I'm sharing my story with the hope that I can prevent people from following in my path, so gather round for a tale of youth and financial irresponsibility.I began investing in crypto in October 2017 when some co-workers of mine started getting into crypto. I didn't invest too much at first, but I almost made 10,000 dollars from XRP within two months, decided to ramp up my investments, then almost made another combined 10,000 from other coins. Well, I say "almost" because I never cashed out of course. I felt like things were only getting started in December 2017 and that my gains would skyrocket in 2018. I was getting more greedy and my mind ran wild with the financial possibilities of crypto. Days at work would be spent researching crypto and daydreaming about retiring before I'm 30. I felt like a Cryptodamus and that every crypto I invested in would produce crazy gains. I would always read "don't invest more than you can afford to lose," but would idiotically dismiss it just because I made lucky gains on some shitcoins.At first I would make Coinbase purchases with credit cards, then I moved on to taking out loans after Visa started considering credit card crypto purchases as cash advances. My dumbass figured "hey, I'll just use credit cards for everyday purchases and take out loans so I have money to invest in crypto now." Within the span of about 8 months I took out three loans totaling about 15,000 dollars. I treated crypto like a glorified casino and would constantly "buy the dip," telling myself it's just a really short bear market and the next bull run is just around the corner. What do I have to show for my crypto investments? A portfolio that's 77% down. I still buy crypto every now and then, but it's only a very little in order to DCA some of my investments. I should've been smarter and put just a little into crypto from each paycheck. The moment you start putting in more than you can afford to lose is the moment you need to step back and reevaluate your life.My reckless gambling has put me in a hole where I can barely stay financially afloat. Oh, did I mention I emptied out my savings back in 2018 to buy crypto? Yes, that was another blunder I strongly suggest no one else does. I managed to build my savings a bit back up, so now I'm almost 2 missed paychecks away from financial ruin instead of 1. My friends, family, and girlfriend have no idea how financially fucked I am right now.At this point I just want to cash out to pay back my loans and credit cards, but I'm at a point where cashing out wouldn't be enough money to pay them back, so it's not worth it. I figure I'll just weather the storm until a bull market returns. If it doesn't, I'll be picking up the pieces of this gamble for years. Good thing I'm only in my mid-20's I guess. Just don't do what I did. It's not fun having financial burdens (that you yourself created) looming over your head every day.TLDR: Recklessly gambled like a dumbass. Got rekt. Also, have a game plan for taking out profits.
Submitted January 18, 2019 at 03:23AM
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