Topic: You must have a source - page 5. (Read 2244 times)

Well it's a common knowledge. On crypto space, having no source of income will pose a lot of risks. Crypto is on a riskier side of investments, if you put the money you shouldn't lose, it is a mistake obviously.

If somehow you invested your money on crypto that supposed to be for another purpose, you will forcefully sell your crypto on a losing side at worst. One of the basic rules on crypto is to invest money that you can afford to lose, it isn't wise to invest money that aren't allotted to investing.

If you don't have any source of income then you can't succeed in the world.

First you need to earn and save before investing. Since investing in cryptocurrencies requires you to accept risk, you cannot invest money in such a way that if you lose the money, you will suffer in life. So you cannot invest money which you may need anytime.
Turns out you invested in a token for a long time but suddenly after a few days you need the money but then the market bearishness has come and gone. Your property i.e. invested money has reduced a lot.
So before investing you must strengthen your own funds so that you don't have to monitor the investment after you invest.

Absolutely this is just a basic fact, because as an investor not having another source of income will make you to invest with fear because all your basic needs are on the investment. This is very dangerous as it will damage your psychology. Once this happened, it will make you to be impatience to hold your bitcoin and you will always miss the major opportunity.

Secondly I think discipline is one of the major tool someone that want to be successful should have. Discipline entails you getting the right information, apply risk management while investing and controlling your greed etc.  Discipline is not different from planning because it is discipline that is needed to be able to follow a plan. Many people actually plan well but lack the discipline to follow the plan. So discipline is very important.

Investing most of the time I do DCA method. When I get salary every week I invest small amount of money. So I am trying to invest in some coins slowly. But I don't know which way I started investing is for me.  I will know how much profit it will bring after waiting for few months.I like DCA method very much that's why I use DCA method every week.

Isn't it given that you have other source if you wanted to risk and invest in anything in life? that is stupidity if you wll just invest but has no money to feed your family .,

people must learn how to deal when it comes to money making , there are what we called daily income and there are investment , that is 2 different things  and I think none of us that investing in crypto does not know about that.

One cannot be profitable if he lack another source of income without bitcoin. Bitcoin can give you profit but not a sudden one and for it you will wait.
If you invest in bitcoin but have no another source of income then from where you will get money obviously you will use bitcoin for the purpose of renting, feeding and other utilities.

One can find a way of earning through bitcoin if he search for a job then minimum percentage he use for bitcoin or other coins investment. Everything can be made possible and every person can struggle to do hard work for the fulfilment of his wishes but don't forget that every success has some ways which we should accept.

That's right, shitcoin. That's another story and it's a classic story that doesn't need to be discussed here.

Of course investing always requires a festival without which one can never succeed. To be successful you must first go in search of income from which you can earn money and invest some of that accumulated money from which you will get profit. For example, you can only invest when you earn money from one source of income, otherwise you will not be able to invest. When investing your earnings in Bitcoin you plan to hold for a long time and from here you will be able to earn a lot of money. Of course, you can never lose patience with Bitcoin investment, rather you have to hold Bitcoins and invest them for a long time with patience. If you are a teacher person then you are definitely a patient person so if you want to profit from Bitcoin you need to hold the investment for a long time.

Hopefully you are not fucking around with shitcoins.  That is a whole other story.  There likely are not any shitcoins worth holding for the long term, unless you have some special in and out plan, but that is not the same as holding for long term, such as bitcoin where you could plan 4-10 years or longer. .but you cannot do that with shitcoins, so fuck off with the confusion, distraction and off-topicness of bringing shitcoins into this conversation as if shitcoins were the same (or a similar) idea as investing into bitcoin, which is the topic category of this thread.

Adding more sources of income is not a guarantee that will make you live comfortably forever especially if you also change your lifestyle. It is a common problem for most that once a person increases their income, they also change their spending habit turning just like the same in the time that person has only a small income.

We don't need a lot of sources of income but what we need is financial education.
Many people become rich because they work hard and also, control their expenses but if our mindset is one-day millionaire, we still end up broke.

Yes having different sources of income will help the investors to save their investment though if they didn't plan well it will not work fine but it will still help because the time that they would use to touch investment funds will not be like that again. And I believe there is no too much preparation in investment because all what you have to do is to have the basic knowledge of cryptocurrency and buy the coin you want to invest in and be hodling the coin for a long term plan.

So in the process of hodling, you need to do or earn from another source so that the investment will save.

One thing I can tell you is, even if you have all the source of income and you're not prepared for investment you will still have to run some loss.
All you have to do is get your cash flow in a good condition and set out an emergency funds that can serve you at least for 6 months and minimum 3 months which is still not good enough but at least it can save you.

Another thing is your investment most not be all you got in life, you have to learn only to invest what you can do without for a very long time. ( what you can afford to loss).

As far as you have all this covered your good to go although you most have a basic knowledge of what you're investing on especially investing in Bitcoin.

You seem to be making shit up (which could also be referred to as a strawman's fallacy) in order to try to appear as if you are the savior, and part of the point of the thread is already getting into the consideration that prior to investing it is better to have a source of income.


Fuck crypto and fuck diversification.  Those are both distracting topics when we are talking about bitcoin here.

Anyone who is involved in the basic of considering whether to invest into anything and how much to invest does not need to get distracted into investing into a multitude of investments, and so there is nothing wrong with considering starting out with investing into bitcoin and also within that category figuring out how much disposable/discretionary cash is available to be able to invest, which gets back to the idea of having enough income to cover expenses .. and as many guys already mentioned, that whenever anyone starts to put any of his extra cash into anything besides cash, then the value changes relative to cash, so it becomes more important to make sure that he has an emergency fund that would take away from the need to ever have to dip into his investment, except at a time that is of his complete choosing. 

Guys also mentioned how extra cashflow sources could serve as a kind of emergency fund, which likely is not as good as having an actual emergency fund, even though it can be a solution to increase your income and to lessen the risk that any one drying up of cashflow would result in excessive shortages in cash.

And, sure like you said there are all kinds of reasons that an emergency fund might be needed, which further justifies to make sure to build that part of anyone's preparations, even sometimes an emergency fund and investing into bitcoin could be done at the same time, but there may be needs to be a lot less aggressive in the bitcoin investment until the emergency fund reaches a size that is sufficient to cover emergencies that may come about.

I personally believe that emergency funds should hardly ever end up being touched because anyone who is already accustomed to earning a living and having expenses, realizes that there is likely needs for a float in the cash balance and also reserves for the times in which cashflow versus expenses may well fluctuate.  Those are not emergencies.  Those are anticipated variances within the cashlfow and the amount of discretionary/disposable income that might be available from month to month (or whatever happens to be the pay periods or the times in which expenses come due).

Investing in bitcoin without having other source of income is like building a house without foundation. Once the challenges of life comes you will be forced dispose of the asset you are holding. Even if you have only one source of income you must not invest everything you earn in bitcoin, you should only invest a percentage of your income income in bitcoin through the DCA investment method, this way you can still survive and still have bitcoin.

I've tried different options and trying to work multiple jobs is probably one of the worst experiences I've had in my life. And if you have the opportunity to earn extra money after working hours at the same job, then I have never had a better experience in my life.

You will be appreciated for your hard work, and you will always have the opportunity to earn extra money if necessary. Moreover, additional work should be paid at a double rate, if you are lucky enough to have such a job, then try to get the maximum result, it seems to me that an employer who values ​​his employees will care about maintaining the team.

Everyone who wants to live more comfortably without feeling stressed through any difficulties must have two different incomes in their life and that is a very minimum for each of us' lives. Because for three different jobs it's not actually a problem of not being good or burdensome, but rather leading to not enough time because every person who is really focused on two or more jobs, it will definitely be difficult to manage if one of the jobs experiences excessive obstacles.

So it's better for just two as long as both can be managed well by ourselves so that we can also take a little time to rest so that our bodies don't get so tired from the amount of work that has to be done every day. I quite agree with this because a body that has more energy also really needs adequate rest, even though everyone always needs more work for maximum income in their life. But considerations about maintaining a healthy body are also an important part that must be considered, although it doesn't always have to be expressed.

Yes, of course, if we have investment assets for a very long period of time, we will definitely need another source of income, we cannot live every day with the assets we have. Investments not only rise, but prices fluctuate greatly.

but you need to remember that job loss can happen at any time, so we have to be prepared for something like this. So in my opinion we have to be smart about managing our finances and our time while still working at a company. Set aside a few percent for investment, set aside for survival and emergency funds. And we also shouldn't be too wasteful when we are young, it is better for us to live frugally when we are young, if our youth is used well it will determine our life in the future

Sure, that is the one secret of getting profit in bitcoin when you hold it for long term, because if you need fast money on crypto you need to engage in trading, which is very risky because you can lose all funds immediately if you are not a lucky person and you can get huge profit on it in just one day, but it is just a matter of understanding and getting enough knowledge on trading before you start it, some people prefer to invest in bitcoin than doing trading because investment will minimise there losses.

When you don't have a source of income, I won't advise you to do anything like trading or investing because he can lead you to many difficulties in life because if you don't have any source of income and you borrow money to invest and later the debt is due and the bitcoin price decreases the time your money dew, you won't be comfortable with yourself because you don't have any source that you can replace with investment to pay the debt, we need to be thinking before you can take decisions in anything.If you don't have much source of income and you think if you invest he won't cause any problems to you then you can start investing tiny amounts in bitcoin and progressively increase your profits.

If we want profits from investing in Bitcoin then we have to be able to hold it until the price of Bitcoin is high and we cannot know when that time will be and of course we have to hold it for a long period of time, having several sources of income is very important because if we only have with just one source of income, it will be very difficult to save and it won't even be enough for a month's needs if you only rely on one source of income.

After we work, it is very important for us to give our bodies the right to get enough rest, because it will be very difficult to focus on work if we don't have enough time to rest.

I don't mean to be a wet blanket here! But between job loss, medical bills, car trouble etc, enough things can go wrong without adding financial ruin into the mix.  Its sage advice not to put all your eggs in one basket. Even if that basket has the potential for big rewards.

Consider keeping some cash on hand for a rainy day, or diversify into other assets.  Going all in on one thing whether it's crypto or whatever, leaves you in a risky spot if that market craters.