Topic: Planning to invest in Bitcoin to perform Hajj. - page 4. (Read 933 times)

And I would like to know your opinion whether this plan will be successful in the long term and aims to provide additional funds to carry out the long-desired Hajj.

Yes and thanks for this. But I already know and have studied everything, because the Hajj pilgrimage is obligatory for Muslims, even though I can afford it. And my mother really wanted to go there to fulfill her obligations, and my mother also performed the Umrah with my father when my father was still alive.
And I use this investment method not only to perform the Hajj, but for everything including old age security. And my mother has also registered for Hajj, which is most likely if there are no obstacles around 2030 or before that, depending.

What you just said is what we call the DCA method or dollar cost average which is the process of acquiring Bitcoin through regular intervals instead of buying Bitcoin one time big time. Usually DCA method is preferred because it can mitigate risks investment brings. I think it is a good idea that you have shared to your mom about bitcoin and she is also willing to participate. I do not know how much you need to perform Hajj but I believe that you can earn profits through this method.

I hope that your mother's wish come true. Sending all the best for you and your mother.

Isn't Hajj a yearly celebration for Muslims? I believe it's where you do a pilgrimage to Mecca right? If so then I'll have to say to you that depending on where you live, you either be able to afford the trip for the Hajj or not. I think that if you're far from Mecca, it would be a good decision for you if you increase your DCA to $10 because you're going to have a hard time buying the tickets for a flight if it's only $3 a day, and bitcoin price is still uncertain as to whether it will go up or down so it might be a good idea to increase your investments or find another way to fund your trip so in the case that you're not going to profit from your bitcoin investment, you would still be able to do the pilgrimage.

To be honest with you, I believe you are taking this too far than it is. First, you've already known Bitcoin and are a gainer in it as well, am I correct? You can singlehanded sponsor her on any trip by then  (10 years time) even without stressing yourself or her with any plans like this. But if she must do it this way, the hajj is still 10 years from now since your mum is 60 years old and you guys plan it for her 70th age. This means that the time is far with the daily $3 you planned to be saving from her grocery store. If successful, she would have even had the money to sponsor other people and feed them for the hajj and not herself alone...

And I would like to know your opinion whether this plan will be successful in the long term and aims to provide additional funds to carry out the long-desired Hajj. My mother is currently 60 years old and wants to perform the Hajj at the age of 70, and my mother also has savings that she has been working on for a long time and also has the same goal and is sometimes used for emergency funds.
And with this I took the initiative to plan this which I will do in stages and my plan is, using $3 a day from my mother's grocery store in 30 days = $90 that I will spend in Bitcoin every month. And I will also increase my purchases when my mother has excess money or unexpected money because that often happens.

And I ask for prayers from the BTT Forum which I respect so that my mother's dream of performing the Hajj can come true.

And I use this investment method not only to perform the Hajj, but for everything including old age security. And my mother has also registered for Hajj, which is most likely if there are no obstacles around 2030 or before that, depending.

I have an investment plan for my mother by collecting $3 every day from the results of my mother's business and that $3 is a small portion of my mother's business profits. My mother owned a grocery store and after my father died, I built a grocery store for my mother with the goal of giving my mother something to do at home.
And my mother already knows that I have been involved with Bitcoin for a long time and I have discussed this, and my mother agrees because she knows the benefits and changes that I get from Bitcoin in the long run. And my mother has great hopes that Bitcoin can provide good profits in the long term, she wants to use these profits to perform the Hajj or can be used as extra money which my mother has long planned.

And I would like to know your opinion whether this plan will be successful in the long term and aims to provide additional funds to carry out the long-desired Hajj. My mother is currently 60 years old and wants to perform the Hajj at the age of 70, and my mother also has savings that she has been working on for a long time and also has the same goal and is sometimes used for emergency funds.
And with this I took the initiative to plan this which I will do in stages and my plan is, using $3 a day from my mother's grocery store in 30 days = $90 that I will spend in Bitcoin every month. And I will also increase my purchases when my mother has excess money or unexpected money because that often happens.

And I ask for prayers from the BTT Forum which I respect so that my mother's dream of performing the Hajj can come true.

How much does Hajj cost from your country? $90 per month is about $1,000 annually, or $4,000 every 4 years

I am religious but I don't see visiting the so-called Holy Land as something paramount to me. When the government of my country allocate millions of dollars to sponsor these pilgrimages, I see it as a waste of funds. The money could be used to engage in development programmes in the country. For me, I don't think I will ever save because I want to engage in religious obligations like pilgrimage. I would prefer to give the money to charity than to go for such an adventure.   

I have an investment plan for my mother by collecting $3 every day from the results of my mother's business and that $3 is a small portion of my mother's business profits. My mother owned a grocery store and after my father died, I built a grocery store for my mother with the goal of giving my mother something to do at home.
And my mother already knows that I have been involved with Bitcoin for a long time and I have discussed this, and my mother agrees because she knows the benefits and changes that I get from Bitcoin in the long run. And my mother has great hopes that Bitcoin can provide good profits in the long term, she wants to use these profits to perform the Hajj or can be used as extra money which my mother has long planned.

And I would like to know your opinion whether this plan will be successful in the long term and aims to provide additional funds to carry out the long-desired Hajj. My mother is currently 60 years old and wants to perform the Hajj at the age of 70, and my mother also has savings that she has been working on for a long time and also has the same goal and is sometimes used for emergency funds.
And with this I took the initiative to plan this which I will do in stages and my plan is, using $3 a day from my mother's grocery store in 30 days = $90 that I will spend in Bitcoin every month. And I will also increase my purchases when my mother has excess money or unexpected money because that often happens.

And I ask for prayers from the BTT Forum which I respect so that my mother's dream of performing the Hajj can come true.

I am religious but I don't see visiting the so-called Holy Land as something paramount to me. When the government of my country allocate millions of dollars to sponsor these pilgrimages, I see it as a waste of funds. The money could be used to engage in development programmes in the country. For me, I don't think I will ever save because I want to engage in religious obligations like pilgrimage. I would prefer to give the money to charity than to go for such an adventure.

Please forgive my bluntness, who am I to dictate what you or your mother want to do with Bitcoin investment? Everybody has priorities and will have to achieve the needs at the top of the scale of preference. Since performing the Hajj is your mother's desire, I wish you all the best of luck. It is good you are using the DCA strategy and your plan is long-term (10 years). If you continue hodling, hopefully, the money to finance her pilgrimage will be available in eight years. I pray your mother gets all the spiritual benefits that the Hajj brings.