He wants to Invest in Bitcoin for His Retirement. - page 8.

Zaguru12

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Quote from: Agbe on August 16, 2024, 07:15:03 AM

Trading? Ah! That is not possible and that should not be mention because it is too risky. Investment is still the best option. And he has no retirement benefits from the church as a Pastor but only from the stipend and once he has retired, the stipend will also stopped because he is not in active service again. And that's why he is eager to invest. But I don't know how much he has at the moment to kick start any investment. And I believed many pastors in Africa is facing this problem because they were completely relying on the church stipend and when they are not in active service, they will not have anything to feed themselves. So we have to change their thinking from now. Tell your church leaders to invest now before it too late.

I still think both of you are not too far from the thing, i honestly think both options too me are risky, first trading take time for you to master and that doesn’t mean you are going to be successful out of it, so it should be totally out of the option. As for investing into bitcoin I think it has its own risk because the question is how much time does your pastor has left to hold on to his bitcoin holding. A period less than a year from now is going to a very bad idea although he can simply keep his money there as savings but the profits later wouldn’t be that worth it not forgetting that it could still be in loss. For me if he has many more years to still go before retiring he could just invest but if he doesn’t then he needs to look elsewhere like starting with a small business at least this will make him have a means to fall back to before the time and also fulfill his wish to invest into bitcoin

Adams0001

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Quote from: Davidvictorson on August 16, 2024, 06:55:19 AM

I don't advice this. You made him to see Bitcoin as a business he can invest in and make profit. I beg to differ unless you're going to teach him trading. He's old and that's his retirement money he should rather go invest in some business that he has experience in. As an old man, he may have some underlying health conditions that affects old people which may include hypertension etc, I don't I would want to put an old man through the ups and downs of the market no matter what my strategy is. Nigeria is a poor country and every single penny matters especially as it is his retirement funds. This is my opinion.

You are completely correct. Bitcoin is not a business that will bring profit easily you need to spend time to achieve your goal. Bitcoin is an investment that will take a long time to be profitable on it, so you should not advise someone to invest in bitcoin if he doesn't have something to do, because as he said, he will retire so soon and he has family to feed, and he can't feed family with Bitcoin money because you can't get profit every day or week, so it is better he should look for another business to do that will be giving him small small gain that will support him to feed is family.

Don't encourage someone to invest in bitcoin if they don't have another source of income. Investing in bitcoin can be risky as prices fluctuate frequently. If you think you'll get quick profits and be able to support your family, you're mistaken. Instead, find another business to pursue.So don't tell him to invest in bitcoin if he doesn't. He should get another business to do, they have many business that people are doing and be profitable, bitcoin is a long time investment if you don't have source of income you can be patient to stay for long term.

Huliya

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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.

SquirrelJulietGarden

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Quote from: Plaguedeath on August 16, 2024, 09:15:57 AM

First Bitcoin isn't an online business and the second, few months savings aren't enough for retirement.

I feel like your Pastor is looking for "magic money" where he can earn a big amount of money without doing anything from small amount money, which is impossible in the first place. It's better if you tell him, Bitcoin can't do like that.

It's better to tell him this fact about Bitcoin and add one more warning, don't feel disappointed with no chance to get rich quick with Bitcoin and small initial capital, then fall to altcoins.

Tell him risk of altcoins and fact about them is: no opportunity to get rick quick with altcoins and most of altcoins die after several months, couple of years. Many people feel like they missed great opportunities with Bitcoin because they are late comers, and they want to be early comers with altcoins.

Wealth does not come but Poor and bankruptcy comes when they invest all money into altcoins.

Tell him to apply DCA, Dollar Cost Averaging, if he decides to invest money in Bitcoin.
https://dcabtc.com/

SatoPrincess

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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.

From this point, I can tell that your pastor cannot afford to invest in bitcoin and is only looking for magic money on the internet. Bitcoin investment is a very volatile investment. Newbies need to be well aware of this, when introducing bitcoin to someone make sure to stress that bitcoin market does not move in a straight line, it has both bullish and bearish seasons. When next you have a meeting with him, tell him he should only invest what he can afford to lose, and see how he responds to that.

cr1776

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Quote from: Plaguedeath on August 16, 2024, 09:15:57 AM

Lol.

First Bitcoin isn't an online business and the second, few months savings aren't enough for retirement.

I feel like your Pastor is looking for "magic money" where he can earn a big amount of money without doing anything from small amount money, which is impossible in the first place. It's better if you tell him, Bitcoin can't do like that.

Exactly. Bitcoin could be up in a few months. It could be down in a few months or it could be around where it is now. A few months isn't a long enough time horizon. If it was money he could afford to lose and had other sources of income and his timeframe was 5-10 years, it might be different.

Amphenomenon

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

Your input can help this man through me.

Just like others as spoken already him investing in bitcoin base on his plans is really not advisable from the short time and it becoming a source of living for him with this short frame.

To be frank I doubt if there's any other investment that will actually be able to work out well for this short time of months and also become a source of living for him and his family with this time frame. He should consider adding time on his investment plan

My advice is that since it's obvious Investing in bitcoin won't work for him, he should go for other investment that will work for him but also not bother much about the ROI rather the risk involved in order not to be carried away by high returns and then fall into scam or pitfalls.

TheUltraElite

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So anyway, I applied as a merit source :)

Gains are a function of time and capital. Capital may be high but if you dont give it enough time or dont have enough to time at hand, then its of no use.

It is encouraging to see older people have interest in bitcoin, but be careful because often this interest comes from unscrupulous people who may have hinted at bitcoin leading to huge gains when the latter party only wants to rob that person of their money in the names of crypto - these scams are very common among elderly.

Long term investment would have done well provided he had started at younger age.

Plaguedeath

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Lol.

First Bitcoin isn't an online business and the second, few months savings aren't enough for retirement.

I feel like your Pastor is looking for "magic money" where he can earn a big amount of money without doing anything from small amount money, which is impossible in the first place. It's better if you tell him, Bitcoin can't do like that.

naira

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Quote from: Agbe

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.

With the current bitcoin situation even after the ATH movement that occurred, it seems that the pastor will have difficulty in getting short term profits. A little dilemma and you certainly would not advise him to invest if his goal is to seek profit every day in his retirement. So it is better to give him clearer pressure about long-term investment and if he is still firm for the short term option, of course don't follow his wishes. Because the results are very insecure in the midst of the pressure to want quick profits. In the end, what I fear is that you will be blamed for not meeting the pastor's expectations.

serjent05

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@OP if you are skilled in day trading, swing trading or arbitrage trading then you can use your skill to help your senior pastor to earn from short term investment. I believe this are the only options to choose if one aimed to get profit from Bitcoin in short-term.

We know it has a higher risk than the conventional DCA and hodl strategy. If you are not confident that you can deliver a profit from these options (short-term) then you should tell him frankly and decline to assist him if he doesn't follow your original advice of DCA and long-term investment. After all, you are not responsible and it is not your obligation to assist him in realizing his investment plan.

@OP, I know that you wanted to help but if he doesn't listen to your proven strategy, it is better to let go of the idea to save you from future troubles.

You an also advice him to go outside the cryptocurrency investment that offers a short-term investment plans like what is stated in this article: https://www.bankrate.com/investing/best-short-term-investments/#best-list

Viscore

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I have this feeling that this Pastor fails to understand the real nature of bitcoin investment and how unpredictable this crypto market is. Hence he should not be investing in bitcoin but should look for other type of investments that have higher chances to give him fast returns.

Otherwise, if he insist to invest in bitcoin with his type of mindset, he will definitely lose in the long run. Just tell him that investing in bitcoin cannot guarantee fast and secured profits considering there is price fluctuations that’s inevitable, but should be prepared to lose his funds instead if he is not patient enough to invest for long term.

seoincorporation

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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.

But i like the position of this pastor, buying cryptos for retirement is a wise move. The hard part is to hold them, but if we can do it, then a good future is waiting for us.

Wiwo

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From the look of things and my analysis of the situation from the way you explained it, your pastor exhibit two very dangerous mindsets for picking bitcoin, and such mindset can lead to more crisis in the future.

1: you pastor believe that bitcoin is a get rich quick scheme, which could lead him to investing in scam which he may thinks is bitcoin investment.

2: your pastor is not interested in the knowledge that is why he want you to manage his bitcoin investment, instead of learning and managing his bitcoin holding as a self custodian.

With the above mentioned characteristics, your pastor is not suitable to invest in bitcoin right now, what he needs now if he has the motivation is to learn about bitcoin for sometime and then develop a path based on the interest he has for bitcoin.

Marykeller

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For someone who wants a daily feed on their table, you don't introduce them to Bitcoin investment, no matter what their situation looks like. Don't make the mistake of introducing someone who, all through their life, never had a future investment in any volatile assets all because they were busy catering for themselves and their families. Having them introduced to Bitcoin investment is not something they can't easily do because of their family responsibilities placed on them.

Someone who has a few months to their retirement can start up something different from Bitcoin investment if they want to start up something that will be bringing forth a daily feed on their table. They can go into agriculture farming, poultry, provision shop, cement business, etc.

All these mentioned businesses are good businesses to start up for someone who is in his or her old age for retirement. At least their children can be of help to run the physical input and output of the business.

Not A Fool

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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.

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.

Tell 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.

Marvelockg

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This is a typical case of doing the right thing at the wrong time. He's already said that he prefer investing into something he can be taking out some profit time after time to take care of his needs. That alone takes out Bitcoin as a potential investment choice. Thier are a lot of things to take out of what you've said here. Since the children are done with school and still yet to get a meaningful job, if they are responsible enough to utilize the money the right way, it's best he invest the money in the lives of those children by starting up a good business for them, that way, it's possible for him to take out some fraction of the profit that's coming from the business to take care of his needs. Bitcoin investment is mostly good for individual that are at least comfortable with the primary source of finance and can afford to take out a portion from it and still have some reserve that's enough to Carter for thier needs. The stipend most pastors get from churches aren't always much to serve these purpose and I understand that the reason why he's considering investing in a digital asset is because his schedule wouldn't allow him get involved in any investments choice that is demanding and time consuming. What you can alternatively do for him is to educate his children if they will be willing to learn on how to start investing in Bitcoin since they are much younger and can get some extra benefits that comes with it.

Marvell1

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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.

wallet4bitcoin

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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.

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.

A better advice would be for him to have you walk his children through the process of understanding 'how it works' since they have graduated from the university.

If he invests and wants to use the proceeds to still take care of his family and kids at his age then it will elude him, there is also no guarantee that his investment can cover the expenditure as they keep growing daily.

An investment in his children will solve their immediate needs and also span to him, depending on what country he is from and the policy they have for the aged people.

He should tell you to train his children rather than invest in a short term investment that might see him incurring loses now and again.

Doan9269

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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.

For his own benefits and that of the children, he will have to learn about bitcoin together with his children, then he may later invest in it and hold for some time, while his children will be busy gaining knowledge on the bitcoin network and acquiring some necessary skills that may help them when ready to invest on their own, such will also create in some opportunities for them to enjoy with the use if the network, lastly, introduce them to the forum here and let them understand the necessary steps to acquire knowledge from here and have a stay, but you must never forget to tell them as well that here is not a source of income revenue generation platform, but bitcoin can open one to several opportunities if we have the required knowledge from it.

Topic: He wants to Invest in Bitcoin for His Retirement. - page 8. (Read 1870 times)