Topic: He wants to Invest in Bitcoin for His Retirement. - page 4. (Read 1790 times)

It's not advisable to invest in Bitcoin on the short term because it's a volatile asset, it's price might dip at the time that he wants to sale.

he can adopt the DCA method. By doing DCA he can then be able to achieve the long term investment that is best suited for Bitcoin.

We should understand that Bitcoin investment is a secondary need, his income or profits should first satisfy his primary needs like food, shelter and miscellaneous expenses before talking about any investments.

It's not always about diversification sometimes. Yes, doing the right diversification can lead to financial stability and wealth. On a deeper note if you have a proper investment in one asset it will yield a huge return if the money invested in it is much. Now this is how these things work. When you invest in Bitcoin what determines the level of profit we can have is the number of accumulations and how much we have invested in Bitcoin. So the higher the number of Bitcoin the higher the returns when the price gets high.

Diversification is the key most especially if your goal is to build retirement funds in the future. No certain investment guarantees all time profits, even with bitcoin, so it's always advised to invest in bitcoin for long term for higher chances of profitability and only invest using an amount that one will afford to lose.

Now, if investing means you want to put food on the table on a daily basis, bitcoin is not the right investment for you. Go for another investment that will give you daily or weekly profits, and not with bitcoin where its due time to profit at a maximum level may only comes once or twice a year depending on how your investment goes due to unpredictable market conditions.

Wrong, shitcoins is.

As you can see there are many shitcoins that the price double in just a day, this is a quick making money. Don't argue with me if shitcoins can make your money down 50% or more, that's the risk of gambling in shitcoins.

Small business has no guarantee to be successful, actually most business are failed.

And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

As it is, we have scheduled another meeting this Sunday again after the Sunday service. And if he is serious I will invest for him but I prefer the long term but as a age man, really he needs an investment that can brings feed to his table daily and that is why he was insisting on the short term investment buy that cannot do him anything base on the volatile nature of Bitcoin.

I completely agree with that. Many people make the mistake of putting together capital that they want to use in investments to grow it over time but they put it all in a single thing. This way, if the investment asset doesn't perform up to the expectations, all the time that the person has waited to get profits will be wasted and they won't get what they were expecting all this time.

This is why it's important for someone willing to invest their savings or pension funds or any other amount that they have available to make sure they are diversifying their investments and aren't putting all their eggs in one basket so that if one of the investments they have made doesn't perform very well, the others should cover up for it.

So I also believe that someone shouldn't invest everything they have only in Bitcoin or cryptocurrencies but they should also go for some traditional assets such as gold or real estate.

As much as I love Bitcoin for the amazing investment it is, I would still advise against putting all your eggs into one basket - In other words do not put all your wealth into one investment. Especially if you are trying to save up/grow your money for retirement.

He can always invest if he really wanted to but tell him honestly that he can't easily make short term profits out from bitcoin knowing it's good for long term investment. And with so much volatility in bitcoin, I don't think he'll be able to sell anytime he wants, otherwise he'll be at loss often times. It's better if he will invest into other investments that can provide quick profits in order to put food on the table regularly, and it's certainly not bitcoin.

A Senior Pastor (The Most Reverend in the Province) in my Church called me last week Sunday to see him after the Sunday service which I did. When I met him, he told me that he wanted to see me for a very long time. People have told him that I am good with bitcoin investment andalso teaching people in it. Thathe has three children and all have graduated from University but because of the way things are in the country, they have not secured jobs. And any moment from now he will retired. So he wants to invest online business if I know any. And I told him that I know of only one which is investing in bitcoin.

And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

Your input can help this man through me.

He can always invest if he really wanted to but tell him honestly that he can't easily make short term profits out from bitcoin knowing it's good for long term investment. And with so much volatility in bitcoin, I don't think he'll be able to sell anytime he wants, otherwise he'll be at loss often times. It's better if he will invest into other investments that can provide quick profits in order to put food on the table regularly, and it's certainly not bitcoin.

I totally agree that we need to be careful when giving advice about investing in bitcoin or other things. We need to make sure person knows about risks and can handle losing money and don't have emotions which can destroy his life. We also need to think about their financial situation and goals before giving advice. Helping others is great but we also need to protect ourselves. If investment doesn't work out we don't want to get blamed. When giving advice we need to be clear honest and set realistic expectations. This way everyone knows what they are getting into. And if there is Bitcoin like OP want to advice so OP should tell about the risks and about its volatility. And teach some fundamentals to him. If he has knowledge about that so he will be careful about it and he has no right to blame OP.

It will be risky for a retiree to invest all his retirement benefits in Bitcoin. He can take this step if he has another reliable source of income after retirement. But if he doesn't, I suggest he divide these funds into long-term and short-term investments. He should consider taking a part-time job or establishing a business that will generate daily or monthly income to enable him to take care of his daily needs. Investing in Bitcoin should be a long-term plan where he would be willing to hodl for a minimum of four years. He should also make provisions for emergency funds, to cushion the effect of emergencies.    

Wrong, shitcoins is.

As you can see there are many shitcoins that the price double in just a day, this is a quick making money. Don't argue with me if shitcoins can make your money down 50% or more, that's the risk of gambling in shitcoins.

Small business has no guarantee to be successful, actually most business are failed.

Bitcoin is considered an investment that brings returns faster than many other investments, and if bitcoin can't do that then I believe no investment will. He should not look for quick investments because they are very risky. If he wants to generate daily, weekly income to sustain his daily needs, what he should think about might be a suitable small business rather than looking for an investment.

Also, as OP said he has sons and I think OP should discuss investing in bitcoin with his son rather than with him. Young people will be more receptive and better able to take risks than him.

He can always invest if he really wanted to but tell him honestly that he can't easily make short term profits out from bitcoin knowing it's good for long term investment. And with so much volatility in bitcoin, I don't think he'll be able to sell anytime he wants, otherwise he'll be at loss often times. It's better if he will invest into other investments that can provide quick profits in order to put food on the table regularly, and it's certainly not bitcoin.

And I told him the two types of investment. Short term and long term and I suggested long investment for him but he said he likes the short term investment because he can feed from it and I told him that, he can't invest in bitcoin and still feed from it. He can't feed from it because if he does then he will be at the losing side so the best option is the long term investment.

And he said I should managed the investment for him and I told him that he should used one of his trusted children but I can only be a mentor, guidance and adviser to him and not to manage the investment for him. And I will introduce the DCA method of investment for him since he depends on the monthly stipend of the church. My problem here is, the time he is planning for his retirement investment is too close. It is just few months to his retirement and that is when he is serious about it. What was his plan for all these years in active service?

As it is, we have scheduled another meeting this Sunday again after the Sunday service. And if he is serious I will invest for him but I prefer the long term but as a age man, really he needs an investment that can brings feed to his table daily and that is why he was insisting on the short term investment buy that cannot do him anything base on the volatile nature of Bitcoin.

Your input can help this man through me.