Long term hodling is not all about having a smooth journey all throughout. There are times that you get tempted to sell earlier because you need funds so badly in order to survive from daily life's struggles. But if you have a good and decent job that pays well, wherein you are provided with a consistent flow of income, then you can grow more your investment by not selling at earlier and a lower price. That is why having a stable source of income is very crucial.
For those who are planning to invest and do long term hodling without a stable job, think a lot of times. Still, you won't be successful with that. Find a decent job first that generates a sustainable income, that way you can also invest at the same time and see it growing through long term hodling.
Topic: You must have a source - page 10. (Read 2244 times)
One reason that most people do not make successful investments because they tend to sell their investments earlier because of lack of money to spend for family basic needs or for emergency cases that need emergency funds. That is why once we decide to invest, make sure that we also have a stable source of income that we can depend even if our investments are still not in profits.
Having a reliable source of income will make you think to invest more and grow your investment, that is the advantage if you also have emergency funds reserve for emergency needs.
Having a reliable source of income will make you think to invest more and grow your investment, that is the advantage if you also have emergency funds reserve for emergency needs.
I don't think that is an excuse, when someone tries to invest then indirectly they already know about the economic capacity they have including the income they have so that they are able to think about investing and being in bitcoin so that they realise that the needs of life will not interfere with the investment made (at least for me it is like this). I realise that investing in bitcoin is for the long term and when storing bitcoin it already means using money that will not even be used too much in a certain amount of time so the reason for selling bitcoin at a loss because of financial problems is actually just an excuse or indeed we don't really understand the real investment system.
Many people who sell when the price is cheap I think it is just a panic that occurs not that they need money directly, maybe there are some like this but not all who sell at a loss just because they need money but they panic that bitcoin is not as expected and want to get out as soon as possible even if it gets a loss which in the end blames bitcoin for thinking this is a scam.
Many cases like this happen especially for those beginners who always follow some people in investing without knowing what they are investing in.
Many people who sell when the price is cheap I think it is just a panic that occurs not that they need money directly, maybe there are some like this but not all who sell at a loss just because they need money but they panic that bitcoin is not as expected and want to get out as soon as possible even if it gets a loss which in the end blames bitcoin for thinking this is a scam.
Many cases like this happen especially for those beginners who always follow some people in investing without knowing what they are investing in.
Op is exactly right, it's just a simple truth that if you don't have a source regular of income, you're bound to using money from an investment (or go into debt, but I don't think it's a better option). So having a source of income is highly desirable, although not always under one's control. Sometimes a situation with the job market can be very challenging, or someone might have unexpected expenses that need to be covered. In that case, it's reasonable to sell some of the investment, even at a loss, IMO.
As for a section, I think it belongs to Economics more than to Bitcoin Discussion.
I'm not sure why someone would ruin his investment plans if he really had them in mind in the first place. I mean, every investor should consider a reserve budget before investing in anything. The reserve budget is intended to ensure that investment plans remain the same without being disturbed by financial needs at other times such as urgent needs.As for a section, I think it belongs to Economics more than to Bitcoin Discussion.
This is the importance of planning in investing and in my opinion it is appropriate for someone to think first before doing it. Having an emergency fund or reserve budget is important because it can provide a good option for investors when they need urgent funds.
You must have a source of income if you must succeed in your holdings.
For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.
Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.
It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.
One think about a cryptocurrency is that if you decide to invest in bitcoin for long-term variation and you still have a sustainable means of surviving I don't think you will quickly cash out your funds, that is what some people don't know about bitcoin investment from my own perspective of understanding the basics things that concerns bitcoin and it's investment method For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.
Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.
It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.
Any investment that you aim to succeed needs a sustainable amount of income for it to grow. Same like long term hodling, if you don't have current source of income that will provide you with all your needs, then hodling any investment will be useless because believe me, sooner or later, you will be force to sell them to prioritize your needs over your investment. Most especially if you have a family to feed, it's very important to have a stable source of income, so that your investment will never be touch and will continue to rise and grow in time.
Having a stable source of income is always vital. If you can't have that, then forget about investment but focus first on how to look for stable job that will finance your family and your investment.
Having a stable source of income is always vital. If you can't have that, then forget about investment but focus first on how to look for stable job that will finance your family and your investment.
We could just rely on them for maintaining the family and in the meantime we could do the buying and holding stuff. Imagine if you had a big brother, whose income is enough for your entire family. So as the second child, you could practically use your money for the investment. But if you had no other sources, in times of emergency, you'll have to use your investment money.
It's not that simple. If it's not a collective decision made and agreed by every family members, it's not going to work. Many people still don't have much knowledge about Bitcoin or don't trust it as investment, so imagine you want to focus your budget in BTC, but need to rely on a brother who has a negative opinion about it to sustain the lair meanwhile. You can even promise him some financial profit once you sell your coins, but he will be still very annoyed by the fact he is carrying the house and the family on his back. There will be lots of disputes, conflicts... It definitely doesn't worth in the name of your peace of mind and spirit.
The situation may become so unbearable that you may want to finish your investment before the right time, just to get rid of the nasty complaints and disputes at home.
That's the most vulnerable situation anyone could get into, I have been in such situations and guess what, I had to sell at lower price when I knew price will shot up and I have sold coins like CHZ, CHR which were at the booming stage and as soon as I sold it it increase by over 8X especially CHZ, Same thing happened with BNB as well.
We don't have any other option when it's drilled down to the basic necessity and survival. It's always better to have multiple source of income so that our investment is not hampered. That's the moment I planned on having a separate investment plan and a saving plan so that I could use saving in case of emergency instead of investing everything and then breaking using it when the need arises.
We don't have any other option when it's drilled down to the basic necessity and survival. It's always better to have multiple source of income so that our investment is not hampered. That's the moment I planned on having a separate investment plan and a saving plan so that I could use saving in case of emergency instead of investing everything and then breaking using it when the need arises.
Absolutely agree with your opinion. Having a stable source of income is important when holding bitcoin for the long term. Financial responsibilities can force people to sell their holdings before price raises, leading to losses. Your personal experience working as a merchandiser with Guinness is a great example that shows the importance of financial stability beside your strategies. Having an alternative source beside holding lead to q successful long term crypto investments.
I can relate to your experience, having a similar experience. Before I secured a stable income, not predicting financial needs pushed me to make a decision that affected my crypto holdings. But once I secured another income source, I gained the ability to hold my bitcoins without worrying about them, so the point here is to understand the importance of financial stability with the volatile crypto market.
It's a valuable lesson that resonates with holders in the crypto community.
I can relate to your experience, having a similar experience. Before I secured a stable income, not predicting financial needs pushed me to make a decision that affected my crypto holdings. But once I secured another income source, I gained the ability to hold my bitcoins without worrying about them, so the point here is to understand the importance of financial stability with the volatile crypto market.
It's a valuable lesson that resonates with holders in the crypto community.
Isn't that a fact? One must have a source in order to keep on holding and fulfilling his family needs. But there can be one exception though, if one had multiple earning members. We could just rely on them for maintaining the family and in the meantime we could do the buying and holding stuff. Imagine if you had a big brother, whose income is enough for your entire family. So as the second child, you could practically use your money for the investment. But if you had no other sources, in times of emergency, you'll have to use your investment money.
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You must have a source of income if you must succeed in your holdings.
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Of course, because only holding will not fill our stomach, if there is no stable income in addition to holding, then I don't think we can continue the strategy of holding for a long time. It is not only in the case of holding, I will say the same for those who do mining, investment in both of these is needed continuously but for good profit, we have to be patient for the long term.<~~~~~>
Moreover, you should always remember that you invest as much as you can afford, the amount of investment should not be such that it can have any effect on your normal life. And for this, I think for long-term holding, a very small percentage of your salary or monthly income should be strategically invested by following DCA method. It is much better than holding a large investment at once and then handing it over in an emergency situation.
Honestly I’m not sure that I really see any sort of pattern like you mention in your thread. I see a lot of people regardless of income , ups and downs of the spot price etc. moving in and out etc, Typically people whom are struggling a lot with the decision to sell all the time are not the people who should be likely be buying bitcoin at all.
You must have a source of income if you must succeed in your holdings.
For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.
Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.
It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.
It is true that you must have income if you want to invest safely and comfortably in financial terms, including a day trader, although in the same place but someone must have income to support him to keep investing and be able to hold your bitcoin long-term. For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.
Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.
It has happened to me severally, I have been able to hold now, since I started working as a merchandiser with Guinness, I think most times, experience is the best teacher.
Indeed, many people deny this, especially novice investors who are fomo and do not know financial management, cash flow and other things about finance that must be arranged properly so that financial accidents can be overcome because they have made an anticipatory plan for possible financial accidents that will occur in the future, such as things that cannot be predicted sickness, accidents, and other things like that.
We're not in early days anymore when Bitcoin was worthless and you can mine Bitcoin use your old computer with low qualify CPUs, that's when you can become rich with Bitcoin without need a source (although you need computer and internet connection).
If you think you can get rich with Bitcoin, how you can buy Bitcoin when you don't have money in the first place?
It's only funny that not many people are mining it before because it was useless anyway If you think you can get rich with Bitcoin, how you can buy Bitcoin when you don't have money in the first place?
. And those who do, still not treasuring their BTC enough because they lose them afterwards or sold them at a relatively cheap price. Obviously we need an internet connection because BTC operates online but internet connection by the time BTC invented aren't costly anymore, much more today.There are lots of ways to get rich but people see BTC as one of the best. They think it's a short cut to achieve that kind of financial status they are always assuming about. You don't always need a money only to have a Bitcoin. There are free internet, and then there are free lancing jobs online which pays in BTC. There are also faucets and the likes. See?
Op is exactly right, it's just a simple truth that if you don't have a source regular of income, you're bound to using money from an investment (or go into debt, but I don't think it's a better option). So having a source of income is highly desirable, although not always under one's control. Sometimes a situation with the job market can be very challenging, or someone might have unexpected expenses that need to be covered. In that case, it's reasonable to sell some of the investment, even at a loss, IMO.
As for a section, I think it belongs to Economics more than to Bitcoin Discussion.
As for a section, I think it belongs to Economics more than to Bitcoin Discussion.
You must have a source of income if you must succeed in your holdings.
Holding only works when you have an excess amount of money or have some backup through which you take support and invest some money in Bitcoin. If a person has $10k and he has no more source of income and he invests all this money in Bitcoin and leaves it on holding but after some time he tends to sell that Bitcoin whether in loss or profits according to the condition of the market at that time and fulfill his need from it. If he has another source of income like agriculture, or something else, and feeds his family and pays monthly expenses from it this holding will be effective because he has no pressure of anything the food nor the rent and will hold his bitcoin for a time when he is sure that this is the correct time to sell and take the profits from it. Most people that have sold their Bitcoin holdings at a loss or at an average price actually have the patience but don't have the knowledge of how to hold, because a good holder must be aware that he needs a source of income for him to be able to consolidate to his holdings.
I am correlating with your post because I have gone through this or sometimes I am doing this even if I do not want my Bitcoin to be sold. I have also regretted selling of my Bitcoin in later times when Bitcoin has gone up. Things are not always the same for us in day-to-day life. I am a salaried person with a family of 6 and we have one more earned in the house. On average, we are sustaining 3+3 peeps in the house including ourselves. Honestly, the income isn't sufficient from the fixed salaried because of most it goes into loan EMIs, daily budgets, family vacations, and all the boring things that we know of that may not be mandatory or skippable but we still end up spending money on them.
This is where my Bitcoin income comes in action. I have made myself clear about my Bitcoin share and that's why I bought a ledger long ago where some % goes for cold storage. However, there is always some chunk that I am reserving for myself. I understand that it can grow into a profitable asset as Bitcoin goes up.
However, it is still a sweet deal. If we are spending from Bitcoin then we are using it, that gives it a movement in the market.
I think the instance where people face this incomplete investment is when they invest too much money compared to what they have. Some people don’t understand that you don’t have to invest everything or almost everything. When you get money, maybe your salary, you were gifted or anything, and you want to buy Bitcoin, don’t just put all of it in because eventually you’ll need that money and you will run to the investment. So, invest even if it’s just little amount of it, just the other and solve your daily problems. For people this applies to though.
Most likely FOMO is one of the reasons why people would invest everything they have just to join the ride of the market. Some would even reach the time that they would sell their properties or take a loan just to have an investment which would obviously worsen their situation, Knowing that Bitcoin is still volatile, it might reach its ATH for years causing you to not afford to invest cause you would expect return of investment for a long time. We have methods to avoid this kind of scenario such as you have mentioned where you can use a small amount for investment which is the DCA method. Investing all-in would be a dumb thing to do if you are already struggling financially to provide all of your needs.
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You must have a source of income if you must succeed in your holdings.
For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.
For the few years I have been into cryptocurrency, I have discovered that you can't hold till the right time if your don't have a source of income. Just imagine that you have a pressing basic needs like feeding or rent, then you don't have money to finance it, you will be forced to sell your Bitcoin at a loss if you don't have a source of income outside your holdings.
Not just having a source of income is needed before investing in Bitcoin to help you hodl better but also you need to invest within your limits. Don't over invest due to fomo as many people are doing. Don't invest because you feel the market is about to do very well so it won't be long before you make your money back, alot of things might go wrong and the market experience a correction which automatically spoils all your plans and since you invested beyond your limit, you're force to sell at a loss.
This is also why you don't use borrowed money to invest into Bitcoin. Having a good source of income that brings in money on a constant basis will help you keep your hands off your investments and you can still live a comfortable life. Don't depend on the profits you can make from Bitcoin for your day to day expenses and you won't have a problem hodling. Your investment in Bitcoin or any investment that you're adventuring into should be for future purpose so you can also get better profits because the longer you hold an investment, the better your chances are to make more profits for a good investment and not pump and dump crabs.
I think the instance where people face this incomplete investment is when they invest too much money compared to what they have. Some people don’t understand that you don’t have to invest everything or almost everything. When you get money, maybe your salary, you were gifted or anything, and you want to buy Bitcoin, don’t just put all of it in because eventually you’ll need that money and you will run to the investment. So, invest even if it’s just little amount of it, just the other and solve your daily problems. For people this applies to though.
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