SINGAPORE: Many investors, including a 32-year-old Singaporean man, were distressed after the cryptocurrency market crashed dramatically in 2022.
Sharing his story on Reddit, the man said he had lost most of his S$30,000 savings in various cryptocurrencies, such as EGLD, CRO, Luna, BTC, and ETH.
“I’ve been feeling miserable and regretful for years since my cryptocurrency investment loss, almost to the point of depression. How can I earn back my savings of SGD $30000 I lost from my investment loss in 2022?”
The man shared that he ventured into cryptocurrency in 2021 because he envied his peers, who are high-income earners, and wanted to ensure his financial security for the future.
He has diversified his investments across T-Bills, Syfe Cash+ Guaranteed, Stocks (including Magnificent 7 companies and VOO ETF), and Stashaway General Investing.
Despite this, he confesses to holding onto some of his crypto assets, hesitating to sell and accept the loss.
“I’m feeling very lost as I am trying my best to manage my finances properly and am afraid of heading in the wrong direction again.”
“Pick up skills that can allow you to earn more.”
In the comments section, many Singaporean Redditors warned him not to take more shortcuts because they could lead to even more financial trouble.
They also urged him not to focus too much on trying to “earn back the money that was lost” but rather to accept the S$30,000 loss as a valuable yet costly lesson.
One Redditor stated, “Never let the lesson fees you paid go to waste. Reflect and learn.”
Rather than attempting to recover the funds through risky investments, a few Redditors urged him to focus on personal growth and self-investment.
They proposed various ideas, such as pursuing a technical course like AWS Cloud, taking a baking course, pursuing a master’s degree, or exploring hobbies that align with his interests.
According to them, such endeavours could yield better long-term outcomes.
One Redditor commented, “When you are still young, I think investing in yourself to build up your income generation capability is very important. Pick up skills that can allow you to earn more.”
One Redditor specifically recommended investing an amount that is ‘surplus to his emergency funds.’
Another added, “Think what you’re lacking is wisdom, knowing what to invest in starts at knowing what’s happening in the macro…”
Furthermore, some Redditors suggested that if the individual still held assets like Bitcoin or Ethereum, it might be prudent to consider selling them once he breaks even.
Other suggestions that emerged included investing in more stable markets like the S&P 500, advancing his career, exploring side hustles, or increasing his salary by changing workplace.
In similar news, another man took to social media to share his experience of losing a significant portion of his money in the stock market and cryptocurrency investments last year.
Read more: “$6 left in my bank account” after losing it all in stock market & crypto; bank debts over S$60K
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