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 think he is thinking about Bitcoin investment because he wants an alternative source of income since he will be getting retired soon, and from the way he sounds from your story he needs something that generates quick income. You need to let him know what he needs right now is to get understanding about bitcoin first, and understand the movement of the market. Bitcoin is more profitable when people understand it first before going into it as investment. Since he is getting retired from his service anytime soon it is better for him to think of anything that can be a source of income than planning to make money from bitcoin. Bitcoin investment is good when it is longterm and it doesn't make sense when people try to depend on it. 
Topic: He wants to Invest in Bitcoin for His Retirement. - page 5. (Read 1790 times)
I think bitcoin will definitely give good returns in long time but short time volatility is there.
There is no doubt that if someone is for long term, Bitcoin is the best option. In short time investing, it's also a good one but you don't expect a larger return compared when you hold it for so long.If he wants to invest better to invest on sip basis monthly some amount so that more units will come when there is downtrend.
This is still DCA and I agree.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.
IMHO, before it's okay to say that invest all eggs in Bitcoin. But over the period of time, the narrative changed a lot and even if someone who's very much enthusiatic about Bitcoin will come to the point of their lives that they have to scatter somewhere else their assets but leaving Bitcoin with a larger portion of their wealth. 
I think bitcoin will definitely give good returns in long time but short time volatility is there. If he wants to invest better to invest on sip basis monthly some amount so that more units will come when there is downtrend.
This is a good decision taken by a retiree, because investing in bitcoin in the long term will certainly provide huge profits, if investing gradually this is certainly a good idea because the price of bitcoin always changes at any time, but retirees like the pastor need great consideration because the assets to be invested are truly safe and he has a decent living. There is no need for your pastor to invest in bitcoin from his monthly stipense if he is retiring soon as you said, because I don't think he will be able to make anything out of his investment and I see that as gambling. Bitcoin is not a get rich quick scheme, therefore anyone investing now as a new investor must plan to invest and hodli for 4-10 years with regular DCA purchase for him to make profit in future.
Let your pastor think of something else and not bitcoin because he will run at loss if he invest on short term like he said, especially if bitcoin price dips. Also bitcoin investment is not a shopping mall where you can feed from daily.
Here here, couldn't agree more. we have to highlighted the pastor's family condition is full of uncertainty itself. This is also an advice for anyone who doesn't have stable incomes with a lot of responsibilities or expenses to pay. Bitcoin is not an okay alternative to invest with pension money or someone who has a small fixed income. Let your pastor think of something else and not bitcoin because he will run at loss if he invest on short term like he said, especially if bitcoin price dips. Also bitcoin investment is not a shopping mall where you can feed from daily.
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.
I think bitcoin will definitely give good returns in long time but short time volatility is there. If he wants to invest better to invest on sip basis monthly some amount so that more units will come when there is downtrend.
Retail trade or employee someone, Can't support in any way for a retirement officer to train employees yes but it is reasonable for him to do retail trading if he can master the details of trading beforehand. But another thing is that if bitcoin is not legalized in his country then he cannot do all these activities even as a retired officer in this case he has to maintain his privacy. I think he is interested enough to invest in bitcoin because bitcoin is legalized in his country. However, I don't understand how logical it would be to trade or train someone on Bitcoin at his age.
Why not? It is true that older people will have some difficulty accessing bitcoin but as long as he is serious about his decision, there is nothing inappropriate. I don't think age is an issue here. The issue that OP needs to be more concerned about is that if he just wants to speculate with his pension, and it is money that cannot be lost, OP should advise him not to invest in bitcoin.
Like some people, if it were me, I would also find reasons to refuse to help him build this investment because I find him unsuitable. He can only invest in bitcoin if he can invest for the long term and only invest money that he can afford to lose. If he only wants to make short-term profits, passive income to cover his daily needs, he should not invest in bitcoin.
No matter what his purpose of investing in bitcoin is, you need to make sure that as long as he can keep it for the long term and invest with money he can afford to lose, you can start teaching him. In addition, helping others is a good thing but you also need to consider before giving advice to someone, especially investment advice related to money. If your advice is not suitable for them, not only will they lose money, but you will also be implicated. It will be difficult for you to avoid getting a bad reputation or being criticized by them if their investment fails.
Bitcoin is worth investing in and you have made a profit but that doesn't mean everyone will make a profit by investing. So please consider before giving advice to anyone, especially public figures.
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. Bitcoin is worth investing in and you have made a profit but that doesn't mean everyone will make a profit by investing. So please consider before giving advice to anyone, especially public figures.
If he is looking for an investment where he can feed from then he should open a retail trade and employe someone that can be doing the sales, while he will stand as the manager, even if he must invest some his retirement fund into Bitcoin, I suggest you advice him to start a retail trade that can be earning him profit consecutively. That's only when he can be able to hold his Bitcoin for a long time. Like you already said, if he only rely on the Bitcoin, you might end up to sell the Bitcoin during price dip.
Retail trade or employee someone, Can't support in any way for a retirement officer to train employees yes but it is reasonable for him to do retail trading if he can master the details of trading beforehand. But another thing is that if bitcoin is not legalized in his country then he cannot do all these activities even as a retired officer in this case he has to maintain his privacy. I think he is interested enough to invest in bitcoin because bitcoin is legalized in his country. However, I don't understand how logical it would be to trade or train someone on Bitcoin at his age. 
If he is looking for an investment where he can feed from then he should open a retail trade and employe someone that can be doing the sales, while he will stand as the manager, even if he must invest some his retirement fund into Bitcoin, I suggest you advice him to start a retail trade that can be earning him profit consecutively. That's only when he can be able to hold his Bitcoin for a long time. Like you already said, if he only rely on the Bitcoin, you might end up to sell the Bitcoin during price dip.
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. What I think which is more better for that person stated by OP is to enjoy his retirement money used on things that can make him satisfy and don't participate on any risky investment like bitcoin. If he really want to invest then he should think about other business that he can control. Like to create to a mini grocery in his place or invest his money on apartments or commercial space centers. With those kind of business I mentioned he could able to get passive income.
To risky to rush everything and if he lose for sure it might cost a lot for the person especially the money used came from his retirement plans.
If he's young and use his salary maybe its good to do that, we assume that investor is old so much better for him to stay away on bitcoin and choose the best for his welfare.
Investing in Bitcoin with retirement pension money is risky but encouraging everyone to invest in Bitcoin in old age is a really commendable initiative. But if there is another source of work and if he owns enough money, investing his pension money on bitcoins should not be risky as he will get huge profit returns at some point. But investing on Bitcoin gives the highest profit, on the other hand when the price of Bitcoin falls, investing on Bitcoin has the potential to face huge losses.
No matter what his purpose of investing in bitcoin is, you need to make sure that as long as he can keep it for the long term and invest with money he can afford to lose, you can start teaching him. In addition, helping others is a good thing but you also need to consider before giving advice to someone, especially investment advice related to money. If your advice is not suitable for them, not only will they lose money, but you will also be implicated. It will be difficult for you to avoid getting a bad reputation or being criticized by them if their investment fails.
Bitcoin is worth investing in and you have made a profit but that doesn't mean everyone will make a profit by investing. So please consider before giving advice to anyone, especially public figures.
Bitcoin is worth investing in and you have made a profit but that doesn't mean everyone will make a profit by investing. So please consider before giving advice to anyone, especially public figures.
If he is looking for an investment where he can feed from then he should open a retail trade and employe someone that can be doing the sales, while he will stand as the manager, even if he must invest some his retirement fund into Bitcoin, I suggest you advice him to start a retail trade that can be earning him profit consecutively. That's only when he can be able to hold his Bitcoin for a long time. Like you already said, if he only rely on the Bitcoin, you might end up to sell the Bitcoin during price dip.
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. 
Bitcoin Vs RWA, Comparing the two certainly makes it easier to figure out how reasonable it would be for an old man to invest in Bitcoin. Let's think about how reasonable it is for a retired officer to invest in virtual currency. It seems more reasonable to me if he invests in land, gold or real estate instead of Bitcoin. Investing in real world assets is not as risky as Bitcoin but the profits are not as high as Bitcoin but the investment is not at all risky. So it is very difficult to give any honest advice on investing in Bitcoin to retired executives. Keeping them in gold, real estate, or fixed deposits in banks will not reduce any security in providing financial security in their later life.
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.
It seems like he wants to earn from crypto for his daily needs. In that case, long-term investment wouldn’t help him. Trading is the most obvious choice. It would depend on his skills and how good he is with technology. Even at an old age, I still believe anyone can learn trading given that they have some basic technology literacy skills already. Otherwise, you’d have to start at 0.Quote
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.
It’s good that you declined. Not only will it give you extra responsibility, it is just unwise as if something goes wrong surely the blame will be passed on to you. You can just teach onenof his children who I am sure are more fit to be trading than him.Quote
What was his plan for all these years in active service?
Unfortunately he might have thought his children would be the one to keep his daily needs. But since they are all struggling he has no choice but to be the one to find work again. My suggestion would be to have one of his children learn about crypto and trading instead of him. He can still invest long-term but he will only be losing money if he were to do short term. 
If he is looking for an investment where he can feed from then he should open a retail trade and employe someone that can be doing the sales, while he will stand as the manager, even if he must invest some his retirement fund into Bitcoin, I suggest you advice him to start a retail trade that can be earning him profit consecutively. That's only when he can be able to hold his Bitcoin for a long time. Like you already said, if he only rely on the Bitcoin, you might end up to sell the Bitcoin during price dip.
I agree with that. If he has enough money that he can use to start a small retail business or any other business that can earn him regular revenues then it is better for him and his family. If he has some savings apart from the monthly stipends he gets from the church, he can invest a quarter of his savings in Bitcoin for long term and use the remaining funds to set up a small business, and he doesn't even need to hire an employee to take care of the business because he has children who can take care of that when they don't have any jobs.
Since the pastor and his children do not know about Bitcoin and cryptocurrencies, it wouldn't be a good idea to make them start making investments for the short term because that would require them to understand the market and become regular traders so that they can buy and sell Bitcoin or other cryptocurrencies for small profits.
A simple long-term investment should be good because they can sell their assets at a later time when the market is higher than where it is right now and meanwhile, they can earn their kitchen income from the small business they will start.
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If he is looking for an investment where he can feed from then he should open a retail trade and employe someone that can be doing the sales, while he will stand as the manager, even if he must invest some his retirement fund into Bitcoin, I suggest you advice him to start a retail trade that can be earning him profit consecutively. That's only when he can be able to hold his Bitcoin for a long time. Like you already said, if he only rely on the Bitcoin, you might end up to sell the Bitcoin during price dip.
Tell him it will take time to show results. You can’t get the profits or money instantly after investing. Quick money means it will come with huge risk. If the man is willing to take huge risk now at the point of retirement, then definitely he should try short-term investment. But if he wants low risk and low reward for a longer period of time, then investing for the long term will be the ideal deal. Say him to DCA at least for 4 consecutive years. At the end of 4 years, I am sure he will have enough money to live his ideal retirement life.
Bitcoin is not to be introduced to someone who can not be the risk, if its a young man that's not up sixty years I will acknowledge the fact that you should show him the strategy it can apply to invest in bitcoin. But since its advanced and it has retired I think that best to do is establish a car wash business that he can handle properly not to venture into bitcoin investment that has consistent regulation in price, but any youth that can bear loss for investing in bitcoin can be embrace to invest in bitcoin because of its risks that's attached to the investment.
Kindly decline the offer of introducing bitcoin to him, recommend other less risky investments with stable returns or refer him to a financial consultant where he would get professional advice on very good retirement plans. You would be saving yourself some future stress if you let me understand why bitcoin might not be a better option for him.
I agree with you. The old man has already stated what he wants to do with the money in terms of the kind of investment he is interested in investing I think the best thing is to advise him to try another business or investment that can be giving him weekly or monthly returns.
Bitcoin investment can not give him what he is looking for because it is not an investment where you expect to get returns on regular basis so I urge the Op to discourage the man from investing in Bitcoin because he will regret it when he doesn't get back the profits that he wants.
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