break with the option of not touching your already existing investment so it can grow while you try to sort out by sustaining yourself with something else, hence you feel your back on track financial, then you can continue your DCA method from where you stopped initially.

You don't need to be aggressive on your Bitcoin investment but it's good to start it as soon as possible, normally unnecessary spending leads to deficit budget and leaves you with little or nothing left to hold on for yourself, it's not only usefull to consider when try to invest in Btc only but should be practiced in our daily life, the more you practice the more you get used to it and get rid of spending outside your budget.
Set your wants and needs, put them in a scale of preferences  in the order of pressing needs, budget your investment plans along with your wants, select and forfeit those that are less needy to meet your goals... spend wisely on your needs, don't go for liability assets, invest what you can afford there's always enough time(maybe, at least you investing ) to increase your investment plan aswell as portfolio size... this should really help.

if you never de extablished financially to a very large extent, no matter the strategy you go wan put in place e go de very deficult to fit  buy Bitcoin for this our economy when de play brother Bernard like this.  For some of us when get some small things when de pay us in USDT, we fit never understand how deficult e de to carry the small money when you de earn in naira use for Bitcoin investment most expecially when you know say most times we de save money so that the money go later save us.

The need to get an additional source of income no be just because say you wan invest in Bitcoin or say you wan remain consistent for your Bitcoin investment, for you to fit survive well for this country and even in the world today, you need more than a single stream of income and possibly strive to ensure that you're earning in multiple sources that's paying you in both naira and USDT or Bitcoin which is the best way to overcome the huge inflation we're currently facing.

Na d add to ur source of income I like. People need understand say if you never chop well you no go fit invest, you no go come see say you dey hungry come dey say you wan invest, you go end up harvesting your investment before e due, but if you get hustle wey dey pay normally, you go dey fall back to am before you go say you wan reason your BTC investment normally.

Id you get better work or probably add side hustle, you go use one day sustain then use the other one they find your investment, na person wey don chop remain they fit invest well oh, forget motivational talk the reality be say you no fit starv den run investment well, you go later go back go chop that investment at some point.

Investing in Bitcoin is not a do or die thing. It's so something you can do when you know that you are financially able and not someone who manages to put food on his table. There will be time to invest but that time is when you know very well you have a good source of income or even better multiple sources. This way you might consider putting one of your source to invest in BTC. Avoid the idea about buying more BTC when you know you have other more important things to settle. With the country being as hard as it is, you need every penny you can get.

Bitcoin is one of the best investment right now in the world and a lot of people in Nigeria are now into Bitcoin investment by Accumulating and holding using lump sum strategy, DCA strategy etc. Some people has been accumulating for a very long time now in Nigeria without touching there Bitcoin investment, however because of the latest high cost of living in Nigeria some people has started touching or dipping hands into there Bitcoin investment especially those that there source of income can't match the cost of living in the country and no one can blame them because one can't be hungry and his having Bitcoin without selling it.
I know of someone that has been accumulating Bitcoin for some time now and he vowed never to touch his Bitcoin but because of high the cost of living he has sold all his Bitcoin.

Now with this high cost of living one can't give up in trying to invest in Bitcoin, one can do something's in trying to keep up or prevent dipping hands into his or her Bitcoin investment which are.

1. Stop unnecessary spending.
Some people always buy things they don't really need, in this kind of situation we are in this country you need to be very careful when spending in other to buy the things you really want so you can save cost and prevent yourself from getting broke which may now lead to you dipping hands into your Bitcoin investment.

2. Cut down the percentage you put into Bitcoin and other investment.
Since the cost of living is this high one needs to cut down the percentage he or she puts in Bitcoin and another investment in other to use those money in daily spending, because if one continues with his or her former investment percentage it will surely make one broke because there's high cost of living, food items and other things has add cost so much than what it is before so cutting them down will help you prevent dipping hands into one's Bitcoin as time goes on.

3. If possible add to your source of income.
Before one can be accumulating Bitcoin weekly or monthly one has a source of income so it's good one also add to his or her source of income in other to match this high cost of living and also keep his Bitcoin investment safe and untouched.

Anyone can still add things he or she believe can help prevent people from dipping hands into there Bitcoin in this hardship.