Anyone who earns, and truly wants to invest in bitcoin won't make excuses. There are strategies in Bitcoin investment that make it easy for anyone to invest, no matter how little they can afford. Its all about determination and taking steps towards your financial goals.
If your earnings is not enough, atleast there are things we buy or expenses we make most times that are unnecessary, its important to start budgeting your expenses look at areas where you buy things which are not essential and save, even if its little by little at a time it will add up over time. You can also consider engaging in other side hustles to increase your income. This way, you can start investing little by little.
I think that instead of reducing your expenses for investing in Bitcoin, you should focus on increasing your income. To start investing, you need to make sure that you have a prudent source of income. Are you able to meet your daily needs with your income
While you are thinking about how to increase your income, it is also better to reduce how you spend your money on the things that don't really give meaning to your life so that you can use the money that is meant for those things and be accumulating bitcoin until you are able to increase your income to the extent where you can spend the way you want, and it will not stop you from accumulating bitcoin. What if it took you like 5 years before you were able to achieve a better income? It is better to "make hay while the sun shines" so that you wouldn't regret in the near future that you saw bitcoin when it was low and you couldn't buy it because you were trying to increase your income first.
Exactly, but the truth is that aside shelter, food and clothing, there are other things that can be prioritize as to be considered a basic needs which might completely differ from the next person. In a real sense, until a man is good enough to satisfy whatever he or she considered to be his or her basic needs, and have a left over cash to invest in Bitcoin he or she can not successfully be investing in Bitcoin without selling the Bitcoin along the line to solve their other needs, it takes discipline to have a good direction of how we spend even the little we have wisely in a much better ways compared to those that have more.
Well understood, now concerning the things that comes in place before venturing into Bitcoin investment, I feel there are needs to consider the basic necessities which includes the things you already in your comments, I do not advise anyone to invest blindly without putting other things into consideration because of other things are not properly taking care of you will not have a good investment plans as there will be lots of inconveniences which may result to even selling at loss to satisfy a particular family need.
You seem to be setting up a framework that is presuming too many preparation requirements and/or needs to learn and/or put matters into place prior to getting started, since getting started is one of the most important things to help any newbie no coiner to better focus on what it is that he needs to learn and how he needs to prepare, even if the getting started part of the equation ONLY starts with an initial investment of $10.. There are a whole hell of a lot of people in the world (even the poorest of the poor) who would be able to put together $10 for an initial investment amount into dee cornz.
These has always been my take concerning having a good investment plan so that the investor will have a good, stable, smooth and stressful investment.
Presumptively you meant to say "stressless" rather than saying stressful, and at the same time, I am not sure if there should be any goal of having good, stable and stressless.. apart from figuring out ways to get started investing time, energy and value into bitcoin as soon as possible, even if the value component is ONLY a very small amount of value, such as starting with $10.
1) have a good investment budget
That is a pretty vague requirement that you are asserting to be necessary prior to getting started.. I think as far as budget goes, the ONLY thing that you need is to determine if you have $10 that you could throw away, like if you were buying an ice cream cone or going on a date (paying for the services of a hooker) or buying some cigarettes or buying some junk food or going to the bar to drink some alcohol or renting a car for a day (rather than taking public transportation) to go on a day trip and to have some fun. I have mentioned seemingly discretionary kinds of things that might cost $10 or more that you (or any extremely poor person) might decide to consume and you are never getting the value back on those hypothetical items.. so if you are capable of spending $10 on any of those things, then you are capable of putting $10 into bitcoin as a starting point. Sure, if you are going to put more value into bitcoin, then each time that you put additional value into bitcoin, you have to determine that you have discretionary income.. so even if you might not need to have a flow of discretionary income (it is not mandatory to have a flow of income), there still is some value to make sure that any of us would be spending from our discretionary income when we buy bitcoin rather than using money that we actually need for expenses, so sure in that sense, if you were meaning to say that having a good investment budget to proclaim that you need to have discretionary income, then I would agree with you if that was what you were trying to say; however, you described the idea of having a good investment budget so vaguely that what you said could be misinterpreted in terms of how difficult for someone to be able to achieve such requirement as you vaguely referred to it.
2) have different stream of income
Surely, it can be helpful in regards to having more than one source of income, but it is not required prior to getting started in bitcoin. Of course, the better that anyone is in regards to increasing his income and lessening his expenses, then the more discretionary income that he has for investing, which would be a good thing.
Sometimes a person can obtain one very good income stream that pays way better than having a bunch of petty and mediocre income streams, and so people with lucrative jobs don't necessarily need to have back up income streams.. but they may need to have emergency funds in case their lucrative job ends up having issues in the future.
3) consider your family needs and ways to sort them out in your plans
Sure can be helpful, but not needed to accomplish in advance of getting started with bitcoin investing.
4) invest without fear and pressure
This is pretty vague. Sure each of us wants to put systems in place that cause us to not be emotional about our investment into bitcoin, yet there can be periods in which there is a lot of stress and fear, including maybe even more fear and pressure in the earliest times of first building up the bitcoin investment, and surely the more that we are able to put our various systems in place, the systems should help to lessen our fear, pressure and emotions, but it still make time to eliminate the various concerns and/or emotions that any of us might have while we are building our bitcoin investment, putting our various cashflow management systems in place and perhaps learning and tweaking our systems from time to time.
5) have a separate steady income mapped out for Bitcoin investment only
You are repeating yourself. How is this different from your item 2? You seem to be creating unnecessary requirements. I do understand and appreciate that guys might develop various categories of funds that they have that they earmark for bitcoin versus other kinds of expenses that they might have, and they might even have some flexibility in some kinds of funds and less flexibility in other kinds of funds, and I can also appreciate that if a guy has various cashflow management systems in place that largely cover all his expenses, then if he is able to find and achieve cashflow from some additional source, then in those circumstances, he might be able to label that additional income as extra money that can be put into bitcoin.. yet at the same time, I hardly see that all guys would conclude that getting an extra income stream that they would consider to be for buying bitcoin would necessarily be the best use of their time and energies.. even though sure it could work for some guys, it might not work for other guys, so in that sense it is not a prerequisite for investing into bitcoin and it might not even be a good or productive path for all guys to try to achieve such extra income source, even if the might be able to achieve such.
6) be determined not to do things that will affect your investment plans.
This is vague too, yet I likely largely agree with the idea of trying to stay focused on prioritizing investing into bitcoin, even though surely there sometimes could be other things that might take higher priority over investing into bitcoin, such as sometimes young people may well need to figure out ways to increase their skills, their employment opportunties and/or their income generating opportunities, and so there may be times in which they would be in a better position to invest time, energies and monetary value into some of the various kinds of seemingly non-bitcoin related building. We cannot necessarily make blanket assertions regarding how folks need to make their priorities. Also, there can be some young guys who might have to spend money to find and secure a life partner, and sure sometimes it might seem like a waste of time, energy and/or monetary value, but windows of opportunity can sometimes close when they are not properly pursued.. and of course, there are other kinds of examples that might be used to describe that balancing needs to happen in regards to how to balance various matters, and sometimes it might not be exactly clear about the extent to which time, energy and monetary value might end up being compromised based on various relationships and/or activities that we have, and surely sometimes we are going to make bad judgements in regards to how we are prioritizing some of our relationships and/or activities.... and so in that sense, I would agree to your assertion that our investment into bitcoin needs to likely retain a certain level of priority even if we might have other kinds of competing high priority kinds of activities and/or relationships that we have to also balance in regards to how we spend our time, energy and/or monetary value.
7) reduce buying of expensive things and avoid regular parties so that you don't spend on things they will affect your income
Sure. I don't disagree, yet what you are saying here goes back to balance, and some kinds of expensive things may well be necessary and/or prudent from time to time.
8)protect your investment and don't let anyone know your investment plans
This may be true, even though you also might need to have some successorship (inheritance) kinds of plans, but there still could be ways in which you are still careful in regards to with whom you share any details of your investment into bitcoin and also that if you were to write out clear instructions or to have some other system in place, you might not even need to tell anyone about inheritance and/or successorship kinds of issues in advance.
9) do not let people know you are an investor so you will be alive to enjoy your labour in future
For sure, you are correct that each of us should want to try to make sure that we are not creating incentives for others to shorten our lives or to act against our interest in ways that might shorten our lives or impede our healthiness.
10) do not stop acquiring Bitcoin regardless of the amount you have to buy.
There are likely ways in which guys can determine that they have accumulated enough bitcoin or more than enough bitcoin, so it could be problematic to presume that bitcoin investors would not be able to reach such status of over accumulation.
Let's say for example, a late-30s guy had an income of about $30k to $40k for the last 15 years or so and he had been accumulating bitcoin fairly aggressively at
$250 per week for 9 years, so that would mean that he may well would have invested about $117k into bitcoin and he would have accumulated more than 35 BTC. Let's say that he considers that he would like to quit his job and he considers that he would need to have at least double of his latest income $40k in order to feel comfortable to quit his job.
This same guy considers how many bitcoin he likely needs to sustain around an $80k income per year, and
he goes to a sustainable withdrawal calculator and he sees that he likely ONLY needs right around 18.34 BTC right now in order to perpetually sustain such $80k per year withdrawal rate. He appreciates that the sustainable withdrawal calculator could be wrong, yet at the same time he knows that he has nearly 2x the minimum requirement. I think that this guy should be able to reasonably conclude that he has reached a status of over accumulation of BTC, and he likely does not need any more BTC in order to sustainably withdraw for the rest of his life (perpetually) at $80k per year, which happens to be twice the amount of his current latest income in which he had been working.
Maybe you want to argue that he still needs to accumulate BTC, and I would ask "why"? He reached way the fuck more than he needs or wants to live, so why does he need to continue to buy BTC or try to get more value when he likely has way more than 2x the amount that he needs, and it could even be argued that he has more than 4x the amount that he needs, since his historical income has not gone above $40k, and that if he is withdrawing anywhere between $40k to $80k and perhaps even more per year, his BTC value is likely growing way faster than the rate upon which he would be withdrawing it.. so why would he need (or want) to continue to accumulate bitcoin? for the mere sake of it? for some kind of a status or competition play? I see no reason that anyone should necessarily increase their goals of getting even richer and even under the current wealth status he has way more than he needs even if he were to double his current standard of living.
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Bitcoin is just like planting a seed. You don't need all the fancy equipment to get started, just plant that seed and nurture it over time. With steady care and patience, it can grow into something really valuable.
It's all about getting started and letting it flourish. Bitcoin is indeed growing every day and there is a lot of potential in it. Growing with it little by little allows you to take advantage of its opportunity without putting too much pressure on yourself.
I agree with your point about getting started right away, yet I don't agree with any kind of an assertion that any person who gets started is going to put some kind of an automated system in place, since getting started is ONLY the first step.. even though getting started is a very important step that facilitates possibilities of future success, getting started by itself is not enough and it could still take years and years for a person who had gotten started to put systems in place that actually start to compound on themselves and show value and meaningful progress. In other words, not everyone is starting from a very good place, and bitcoin is not going to resolve the problems of people who are not able to make sure that they are building solid systems of good habits, strong cashflow practices and other kinds of supplemental practices besides just buying bitcoin regularly, persistently, consistently, ongoingly and perhaps even aggressively.
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If you don't need any fancy equipment to get started or to take care of your seed don't you think the seed will dey off and die as the time goes on, again you talked about how you can plant and nurture the seed planted to ensure it survives so that it will yield more fruit now let's take it back to Bitcoin investment, Bitcoin is the plant you need money to buy the plant and after buying it you don't just plant it anywhere rather you plant, water your plant and monitor your plant so that it will not be taken over by weeds. You can not invest in Bitcoin for a long term and be successful if you do not follow some certain principles, I mentioned few which I think may be helpful for an investor but if you think you can just become successful just because you have the money to keep buying Bitcoin then good for you. I think having a detailed financial plans will help you to invest and stay comfortable with your investment and other business activities. I am an investor I do not invest without having a good spending plans, unless you have got no family and you don't have bills and you have never had an emergency that's the only way you can just be investing without making plans and considerations.
None of your ideas are bad mvdheuvel1983, and they may well even be good.
I think that one of EclipseXcrypto's objections to your outline (and mine too) is that you seem to be implying that the various organizational matters need to be in place prior to getting started investing into bitcoin, which truly is not true, and people can start investing in bitcoin from all kinds of places (even chaotic places) and figure out some of the matters as they go, and surely one of the main requisites of starting is just having $10 that can be put in to get started, and yeah, there are people with really fucked up finances, fucked up lives, bad organizational skills and even gambling kinds of personalities, and surely those people are likely not coming to bitcoin with the right kind of starting point, yet even if they have a lot of chaos their lives they can get started and hopefully build systems to fix their various flaws and even their bad ways of thinking.. but they don't need to have all of their various flaws fixed prior to buying their first $10 in bitcoin...
and in fact, buying their first $10 in bitcoin may well motivate them to fix their other flaws... and if they end up not fixing their flaws and getting reckt, that is on them, but the fact that some folks might end up recking themselves, still does not mean that they should not get started.... and it is their responsibility to work out various details including various flaws that they might have.... and surely they are going to have even a worse time if they cannot figure out that they have certain flaws.. and I am not going to blanketedly proclaim that their situation is not sufficiently organized or flaw free or perfect in order to get started. You can say it, but I think that both EclipseXcrypto and I are suggesting that you are requiring too much.
By the way, I would suggest that no one should be trading bitcoin, but instead should be coming to bitcoin as an investment rather than a trade; however, at the same time, when people first come to bitcoin, they might not even be able to figure out what is the difference between investing and trading, yet I personally would still suggest to them to get started as soon as possible. I would suggest to them that I consider bitcoin to be an investment for 4-10 years of longer, and not a trade, but surely they can do whatever they like and take responsibility for their actions including if they wish to consider bitcoin as a trade rather than an investment, that is their choice. I would hope that they change their perspective, and surely I am not going to suggest that they don't get started with their initial $10 or whatever it might be, and maybe they want to start out with $1k or some other amount that seems a bit high, out of their budget and even money that they need for their expenses, and sure if I know about those kinds of circumstances, then I would recommend against it, yet I still cannot back off of my general recommendation to get started as soon as possible and if the person misinterprets and comes into bitcoin with a lot of screwed up expectations, I am not going to take responsibility about that since I am presuming that people have basic organizational skills and that they are able to sufficiently and adequately protect their own interests, and if they are not capable, I am not going to presume that, even though I know that there are people who have defective personalities, character flaws and inabilities to control their emotions and/or their finances. Each person needs to figure out these kinds of basics but it is not going to stop me from suggesting one of the main and most important things with bitcoin is getting started. If you got shit you have to work out, that is on you to identify whether or not you have $10 in order to get started. If you estimate wrongly then that is on you.
Buying bitcoin is not really an issue, but being disciplined not to sell it off in a little provocation. Now, we buy and buy more because I have come to realise that bitcoin is closely a one way project, always on the rise. Learning about bitcoin from a trader is one of the worst hurdle anyone can have in the area of bitcoin investment.
According to the rules, it must be like that, if you are disciplined even though it is not very routine, if divided on average you will get a fairly high price because the purchase of course varies in number every time.
For other people's opinions, I think it's enough to just listen if it's good, just adjust it to what you have learned, especially in this thread, both in terms of technique, pattern and duration. many have great experience and are also successful in implementing it.
I tried to find good information about the rules you said out there and got this
https://www.investopedia.com/investing-in-crypto-6502543 then find good suggestion from that article. Also maybe better if they write only Bitcoin on that choices. But what you can expect on investopedia? they usually name Bitcoin as crypto which confuse a lot of newbie people which can read their article.
Several of the ideas in the investopedia article are decently good, yet they are not prerequisites towards getting started investing in bitcoin.
Another thing is that they are using the term crypto in a vague way on purpose, and they likely either don't know the difference between bitcoin and crypto or they are purposefully misleading. I see no reason to give them some kind of benefit of the doubt and presume that they really mean bitcoin when they use the term crypto, when that is not the case.
Consistency is always important when it comes on Bitcoin investment and we don't actually need to think other technical matters to do since long term investment option is less stressful option to choose by investors.
You are speaking a bit of gobble-dee-gook here. Are you suggesting that we need to prioritize our investment into bitcoin and just work towards building our bitcoin investment in a long-term kind of a way? or were you wanting to say something else?
To invest in Bitcoin, each of us first needs money. If someone has a high income, he can also invest and if anyone has low income, he can also invest. The only difference is on the amount of investment in Bitcoin. If those still think that their earnings are not enough to invest in Bitcoin, then they should choose this method. For example, the amount of money he is making should stop his bad costs or to stop extra costs. That person can easily invest in Bitcoin with their bad spending money, even if it's a small amount. If that person can invest $10 a week, it will be up to $40 at the end of the month. So even if there is a source of earning a small amount of money, then everyone can start investment on Bitcoin.
In fact, investing in Bitcoin never depends on the amount of money, anyone can start investing with any amount of money, and the most important thing to profit from Bitcoin is long-term holding. You can continue DCA continuously with any small amount of money according to your income, keep building a portfolio gradually and of course continue this activity continuously for 10 to 12 years/next 3 cycles, through your small regular investments, your total portfolio will be huge in the long run, which will give you huge success over the next 3 cycles.
So many times you (Ricardo11) are posting your repetitious idea about bitcoin being guaranteed to be successful, and suggesting that the longer that anyone invests into BTC then the more likely the bitcoin investment will be successful - which truly is not the case. It seems that any of us should be able to express ourselves without proclaiming over and over that bitcoin is guaranteed to be successful... even if bitcoin has one of the best (if not the best) investment theses out of all possible investments.. it still is not guaranteed to play out, even over a long time line (such as 2-3 cycles or more).
It is true what you say that the longer that you invest, the more capital that you are likely to put into the investment and overtime small amounts invested will end up adding up to seemingly much larger amounts that build up over time. So for sure it is true that if we keep investing, even if we invest small amounts, over a long period of time, then our small investments will add up to being a large amount invested, and perhaps adding up to values that we would have never had been able to save up absent our ongoing, persistent, consistent and perhaps even aggressively putting that value into bitcoin.
Another thing that you glaze over is a presumption that bitcoin is going to perform in a positive direction, especially in the long term, and sure you are not completely wrong to presume that there are good odds that bitcoin will continue to have a price trajectory that goes up, yet of course it is not guaranteed to go up.. so we can surely describe any investment that we make into bitcoin as having some dependency that the value of bitcoin goes up. and perhaps that our oldest invested amounts might have had time to compound upon themselves too.. ..so it seems better to refer to a presumption that the investment is going to go up over time, rather than describing it as a guarantee.
How do you prepare backup funds if you save $5 a week and invest $5?
For sure, it becomes quite difficult to build up amounts when the amounts are very small, yet people have to figure out how to deal with their circumstances, and if they are ONLY able to build up $5 per week into each, then it surely may well end up taking them a very long time to even reach an investment level (and an emergency fund level) that is 3 months of their expenses.. .and so they can ONLY do what they can do, and surely when the numbers are so low it starts to make sense to try to figure out if income can be increased and/or expenses can be reduced, yet there may well be times in which people are stretched as far as they are able to based on their own circumstances.
Not everyone is in a position to being able to invest into bitcoin, since there is a requirement to have discretionary income.. and some people are stretched so thin that they really are not able to invest into bitcoin.
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First of all, there is no way you can commence a journey without knowing your destination, you most have a good sketch out of your destination before you can arrive there successfully. The same thing applicable in bitcoin investment.
There is no prerequisite to know your destination prior to starting your bitcoin investment journey. You are talking like a trader if you think that you need to specifically establish conditions for your bitcoin investment prior to getting started. In fact, you might start your bitcoin investment in such a way to just want to try to learn more about bitcoin and start out with $10 and to work out your various goals as you go, whether you start to invest $10 per week or maybe you invest $10 and start to study and learn other aspects about bitcoin and about your own cashflow management situation, including learning about the level of your discretionary income that you might want to invest into bitcoin, and sure you might also try to sort out a few of your
9 individual factors while you are still in your earliest stages of buying bitcoin, whether you had invested beyond the initial $10 or not.
Buying bitcoin is not really an issue, but being disciplined not to sell it off in a little provocation. Now, we buy and buy more because I have come to realise that bitcoin is closely a one way project, always on the rise. Learning about bitcoin from a trader is one of the worst hurdle anyone can have in the area of bitcoin investment.
It is all about discipline, it is all about determination and it is all about your goal. Some people's Bitcoin purchase goal is to keep it for decades, this is cool,
just pray that you do not have any financial issues, that should be enough to be the fuel/willpower needed to take your eyes off it. I also advise Bitcoin investors to keep their eyes off the chart, they can make mistakes with that, so checking it once a month or quarterly is okay. If you trust Bitcoin, why not buy and leave it like those who leave their stocks for years, if not decades?
Lastly, we should define our priority here, you don't plan to be an investor and learn Bitcoin investment from a trader, they don't mix.
All that you said here is quite ok too me, but I just want to talk about the bold words in your statement here, though prayer is important in a man's life, but you need to know that prayers without working toward achieving your goal wouldn't produce any good result, that's why as you are praying make sure you have a source of income and an emergency funds so that you wouldn't falls back to your investment if any emergencies arise, so prayers alone without doing the right thing will be meaningless
For sure, the longer that we are in bitcoin, the more likely we can put strong cash flow management systems and practices into place and we can also choose the level of our bitcoin investment aggressiveness based on our cashflow management, various back up funds we have put into place and other ways of accounting for our particular financial and psychological circumstances, and so actions are very important in terms of attempting to reach strong balances, even if a person practices prayer simultaneously towards having various strong practices in place, as you mentioned. It seems that we strive to learn how to put strong practices in place, to learn from our practices and likely mistakes that we might end up making at various points along the way, and to improve our practices whenever we believe it to be prudent, and surely we might include some prayer and even thankfulness in there too.
