Feeling very sensitive right now.. so if anyone here able to give me some advices or help would be good.. if you are here to judge or “stupid bro” or flame me.. or if the mod takes the post down.. Okay..
Turning 25(M) next year, I just lost all my savings due to my pride and ego.. to Crypto leveraging.. to some of you maybe like.. 25k is not a lot to you.. okay.. it’s not all in one shot loss.. but over the course of 1 year
I am very worried, I have no upcoming plans or future.. I only hold a diploma. I have no idea how to continue my life.. it’s really very tough to swallow down.. the fact that now I even have trouble buying food for myself.. I feel like I’m better off dead than living.. I am such an embarrassment..
EDIT: Got into it because I want to.. faster get out of my family.. it’s complicated and toxic.. and I really don’t want to be here so I wanted to be financially stable before moving out forever ended up backfiring so badly.. Got stuck so hard during 1st May 2022, market crash.. ever since then it’s been nothing but pain..
Focus on what you can control
Hey man, I hope you are feeling better. You are still young. You have your greatest asset = time. Some people are willing to pay a lot of money to become young again. I do not know you personally, but what you can focus on is what you can control.
1.) Start going to the Gym or start exercising. This helps your mental well-being.
2.) If you are still working on a job, try to save instead of speculating for now.
3.) Take out whatever cash you have in your crypto account. It’s your choice if you want to cut your losses from active positions.
4.) Find a part-time job on weekends.
5.) Consider taking a degree that is related to a lucrative industry.
6.) If you are good at persuasion, you can consider sales and there is no income to your ceiling.
7.) Focus on exchanging time for money, product for money, and skill sets for money.
8.) You either help businesses save time or make more money.
9.) Carousel arbitrage: If you are able to spot crazy mispricing opportunities you can make make a good sum of money. I had a friend who made 30k from laptop arbitrage in Uni
It doesn’t matter in the long run. I bought ILPs and whole life insurance policies from a “friend” back when I was a student, and I had to swallow up a $15K lesson after letting it run for a few years as a result of that. While these are tough lessons to learn, the most important thing to ask yourself is at the end of all of this, where do you see yourself in the end?
If what you have learnt is simply “to double down” and to dabble on risky investments once again in order to “gain financial independence”, then history will repeat itself once again; you will simply walk right back into the trap where it first began.
However, if you take these as important life lessons and realize that the best investment you can do for yourself is yourself, then you will realize that there is virtually “unlimited” potential that you can do – where no amount of investment can possibly make.
You are still 24, and while I am a year older than you, you are still young. There is plenty of time for you to change course and make meaning out of the lessons you have learnt today. Don’t do anything foolish to yourself, because as you get older, your earning power would be bigger than what it is today. Take this as an important lesson that despite being young, risky investments affects us all and does not care whether you are 20s or 50s.
The lesson can be learnt from a loss of 25K at an age of 24, or from a loss of 250K at an age of 45. Ask yo