Topic: Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 7. (Read 999 times)

Well, actually you were right to recommend that he invest while he still has a job. In fact, I also thought like that, and at that time I was forced to invest. However, when I lost my job, I really felt the benefits of the investment. However, this could be a lesson for him that while he still has income, he needs to think about what things are good to invest in and not be quickly satisfied with his income at that time. Investments will help us when we have no source of income. Currently he has no source of income, and wants to invest in bitcoin which has quite a high risk of investing if you don't have a source of income. I suggest looking for income first, because I still adhere to the principle that don't invest using money you don't want to lose.

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, The advice I gave to my cousins was not to invest in bitcoin but to save in bitcoin.

The reason why I'm saying this is because it was not quite long ago when I was approach by a friend who told me that he wants to invest on Bitcoin that he needs a guideline and that he was told that immediately he invested on Bitcoin that he will start making money, 

It's hard to understand how many people like to get themselves into trouble, giving advice or asking others to invest in bitcoin is an unwise idea. Think about it, if they invest profitably, we will not receive any benefits from them, but if they lose money, we will be the ones blamed, even called scammers. I really don't understand why so many people like to do this.

Basically, investing is risky, and it's riskier if it's bitcoin, a volatile asset. So let them learn and make their own decisions, don't try to ask or force them.

I agree when OP gives advice to his cousin not to invest in bitcoin while he is unemployed. But if OP hadn't asked his cousin to invest in bitcoin before, he wouldn't be in this situation now. OP is in a dilemma as he is the one who introduced bitcoin to his cousin but now OP is also the one who refuses his cousin to invest in bitcoin.

Basically, you don't need to ask your cousin to invest in Bitcoin. You only can help him if he is interested in Bitcoin himself. If you ask him to invest, you will take the responsibility if your cousin fails in his Bitcoin investment in the future. I believe you don't want to be blamed if there is something bad happening in your cousin Bitcoin investment.

Someone should be optimistic and brave enough if he wants to invest in Bitcoin. If your cousin is afraid, it means he is not ready to deal with the risks in Bitcoin investment. So, it is better to give the time for your cousin to learn more about Bitcoin investment first.

If he lost his job, how he can have the funds for investment?
Investment isn't the priority if someone has no income. It is better to have a job first and make sure to have good salary. When your cousin has free money for investment monthly, you can let him to buy Bitcoin. We must know that taking profits from Bitcoin mostly not in a short time, it will take a long time. He can expect to get profits monthly from Bitcoin. Moreover, your cousin is a beginner.

I noticed this is common behavior. I might also be guilty of the same. Whenever you have a good source of income and you even have extra money, you don't think of making more money. You probably think of spending, of how to enjoy your money. So instead of thinking of how your money would give you more money, you focus on the pleasurable things your money can afford. It's only when your source of income becomes problematic that you scamper looking for other ways to earn. I, too, am battling against this tendency.

That's his first mistake. Investing in bitcoin is not and should not be treated as an actual job. If you want to invest in Bitcoin, it should have happened when he had the stable income. Relying on bitcoin for your daily needs would be a disaster. It's a good choice that you decided not to get involved. Bad decisions after bad decisions.

but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

Based on that story, if you have a fixed job then you should save some of your money to emergency funds just in case you lose your job. We don't know what would happen in the future, better be safe than sorry I would say.   If you have affordable money to invest on any investment method out there then go ahead, otherwise please don't you just make yourself worse. Investment is not a quick rich money making method.

It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have  another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

I don't really give out advice to invest, I would rather tell them to save up in crypto rather than letting their excess money sit in their bank account.
I would also tell them the pros and cons of it, but I would never introduce crypto as a main source of income, if they would only rely on it, then they are risking their life on the line, not everyone could earn a stable income in trading and if it is their only money then it would be drained by their expenses.

There is nothing wrong if he choose to come back to Bitcoin investment, perhaps that's why they say that every change in behavior or acceptance is as a result of experience so perhaps he has realized that if he had diversified his part of the salary into Bitcoin he would have gotten an investment to fall back on since he has lost his job but however if his motive on Bitcoin is to become rich overnight or an alternative of making money on a weekly basis is obvious he may not be ready yet because it will be very difficult or impossible achieving that, however I realized that most people who have not really venture into Bitcoin has a very wrong impression on Bitcoin investment because they feel that is very easy to start and begin to make money immediately.