Finances in a mess
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Its been 3.5 years since i started working. A few months back i started trading in the sharemarket, but it soon became like gambling and I lost a lot of money. I nearly wiped out my entire savings in 4 months time.
Now my parents asked me for some money as they wanted to buy some property abroad. This was the first time in 3.5 years that my parents have ever asked me for money. and ironically the amount they wanted was almost equal to the amount that i had lost.
I feel so sick in the stomach that i was not able to help them. they have decided not to go ahead with their plans because of me. I haven't told them how i lost the money as i didn't want to dissappoint them further. I don't know what to do and i feel so guilty now. -
wats lost is lost
from now on, have a proper financial plan for now and for future
stop meddling shares if u are not up to it yet.... -
Gambling = A no no.
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i stopped trading since August, when my savings had been exhausted. I just started rebuilding my savings with my september salary onwards. But i feel guilty because my parents don't know how i squandered my money. I feel that they are disappointed that i haven't been judicious in spending my money.
And i used to be so careful with money till i started this addiction in March of this year. In fact the first 2 months i made small profits because i was careful in my investments. but then when the losses piled up, i started behaving like a gambler, raising my stakes and losing more.
The fact that i behaved so recklessly is shocking to me too. None of my friends also know about my addiction. I am afraid to confide in anyone about this for fear of ridicule, hece my opening up here.
I fell terrible. i feel guilty. i feel like a fool and i feel like a loser. -
If your parents ask, maybe you can tell them your money is tied up in some long-term investment which if you withdraw now will incur big losses.
FI is right.. what's lost is lost... There's no point in looking back except to remember them as a lesson learnt. -
Dont u know how to invest? Dont u know that its important to cut yr loses quick. Dont u know that playing with mkt trends is like playing with fire. Once the timing is wrong boom. Dont u know that u need up to check up on the accounts of the company u invest. Go for long term gains not short term which are volatile to the market trend. Please curb yr greed and be more discipline.
Now instead of whining why dont u pull yrself together, rebuild yr finance and earn enough $$ to buy Yr PARENTS A EVEN BETTER PROPERTY. -
Allo,
I know how you feel.
By the way, you are not alone. There are many who have trodded the same path and fallen below.
You are a newbie trader who made mistakes and got fried. But you are lucky, at least you have another source of income.
Now you have to realize your mistakes, evaluate, and learn a few lessons. Regarding psychological damage, yeah it will take time to heal. Just realize that it's not the end of the world. It's really not.
If your parents keep asking....hmm, maybe you can just tell them what happened. Up to you, maybe it depends on the situation.
Dont worry about it, it's only money. And you are very lucky, you still have a job and a salary. Pick yourself up.
Cheers. -
Hey chill Arrrow.
You arent in a worse off spot than I am.
I am really in the rut. My bank a/c only has S$8.34. I still owe credit cards S$7k and lots of others monies which I have no idea how to repay back.
Emotionally, financially & physically I have failed terribly, bordering on bankruptcy.
Cheer up.
Money can always earn back. Your life can be put back to track with some savings and better control.
There was once, my ex hub gave me S$5k for shopping in Australia.
I saved the S$3k for emergency.
Then I was so crazy, I lost S$2k at the casino, in a mere 20 minutes.
Once I lost the money, then it hit me really hard that I request to sit at the bar area and felt sorry and angry for myself for 3 hours.
I still feel upset with myself for losing focus and lost that money. But I was proud that I did eventually didnt spent that remaining S$3k on that month long trip in Australia.
I now refuse to go near a card table. -
U really know how to cheer people up. (tongue in cheek!)Originally posted by viciouskitty74:Hey chill Arrrow.
You arent in a worse off spot than I am.
I am really in the rut. My bank a/c only has S$8.34. I still owe credit cards S$7k and lots of others monies which I have no idea how to repay back.
Emotionally, financially & physically I have failed terribly, bordering on bankruptcy.
Cheer up.
Money can always earn back. Your life can be put back to track with some savings and better control.
There was once, my ex hub gave me S$5k for shopping in Australia.
I saved the S$3k for emergency.
Then I was so crazy, I lost S$2k at the casino, in a mere 20 minutes.
Once I lost the money, then it hit me really hard that I request to sit at the bar area and felt sorry and angry for myself for 3 hours.
I still feel upset with myself for losing focus and lost that money. But I was proud that I did eventually didnt spent that remaining S$3k on that month long trip in Australia.
I now refuse to go near a card table.
Gd thing u learned. -
Hey crazy arrow, don't take it too bad. It's better if u lose now than lose more in future. Take it as paying for lessons.
I won $3k at the world cup over 20plus games but lost all of it in 2 tries next.
Cheers
Greed kills. -
The parents know about investment or properties overseas or not? if not even if you got the money giv parents will still lose it anyway...its not when u lose the money, its how you lose it.
like parent like child i guess
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Hi crazyarrow,
I think the best thing you can do right now is to be straight with your parents. Make an appointment with them to have a heart-to-heart talk with them regards to your financial situation.
I won't lie to you; they would definitely be disappointed in you. But eventually I'm sure they'll empathise and try to work something out with you.
In the meantime, take all measures to ensure that you don't lose any more money recklessly. Develop a sound financial plan to build up your assets and wipe out your liabilities.
Good luck. -
just last month. Was at vegas. Won USD300 at those jackpot machine.Originally posted by Rock^Star:Hey crazy arrow, don't take it too bad. It's better if u lose now than lose more in future. Take it as paying for lessons.
I won $3k at the world cup over 20plus games but lost all of it in 2 tries next.
Cheers Greed kills.
next day, lost USD100 at those jackpot machines.
next day. was sleeping away from my bag. Dunno is lost or stolen, the remaining USD200.
Anyway, i ended up penniless at Santa Monica beach USA. nearly became a homeless people roaming the beach.
Thank god, i called a old friend who picked me up and drove me back to OC. Can never thank such a friend. But will try.
I was really really penniless. Not even enough to buy a breakfast coffee. (I left my credit card with my sis cos she say i wont need them on that trip).
To be really w/o money. Now thats the ultimate deep down mess. I can now understand how the homeless feels like.
Really cried walking the beach. -
Whoa, that's a really bad situation... You must be so afraid... Not funny to be penniless all alone in a foreign land... Your old friend is indeed a pal in need...Originally posted by viciouskitty74:just last month. Was at vegas. Won USD300 at those jackpot machine.
next day, lost USD100 at those jackpot machines.
next day. was sleeping away from my bag. Dunno is lost or stolen, the remaining USD200.
Anyway, i ended up penniless at Santa Monica beach USA. nearly became a homeless people roaming the beach.
Thank god, i called a old friend who picked me up and drove me back to OC. Can never thank such a friend. But will try.
I was really really penniless. Not even enough to buy a breakfast coffee. (I left my credit card with my sis cos she say i wont need them on that trip).
To be really w/o money. Now thats the ultimate deep down mess. I can now understand how the homeless feels like.
Really cried walking the beach.
Now you know, while credit cards can be one's greatest enemy in financial suicide, it can be a best friend too...
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Turn your head and it's the shore... (Hui Tou Shi An)...Originally posted by crazyarrow:Its been 3.5 years since i started working. A few months back i started trading in the sharemarket, but it soon became like gambling and I lost a lot of money. I nearly wiped out my entire savings in 4 months time.
Now my parents asked me for some money as they wanted to buy some property abroad. This was the first time in 3.5 years that my parents have ever asked me for money. and ironically the amount they wanted was almost equal to the amount that i had lost.
I feel so sick in the stomach that i was not able to help them. they have decided not to go ahead with their plans because of me. I haven't told them how i lost the money as i didn't want to dissappoint them further. I don't know what to do and i feel so guilty now.
Just learn from it, forgive yourself and move on.. People would go through different phase in life to make them learn... This is just one of those in your life...
Cheer up.... You have a long, long way ahead of you... -
What were u doing in Vegas w/o any money?Originally posted by viciouskitty74:To be really w/o money. Now thats the ultimate deep down mess. I can now understand how the homeless feels like.
Really cried walking the beach. -
Err... Ya reading her story...?Originally posted by Rock^Star:What were u doing in Vegas w/o any money?
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Thanks people for all the sympathetic replies...............i was feeling so low. I think i learned my lesson. I'll leave investing to the proffesionals and gambling to the rich.
Its hard to move forward when u think about the mess u have left behind, but i'm hoping and praying that i'll be able to trudge forward. You guys have really helped pick me up.
Thanks -
Sorry arh threadstarter. I hijack a bit.Originally posted by Devil1976:Err... Ya reading her story...?
To continue the story.
I lost only 1/3 of the won money in Vegas.
I lost the rest in Santa Monica.
There was a miscalculation on my part.
Cos I didnt realised that the extra money was missing and I just paid off the transport with all $$ I originally has on me.
All I was left with was some US quarters for a laundry wash.
Thus...I was penniless and walking the full strech of the beach....in really really cold morning weather. The beach was beautiful and lots of activities was starting up. But I was not in the mood to enjoy the fun fare.
I also now understand that Cold. Makes depression easier. -
It's gonna be a LONG RUN and BATTLE boy... Even have my own SH|Ts to CLEAR....Originally posted by crazyarrow:Thanks people for all the sympathetic replies...............i was feeling so low. I think i learned my lesson. I'll leave investing to the proffesionals and gambling to the rich.
Its hard to move forward when u think about the mess u have left behind, but i'm hoping and praying that i'll be able to trudge forward. You guys have really helped pick me up.
Thanks -
......Originally posted by viciouskitty74:Sorry arh threadstarter. I hijack a bit.
To continue the story.
I lost only 1/3 of the won money in Vegas.
I lost the rest in Santa Monica.
There was a miscalculation on my part.
Cos I didnt realised that the extra money was missing and I just paid off the transport with all $$ I originally has on me.
All I was left with was some US quarters for a laundry wash.
Thus...I was penniless and walking the full strech of the beach....in really really cold morning weather. The beach was beautiful and lots of activities was starting up. But I was not in the mood to enjoy the fun fare.
I also now understand that Cold. Makes depression easier. -
i am one of them. i lost 28k and still countiing.
both of my friends sold their flats to clearup debts in excess of 200k each.
you are not alone!!!
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Plenty of people have lost money before. Be it gambling at the table or stock market, bad debts, failed business etc.
I have seen quite a few in my social circles who downgrade from Merc to Jap cars........Everything's fine, we are normal -
the important is not to make the same mistake again.Originally posted by Rock^Star:Plenty of people have lost money before. Be it gambling at the table or stock market, bad debts, failed business etc.
I have seen quite a few in my social circles who downgrade from Merc to Jap cars........Everything's fine, we are normal
anyway the thread starter has been in the work force for only 3.5 years. he is still young and has plenty of time and opportunity to recover. -
Yah, these are just one of the many trials and tribulations in life. Money can always be earned back.