ok, I know for a fact that I am not the only one, but Im having an issue with it. I discovered several months ago, that I had a personal liquidity issue. My income is decent, but have little to no liquid savings. If I save a few hundred bucks, by the end of the month, it has gone into bitcoin. The ideal picture is to have an emergency cash savings and to have some dry powder on the sides to buy the dips or DCA into my bags, however, I end up DCA-ing anything I have left over or think that I might have left over after bills and even then, sometimes, I may sacrifice $100 of a $300 bill knowing it does not have to be paid for another week.
I want to stack as many sats as possible especially at its current price range, but it has become almost a destructive behavior or a sickness. I DCA into BTC everyweek on a schedule, but there is alot of extra being bought. You would think I was in a hurry or something like its going to go to 500,000 and never come back. (mental perception)lol. I know I need to instill some discipline and get cash plush especially with our economic outlook right now and be able to weather the storm if it comes without having to sell to cover an emergency or a bill. If I was single with no mortgage and no kids, I wouldnt care but.....
How have some of you stopped doing this over leveraging. Crypto rich but cash poor. Tips and advice appreciated.
It all boils down to discipline and self-control. Foremost, you should assess, evaluate, and establish your boundaries and limitations in investing in bitcoin and other cryptocurrency. You should allocate a certain amount only intended for investment or your relaxation doing bitcoin buying. Everytime you have money, make a list of the things you will budget your money to. List all of it form your necessities such as rent, groceries, and bills, savings, emergency fund, allowance, cash on hand, and investment purposed in crypto. Make an intelligent division of these in accordance to your lifestyle.
You shouldn't let yourself be emptied out of cash because emergency situations can happen. You cannot rely on anyone but yourself in dire situations, hence, you should be prepared yourself. Having cash every time is important because there are certain businesses and establishments that don't accept card or e-money. Typically, these enterprises are the small and local ones.
