Topic: percentage of your income you dollar cost average in bitcoin - page 2. (Read 904 times)

Absolutely. We have different sources of income and the total amount we gained from it so if you are considering DCA strategy, then do it with your spare cash that you can easily afford to lose. If you are a big earner in your community, then your allocation for bitcoin might also be higher than those who are earning an average amount. But that does not matter as what only matters most is the consistency of doing your DCA until you reach your desired amount of bitcoin.

Indeed, its almost as if the 'plastic magic card' has hypnotized everyone into forgetting the beauty of compound interest and saving. Though, The 40% rule isnt necessarily a universal solution. Not every size works for everyone. Its a good idea, but not everyone can afford it, especially since wages are staying the same and inflation is making things more expensive.

Some of that 40% can go into Bitcoin, but be careful. We need to wait to make more money.

I don't own any card or have any Bank account. I only use paper money and sometimes digital local currency transfer methods. Trust me, this has helped me a lot in terms of saving money. I can keep track of how much I am spending and control if I am about to spend some extra. I also keep a minimum amount of money in my pocket while going outside. No more extra spending on anything.

Card usage is a major problem while keeping a strict budget and saving. People always think that they can use this money now and pay it back later. But this is the same as borrowing money from others. And once you are in debt, it goes like a cycle. Once people get into this loop, it is very hard to get out. It keeps on going. So if you think about it, I am better off without them. I guess I'm doing a pretty good job here.

I don't have a stable strategy, and both my income and expenses somewhat fluctuate. I sell some BTC when I need to, and I don't sell when I don't need to, it's as easy as that. But thinking about it in terms of percentage of monthly income, I'd say I'm trying to set aside 10% of my total income, but I don't sweat it if it doesn't work out sometimes. If I want to spend on something and I feel like it'll help improve my well-being or well-being of someone I care about, I just do it. After all, life is not living, right now, not for waiting for a different time which may not come or which may come after we're no longer here.

I only allocate a small percentage for DCA because my source of income is not big for a month and I only get about 10%. But somehow I'm trying to do the DCA because I know that even if it's small, the chances are high in the future that the value of the crypto I save here in the crypto space will be high.

This DCA is really proven and tested here in the crypto space. Most of the communities missed doing this a lot in the past bull run, so in this opportunity that bitcoin halving or bull run is coming, the communities do not want to miss the opportunity that they can do now.

40% of your monthly income is good enough, believe me, during the last decades on the west saving money is something the majority of the people do not do, and while in part this can be justified due the the stagnation of salaries, this is not the full explanation, people love to buy things on credit, not realizing that by doing things this way they are reducing the amount of money they can save and the amount of stuff they can buy, but since they can use their credit to buy what they want now instead of waiting for a few months to do so this has made saving money very unpopular.

This is a perfect example of spreading emotion and opinions instead of facts. If you have money to invest, invest it. Sitting on it is no way to get to the level of bitcoin you would want to accumulate. It can be once a month after payday. Treat it like its a normal thing you do that is the best way to DCA

Majorly I earn as a freelancer, I am currently not the type that pay attention to getting employed because I understand how the stress is. I have experienced the hard burden of being employed and working for someone so now I am a full time freelancer.

What I do is this I always go with the option of getting my payment in crypto-currency and for now it has always been an available option, so my funds is already in crypto-currency so now in my case is what percentage do I want in Fiat. Since I am from a country that hasn't adopted crypto-currency to the extent of using it as a means of payment I send few funds to Fiat to see me through day to day living but majority of my savings are in crypto-currency.

I have been living on my own for almost 2 years. I have to earn my own income. My family is still doing good and they are able to help me anytime but I don't like taking help from them. So for my investment plan, I need to do it monthly. Every month there are expenses that I need to cover. In the end, it all comes to what I am left with.

I have a strict budget that includes rent, bills, fees, and every necessary stuff, and I also keep what I need to have as pocket money. I don't spend any extra money on things that I don't need and try to use the existing things until they are good. At the end of the month, I can put almost 40% of my income into Bitcoin investment through DCA. Not much but I think about the future and long-term. So I am happy with it.

Well, I don't really earn a lot of money. I get paid weekly, but I take out 5% of the total monthly income and I keep that aside so that I don't spend it and can buy Bitcoin or other cryptocurrencies with it. I don't buy immediately after I get paid, I keep the money in liquid cash until the time when I see the price is good for buying, and then I start buying in portions like 25% of the total amount that I have for investments, and I buy again when the market dips further.

If I see the market is going up, I buy a bit extra so that I don't miss the opportunity that I have right now because the cryptocurrency market is extremely unpredictable and there is always the possibility that the market goes straight up without coming back down once it starts going up.

To be honest, I'm investing the majority of my assets and salary in bitcoin, not just a little bit or what I can afford to lose. I think that to be successful, I need to step out of my comfort zone and trade off. I took risks to get bigger rewards instead of just investing a little bit at a time in bitcoin and having to do it over a long period of time. If my investment fails, I will sleep less and work more to revive the economy, and if I succeed, I will retire early. It is not as serious as many people think as long as we never give up if we fail. Opportunities don't come often, and don't let them pass you by.

Sure that is how you could see it as well and I also understand that similar topics might get buried deep down somewhere and therefore overlooked, but in general the question of how much someone should or should not invest has been asked probably dozens of times. As a basic rule I would suggest that it is not smart to follow anyone's advice on that matter if you don't know what that person's lifestyle looks like, whether that person has a reasonable risk appetite, and what the general stance of that person towards money is. If someone won the lottery they might not have the same respect for money as you do or should have.

As simple as it sounds, the sentence stands that you "should not invest more money than you can afford to lose". It is a good rule of thumb when you take it seriously, when you do some analysis on your individual life circumstances. If there is money you could afford to lose by the end of each month, it is a good starting point for you. But then your risk appetite still comes into play. If your analysis also says that you don't see a chance for Bitcoin to go to zero (which is what I think, it won't go to zero), you may make slight adjustments and do the math for some hardcore scenarios that you believe cover the loss range of your probability distribution that you still think could in theory still be realistic.

Assuming $0.00 is possible for Bitcoin might also narrow your opportunity potential too much. It depends on how much effort you want to put into all of this, but crunching some numbers and seeing whether you can get into trouble at price 1), 2), or 3) can't hurt. That can even make sense for a DCA approach if you have some money left over for investing but you know that in a bad case scenario a car repair could break your neck, but at the same time you know that it's unlikely a car repair will be necessary.

Without a doubt, you'll earn that risk someday in a positive way. Taking up your salary up to 35% that's gonna be shared to your bitcoin as an investment is a big thing already.

You'll achieve those someday and if you are not going to any of those because you're saving money for now, soon you can do that as many as you can because you're already in profit and that 35% have grown more than what you're expecting.

Well it is kinda variable stuff for me, OP. I do not consistently buy or even try to sell some of my money and Bitcoin. Methodologies? Not much, just seeing the price dip on where I picked up, I would buy more and if I need money, I might need to sell something but not too "urged" to buy.

At the end of the day, you'll still need some other forms of income to somehow not rely your "mind" too much in Bitcoin. It leads to disciplined trade for me. Not sure if this happens to other people though.

This is usually the point. You shouldn't rely too much on the "income" you get in Bitcoin. You'll still need some other forms of income that are guaranteed and not solely due to how the market goes by considering that even this is a volatile market.

OP, just like others have stated, which I am only adding to, IMO, first of all you must understand that my salary or the monthly or weekly income of others might not be the same as yours, so even if someone tells you that they put in 20% or 40% of their income into Bitcoin, you can never know how much it was because you don't know how much their income was. If you want to invest in Bitcoin and you don't want to do it in a way that it will affect you in terms of money management and your budget, first of all, you have to take note of your budget for every month, and you have to make your budget in time so that when the money comes, you can just begin to allocate the money to the things you have budgeted. While doing that, only allot to Bitcoin the amount of money that you know will not affect your needs to the extent that you might want to sell the coin in order to settle your needs. Just invest what you can afford at that moment. For example, if my weekly income is $2k and I decide to allocate 20% into Bitcoin every week (that's $400), for someone earning $200 every week, their 20% allocated to Bitcoin would be $40. The person might want to only allocate 10%, depending on what they want and how their budget looks. So, it's different for every investor.

Your method of investing all of your salary income in Bitcoin in 30 days is excellent; anyone who invests money that they can afford to lose has already established a stream of income. You don't have much of a problem in a turbulent market, if the price drops, because you have a place to recover when you lose, Bitcoin is a very good investment and opportunity that anyone can trust and deposit all of their money for a long time and make a lot of money.

As for me, I plan to invest 35% of my monthly salary in Bitcoin because I have an issue to address and am confident that I would benefit if I hold it for a long time. Even if you want to buy a fancy item or go out to a party with your friends or family, I am confident that if you know what you are doing and have a plan to achieve your goals, you can invest all of your money in Bitcoin.

The income and responsibilities that each person has vary greatly in life. Even though there are a small number of people who work in the same place with the same salary, I am sure that in terms of responsibilities and living needs, it will never be the same from one person to another. So these differences can also be carried over into investment matters where each person will determine for themselves what percentage of capital they are able to invest in something or in Bitcoin under certain conditions or conditions like today.

I use around 50% of my monthly income to DCA-ing Bitcoin, I buy Bitcoin every week every Sunday because on the weekend the trading volume is quite lower and the price sometime lower than the other day.

However it's up to every user how much they willing to spend their money to buy Bitcoin, even it's just 1%, as long as someone have Bitcoin, they're already adopting Bitcoin.

I would have preferred to DCA Ninety five percent of my income into Bitcoin every month but I have other responsibilities, if not, Bitcoin investment would have been my priority, I believe that Bitcoin investment is worth all the risks, but all I can do is invest 80 percent of my income, and I use the rest to take responsibility of my family and myself.

We all look at the halving period as if it's very far away, Xmas is very closer than we think and very soon 2024 will be here, if you aren't buying Bitcoin now you would probably miss ever buying any before it's too late.

Even if another big dump takes place, it could be those that are short-lived, like 24-48 hours and the final recovery will begin, I am a big shot taker, and I am always ready to lose everything, so I go hard into Bitcoin and other crypto projects, I am ready for the loses and also the biggest ROI.

Going by the way i invest in bitcoin, am a random investor who always sees an opportunity in everything i do in cryptocurrency and i also make sure to take advantage of them to invest, I don't have to wait till a particular requirements for using a specific pattern is meant before knowing that i should invest, each time i have some extra cash flow without having much needs to carter for with them then i invest, this means i use both the combination of DCA and other methods i see available for me to take as an advantage for an investment without wasting time.