SINGAPORE: A man sought advice on social media after enduring a series of devastating setbacks—losing two businesses and one job in just four years.
Posting on r/askSingapore, a Reddit forum, on Thursday (Dec 19), the man explained that before the pandemic, he had built and run a thriving business that earned him over S$300,000 annually.
This financial success allowed him to achieve significant personal milestones, including purchasing a condo at just 30 years old, something he had worked tirelessly for.
However, his world came crashing down when COVID-19 hit. The pandemic forced his business to close, and within a short period, he lost everything he had worked so hard to build.
In the months that followed, he managed to secure a tech sales role at a US-based cybersecurity company. While initially optimistic, things took another turn for the worse when the company suffered a cyber attack, resulting in the layoffs of all employees in Southeast Asia—including him.
“I was let go after 10 months of service,” he said. “I found myself back at square one and I sold my house.”
With his career shattered, he turned to entrepreneurship again, starting a new business that initially showed promise with long queues and growing customer interest.
“Queues were 1.5 hour long. About 1 year in, we opened another outlet about 5 min drive away. Soon we realised that the new outlet cannabalised our sales and the hype started to die down. Business was breakeven and did not make any money,” he explained.
“That was when I realised that my business partner stole money from the business. I have insufficient evidence to incriminate her because somehow the accounting wasn’t done properly. It wasn’t a life-changing amount of money, but it still felt awful trusting someone who didn’t deserve the trust,” he added.
After these setbacks, he found himself buried in $200,000 of debt, with all his savings gone. In a desperate attempt to turn things around, he tried options trading, hoping for a fast financial recovery. However, it quickly became more like gambling, putting him in an even worse financial situation.
“I am now in my mid-30s, and I am thinking about money every single day. I just want to turn my life around back to where it was,” he said.
“I started looking for a job again, and I had no luck. Every day I’d get rejection emails from multiple companies. I’d spend time improving my resume, meeting kind friends who have decent jobs, and learning from them. I just couldn’t get anything.”
With no one to turn to, he asked others in the forum for guidance. “I am desperately looking for a job, but at the same time I cannot stop thinking about clearing my debts,” he wrote. “What’s the fastest way to make S$200,000? I feel so lost and I feel like quitting life entirely. Please help and please be kind.”
‘Seek help and don’t deal with this alone’
In the discussion thread, several forum members advised the man to stop focusing solely on money and instead shift his attention to building a sustainable and fulfilling career.
One user said, “Don’t think of making 200k fast. Start small by focusing on where you can earn and save first. Get a part-time job temporarily while looking for a more stable / higher-income job.
“200k sounds scary, but 1/2k a month sounds more manageable. Eventually, you’ll reach a point where you can funnel more into paying off the debt. Seek help and don’t deal with this alone, whether through helplines or your family or friends.”
Several members also chimed in with encouraging words, reminding him that setbacks, though painful, were often a necessary part of the journey to success.
One user added, “In case no one is telling you this, you’re amazing. Being able to run a successful business and bought a house by 30, not many can achieve that. That shows you have it in you.”
Another said, “Please don’t quit life even as you feel like you are facing overwhelming setbacks. Look at how much success you managed to achieve at 30, and you are a mere 34 now.
“My friend, you are so accelerated in your learning curve and are facing failure much earlier on in life. Find the strength to carry on, and I have no doubt you can find success again.”
In related news, a woman shared her concerns online about her 71-year-old retired mum, who is struggling with S$15,000 in debt.
In her post on r/askSingapore, a Reddit forum, she explained that her mum has no savings and is unable to fully repay the debt.
“Approximately S$15,000 is spread across several credit cards from four different banks,” the woman wrote.
Read more: Daughter asks for tips online on how to help her 71-year-old retired mum with $15k debt
Featured image by Depositphotos (for illustration purposes only)