Topic: He wants to Invest in Bitcoin for His Retirement. - page 9. (Read 1790 times)

I completely agreed with your points, considering the fact that Bitcoin is not a quick and get rich scheme, patient is a virtue and worth prioritizing in Bitcoin investment, the power of dcaing is consistency and holding for as long as 4 to 10 years and above of having a compounded value of investment over the period of time, Bitcoin investment is best performed when viewed from a long term perspective and not short term, the man is old and might not enough psychology to withstand the pressures that comes with the news and the emotional devastation that is attached to trading Bitcoin for term profits, I will also suggest that he should consider another investment plan and not Bitcoin.

As we know Bitcoin is known among the investors for its high volatility than other real world assets and so far it gives a very handsome profit to holders but I don't think that it will be good advice for new users to invest in btc just for monthly salary. we all know that sometimes btc remains down for year so he will not get what he expected and he will be forced to look for other job. Secondly it will be tough to learn the trading skill for old men.

OP ,you should tell him risks and benefits if investing in btc so that he decide whether invest or not and how to manage money for investment. I think their sons should continue their learning skills and at the same time invest in btc 1/3 of their money for good return. Long term investment is solid idea

There is no two ways about it, since his retirement is very close, he should take the money available and invest in physical business that he can be managing and get his daily feeding from there. From the profits he will be getting from the business he can investing in bitcoin through DCA on monthly basis, since the business is still new, he might not be getting enough profits to cater for his daily needs and weekly DCA. So monthly DCA will be best for him. You know that bitcoin investment need to be done in a manner where there is no pressure on you and the capital invested should be one that is not for immediate use. Also anyone going into bitcoin investment should have other sources of income. But in the case of this your client, he hasn't put any thing on ground that will serve as a source of income which will sustain the investment he intends doing. So when you meet him this Sunday, advise him to use that money and start up another business and invest in bitcoin with time. That's the best advice you can give to him, so you don't end up putting yourself and him in a tight corner.

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 think he suddenly realized his lapses of not to had diversified his source of income earlier before now.
We really need to understand that something usually prompts an average or poor individual to invest on bitcoin that is usually when he has approached the scene of his threats to easy living based on the present economy challenges.
Now due to the short range of time about his motive on investing on bitcoin, I'd suggest you advice him to invest with how little he can afford to overlook for a long period of time which he must not expect profit in a short period.
Let him understand that his children can also benefit from if any cause of action but though doesn't mean he's Investing for a life time.
If he has enough savings he can diversify to some physical trading which potential to quick profits while he exercises patient on his bitcoin asset. He must not DCA but it he has enough to risk then he can DCA as time goes .
Be careful not trying to convince him so that blames doesn't splash at you at last when things ain't goin as he expected.

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.

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.

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.