SINGAPORE: A 32-year-old man recently opened up on Reddit about his ongoing battle with a gambling addiction that has resulted in significant financial losses.
Sharing his story on r/singaporefi, he candidly revealed that he had lost a staggering S$70,000 in the stock market over the course of just one month, adding up to a lifetime total of S$140,000 in losses.
“I have been a shadow of myself in the past few months trying to chase losses. Thoughts have been overwhelming,” he confessed. “I cannot stop thinking about the losses and a lot of feelings of guilt, shame, regret.”
Reflecting on his journey, he admitted that it took him a long time to come to terms with the fact that he had developed a serious gambling problem.
“Everytime I think about how I can make the money back through my job, I keep thinking that I am still in a worse off position because I have lost all that money. It’s months of hard earned money.”
Taking a significant step towards recovery, he decided to self-exclude himself from his trading account, which held all his savings, and handed control over to his partner.
“I have decided to quit entirely,” he wrote. “I feel desperate and am not sure if I can walk out of this predicament.”
He then reached out to the online community, asking if anyone had experienced something similar and how they managed to cope with their overwhelming thoughts.
“How do you deal with financial losses?”
“Start afresh. Strive for your career and slowly build up your funds and confidence back.”
Numerous Singaporeans who had also experienced significant losses in investments offered their advice to the man.
One individual commented, “Lost $56k from forex trading too and quitted. SG portfolio down more than SGD 100k. US equities portfolio down USD 50k. And I’m 42 years old already.
Don’t worry, you are still young and come make a comeback in your finances as long as you change your habits and focus on savings only.”
Another offered encouragement, saying, “It is a good thing you have realized and it is not too late. Start afresh. Strive for your career and slowly build up your funds and confidence back. Learn about investing as you restart again as it is for the long term.”
A third individual offered some words of comfort to the man, reminding him that he’s not alone in facing financial setbacks.
He pointed out that while many talk about their wins, few open up about their losses. It’s a common experience for people to go through tough times—whether it’s losing money in investments, falling victim to scams, businesses closing down, or losing high-paying jobs unexpectedly.
He suggested taking a step back to see the bigger picture. While $140,000 might seem like a lot, especially if it’s a few months’ worth of savings, it’s likely just a small part of what he can earn in his lifetime. Understanding this perspective could help him put things into context and start moving forward.
Moreover, he recommended that the man start practicing gratitude, and be thankful for the things that he has today. He pointed out that, despite his losses, he still has a loving family, supportive friends, and a good job that recognizes his talents.
He added, “Realize that we are all insignificant in the grand scheme of things.”
Others recommended practical steps for coping with the emotional toll of financial loss, such as listening to podcasts on grief, considering therapy if necessary, and focusing on developing self-control in financial decisions.
Read also: “I have an unrealised stock loss of S$13K. How do I re-start my investment journey?” — SG Man
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