Topic: You must have a source (Read 2143 times)

It appears that individual searching for a quick profit have limited options and urgently require money. By investing in "shitcoins", their fate is left to chance, with the hope of making an overnight profit. This type of investment is akin to gambling, with no guarantee of generating a profit. Therefore, it is no longer an investment, but rather a risky venture that could lead to losing money.

Not life for living but living for life. Now if you lose your entire wealth by investing in cryptocurrency then how will you survive your livelihood is lost. So every person should have a source. From which he will have a fixed amount of expenses every month. Then it will be possible for him to invest in Bitcoin. If he has no other source of income then he will not be able to sustain his life and livelihood with cryptocurrency.

Those who sell of their Bitcoin holdings with expectations to buy back cheaper are just gambling on such odds cause there is no guarantee that the price would dip any time soon or who knows if they just sold at the dip and the price skyrocketed and doesn't return to even their sell price.

I know one of my friend who got a link for invest. After few days he told me he has lost the money. Their desire was scamme. So everyone has to be more careful about wallet.
No one can accept money loss intentionally.

You are close to talking as if you were considering bitcoin to be a shitcoin, and so I am having troubles with the idea and/or need to take profits along the way, since that can be problematic for anyone who is too early in their BTC accumulation stage, so maybe it would be the most difficult to figure out if there are needs to take out profits or to sell any BTC when the investment time might be less than a whole cycle.. because presumptively, a person in their first cycle might be taking some time to accumulate - unless of course, he might have invested in relatively large lump sums to frontload the investment, so I suppose that it can be difficult to generalize how to treat these kinds of balances. 



I don't see anything wrong with having some unconventional ways of figuring out emergency funds, so long as you have them, and I am not going to concede that all ways are equally good, even though people do need to tailor their investment style to their own situation.. but at the same time some practices are better than others and surely you may well never need to draw into your emergency fund if you have various other good practices and you have a bit of luck, and so I would imagine that people who are having emergencies all of the time, do not tend to have good practices and might not even have much of a float in their cashflow situation.. and emergency funds become even more important when investing into something as volatile as bitcoin, since we should not be wanting to cash out of any of our bitcoin except completely at a time of our own choosing, and sometimes we also might want to be careful to not even cash out of bitcoin during times that we would like to, especially if we are still building our BTC stash.

So, for example, if we are trying to get to fuck you status (which tends to be in the ballpark of 20 to 30 years of expenses), and we barely have reached an accumulation of 1 year of expenses, we may well want to stay focused on accumulation that does not involve selling any BTC... . but if you are somewhat ahead of your investment, you might create some plans that reasonably attempt to figure out when blow off tops are not sustainable. .and at the same time not trying to get too greedy with the matter and/or not interfering with your need to be ongoingly accumulating bitcoin, so it can be difficult to justify selling any BTC, especially during early periods of BTC accumulation. 

So in that regard, sometimes it can take close to 10 years to reach an accumulation of 1 year's of expenses (that is using 10% per year as a guideline).. so many times people might not be in a position to be selling any of their BTC even if there are spikes along the way.. yet at the same time, the longer we are in, the more we might be able to develop strategies that still are quite likely to accomplishing ongoing BTC accumulation and potentially even have some selling along the way.. yet generally, I am not much of an advocate of such a strategy...since it tends to get folks out of the accumulation mindset, which is likely where they should be during their earliest of BTC accumulation years.


Yep.. deferred gratification and savings might not be easy to practice, especially when the regular money does not tend to hold its value very well, especially in recent times... so there can be some dilemmas when we are noticing how poorly regular money holds value, so it almost also would become necessary for young folks to start to learn about investing, which surely they should not have to tackle such complicated subjects, but there are some kids who already know that holding their value in fiat money might not be a good thing to do if the currency is ongoingly debasing.  Bitcoin is bringing a lot of these sound money ideas into our consciousness, and these days, maybe even young people are going to be needing to become aware of these kinds of sound money ideas.


It is not good to cite the links of newbies or even non-newbies shilling outside products - and frequently better to report such posts, so that admins can remove them...and perhaps even ban the user.


Depending on how much you are investing, how you are investing and how bitcoin performs in the next 10 years, 10 years might not be enough, but surely you can reassess at various points along the way.

You have to earn the money needed to meet the daily needs first. For holding extra money you must have extra source. Someone may give you a link Serve for quick income. It would not be prudent to invest in a well-balanced investment. Before that you should have reasonable income. Then you can holding anywhere. bitcoin is the best for holding.

I think this is obvious, unless you bought bitcoin many years ago (and even in that case), you should have a source of income, at least during the following 10 years, we will see how everything evolves in a few years though

most investors are forms of that investing with money they would later need to pay bills. Just a few days i came across a post on a group. Someone chatted the admin up asking him if there's any investment he could invest with his house rent that can yeild him profits over night the worse thing is that he was talking about shit coins. But to me I just see it like his joking because such act is just too childish and all that. If you are actually planning to use money that you would later need to pay some bills in investing, you would endup removing that investment at a premature state and that not longer called investing I would call that trading. So if you ready to invest you know yah leaving it for a pretty long time to yeild good profits.
Having an emergency funds is vital role investing, because that would help to coverup some certain expenses while your BTC would be on your portfolio increasing. We all know that without having emergency funds the urge of you wanting to withdraw or remove your investment would be high. Because most people would want to use that investment to coverup those expenses the emergency funds is meant to cover. Which may lead to missing out, so as you are increasing or accumulating more bitcoin to your portfolio, at same time still focus on increasing your emergency funds by doing some certain kind of job outside or inside this space (having different sources) so that your bitcoin accumulating would be smooth.
I think have came across such link before and base on some research this project has being running for long now. But still I don't trust such because ones you deposit your money . That money would no longer be in your hands so such project can run with your funds anytime they please, that why if you running or come across related stuff be careful most of this project are just build for scamming and all that. You can try jobs that don't involve such risks.

*You must have a source of income, if you haven't accumulated enough bitcoins yet that makes you financially independent to an extent that makes fluctuations in price negligible. Once you achieve this, you will only spend a small fraction of your BTC holdings for your daily expenses, so there will be no need to panic about whether it's a market top or bottom.

And I have never seen a lot of these people that sold all of their bitcoins to take profit ever come back to buy back bitcoin when it starts lowering in prices, most of these people that are saying that they're doing this are either thinking that when the lowest price is already present that it's going to get much lower and then they end up regretting it and then buying when the current price is double the last time that they've hesitated to buy. I do think that it's stupid too to cash out too early but I do believe in the balance that you also should never marry the bag, you don want to be sticking too long to bitcoin without getting some profit along the way.
That so-calle 3 months worth of emergency is not going to be adequate for when you have a health emergency and yes there's also the fact that the emergency money isn't just for health purposes but for me with a stable job, I don't think that I'd be considering any other reason to save up for emergency besides a medical or health related one. Regards to resources that I can draw upon, I have some collectibles that I can sell for a profit when I bought them so in a way I do have what you might call an unconventional emergency fund.
This personal finance thing should start young, that's why some people that learn it later have a hard time keeping it up because besides refining their skill for finance, they're also honing their discipline to follow the right thing to do so they can be financially healthy because being one is a really difficult thing to do and I agree that the lack in discipline is a big factor.

Even though I suggest that it is very stupid to cash out too many bitcoin too early, a lot of people engage in this kind of conduct and some of it has to do with taking profits, or other investment ideas or even thoughts  of buying back cheaper, and maybe those ideas are not really bad in themselves because it is very common for normies to engage in that kind of conduct.  I did it myself prior to bitcoin with a variety of other investments that I had, and sometimes it is not realized to be a mistake until quite a long time later, and it is really difficult to reverse or even to realize that you are doing it because it makes so much sense when you did engage in that kind of conduct.  With a bit of random luck, I did have a couple of those incidents work to my favor, so there were some areas that I was not as damaged that I could have had been, it was just pure luck that I pulled out of the investment in order to invest into something else, and the part that I had pulled out had gone into a crash, so I did pay it back and buy back in cheaper, but I had no idea that was going to happen... but I had some others that largely I just ended up spending the money in various ways, and pretty much depleting the size of my investment portfolio.


Emergency fund is not just for health purposes, and yeah the larger your bitcoin investment the more necessity to have an emergency fund that is at minimum 3 months... and many suggest 3-6 months or longer, but surely some folks call their funds an emergency fund when they are also referring to reserves and float.  Now of course, you can short-cut some parts of the emergency fund, but if you completely abandon the idea, you are then a kind of walking time-bomb and only asking for trouble...but you might have some kind of emergency fund that you are not considering to be an emergency fund, and that is fine too, if you have some resources that you are able to draw upon when you have cash shortages, because you should not ever get into circumstances in which you have to sell some or all of your BTC at atime that is anything other than your completely own choosing... and sure, if you have been in bitcoin for long enough (your forum registration date shows December 2016) and your average cost per BTC is way below $10k, then maybe you are enough in profits that your BTC can serve as your emergency fund, but you still might feel bad if you have to sell some of them at a time that is not completely of your own choosing, and you will be the one to blame if you are not sufficiently/adequately protecting your own BTC stash (my lil precious). 


Personal finances are skills that many people have, but they might not have those skills very well refined, but it should be in the capacity for anyone to learn because a lot of the concepts are somewhat basic and don't really require high level skills, but still some people don't even try to learn these kinds of basics..so some of that revolves around personal choices, and just lacking of discipline.. and so frequently it is not easy for people to work on skills to stay focused, even though it is within skills that most people would be able to learn.

I'm guilty of this, done this back when I was starting and my first big profit, I decided that I would spend it on other stuff that's not building in interest or grows in value and I would probably have more bitcoin that are on hodl right if I just wait spent only the a third of the profit in luxurious stuff and waited for bitcoin to go down in prices again but no, I didn't and here I am hodling and not minding the problems in bills and not eating out so that I can DCA and increase what I currently hodl and so far I'm having a blast seeing that my bitcoins are growing weekly in value and amount. I don't regret being a stiff on electricity and eating.
Thankfully I got a steady job so I don't mind not putting money right now for emergency funds, there's an social security that I pay quarterly in the case that I need more money for hospitalization but overall, I'm not planning to put that emergency fund anytime soon, also it's a good idea to live a healthy lifestyle, having more vegetables and fruit in your diet is a big help in building an immune system, remember that prevention is better than cure.
Being irresponsible with your finances might be a problem but I don't believe that's an excuse because you can change as a person anyway and become someone that will be responsible, it just takes an iron will discipline and the ability to be consistent.

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I think prioritizing a steady job is the right step for our financial health and if it is possible to make investments it will be calmer because if you have a steady job even if our investment has not paid off we still have a steady income that makes us psychologically healthy but if we only rely on income from investment it is very difficult to do except for those who are experts in this field and have qualified capital.
 The most important thing for me is to have a steady job and try to have healthy investments, and having an emergency fund is also very important for better financial growth when finances deteriorate I think it will be a solution. So I think we have to have a steady job, then healthy investments, and have an emergency fund. Maybe that will be easy to get through.

That's what I am thinking too, If you don't have a stable source of income and suddenly there is a problem when it comes to your finances, maybe what will happen is that you will just move your investment in crypto.so others advise that your savings must be separate from investment, and you cannot rely in only one source of income because it will be more difficult for you to manage your finances in case of problems and you will not have anything else to draw from, but your bitcoin investment only.

I think that 2+2=4, right? there are things that just happen, you have to teach that, that is: you have to support your investments, sometimes I think that many discover trivial things and see them as if they were something scientific.

Maybe part of the point is that it is pretty fucking stupid to be spending your bitcoin if you are still building your portfolio, and so you are never going to get anywhere in terms of really believing that you have an investment if you are spending it... so you don't have to be rich in order to figure out some ways to make sure that you hang onto your bitcoin, you don't spend it, you spend other sources first, and if you cannot achieve that, then you are not engaging in long term investing..

and another thing about long term investing is that you likely need more than a whole cycle to really feel the compounding effects, so maybe even a cycle and a half minimum... and at the same time there are no guarantees and also if you are continuing to invest the whole time, such as over 6 years, then your earliest purchased coins have gone through a cycle and a half, but your latest purchase coins might be barely even profitable, they might even be unprofitable until they have had some time to stay in a kind of HODL situation, even though bitcoin has been volatile and quite likely to continue to be volatile, so surely people get nervous about buying coins that might take a while to go into negative and even to start to compound on themselves.. so coins bought in 2021 and even into the earlier parts of 2022 are not doing as great right now, as compared with coins bought in late 2022 and through much of 2023.. so it can take a while to germinate, including coins bought in late 2017, may weil have gone through some troubles too (especially during late 2022).. even though clearly even those late 2017 coins are starting to feel a lot more comfortable these days even though they might not have had compounded very many times, yet.

It is interesting that tranthidung has a pretty cool site (tool) that shows us the profitability history of any of our particular purchase dates.



Personally,  I consider an emergency fund to be necessary no matter if you have an income or not; however, the less reliable and steady your income, the more important that you have an emergency fund, a float and reserves, so even if you do not have an income you would draw from your float and your reserves first, and your emergency fund should be ONLY for emergencies, and the fact that you do not have a job surely is an emergency, but it should be one that any of us is attempting to resolve as soon as possible, especially once we have run out of reserves and float....

and surely investing into something like bitcoin also requires maintaining all of those things, and you can still invest into bitcoin, but if you are getting down to your emergency fund, and you don't have any idea when your cashflows are coming in, then it would be quite difficult to justify investing into bitcoin or anything else.. ...

so then the source of income is a matter of degree rather than whether or not.. because most of us already agree that you have to have an income that is already coming in (even if it might not be regular) or something that is expected in the future, but then if you are investing into BTC, then you would likely be taking from your reserves and/or from your float.. and . .taking from your emergency fund does not seem justified, since that would then put someone into the territory of gambling rather than investing, unless the person has pretty solid information that some kind of income was going to be coming back in the near future.

In the end, people can do what they like, but if they are too loosey and goosey with their finances, then they are gambling rather than investing, and even if some people like to live like that, they likely do have some ideas about how they are not going to run out of money, even if they are mooching off family and relatives for food and lodging, then someone is paying for that persons upkeep, so yeah in those kinds of circumstances, they are using their friends/family as income, reserves, float and/or emergency fund.. otherwise, if they are having to live off the land and/or engage in questionable behaviors to get value.. then those would be other ways that some people might be able to figure out ways to get money or to be able to live, and maybe even not having to sell their bitcoin if they are figuring out ways that food, shelter and other basics are going to be available.

Having own source of income is essential if you extend yourself into bitcoin investment for long term. Without stable source of income, you will not be able to stretch out your patience longer especially if the current market condition demands you to hold more of your coins. With that, if you have a good source of stable income, that will be your advantage as you won’t resort into panicking and early selling of your coins if the market suddenly crash and leave bitcoin price dumping.

Aside from having an emergency fund, it is important to have a steady job that can provide for your financial needs. While investing is a good way to grow your money, it is important to keep in mind that you cannot sell or move your investment unless you make a profit. It is also important to avoid investing money that you will need to withdraw later to pay your bills, as this can hinder the success of your investment.

Indeed, the importance of having an Emergency Fund cannot be overemphasized, like someone said, if you're holding Bitcoin without an emergency fund, you can't call yourself an investor because you're not investing but gambling with your asset. Surely Emergencies are inevitable so they'll come whether you see them coming or not, so it's only best you prepare for it so you won't be taken unaware. Because if you don't have a reserve for emergencies, then you'll be forced to run back to your investment every single time you need money for an emergency.
Just imagine going to your investment whenever you need money for rent, or whenever you need to get supplies for the house or maybe when you wanna sort the bills, you'll be killing your investment gradually, because rather than growing, it'll be diminishing every single time you touch it.
So Emergency Funds are a must if you wanna have a successful investment.

Bitcoin is a successful Currency and is a good platform for making huge profits therefore if you have a mean and source of getting money then you can manage saving for bitcoin investment. Those who have no means of earning and are taking money from others in order to make bitcoin investment are not wise one even they know each and everything about the bitcoin.

Knowledge and experience is not everything to get success but sometimes market situations also matter a lot therefore do less investment but use your own money and if you don't have any source then wait until you find an earning source. Daily needs are also important and one cannot leave it for investment because a person cannot live hungry all the time and cannot achieve success by setting alone, has nothing to eat and nothing to earn so try to find source first and then invest.