He wants to Invest in Bitcoin for His Retirement. - page 7.

bitterguy28

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Quote from: Agbe on August 16, 2024, 06:37:51 AM

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 .

Poker Player

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Quote from: Frankolala on August 16, 2024, 06:54:25 AM

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.

Quote from: Findingnemo on August 16, 2024, 01:46:52 PM

He is investing for retirement while retiring, Ironic though.

It's just like that. Retirement has to be prepared many years in advance, and for him to want to invest in Bitcoin a few months ahead sounds to me like he wants to make a splash, investing little to see if it goes up a lot and fixes his retirement. It is a gamble.

Quote from: darkangel11 on August 16, 2024, 02:47:39 PM

I wouldn't take this "job" if I were you, OP. That's too much of a burden.

Me neither, he has everything to lose. If something goes wrong for the pastor, which with this lack of planning it will, he will blame the OP.

Dr.Osh

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well, it's actually really good when he gets interested in bitcoin. However, I think he needs to rethink the risks that could occur in his investments considering that he only depends on you, and he needs investments that feed him every day. However, before investing, he needs to know that this is not a guaranteed return. We don't know how the price of bitcoin moves. It's great if it goes according to plan, however, what about when the price drops? then he needs to hold on longer, while he needs the results of his investment to provide him with food every day. I would suggest that he needs to think this through more, especially as he expects you to manage his investments. If this doesn't go smoothly, then the main target is you. So, I suggest discussing all the risks that could occur.

Nwada001

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Quote from: seoincorporation on August 16, 2024, 08:54:14 AM

For sure he asked God "What should i do with my money now", and god say "Buy bitcoin son".

It is fun to see the church involved with Bitcoin because in the past some religious figures used to say that Bitcoin was a tool from the devil, and that's how they used to tag things that they didn't understand.

A lot of things are changing these days. There are those in my locality that are nicknamed digital pastors (those preachers that love technology).

I have also read online where a church made provision for some kind of donation and offering that can be paid using bitcoin, which brought about a lot of criticism, but from the way churches are being operated now, there is nothing much different between them and a real business organisation; they are being run as profit-orientated businesses.

Bitcoin is no longer something of the world but a gift from God sent to help humanity 😌

Oilacris

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Quote from: Findingnemo on August 16, 2024, 01:46:52 PM

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.

One of the wrong thing on the time that someone will be making out some investment just because they are being hype or something which is on trend but didnt know that much on what it is all about.
They would really be finding it later on that they are already that late or really just that cant be possible on the passive income that they are really that hoping. Also, when it comes to
crypto investment and even if we do speak or talk about Bitcoin then it wont really be giving out that guarantee that you would really be able to have that kind of thing into your mind.
If you are really that serious on investing to it then just let those people be thinking up on what they do believe, they most likely wont really be listening on others suggestions
and recommendations around not until they would experience for themselves.

darkangel11

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I wouldn't take this "job" if I were you, OP. That's too much of a burden. A pastor is a public figure. Imagine what's going to happen to you when he loses on this investment. He's going to tell everyone how you took his money and lost it and these people, who are religious, will believe him without even talking to you. They will all look at you as if you're a thief who took advantage of their spiritual leader.
It's not worth it because even if all goes well and he gets that $30% in a year, he's not going to share it with you. He's going to give you a pat on the back and bless you and then ask you to give him all his money back.

Questat

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Quote from: Marvell1 on August 16, 2024, 08:07:29 AM

Quote from: Agbe on August 16, 2024, 06:37:51 AM

Your input can help this man through me.

He was looking to invest in bitcoin because he thought it was easy to make a profit from bitcoin, he was not yet aware of the risks he would face. In this case I will not rush to give him investment advice, I will spend more time talking about the risks that bitcoin brings and that he may encounter. If he's willing to take the risk, I'll talk about investing.

Also according to what you said, what he needs is an income to put food on the table every day, I don't think investing in bitcoin is suitable for him. If that is what he wants and is determined to invest in the short term, I will refuse to give him investment advice because it is not suitable for him.

What he is looking is not actually bitcoin can offer. If he wants to find profits to sustain his daily needs for survival, I think he is not looking for an investment but a real job. But because he is retiring soon, then finding a job that will be suitable at his age is quite hard already.

However, if he will invest in a food business or small grocery business, probably he will earn daily to put food on the table. But regarding bitcoin, it's best for long term investment not a short one, most particularly that bitcoin is highly volatile.

Findingnemo

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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.

Baki202

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Quote from: Huliya on August 16, 2024, 09:25:03 AM

You invest a portion of your savings in bitcoins for the long term, while also adopting more permanent, productive measures for short-term needs. This way, you can benefit from long-term gains in Bitcoin while having some security for immediate financial control. I think the dollar cost averaging method (DCA) is a good strategy, especially for fixed income.

When you invest a portion then you can invest in something so that you will have money to do other things because you might not make money everyday from bitcoins so you need money to actually feed and pay bills since you are already retired and you don't have any other source of income and spending on the money on investing in bitcoins is not advisable I will even prefer you to divide the money into different investments so that you don't much problem with money, and even short time is not that short. So doing DCA is good and most people don't want use that stregegy, best advise make use shtrategy like DCA they should not be having problems. What ever decision you are making should be smart one, so that you won't waste more money since it's your retirement money you spend it wisely.

SatoPrincess

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Quote from: Agbe on August 16, 2024, 06:37:51 AM

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.

In as much as you are enthusiastic about spreading awareness of bitcoin to others, do not invest for them. You do not have to act as an intermediary to make the investment on their behalf. If you do so, you’re indirectly taking responsibility for their investment and should anything go wrong you are likely to be held responsible for their losses.

If he needs cash flow he should look for a business to invest in. Bitcoin investment isn’t suitable for people who do not have a job or means of taking care of their day-day bills.

Pandu Geddon

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Quote from: Agbe on August 16, 2024, 06:37:51 AM

Your input can help this man through me.

if the one who comes to you and learns to invest in Bitcoin is one of the pastor's children, I agree more. because the money from the investment will still be used for daily living needs, it is highly not recommended.
The ups and downs of the market will not guarantee that short-term investments will produce profits that can support their needs. I am sure you understand this which makes you suggest long-term.

just suggest that the pastor use his savings or pension for a real business that is closer and easier for him to master. Bitcoin investment will not be suitable for his situation. you have to give wiser advice that he can accept.

Churchillvv

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Of course he should have done that earlier prior this time and age but since the best time to invest is now, he can probably make use of this dips in the current market situation, but for some reason I will only have you to remove his mind from making any weekly or monthly profit from his bitcoin investment because it will definitely not yield the result which he wants or it's not longer what it is meant to be, long term should be his goal at least 4 years should even be advisable.

Perhaps I trust you will know your way around this situation because it's not your first time of hearing people talk of advise like this.

BIT-BENDER

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Firstly what do they know you as in terms of Bitcoin investment. Are you the type that is always optimistic about Bitcoin and always very bullish. I suggest you tell people the pros and cons, the good and bad, the ups and downs on Bitcoin and crypto-currency in general.

It's good you are seen as an advocate for Bitcoin but please is best you tell the Rev everything, all the possible outcome, the usecase and functionality so he can be the one to decide if he wants to invest or not

aoluain

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Quote from: Agbe on August 16, 2024, 06:37:51 AM

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?

Your input can help this man through me.

If he wants to invest into Bitcoin for the short term there are two things which I
personally would be mindful of.

1.) we are soon entering a period of time, 6 months which could see the market
rise past the ATH and set new highs before it corrects back. This has happened
for the previous two halvings,
and it may not happen.

2.) I am mindful of Bitcoins 4 year cycle, and this year is the 4th year which could
see big growth as above. Also consider the second half of 2025 and 2026 and
2027 where there could be very little growth in the market until 6 months before
the next halving.

I think he needs to be aware of there potential movements.

Also definitely stay away from trading.

sunsilk

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To be honest, if that's his retirement fund I won't advise him to invest in Bitcoin. They are believing you and your words because of the word of mouth that has introduced you to them. But we don't have the same take with risk and volatility.

He might be surprised when he actually start to invest in batches. If he insists and he's willing to invest really to Bitcoin, he can start with smaller amounts. As you have introduced or about to introduce DCA, that's a good start.

But still, he should be advised that investing on Bitcoin doesn't grow quickly compared to what most of the people think because all they see are the results and not the hardships and endurance that every investor takes.

If you are in doubt OP, just give them materials for them to learn on their own first so that they'll have an idea and tell them to invest only to the things that they understand.

Ruttoshi

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Quote from: Not A Fool on August 16, 2024, 08:28:45 AM

Quote from: Agbe on August 16, 2024, 06:37:51 AM

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.

ell him NO and to run away. Bitcoin is a scam, a fools game. I am an intelligent, educated engineer. Just do some basic research and see that all of the white paper points have been debunked. Bitcoiners make up new stories and they eventually are debunked as well. Bitcoin websites are constantly all over the place with their predictions (1 million by 2025, LMAO at that one), often contradicting earth other. Only the whales make money. Only people that profit from you buying will tell you to invest. Any small fries are just feeding the whales. Bitcoin had been crashing for a while now, with the whales propping it up. Most people get this, which is why most of us ignore bitcoin. We know better.

For you to say those words that I bolded above shows that you are only an intelligent construction engineer but not an intelligent computer engineer and programmer, neither an intelligent economist. Bitcoin is real and has great potentials, it is the best investment currently if you look at how the value increased sin 2009 till date and it is still increasing rapidly.

If it is scam why will US approve no bitcoin ETF and why will any institution invest in bitcoin ETF, why will El Salvador use bitcoin as their reserve and they are in huge profits, why are government against the decentralized nature of bitcoin amd trying every means to see how they can kill the anonymity in bitcoin. Or do you know more than all those people I mentioned above or more intelligent than them. Don't get decieved and think it is smartness.

zulqarnain2917

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It sounds like you're in a complex situation with a senior pastor seeking advice on investment, particularly in Bitcoin. Here are some thoughts to consider Given the pastor’s imminent retirement and the need for stable, immediate income, it’s understandable why he favors short-term investments. However, Bitcoin’s volatility makes it unsuitable for short-term income needs. You might want to suggest safer, more stable investment options that could provide regular income.

retreat

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If he wants to retire soon, then what he needs to prepare is passive income, where he can allocate his retirement money to get a stable cash flow to support his various needs. If he invests in Bitcoin, it is not right for his condition, since the price of Bitcoin tends to be unstable and he cannot get stable money from it. So one of the best options for him is to use his money to open a business or he can use his retirement money to add capital to other people's businesses and get a share of the profits from it. I'm not saying that investing in Bitcoin is not good, but he just needs to set his priorities right, so he doesn't waste his retirement money.

legendbtc

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Personally, I don't want to give investment advice to others and would say no to investing for them. If it were me, I would only be able to provide materials or be willing to teach him the basics of bitcoin and let him make his own decision after having basic knowledge of bitcoin.

As you can see, everyone's circumstances and investment mindset are different. While you want him to invest long term in bitcoin, he wants to invest short term, and what if he doesn't listen to your advice and loses money? Not only will it bring his life to a standstill, but it will certainly affect your reputation, and you will even be considered a scammer. I think you should consider carefully if you still decide to invest on his behalf while you cannot guarantee that he will follow your instructions.

Mayor of ogba

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Op, you are the reason why your pastor is insisting on investing in bitcoin for short-term profit. You know it is not suitable for newbies to invest in bitcoin for short-term profit, and your pastor lacks the required skills to do that, but you went ahead to tell him about short-term profit, which he thinks is easy to achieve. Since you have more knowledge about bitcoin than your pastor, if you tell him to invest in bitcoin for long-term profit, he will do it because he sees you as someone who can guide him to the right part as far as bitcoin investment is concerned. But your pastor is not in the right condition to invest in bitcoin, so I will advise you to tell your pastor to start a business; he doesn't have the patience to invest in bitcoin now, and if he goes ahead with the bitcoin investment and bitcoin price drop, the fear and tension of losing his money will make him sell his bitcoin even when he is at a loss. But if your pastor refuses to listen to you, do not help him invest in bitcoin for short-term profit because he will fail and you will be blamed for it.

Topic: He wants to Invest in Bitcoin for His Retirement. - page 7. (Read 1839 times)