The old man needs a more stable source of income where he can feed from too since he specifically stated that he needs an investment that he can withdraw from regularly to settle personal needs. This is an old man who is willing to put in his all in bitcoin hoping to get a stable source of income within a short period. He is not investing what he can afford to lose and may not be able to bear it if things do not go as he expects them to be.
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 him understand why bitcoin might not be a better option for him.
Topic: He wants to Invest in Bitcoin for His Retirement. - page 6. (Read 1870 times)
Honestly, it would be very difficult let alone giving the option to do it the DCA way.
When talking about pension funds then we definitely know how old he is at this time without us needing to guess he must have entered a fairly old age range and I think we are not wise if we advise those who have entered the retirement period to invest in DCA especially the focus is for the long term because even though we do not know about age and death but actually it is appropriate for those who are of retirement age it would be much better if they enjoy the results of what they have got from their previous jobs rather than still having to mess around with starting something new.
Investment is important but given the age factor we must realize that it is not the right choice to provide a long-term investment option let alone do it with DCA because it is certainly a much longer option than they imagine.
When talking about pension funds then we definitely know how old he is at this time without us needing to guess he must have entered a fairly old age range and I think we are not wise if we advise those who have entered the retirement period to invest in DCA especially the focus is for the long term because even though we do not know about age and death but actually it is appropriate for those who are of retirement age it would be much better if they enjoy the results of what they have got from their previous jobs rather than still having to mess around with starting something new.
Investment is important but given the age factor we must realize that it is not the right choice to provide a long-term investment option let alone do it with DCA because it is certainly a much longer option than they imagine.
It sounds like you're in a tough spot trying to guide the pastor. I totally get his urgency, especially with retirement looming. It’s great that you’re offering to mentor him, but it’s also important to set realistic expectations. Short-term investments in Bitcoin can be risky, and he might not see the returns he needs right away. Maybe you could suggest a mixed approach? He could allocate a small portion for short-term trading while keeping the bulk in a long-term strategy. This way, he has a chance for some immediate returns without jeopardizing his future. It’s all about balancing risk and reward!
An investor has to worry most when it comes to investing in retirement assets. Generally a person loses his money but he can recover it through his work but when a person invests his retirement money it may not be possible to recover his loss. For those who are willing to take the risk or are able to take the risk through their control, the investment can definitely be profitable. Investing in Bitcoin is definitely profitable in terms of investment. But the investor needs to keep the money invested for a long period of time. If an investor can keep a part of his retirement money in Bitcoin for a long time then I am sure he will be profitable. Investing in Bitcoin is definitely less risky than other platforms.
I don't know if you really understand cryptocurrency (bitcoin) investment. Let me show you some of the examples. If some invest in bitcoin when the price is $73k and after the investment, the price comes down to $50k which he had lost 23% and at that time, he has to be patient and wait till the next bull market and when the price as surpass his or her previous investment capital then he can sell to get his profit and that can take some years but if because of fear of losing all to the bear market and he or she sell all at the losing price then the person lose all. And if the person is investing for a long term then he lose nothing but gain all. Nobody lose in bitcoin investment if the person understand what he or she is doing. Unless there is an emergency for the person to withdraw them at the bear market. Even the short term investment, people are making profit. What you have to do is calculative investment. And we advise people to invest for long term because of the profit and the miscalculative investment can lead to massive lose of the investor. Like example, if f some invest when bitcoin price reduced to $50k and he sell it at the rate of $68k, does he lose or gain? And is that a short term or a long term? Guy you have to understand what is bitcoin investment. 
An investor has to worry most when it comes to investing in retirement assets. Generally a person loses his money but he can recover it through his work but when a person invests his retirement money it may not be possible to recover his loss. For those who are willing to take the risk or are able to take the risk through their control, the investment can definitely be profitable. Investing in Bitcoin is definitely profitable in terms of investment. But the investor needs to keep the money invested for a long period of time. If an investor can keep a part of his retirement money in Bitcoin for a long time then I am sure he will be profitable. Investing in Bitcoin is definitely less risky than other platforms.
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 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.
The situation is complex but at the same time things are very clear, examples like the one you are giving are extremely common where I live, in which a person only thinks about their retirement once it is very close, just one question, are you a money manager? If you are not then you cannot manage the money of this person whether they want to invest short or long term, as it is likely illegal for you to do so, then you can only offer guidance, but even then if the pastor prefers the short term investment route then you need to be very clear about the risks he will take and how you want nothing to do with it. 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.
Bitcoin is not the final choice for retirees, especially if a retiree does not have monthly input, unless he has a business you can invite him to invest, remember BTC is not a get-rich-quick business because if you want to make a profit you have to invest long term, if only short term It will just waste time without getting maximum benefits
He is investing for retirement while retiring, Ironic though.
No matter if he invest on Bitcoin or anything else it is not really what he wants because it looks like he needs something for his monthly bills when he no longer recieve his salary for that he should have invested a lot earlier whether in Bitcoin or anything now he can enjoy it's benefit but now it's too late so he can only do one thing which is find another gig that let seniors to work as well.
Investing comes with the right investment and great timing. With this, the pastor is in the right track investing in bitcoin but the timing isn’t right as he should have invested 5-10 years ago so he can be enjoying his profits at this moment. Also, one should only invest after knowing the nature of investment well, but it seems this pastor is not knowledgeable enough concerning bitcoin and how volatility works in it. Even if the timing is right, the fact that he lacks the knowledge and understanding about bitcoin, he will still be at loss in the end.No matter if he invest on Bitcoin or anything else it is not really what he wants because it looks like he needs something for his monthly bills when he no longer recieve his salary for that he should have invested a lot earlier whether in Bitcoin or anything now he can enjoy it's benefit but now it's too late so he can only do one thing which is find another gig that let seniors to work as well.
If had invested a couple hundreds of dollars in Bitcoin before 10 months then he could be a millionaire now but it won't fit with every investment but now he is not really looking for any investment he just scared when realised he is not going to get his paycheck anymore so he just looking for a quick rich scheme and it's always bad thing to assume.
He could lack knowledge and still could have made it but he lacks time which can't be bought with anything at all.
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.
not sure that bolded part is something that we can claim because with the market volatility and the price going up and down? not that we can guarantee someone of making money in it unless they are willing to take a risk for LONG TERM investments.if they are for something to take whenever they are in need , then Bitcoin is not the place for them .
All investors are not perfect and even if we are well prepared, there might still be times that we can say that we will sell so that we can have a money that will be used on something. I think this is fine to do sometimes, most especially if it's about health-related and how can we able to use our wealth if we are already paralyzed, blind, or worse dead?
What I will tell you to let him know is more of disadvantages of Bitcoin investment, if you want to help him to know of bitcoin you should have know the important of bitcoin and also the effects of bitcoin investment, because this has putting many people in problem when they have or fail to explain bitcoin very well, bitcoin investment is something you may lose or you benefit from the investment so this are the two things that's involved in cryptocurrency investment mostly bitcoin, tell him to make its own research and understand the implications that's involved in bitcoin, so if it can bear the effects that means is good to invest in bitcoin
He is investing for retirement while retiring, Ironic though.
No matter if he invest on Bitcoin or anything else it is not really what he wants because it looks like he needs something for his monthly bills when he no longer recieve his salary for that he should have invested a lot earlier whether in Bitcoin or anything now he can enjoy it's benefit but now it's too late so he can only do one thing which is find another gig that let seniors to work as well.
Investing comes with the right investment and great timing. With this, the pastor is in the right track investing in bitcoin but the timing isn’t right as he should have invested 5-10 years ago so he can be enjoying his profits at this moment. Also, one should only invest after knowing the nature of investment well, but it seems this pastor is not knowledgeable enough concerning bitcoin and how volatility works in it. Even if the timing is right, the fact that he lacks the knowledge and understanding about bitcoin, he will still be at loss in the end. No matter if he invest on Bitcoin or anything else it is not really what he wants because it looks like he needs something for his monthly bills when he no longer recieve his salary for that he should have invested a lot earlier whether in Bitcoin or anything now he can enjoy it's benefit but now it's too late so he can only do one thing which is find another gig that let seniors to work as well.
Trading?
Of course, trading is a terrible idea for an old man his age. Even though you didn't mention how old he is, I am presuming that he should be in his sixties. No way he's going to learn about trading and be successful at it with the conditions surrounding him - kids still in school, family, poor and unsupportive country.Quote
So we have to change their thinking from now. Tell your church leaders to invest now before it too late.
Agbe, I hope you know that investment is not for everyone. If they don't have any interest in investing, they shouldn't and I would not advice any person from Nigeria who has no experience in business/ investment portfolio to have their first investment in Bitcoin.
By reading your post the one thing is understood that bitcoin’s investment is not for your pastor as he is looking for monthly income from which he will meet and manage their monthly expenses. If he invested in bitcoin and at that time market seems bearish then he will have to sell bitcoins as he need money for his household expenses. Bitcoin is not for him, ask him to another business!
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.
Your input can help this man through me.
A few months deadline is not a retirement investment. Also he is considering short term investments to get quick profit because he still needs the money for his daily necessities which only means that his money is not perfect for Bitcoin investments since it’s volatility. It can go down any moment which means there’s a high risk that his investment is at loss even he use DCA since he plans to do it short term.
I think you better pass on this offer because the money he is using is an amount he can’t afford to lose. Much better to use part of it and allocate money that has no use on Bitcoin investment.
Retirement investments should be done when he is using not during the time when he will retired.
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.
Indeed, bitcoin is worth investing in and truly profitable, but if he thinks this would give him profit every day, as that person wants to happen, then I would say that bitcoin investment is not the kind of investment he is looking for. I hope I was wrong, but later on, he could find bitcoins that did not meet his criteria and sell them. Your input can help this man through me.
Many cases happen like this, and many fail because of their expectations.
I think the OP should tell him that the profit never comes too fast but takes time, and it must be clearly understood that this never works for impatient people.
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I actually think short-term would be better for him since he's about to retire if he ever wanted to actually invest? And if ever, the long term plan investment should be handled by his children. Tbh I don't think investing at this point is going to bring him anything, pretty sure most of us know that investments are for the long term. You don't see results that are that big in just a few years, let alone a few months. There's also other investments that could bring in big bucks but that carries like a LOT of risks in it. I don't think I'd recommend a retiring person to spend his retirement funds there honestly. Might be better honestly if he asked around about possible jobs for his children instead really.
It's kind of you to help out someone who wants to invest in Bitcoin. But it's important to make sure that person understands the risks and that you can't guarantee things will go well. Managing expectations is also important, as Bitcoin is unlikely to make a huge price leap (percentage-wise) any time soon. DCA is a hood idea, but that will take time, so you man cannot rely on Bitcoin, especially not as a source of regular income.
I don't think it makes sense to invest all the money in Bitcoin after retirement, especially in the end of life when retirement or pension money plays a very important role as a security in running the family. If this household money is invested in Bitcoin and that investment is at risk, then of course I cannot support it in any way. It is reasonable to keep this money in a trusted bank because if you keep the money in the bank, the return will not be high, but that money will not be at any risk. Investing in bitcoins if investment losses are faced and market correction does not happen then it will definitely cause tension for the investor later which will not be bearable at the end stage of life at all. Therefore, I think it is right to keep money in the bank instead of being under excessive tension.
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.
Your input can help this man through me.
Judging for the tune of his choice of words and reason why he chose short over long term investment, it's obvious to me that is man is looking for an investment whereby he can put in like #500,000 and be getting like #50,000 monthly or weekly, and at the end of one year he gets withdraw backs his full #500,000, of which you and I knows that Bitcoin investment is not like that due to it's volatility. So it's best you make things clear to your pastor that this Bitcoin he is planning to invest in is a very risky investment, whereby his #500,000 can fall to #300,000 of the price of Bitcoin falls, and likewise that his #500,000 can also rise to #800,000 if the price of Bitcoin increases. And it's not in your power to decide what direction will go in the future, since it's not a get rich quick scheme, and if he insists that he is ready and willing to bear the risk to invest, then you invest for him, but if not, I advice you back out. Your input can help this man through me.
Because the way I'm seeing this is that if one or two months passes, and this man didn't not see profits as he expected, he is likely to disturb you later. So I will advise that both of you should write a written agreement and sign that he agreed to bear the risk of investing in Bitcoin.
My contribution would be to tell his children to come to this forum and figure it out for themselves. They are adults who can read and interact with many users if they are diligent enough to make their own investment decisions. This place, the forum, is not closed. But you OP seem very popular in your area; what about the privacy idea? Also, should a pastor worry about retirement? What about the concept that says, "Don't worry about tomorrow, because tomorrow is entirely up to God?" Sorry, OP, but I always have questions when the church talks about money. "You can't serve both God and mammon." Isn't that where it comes from?
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