Source of income diverses can inspire investors to expand their investment goals

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

Investing in Bitcoin offers a new field, Bitcoin investment plays an important role in today's digital economy. Investing in Bitcoin is a key to saving money in the future, and symbolizes the potential of digital finance. You need to have important knowledge about investing in Bitcoin and the possibility of effective risk, making an informed decision is very important. Investing in Bitcoin is a difficult task for a day laborer than for an influential person. Investing and holding bitcoins can be another source of income for you, with profitable results.

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Quote from: SOKO-DEKE on June 28, 2024, 02:07:26 PM

Let's imagine during the COVID-19 period that many people lost their jobs and went broke all because they only relied on one source of income. If some people had different sources of income, I don't think they would have complained bitterly like that, that life was so hard.

This speaks for all, as we're investing in Bitcoin or any investment that we're involving ourselves with. It's very important that you shouldn't touch that until it grows and matures. And for a situation like the pandemic, that is very true. Many layoffs have happened and companies need to cut their costs by releasing their employees to lessen the budget because the income was also decreasing at that moment. If most of the employees are only relying to their very job as the source of their income, it's hard to adjust when an unexpected moment comes like laying off or getting fired or the sudden closure of the company. The same goes with investing in Bitcoin or investing in general as cryptopreneurboss said, that this should be applied to all. If you've made much profit, don't spend it all at once to your wants but make sure that you'll also save for rainy days and make your money work for you.

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Multiple sources of income is good for both the investor and the investment in itself, because as an investor when younhave Multiple sources pf income, you won't be affected when your investment have not performed to your expectations let say when you are in loses you won't feel the impact directly since you have other stream to generated profits aside from the bad performing investment.

And also Multiple sources of income also help protect the pressure on the investment most especially in the time of market downward in that particular investment, so you asset are always safe instead the ugly situation where some only have one investment, and are forced to sell off even when the investment is in the negative due to no choice or alternative.

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Quote from: Stepstowealth on June 21, 2024, 06:56:44 PM

One source of income is not good, but if it is a really good source of income that can be depended on, then focus on it can sustain you properly.

The truth is that one source of income is not reliable, no matter whether it is a good source of income or not. The fact we should know is that anything can happen to whatever your income is coming from, whether it is your own business that you have built so well or working for any company. The best is just to have more than one source of income so that you may not find it so hard to live in the future if anything disappointing happens to one source of income.

Let's imagine during the COVID-19 period that many people lost their jobs and went broke all because they only relied on one source of income. If some people had different sources of income, I don't think they would have complained bitterly like that, that life was so hard.

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Quote from: uchegod-21 on June 27, 2024, 04:36:03 PM

Very pleasant to the air when said and good to be read by all. But in reality is it very easy to have multiple streams of income for some countries? I understand that those that live in the United States and in the Europe could actually take up many jobs as they can in order to survive. How about those that are in some part of Africa where the government do not generate job. Where the graduates are very much unemployed. Where getting one job is difficult let alone having more than one. Where there is no enabling environment for small scale businesses to strive. It is not that easy but I encourage people to try as much as possible to have multiple streams of income. No one can actually predict what tomorrow has and also bitcoin could be in the bear market for so long that it will begin to affect the Hodlers.

I agree with what you said, but why do you limit additional sources of income to government jobs only? For example, if you are a property owner, you can rent it, or if you are a freelancer and have skills in one of the fields, or if you are a YouTuber or content creator, etc., then you can earn a good income from these, and they can be additional sources of income for you. The list goes on, and there are many options, so you should look for ways to provide yourself with an additional source of income. Don't limit your sources of income to a job or an investment you have.

Suppose you have more than one way to generate a good income. In that case, you will be resilient in crises or emergencies and ultimately achieve your investment goals because you will not break them before achieving long-term profits. With every decrease, you can increase your investments with more money, and your living requirements, studies, and the like will also be under your control.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

Very pleasant to the air when said and good to be read by all. But in reality is it very easy to have multiple streams of income for some countries? I understand that those that live in the United States and in the Europe could actually take up many jobs as they can in order to survive. How about those that are in some part of Africa where the government do not generate job. Where the graduates are very much unemployed. Where getting one job is difficult let alone having more than one. Where there is no enabling environment for small scale businesses to strive. It is not that easy but I encourage people to try as much as possible to have multiple streams of income. No one can actually predict what tomorrow has and also bitcoin could be in the bear market for so long that it will begin to affect the Hodlers.

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Quote from: Stepstowealth on June 21, 2024, 06:56:44 PM

One source of income is not good, but if it is a really good source of income that can be depended on, then focus on it can sustain you properly.

Having one source of income doesn’t make sense to me, but that doesn’t mean we should invest in multiple businesses that we won’t be able to manage. If we can manage only one business, then we should just focus on it. But if we have the opportunity to establish more, then we can do that. It’s better to have multiple sources of income in case one fails, and then we will be able to focus on others and still be making money. So as an investor, don’t put all your money in bitcoin, and we shouldn’t depend on only bitcoin for survival, we should have other things to do.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

I doubt any investor solely rely on the returns from his bitcoin or crypto income if he actually a successful investor for a while, and let it make clear we are not talking about retail investors who invest a part from their salary into bitcoin because they are also investor but not in the big picture.

No one should rely on single source of income is a simple thumb rule of 21st century because the unemployment is on the rise while evolution of technology reduces the requirements of human source to do jobs that means sooner or later they might get laid off so it's important to have a backup source of income when you knew that instead of waiting for it to happen.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

This is a good advise @op, I think people misunderstand this investment, as an investor it doesn't mean that you wouldn't have any other place that you are earning from, every interested investor should know that if you want to maintain your investment for a long-term you must have other stuff you do to earn money in other to avoid making a quick decision of tampering your holdings, Bitcoin investment requires endurance but for that to continue you must seek for extra means of adding to your pucket to meet up to your personal and unexpected needs, that's why it is good to have a reserve fund as a bitcoiner, for us to accomplish our plans as bitcoiners, we should be much more prepared in different angle so that once we invest, we hodl for longterm so that we can tap from the benefit of this investment.

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Even without having an investment goal it is very essential to build a different streams of income because as responsibilities keeps looming without any stops it therefore demands we don't also stop at anything in getting a multiple income source.

It is highly risky not to have an investment for the future but it's much more riskier to depend just on only one source of income in this inflation economy because a cut in that single source can end all years of plans an individual has put to work making you restart life from scratch again where under a multiple stream of income you can fall on one when the other stops.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals

Investment means you have money, capital for investment from some kind of source. It can be your regular salary, your savings, profit from other investment activities and you use it for your investment in Bitcoin or cryptocurrency.

Investment without money from your own pocket is not investment fundamentally to define. It's gamble and gamble with money you borrow from someone else.

Investment means going long term with a company, a project you put your belief and capital in. Furthermore, it takes time for a company, a project to grow up then gain bigger adoption, expand business, gain value so you should never expect to get success and profit in short term.

When your source of capital for investment is broken, you can halt your investment. Focus on finding a job and when you get source of income again, you can continue your investment with Dollar Cost Averaging.

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Quote from: Mr.right85 on June 21, 2024, 06:30:05 PM

I personal advice that every individual who works for a person or public office should as well be an entrepreneur, own a business and manage it good. You never know what the employer may decide.

Owning a business is not always beneficial, a bad business in a bad location may only take more from you than whatever profit you will get. One source of income is not good, but if it is a really good source of income that can be depended on, then focus on it can sustain you properly. Also, try to start one business first if you must, and not multiple businesses at once because that is not a smart business move. If you wish to have multiple businesses, start one business first, and learn from it before starting another.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

In our world today, having multiple streams of income isn’t just a want to do but a need to do. Things are changing at such a pace that, it takes someone who really have life fixed for them to follow and even then, you don’t have to be wavering in your act less, you find a hard time bouncing back and fitting in. It doesn’t only apply to those in the cryptocurrency industry although, it does promote having to hold successfully and it applies to other endeavors too. When one source isn’t being very productive, there is every tendency that, you would find much profit in the next to account for the losses in the formal. That’s how multiple streams of income can help a person.
I personal advice that every individual who works for a person or public office should as well be an entrepreneur, own a business and manage it good. You never know what the employer may decide.

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Quote from: Odohu on June 21, 2024, 01:09:00 PM

Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

I don't think this idea of multiple sources of income have any advantages neither did I see any need laying too much emphasis on it. The most important thing is having enough money to the investment and still make the investor comfortable in his daily life. Most of the richest people in the world were known to make their money through a known single source of income before they later diversified into other areas when their money became big. Focusing on creating a reliable source of income will create mastery which is better than spreading ones meagre income into several ventures. Therefore, I am of the opinion that the focus should be on getting a standard source of fund that will sustain investment in BItcoin which can then act as diversification from the core business.

Let me brief you based on my insight, I don't mean to say that having less source of income does not allow to achieve great goals but the fact is that having such would enhance you to achieve more than could be and alone could give Investors the confidence that when things are not working out there other way, then thereabouts can be sustainable.
Just as you said, those rich men achieved more goals through the he vision of diversification of incomes.

So if I have more than on source of income, it would allow and encourage me to buy and accumulate more to my investment than when having one source.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

How can one invest in Bitcoin when they don't have money. This is absurd and I would never advise a person that do not have a work that is paying them to invest the little they have on Bitcoin. The crypto market is not always certain thag one could predict what will happen next but it is very important for one to take every single risk management when investing on Bitcoin or the crypto market. Some persons do make the mistake that price is suddenly going to come to their side which the opposite could be the cake. Crypto market is huge and we should expect crazy movement as soon as possible since the numbers of whales are increasing.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.

This shouldn't be about Bitcoin investors but every investors, having only one source of income is a financial mistakes and having investment in correlated assets is a more financial mistakes. Having alternative sources of income has its importance and this is what the ultra wealthy elites aren't lettings the common man like you and I to know because they always want to withhold the secret of acquiring wealth to keep more for their greedy selfs. Having multiple streams of income keeps you wealthy and not when all your hopes are just on a particular investment. Always be alerted by the fact that nothing last forever and things can go bad anytime.

Quote

From there we can expand on our bitcoin plans.

When there are more things to invest in, you'll think bigger and not small. If your total investment was to be $10k but you see more opportunities to invest in and the funds are available, you can increase your investment to $100k but then looking for alternative things to invest in should be calculated risk investment that aren't too risky to make you lose money that you are putting towards that investment. Diversification should be done in more stable investment if you already have a volatile investment in Bitcoin.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.

If you are investing in bitcoin, then it’s supposed to be for the long term, and bitcoin investment is not what you are going to be expecting daily profits from, so if you are investing in bitcoin, then you should have other sources of income that you are going to be using to take care of yourself. If you don’t have other sources of income, then it’s going to be very difficult to hold your bitcoin because you will end up selling it when you are having any problems and you are in need of money. So the best thing is having other sources of income, and you won’t even be thinking about the bitcoin that you bought.

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Quote from: Aanuoluwatofunmi on June 21, 2024, 12:39:28 PM

Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

Bitcoin has the tendencies to making one get rich, but we cannot also expect for this without going through some pathways to the success, bitcoin should not be the only source of our income, we have to know that there is always a need for an alternative when we make investment in bitcoin because it can sometimes be more volatile in such direction that we less expect and therefore make losses, this also tells about understanding that bitcoin is not a consistent means of making money by the virtue of its volatility, we have to know and also master all these.

should Bitcoin serve as a source of income? Bitcoin isn't a source of income, we know it's volatile and by that, it means that if we invest or save up in Bitcoin, we will get some profit from it but that's not the role of Bitcoin in today's world. You have to take care of your finance and ensure that you're not doing bad financially before getting started in your Bitcoin investment.

Looking at it as an alternative source of income means that you've not invested into Bitcoin and just taking mere theories. Real Bitcoin investor have there lives 90% figured out before they eventually takes investing into Bitcoin s a necessity. If you're looking out for a stream of income or you already have one and looking for an alternative stream of income, then you shouldn't venture into Bitcoin In the first place. Bitcoin was created just like the money with an advanced future that's decentralized which helps in solving some limitations we faced with the use of the fiat. If you can't cope with creating wealth through the use of fiat, it's most likely that the use of Bitcoin wouldn't do you any better.

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Just as the op pointed out, having other sources of income helps a strong bitcoin holder not to panic when bitcoin is in bearish run, a strong holder rejoices when the price of bitcoin keeps dropping because it's an advantage to keep buying and holding but when there is dependency on bitcoin investment as the only surviving source of income by an investor it becomes a problem because at any given time the fear of inquiring loss becomes the only thing that comes to the mind of such person.

Bitcoin investment doesn't guarantee instant wealth any any one who wants to invest should get an alternative support where there is regular flows of income to avoid unnecessary heart breaks and losses.

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Quote from: Cryptohygenic on June 21, 2024, 11:56:29 AM

Noting that bitcoin enthusiasts who are interested to invest on bitcoin should have alternative source of income so that it can allow us maintain the architect on how we want to achieve our investment goals, It is very necessary to have review what the consequences will be if we lost that single alternative source of income.
And putting this fact into considerations could provide us an advancement to be committed in diverses which will give us profiting confidence to hold upon while we may not only reach our bitcoin investment goal but that we can do more better than earlier expected while holding our bitcoin assets.
From there we can expand on our bitcoin plans.

I don't think this idea of multiple sources of income have any advantages neither did I see any need laying too much emphasis on it. The most important thing is having enough money to the investment and still make the investor comfortable in his daily life. Most of the richest people in the world were known to make their money through a known single source of income before they later diversified into other areas when their money became big. Focusing on creating a reliable source of income will create mastery which is better than spreading ones meagre income into several ventures. Therefore, I am of the opinion that the focus should be on getting a standard source of fund that will sustain investment in BItcoin which can then act as diversification from the core business.

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