Losing all of your savings.

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volimsmes
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Losing all of your savings.

Post by volimsmes » Mon Nov 13, 2017 11:31 am

i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?

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Pajamas
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Re: Losing all of your savings.

Post by Pajamas » Mon Nov 13, 2017 11:34 am

Learn from your bad experience to avoid repeating it. Look at it as an important, expensive lesson.

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tc101
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Re: Losing all of your savings.

Post by tc101 » Mon Nov 13, 2017 11:38 am

Put one foot in front of the other and do the next right thing.
Life is a wonderful miraculous gift. Enjoy it. Love people.
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retiringwhen
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Re: Losing all of your savings.

Post by retiringwhen » Mon Nov 13, 2017 11:41 am

Do a post-mortem on why you made the investments, be realistic and brutally honest with yourself. If it is in your power (and will-power) to change your ways, then make the changes and get serious about understanding a BH-like strategy and long-term plan.

If you cannot or fear you cannot deal with the issues that caused the investment mistakes, then look for help in the form of a financial advisor or other appropriate mentor for accountability.

In other words, there is grieving to be done, but try to learn as much as possible to avoid the same mistakes in the future so you can look back and say you profited from the lessons you received from the error of your previous actions.

chuppi
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Re: Losing all of your savings.

Post by chuppi » Mon Nov 13, 2017 11:45 am

Most people make mistakes. Some more expensive than the others. Some early on than the others. Important step is to recognize and learn from the mistakes.
Start now with a plan and stick to it. Be realistic in your expectation and not look for miracles. Cut costs as much as possible and invest the rest going forward.

pochax
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Re: Losing all of your savings.

Post by pochax » Mon Nov 13, 2017 11:57 am

if you already can acknowledge that the loss was based on "stupid" investments, you have already mentally dealt with it. in the wise words of GI Joe: Knowing is half the battle. the next step, is emotionally dealing with it (and others are giving you good advice for that).

Dottie57
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Re: Losing all of your savings.

Post by Dottie57 » Mon Nov 13, 2017 11:57 am

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?

Resolve to never pay attention again to what what caused you to make stupid investments.

Greed? Ignorance?

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BolderBoy
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Re: Losing all of your savings.

Post by BolderBoy » Mon Nov 13, 2017 11:59 am

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
Do you have a job? You'll recover.
“Where you stand, depends on where you sit” - Rufus Miles | "Never underestimate one's capacity to overestimate one's abilities"

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arcticpineapplecorp.
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Re: Losing all of your savings.

Post by arcticpineapplecorp. » Mon Nov 13, 2017 12:06 pm

read this small book:

https://www.etf.com/docs/IfYouCan.pdf

keep asking questions here.

start here:

https://www.bogleheads.org/wiki/Main_Page
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

2015
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Re: Losing all of your savings.

Post by 2015 » Mon Nov 13, 2017 12:23 pm

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
It's been my experience in life that wrapped up inside every misfortune is a gift, but that gift is never immediately revealed; it can only be revealed by asking questions. Ask yourself these counter-intuitive questions: what's "good" about what about happened? how can you take advantage of this situation in order to prosper in the future?

With respect to your mental reaction, as hard as it may be emotionally, you will remain much more resourceful if you focus on where you want to be rather than on where you've been. Learn from the past and move on to your next success. It's waiting for you.

Call_Me_Op
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Re: Losing all of your savings.

Post by Call_Me_Op » Mon Nov 13, 2017 12:26 pm

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
Are you willing to share the details of what you invested in, to help other avoid the pitfalls?
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

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DaftInvestor
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Re: Losing all of your savings.

Post by DaftInvestor » Mon Nov 13, 2017 12:27 pm

Put things in perspective - do you still have an income stream? Your health? then you can move one.
If you are really depressed - seek a professional mental health counselor.

Lastly - What does Iasdasd mean?

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BogleMelon
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Re: Losing all of your savings.

Post by BogleMelon » Mon Nov 13, 2017 12:28 pm

It is all temporary anyways. One day all of us will be a history, and our belongings including money will go to someone else.
Also recognize how tiny and insignificant this whole entire galaxy is! https://www.youtube.com/watch?v=Iy7NzjCmUf0&t=564s
Excuse my English, it is my second language! | | "One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather

mega317
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Re: Losing all of your savings.

Post by mega317 » Mon Nov 13, 2017 1:51 pm

I agree to consider professional help. NOT a financial advisor, but a mental health professional. The other suggestions so far in this thread amount to help-self imperatives to learn and don't feel so bad. Usually that's easier said than done.

WhiteMaxima
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Re: Losing all of your savings.

Post by WhiteMaxima » Mon Nov 13, 2017 1:56 pm

How could you loose everything? Could you share your story?

ResearchMed
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Re: Losing all of your savings.

Post by ResearchMed » Mon Nov 13, 2017 1:58 pm

mega317 wrote:
Mon Nov 13, 2017 1:51 pm
I agree to consider professional help. NOT a financial advisor, but a mental health professional. The other suggestions so far in this thread amount to help-self imperatives to learn and don't feel so bad. Usually that's easier said than done.
This ^^^

Also, was this due entirely to investment losses, or also a loss of the big stash you had described, for your professional gambling?

Did you invest in the funds you were considering? Was that the source of the losses?
The market has done pretty well recently, so the types of investments might be useful to discuss... why you selected them, if particularly risky, etc.

Those could be two separate situations, with very different causes (and consequences, and also possible next steps).

We might be able to give more/better suggestions if we had a better idea of your total situation (including if health issues might be involved - but NO need to get into specifics about medical situation if relevant).

RM
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thangngo
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Re: Losing all of your savings.

Post by thangngo » Mon Nov 13, 2017 1:58 pm

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
Please do tell. What exactly did you do?

I was thinking you invested in bitcoin when I read your post, but I could be wrong.

pochax
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Re: Losing all of your savings.

Post by pochax » Mon Nov 13, 2017 2:07 pm

thangngo wrote:
Mon Nov 13, 2017 1:58 pm

I was thinking you invested in bitcoin when I read your post, but I could be wrong.
if the OP had invested in bitcoin right now, (s)he would be doing VERY well....or maybe he shorted bitcoin?

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arcticpineapplecorp.
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Re: Losing all of your savings.

Post by arcticpineapplecorp. » Mon Nov 13, 2017 2:11 pm

why did you edit/delete all your old posts? The only thing listed under all your old posts is "lasdasd".

Image

before you have a chance to delete this post and no one can read it again, here's what the OP's original question was:
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

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greg24
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Re: Losing all of your savings.

Post by greg24 » Mon Nov 13, 2017 2:16 pm

If you lost "all" of your savings, you weren't really investing, you were gambling. Not many investment vehicles go to zero.

We need more information to even begin to help answer your questions.

What were you invested in? How much had you invested? etc.

investingdad
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Re: Losing all of your savings.

Post by investingdad » Mon Nov 13, 2017 2:17 pm

arcticpineapplecorp. wrote:
Mon Nov 13, 2017 2:11 pm
why did you edit/delete all your old posts? The only thing listed under all your old posts is "lasdasd".

Image

before you have a chance to delete this post and no one can read it again, here's what the OP's original question was:
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
I was wondering the same thing about the old posts.

ResearchMed
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Re: Losing all of your savings.

Post by ResearchMed » Mon Nov 13, 2017 2:18 pm

investingdad wrote:
Mon Nov 13, 2017 2:17 pm
arcticpineapplecorp. wrote:
Mon Nov 13, 2017 2:11 pm
why did you edit/delete all your old posts? The only thing listed under all your old posts is "lasdasd".

Image

before you have a chance to delete this post and no one can read it again, here's what the OP's original question was:
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
I was wondering the same thing about the old posts.
That old thread shows some of OP's actual posts, quoted by others who were trying to assist.

RM
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MrNewEngland
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Re: Losing all of your savings.

Post by MrNewEngland » Mon Nov 13, 2017 2:21 pm

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
How old are you? If you're young it's not that big of a deal... in fact it's a lesson that you want to learn young.

investingdad
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Re: Losing all of your savings.

Post by investingdad » Mon Nov 13, 2017 2:22 pm

So is the OP a pro poker player? I'm confused.

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arcticpineapplecorp.
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Re: Losing all of your savings.

Post by arcticpineapplecorp. » Mon Nov 13, 2017 2:26 pm

investingdad wrote:
Mon Nov 13, 2017 2:22 pm
So is the OP a pro poker player? I'm confused.
old post seems to indicate that:
volimsmes wrote:
I play poker for a living and have 6 figures on my bank account without any interests. I want to invest it the problem is I don't know how sooo I might need some percent of that money in months or might be never. Is it still +EV to have money in etfs even if it may be for short time becouse cash deposits on banks have no interest in my country now?
source: viewtopic.php?f=1&t=214630&p=3296300#p3295898
and
volimsmes wrote:
I have also 80k in forest land so I have safety there and I can take a bit of risk with stocks. I play poker when I enjoy it so I can't plan my income I might not play for many months and in that case I would need a small amout of moey I have in etf, other wise if I play and win I will leave it there. I know it isnt optimal as investments in etf should be long term. But in short term it must be better also then have no interest rate on bank? IHow long does it take to get a bit of money from etf back on my bank account? I want to have my money invested and in case I need few months of expenses I can just cashout some of my etf is that ok plan?

I know I didn't explain my situation good as English is not my first languege. :)
source: viewtopic.php?f=1&t=214630&p=3296300#p3296010
thanks researchmed for pointing the way!
Last edited by arcticpineapplecorp. on Mon Nov 13, 2017 2:41 pm, edited 1 time in total.
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

ResearchMed
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Re: Losing all of your savings.

Post by ResearchMed » Mon Nov 13, 2017 2:30 pm

investingdad wrote:
Mon Nov 13, 2017 2:22 pm
So is the OP a pro poker player? I'm confused.
OP had posted this earlier in a different post:
volimsmes wrote:I play poker for a living and have 6 figures on my bank account without any interests. I want to invest it the problem is I don't know how sooo I might need some percent of that money in months or might be never. Is it still +EV to have money in etfs even if it may be for short time becouse cash deposits on banks have no interest in my country now?
If we knew more about just what caused the loss, that would obviously help us with suggestions. There are several very different possibilities.

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CaliJim
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Re: Losing all of your savings.

Post by CaliJim » Mon Nov 13, 2017 2:57 pm

Sounds like OP needs to address more than just "how to deal mentally" with the investment loss. Sounds more like a whole lifestyle reset is in order. Twelve step programs are highly effective. http://www.gamblersanonymous.org
-calijim- | | For more info, click this

loveyourheart
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Re: Losing all of your savings.

Post by loveyourheart » Mon Nov 13, 2017 3:31 pm

You put one foot in front of the other and move forward. Tomorrow is another day. Good luck to you. Hang in there.

MotoTrojan
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Re: Losing all of your savings.

Post by MotoTrojan » Mon Nov 13, 2017 3:44 pm

If lost in equities, you can claim that loss and make a fraction of it back over your life.

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Toons
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Re: Losing all of your savings.

Post by Toons » Mon Nov 13, 2017 3:46 pm

Make Lemonade out of Lemons.
Start Over.
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

luckybamboo
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Re: Losing all of your savings.

Post by luckybamboo » Mon Nov 13, 2017 3:55 pm

Forgive yourself. Though its hard to do, but I find it impossible to move on if I beat myself up for the mistakes.
Second thing that helps me is to read life stories about people who have made the best of their failures. That gives me hope and motivation to do the same.
Lastly, count your blessings. I try to think that I am alive and am given a second chance. So, I can remember the learnings and move on.

ResearchMed
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Re: Losing all of your savings.

Post by ResearchMed » Mon Nov 13, 2017 4:23 pm

luckybamboo wrote:
Mon Nov 13, 2017 3:55 pm
Forgive yourself. Though its hard to do, but I find it impossible to move on if I beat myself up for the mistakes.
Second thing that helps me is to read life stories about people who have made the best of their failures. That gives me hope and motivation to do the same.
Lastly, count your blessings. I try to think that I am alive and am given a second chance. So, I can remember the learnings and move on.
This, but it's sounds much easier than it really is.

I'm sure I am not alone, we are not alone, in looking back and with the advantage of hindsight (and a safe distance!), seeing some dreadful mistakes, financial or not. It could be professional or interpersonal or <whatever>.

It can sometimes really be painful, for more or less time, depending upon the consequences.

But the sooner one is able to start to look forward, and figure, "I'm here now, what is the best way to proceed?" - the sooner the difficulty will be in the past.

Whether it was the poker, or a health problem, or an investment choice that went totally south... look for whatever help you might need, and slowly (or hopefully, a bit faster), get started with "the rest of your life".

Reading about others who have "gotten through" really tough times might not make you "feel" better, but hopefully it will help you to realize that one really can come out the other side and thrive.

Good luck.

RM
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Earl Lemongrab
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Re: Losing all of your savings.

Post by Earl Lemongrab » Mon Nov 13, 2017 5:07 pm

Toons wrote:
Mon Nov 13, 2017 3:46 pm
Make Lemonade out of Lemons.
Hey!
This week's fortune cookie: "You will do well to expand your horizons." Ow. Passive-aggressive and vaguely ominous.

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Toons
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Re: Losing all of your savings.

Post by Toons » Mon Nov 13, 2017 5:57 pm

Earl Lemongrab wrote:
Mon Nov 13, 2017 5:07 pm
Toons wrote:
Mon Nov 13, 2017 3:46 pm
Make Lemonade out of Lemons.
Hey!


hahaha,,,
excellent :mrgreen: :mrgreen:
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

BV3273
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Re: Losing all of your savings.

Post by BV3273 » Mon Nov 13, 2017 6:13 pm

I don't know the OP or if he is a professional poker player or not, but the one piece of advice I was given in regards to gambling is: If you don't want to risk losing it, don't wager it. I think the same holds true for investments as well.

That being said I've found myself down and out several times over the years for one reason or another. When I'm down I tell myself that there's always someone worse off than myself and regardless of what's happening the sun is still going to rise tomorrow. Hang in there OP! Just take a step back and breathe!

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Earl Lemongrab
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Re: Losing all of your savings.

Post by Earl Lemongrab » Tue Nov 14, 2017 11:56 am

I'm dubious about the point of all of this. If it's true (i.e. not a troll) then the OP ignored the advice given in the previous thread and in between March and now blew at a six-figure savings account through "bad investments". Without some clarification, I don't see the point in responses. Especially as there's been no follow-up to explain anything.
This week's fortune cookie: "You will do well to expand your horizons." Ow. Passive-aggressive and vaguely ominous.

grettman
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Re: Losing all of your savings.

Post by grettman » Tue Nov 14, 2017 12:21 pm

It’s a shame that this board gets taken advantage of... this guy is a troll or is up to something.

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Re: Losing all of your savings.

Post by beardsworth » Tue Nov 14, 2017 1:06 pm

Earl Lemongrab wrote: I'm dubious about the point of all of this. If it's true (i.e. not a troll) then the OP ignored the advice given in the previous thread and in between March and now blew at a six-figure savings account through "bad investments". Without some clarification, I don't see the point in responses. Especially as there's been no follow-up to explain anything.
grettman wrote: this guy is a troll or is up to something.
I try to assume that every new thread is legitimate, but a bare-bones original post, followed by two days of silence from the person who made it, does not inspire confidence.

retiringwhen
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Re: Losing all of your savings.

Post by retiringwhen » Tue Nov 14, 2017 1:16 pm

grettman wrote:
Tue Nov 14, 2017 12:21 pm
It’s a shame that this board gets taken advantage of... this guy is a troll or is up to something.
If you take the post as an opportunity to suggest help in the form of help for anyone who can related to the OP's question, then we aren't being taken advantage of, instead we are using trolls to create a more searchable set of FAQs. I got here asking some esoteric questions about IRAs and estate planning. any good questions and answers on the forum would help improve the search chance via google. Now, if the OP starts us down some crazy rabbit trail, that is another issue.... If he doesn't come back, well we have a short discussion on psychological mechanisms to handle losing all of your money to "buying ugly houses" or some fly-by-night or risky investment scam.

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wander
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Re: Losing all of your savings.

Post by wander » Tue Nov 14, 2017 1:22 pm

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
I guess you invested in individual stocks. I would recommend to stay away from them and invest in diversified ETFs or mutual funds.

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Re: Losing all of your savings.

Post by 123 » Tue Nov 14, 2017 1:22 pm

volimsmes wrote:
Mon Nov 13, 2017 11:31 am
i've lost all of my savings because of stupid investments. How should I mentaly deal with situaction like this?
You may be able to recover some by offsetting your other income on your tax return. Depending on your tax rate and the amount of your income you could recover a significant amount through tax savings.
The closest helping hand is at the end of your own arm.

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Re: Losing all of your savings.

Post by LadyGeek » Tue Nov 14, 2017 5:40 pm

volimsmes- Sorry for the interruption, but could you please check your Private Messages? It's a link in the upper-right corner of the page which looks like this: Private messages 1 (generic link, will go to your PM inbox). Thanks.
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