Economy - DCA and the truth about disposable income
First of all, a little context as a whole. To talk about investing and making more money, you actually need to have some to start with. So, as i always tell everyone, do not invest more than you're ready to lose and do not put yourself at debt to try to catch up.
You need to first fulfill your basic needs and that goes hand in hand with a job, sorry to break it to you but that's just the way it is. It's incredible easy to make MORE money, but it's extremely hard to make the first dollars to reach that.
So i wanna talk to you about trying to do the best you can with what you got.
First of all i wanna talk to the guys like me that have disposable income; because we can actually DCA in the timeframe we decide to do so. As you see, the first rule i told you about applies.
If you're trying to diversify your portfolio or to actually get some juicy returns from those yield farms, those staking or if you like to live semi-dangerously like me, dem Liquidity pools are tasty; then you need to come up with a plan. You need guidance or else you're just throwing money away.
Select some projects you really like and let's say your goal it's to have a cryptocurrency portfolio of 1.500 USD, instead of going right now and buying 1.500 USD worth of crypto we will slowly buy 100 a week or every two days or whatever.
With this, we lower our average price. And this is how you in the long run get even more gains in your portfolio and it's not that aggresive on your economy.
I wanna buy 300 of BCH, then i'll buy 100 a week nevermind the price of entry and that will balance my equity. I am at the moment holding a portfolio of around 3.500 USD/4.500 or so just by throwing my disposable income at the projects i have on sight. If i lose i lose, if i win, then hell yeah!
This part goes to the guys that are actually struggling but they see in crypto a way out of the bad palce they're at right now. First and foremost, you will need a source of income. Faucets, noise.cash, read.cash, are actually nice tips but they will never fulfill your needs of living. You need to add value and charge for it in the way you want, but you do need a source of income.
Once you got it, then you can move on an do budgeting. Investing does not come without sacrifice. You will have to stop doing some expenses that are somewhat useless to direct your money into Crypto.
Craving a beer? Why better not put that money in BCH.
Wanting a new expensive watch? Why not puting that money into your portfolio and stake it to make it worth more.
In the need of a ciggy? No... no... put that baby into BCH and watch it skyrocket in a few years.
This is the way where you're gonna build the bases of your new source of passive income. There's no need for day trading or the such, a few low risk tools in every exchange will help grow your capital and then you can start spending.
Never spend money you don't have to impress people you don't care about.
Do your research but you need discipline. You need conduct. In this kind of place, you need a stone cold heart and a quick sharp brain.
I usually put my goals around 1-2 years and then i'll reasses my positions and see what else i can get my hands on but whenever i can i take away the initial capital and "i keep playing with the money of the house" to see how it goes. This is a nice and healthy practice since you get to see some results low term.
Side note: i usually throw that initial investment into another project but that's just me. I do not like fancy watches!
TLDR: it's hard to get your initial investment. Get it. have discipline and set yourself for a much better future. It's gonna be worth it. Keep crypto'ing!