Topic: You must have a source - page 4. (Read 2244 times)

So very true, but with one exception: if you are an early adopter and possess lots of coins it won't affect you much. Otherwise, living off your coins (without additional income) is a terrible idea, which could lead to premature liquidation and eventually going bust.

To be long term holding in bitcoin and cryptocurrency must have source income if want to be success in the future, I have in this position when holding Doge and Ethereum coin. Inconsistency income due pandemic era have to sold Doge and Ethereum coins with lower price but few months later price up drastically and increasing more than 2000%. I don't sure for holder have diamond hand if haven't source income because daily needed make us blame must sell our assets.

Its not good ideas when investing using debt or borrowing money, we can't controlling price of cryptocurrency in daily day or monthly will earn profit or not and other side every month we have loan interest have to pay on time. Better preparing source income firstly bigger than with loan interested in monthly if want take borrowing use for investing in cryptocurrency. Another thing you must have saving money under 50% of amount take borrowing use for investing in bitcoin before getting loa.

The truth stand that once you have made up mind In any investment to sustain it without falling half way, provision for unforseen circumstances must be put in place, over dependant on your investment shout be keep outside. Others source of income should be properly in place even if just small scale business that can handle your daily feeding responsibility. Some of the study I have undergo shows that any lacking such will find it difficult of becoming a long holder.

When it comes to having debt, whether it is small or big, is not necessarily a bad thing and is stressful, as long as you know how to manage it properly. It's important to use your debt wisely and allocate it towards investments or ventures that can generate income. For instance, if you use your debt as capital for a business that brings in additional income, paying off your debt and its interest will not be a problem. The key is to make sure that you have a clear plan for how you will repay your debt and that you are using it in a way that will ultimately benefit you financially.

Financial freedom depends on income sources. More income sources will be the choice for investment. If a person is good at financial management, he or she can make wise investments even with a single income source. When a person has a single income source, it will be difficult to manage the situation as unexpected needs arise quite often. At times, we were in a situation where we had to compromise one for the other, and with more income streams, it was possible to allocate a specific income source for a particular purpose.

We can't have financial freedom from just working alone but it can be found from having multiple sources of income. But it does not just stop there, we also have to learn financial literacy as this will help us with wise spending habits. Because it was useless and we still got empty even though we had multiple sources of income if we were spending too much. A wise person spends money on money multiplier stuff, not on things that have just gone into thin air.

Following a successful businessman is a good idea. We are not aiming to be as rich as them but at least we are doing similar things that they did.

Not only must we have a source of income so that we can be successful in holding it, but also that income must meet all our main needs because if we force ourselves to buy coins and hold them but our main needs are not met, there is a big chance that we will sell them at a loss when we are pressed to meet our needs. In addition, we should also have small debt or even nil because the interest that must be paid will also reduce profits and we can be quite stressed looking at the debt, and indeed experience is the best teacher and we must remember what makes us fail in holding and evaluate it so as not to repeat the same mistakes.

To get financial freedom, I think we have to have at least 3 sources of income, where the first is monthly income, such as when we work or have other businesses that generate income and are able to meet our daily living needs, after that we move towards passive income, where our assets can generate money. without us having to work, for example on rent. On the other hand, we also have to have portfolio income, such as empty land that is increasingly being developed or investing in shares or cryptocurrency

That is what we call financial protection. Not just in the case of losing our job but also when some emergency may happen to us at least, if we can't work we still have money to use unlike in the situation where we are fully reliant on our salary and if the job is over, we're empty as well.

So while we still have the chance, we must take the necessary things to do in order to grow our savings plus have some investments. In this way, we already secure our future. We won't be like those people who keep overspending and prioritizing themself now for some nonsense thing but not preparing for the future when we can't work anymore.

I don't actually share in this philosophy of investing what one can afford to lose when it comes to investing in Bitcoin. If we use that phrase, it is like amplifying the risk of investing in Bitcoin which I think is minimal when the right approach to Bitcoin investment is applied which is long term investment. No one will willing make investment to lose, that is pure gambling so, that phrase of "invest what you can afford to lose" is not right with Bitcoin. Instead it should be "invest what you can afford to hold for long". With this statement, anyone investing in Bitcoin already know it is a long term investment and will not be eager to sell. This mindset is very important to be cultivated if one have to find peace with Bitcoin when it going through the natural phases of bear/bull markets which are sacrosanct.

As for the source of income, it is important as that is what is needed to be able to invest and HODL Bitcoin. Basic needs must be met and plans made for emergency funds to kept before talking about investing. This will reduce the eagerness to liquidate the asset because there will practically be no urgent needs for the money.

This is one of the best advice to be given to someone who's interested in doing Bitcoin investments without fear and panic, you must not suffer to ensure you do the holdings rather you can help yourself by getting other means of getting money, get multiple sources of income, have a separate amount for your upkeep and daily bills, don't depend on only one source of income for investment and paying of other bills so you don't end up suffering while doing investments.

While staying on that hated job of yours, it's a fact that many employees are staying to their hated jobs and eventually loved it because of the need to survive. A thing that can be loved in the long run from being hated didn't have any love at all. This is how we live today unlike long time ago, it's all about love and passion and dreams. But as we invest in Bitcoin, we really have to invest and I agree that in order for us to have a successful investment, we need to have other opportunities to take while assisting our investments in BTC.

I would even go further and say that the source of income should be different sources. Depending on a single source of income is not a smart idea. 3-4 side-hustles is better than 1 wagie job. Even if one of those side jobs fail, you still have the other 3 sources of income. On the other hand, if your boss decides to fire you from your wagie job, its over. No more income until you find a new job.

I think the second scenario is what leads to selling your Bitcoin. With the first scenario, worst case, you would sell a small amount of your holdings.

I think internet age caused various delusions towards people aged 10 to 35s. Most of us hate their jobs I am sure of it, but %99 of us need that job to survive. Bitcoin investments can completely change your life that's true, but when you are able to keep accumulating more and more Bitcoin thanks to your monthly income - its much better. Quitting job can only be viable strategy when you are able to daily trade crypto. And even if you are that much skillful, you will still need big savings to support that life.

You are right, I agree with you. To be a successful investor you must have a good source of income. Many say, invest what you can afford to lose. First you find a good source of income and earn. Better to invest extra money after family expenses. The most correct way to invest is to invest in DCA method. If you invest in DCA method then there will be no stress on you, you can live life naturally. After meeting your family needs, invest a portion of the remaining money in Bitcoins. Even if you feel that the investment amount is too small but continue to invest in DCA method, hopefully one day your amount will be much bigger. No need to rush to invest, you invest slowly in DCA method and hold for long time hope you can achieve success.

I believe that when you are getting in early like that, its actually quite good and there should be something that benefits you in the end. You are already at profit, but we all know that's not enough because we know that bitcoin price will keep going higher, and should be better, we need to just consider that as the most important part.

I believe that if you can hold a bit longer, then you will make a lot more profit when bitcoin price goes to 100k+ levels. I do not know when that will happen, but I am sure that eventually one day that will happen and that should be 4x profit for you. Considering how that is not that easily possible in the stock market or anything else, if you can do that within 2 years that should be great for you.

Hopefully no one is investing in crypto. .since that is a meaningless term, which largely means shitcoins and/or trading and/or gambling.  Fuck shitcoins, at least when it comes to investing;;; however, if you want to trade them, that is another story.. you can trade shitcoins and potentially make a lot of money if you know how to play those kinds of games.. .. though I personally am not into trading and it is not necessarily easy to trade, since trading takes a lot of skills and perhaps luck too.. but there may be ways to set up trades that are not so much luck based but more about locking in profits and having more winners than losers.

Now if we are talking about investing, which seems to have had been more the thrust of ideas underpinning this thread, then we need to use the word bitcoin if that is what we are talking about.

If you are fucking around with shitcoins, then that involves other theories and practices involving when to get in and when to get out which is largely about trading.

If we are talking about bitcoin and investing, then you don't really need to focus very much on ideas about when to get out.. but you do likely need to make sure that your getting in strategies are sufficiently solid in order that you will be able to hold and perhaps even continue to invest for 4-10 years or longer.

This is contrary to another hyped belief "leave your job and do bitcoin" - indeed the OP's statements work better than this.

A stable income is a cushion in the back when the crypto market drops or remains stagnant. You get your monthly crypto buying money from that too. Hence never give less importance to your day job if you have one or if you aspire to be in one.

Crypto is like the alternative income source here, it should be encouraged but never at the cost of the day job.

Buddy, I know what I am doing 

Yes, I understand that maybe it's not good to invest all my savings into Bitcoin only. But I know what I am doing. The only reason is; that the bull run is ahead and I don't want to miss it. Since I bought a good portion of Bitcoin in the 27K range, I don't want to sell it too early. The thing is, I didn't take any loans to invest in Bitcoin. I did it with my savings. I had no savings three years ago.

But I have managed a couple of thousand dollars in Bitcoin, and I am good so far. I could sell it whenever I want. I am still in profit. So, I am regretting of what I am doing. I guess you understand my point. I wouldn't have asked for a loan if I didn't start a new business. But, I hope I will manage everything.

The method you use is a method that is quite comfortable and not at all burdensome as long as you can continue to receive your salary every week, because some people who do this are based on the intentions of their own hearts so they continue to feel comfortable using the DCA method every week and try to make profit calculations every month. I think what you are doing is good enough and hopefully beginners who want to invest can follow the method you are doing so they can feel clearer benefits from their investment.