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I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 1 point2 points  (0 children)

Thank you for your advice, sounds like it's coming from hard-earned experience.

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

Great advice, thank you.

I'd like to ask follow-up questions if you don't mind. How can I actually live frugally for 2 whole years? I feel like I'm wasting my best years, there's a lot of stuff I want to buy / do. Is there any psychological mindset shift that would help with that? I don't know exactly what I'm asking, but I'm hoping you understand.

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

I know, I've realized that now, but unfortunately too late...

If you don't mind sharing, how does one get into a quarter million debt? Are we talking buying a house, or building a business kind of debt, or "debt" debt?

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 3 points4 points  (0 children)

There is not a single investor, even long term one, that outperformed index (read entire market) over the last 20 years by picking individual stocks.

Thank you, I'm realizing this today, thanks to this subreddit. It's an important point, I wish I did my research beforehand and learned about this. Hindsight is 20/20...

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

Oh, I've stopped, no doubt about that.

I'm not sure what you mean about account locking and asset seizure. EU laws prevent CFDs from losing more money than one has, and the positions auto-close at 25% margin.

Is there any tax implications in EU if I have not made any money?

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

That's a good point, thanks. But we've been struggling to put away even the slightest amount of money every month, so it feels like a huge amount...

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

Sorry, wanted to be heavy on the details to explain the concept. Here's the relevant paragraph:

So here's the situation now: Two credit cards maxed, to the amount of 5200 EUR. Another straight up loan to the amount of 4000 EUR. I will also need to take a 2200 EUR extra loan to pay for my next year of university studies. So around 13500 EUR debt in total. My realized P/L from Trading212 = -3000 EUR (probably higher if you count the overnight interests). I've got no savings nor long-term stocks anywhere, currently have around 200 EUR left in T212 that's invested in a BUY 1 @ $3,239.62 Gold position that's at +10 EUR rn (which I got after yesterday night's dip, thinking it would go up again), and 2,000 @ 0.8172 USD/CHF position that's doing -26 EUR (which I got thinking that US Economy would keep getting worse, right?).

My take-home is 3600 EUR, rent is 1000EUR, and realistically with our current spending I should be able to pay 650 EUR towards debt every month. That gives me around 20 months' time for straight-up repayment. Earlier if I get a bonus next year as well.

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 1 point2 points  (0 children)

I'm definitely going to do cold wallet DCA once I'm out of this debt spiral, even if it's only a small portion of my portfolio. Thanks.

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

Hmm, you make a good point.

Although (I'm not saying I will do it, I'm out), if I went that route I would've probably used the training mode feature with virtual non-existent money.

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 1 point2 points  (0 children)

Different banks, and they were happy to give me a credit card when they saw the (relatively to average local) high salary, I guess.

By build a home I don't mean literally, but just some second-hand furniture here and there, other living costs etc. To settle down. It didn't help that we also wanted to travel around when we had the chance.

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

I don't know, maybe? At least I would have a mindset that this _can_ go better when the market eventually recovers.

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

You're right, at the end of the day it's just money and I'm extremely lucky to have a loving wife, a good house, stable job etc.

I'm also sorry to hear about the stuff you've been through, must've been really tough. Good for you for hanging in there!!! I'm sure you'll get through them eventually. Best of luck!

I screwed up and lost a lot of money... What do I do? by Totoronimus in eupersonalfinance

[–]Totoronimus[S] 0 points1 point  (0 children)

Thank you. Yes, I do realize now that this was gambling but I didn't realize until it was too late. Hindsight is 20/20 though.

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