Invest your money wisely - another lesson, Techie tries to suicide.

justdimin

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Quote from: darewaller on May 09, 2023, 09:03:22 AM

I think that is true but we need to find a middle ground as well. If you think only about the risks and have no dream then you won't buy, why would you buy something you think that is risky and have no dreamy level of profit potential? But if you only think about the dream and not the risks at all, then you end up like this techie as well.

So you need to be aware of the risks, and aware of the potential profit at the same time, if you can do that then you would be able to actually make a profit from it as well, should be considered a good idea. I personally know the risks and I also end up dealing with whatever it can provide me as well, and that is why I invest what I can afford to lose. If I end up losing it all, I won't be poor, if I make profit, I will be happy. Those are the options for me.

I agree that you need to find the middle ground for sure. I do look at the villas and so forth around the city I live in. There is one for 128 million dollars, I know I will never be able to buy that ever in my life, and I do not really plan on getting that with a single trade by doing something stupid, no reason to do something like that at all.

However, I do know that I am going to work towards getting richer, so having a goal is important, I know that I would retire if I ever have 100k+ in my bank account because that's enough where I live, and that would be good enough to live until I die without ever needing a single dollar more, not even interest. But in order to reach the top of the tree, aim for the stars, if you fail, you will fall back on the tree.

Baoo

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Quote from: Litzki1990 on May 07, 2023, 02:14:57 AM

Yes we should invest the amount of money we can afford to lose. That is, the amount of money you invest will be deducted from your total money. I don't see any need to invest so much in the beginning. There is no need to take loans to invest, to sell mother's gold ornaments, to hire with parents' pension money.
Maybe you say you don't have money to invest so you take a loan Investing by taking a loan can never be a good decision. As I said earlier, invest the amount you can afford to lose. There is no question of borrowing in my words. If you don't have money, try to earn money as well as get ideas about investing and when you have enough money to invest, hire on a limited basis.

Well, this issue is widespread in a lot of investors specifically the greedy and beginners, they literally take high unnecessary risks for un guaranteed returns, that’s why they end struggling with debts and psychological problems. From my perspective, it is better to find multiple sources of income instead of taking loans , selling some precious goods and hard commodities. In fact, If you want to gain money, simply work hard and be productive, nothing comes easy. In addition to that, it is preferable to educate yourself before beginning in this field. Having only huge capital will not guarantee a large profit, knowledge and experience are necessary.

darewaller

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Quote from: Synchronice on May 03, 2023, 06:56:41 AM

I think that one can't succeed by only investing what he can afford to lose, the more you put, the more you get. People with low budget can't put more, i.e. can't get more, so at the end of the day, their condition is not hugely affected. And I think that is not the problem here, really, I'm serious. The actual problem is the attitude people have towards crypto and investments. No one thinks about risks, all they think about is their dream about how they will spend their life on yacht with millions of dollars. People think like the guaranteed outcome from investment is tons of money, no one thinks about how so guaranteed is total lose of every single penny. People are really in dream-like state when they make investment, they only wake up when they lose.

I think that is true but we need to find a middle ground as well. If you think only about the risks and have no dream then you won't buy, why would you buy something you think that is risky and have no dreamy level of profit potential? But if you only think about the dream and not the risks at all, then you end up like this techie as well.

So you need to be aware of the risks, and aware of the potential profit at the same time, if you can do that then you would be able to actually make a profit from it as well, should be considered a good idea. I personally know the risks and I also end up dealing with whatever it can provide me as well, and that is why I invest what I can afford to lose. If I end up losing it all, I won't be poor, if I make profit, I will be happy. Those are the options for me.

Litzki1990

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Yes we should invest the amount of money we can afford to lose. That is, the amount of money you invest will be deducted from your total money. I don't see any need to invest so much in the beginning. There is no need to take loans to invest, to sell mother's gold ornaments, to hire with parents' pension money.
Maybe you say you don't have money to invest so you take a loan Investing by taking a loan can never be a good decision. As I said earlier, invest the amount you can afford to lose. There is no question of borrowing in my words. If you don't have money, try to earn money as well as get ideas about investing and when you have enough money to invest, hire on a limited basis.

bestcoins1

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Quote from: Joshapat on May 03, 2023, 10:14:09 PM

Nowadays there are many investment options, especially now that investment provides convenience because of the presence of smartphones, if in the past we had to come to the office and queue to buy shares then with just a few touches we can buy shares, but we have to be vigilant about the investment we choose, don't it is too easy to believe in investments that promise too large a profit, this is an indication that it will become a scam.

Smartphones are just devices, and are not much different from other devices such as PCs and laptops or tablets. In fact, what makes it easy for everyone to invest in this highly advanced era is the presence of internet networks in all corners of the world, which many people can take advantage of by accessing whatever they need. And in terms of scams, I don't think it only happens in the digital or internet world, but in terms of real investment, you can also experience a scam if the company that we invest in becomes bankrupt.

Negotiation

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Making investment decisions involves careful research and analysis ideally, you should have a strategy based on your risk profile and not invest more than you can afford to lose. No one will commit suicide if they invest in the right place there are many currencies in crypto that offer good investment opportunities and serve as alternatives. Chances of getting scammed will be less and good profit will be made. Also, if you want an alternative method, you should know about the sites well before buying shares.

Joshapat

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Nowadays there are many investment options, especially now that investment provides convenience because of the presence of smartphones, if in the past we had to come to the office and queue to buy shares then with just a few touches we can buy shares, but we have to be vigilant about the investment we choose, don't it is too easy to believe in investments that promise too large a profit, this is an indication that it will become a scam.

DanWalker

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Quote from: Z390 on May 02, 2023, 02:03:08 PM

~snip~

Today, my school friend came to check on me and asked me to guide him about crypto investments. I am surprised that he knew about crypto scams, he seemed very cautious in comparison to those who wanted to make quick money.

As someone like that, he is unlikely to make any dumb mistakes as long as he is calm enough to learn everything possible about crypto.

Do you guide and impart crypto knowledge to him? I have never met such people, most of the people I meet always ask me how to get rich quickly, and they hardly think about the risks when investing. They always ask if the profit is high? How many days will they receive profits?... All those questions make me depressed, do not want to share anything with them. I reject most people who ask such crap questions. It's hard to find someone as careful as your friend, or he researched the market long before coming to ask you, but it also shows that he is a very careful person.

Latviand

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Quote from: libert19 on May 02, 2023, 12:14:50 PM

Had those 36k would have been spare money, this wouldn't escalate to suicide (tho, there would be regret) — these loans, using pension to invest are exact opposite of, 'only invest what you can afford to lose".

Totally, but that person should've seen things coming when he was getting loans to invest, the escalation was pretty big imo, unless there's other external factors besides the crypto losses. Goes to show that we need to be mindful of what we invest and what might be our our potential actions be when things don't go our way.

Synchronice

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Quote from: philipma1957 on April 11, 2023, 10:24:47 AM

He broke first rule of investment.

Only invest what you can afford to lose.

I really want to say something nasty and flippant, but I won't.

Instead I will hope that he learns from this and does not over spend on investments.

I think that one can't succeed by only investing what he can afford to lose, the more you put, the more you get. People with low budget can't put more, i.e. can't get more, so at the end of the day, their condition is not hugely affected. And I think that is not the problem here, really, I'm serious. The actual problem is the attitude people have towards crypto and investments. No one thinks about risks, all they think about is their dream about how they will spend their life on yacht with millions of dollars. People think like the guaranteed outcome from investment is tons of money, no one thinks about how so guaranteed is total lose of every single penny. People are really in dream-like state when they make investment, they only wake up when they lose.

Inwestour

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Quote from: South Park on May 01, 2023, 06:47:32 PM

There is the belief that if we train hard enough and we prepare ourselves then we can do everything that we want, however while I do agree that this is true for the majority of the cases, at the same time I think there are some people which will never be proficient at some topics, and I think this is the case here, he made so many mistakes, not only on the markets but even outside of them when he tried to take his life, that I believe the best thing he can do is to never invest on any market, as the same scenario could happen again and next time he may not be as lucky.

If there is a business that you like, then you can achieve good success in it, but there are a number of rules that you will have to follow when it comes to money, otherwise the result will always be the same.

If he wanted to become a trader, or an investor, then he should not have done any manipulations with credit money. If he wanted to use his mother’s money, then we can still understand, if his mother allowed him to do this, but with credit money it’s not so simple, because they need to be paid monthly and he should give more than he took.

He is too young, and most likely started a big game without proper experience, excessive haste never led to good results, the result of such stories will almost always be the same.

siniminomorocomunisakito

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Quote from: nesty on April 30, 2023, 07:01:38 AM

Before taking risk in investing we need to be wise, Do some research and study first your target crypto currency. As we all know that high volatility of crypto market anything can happen to our investment. We will be happy we earn bug profit but if we loose it can lead to depression and stress. It is hard to accept if we are going to loose everything in investing that can affect our mental health. That is the reason why other people think of suicidal attempt which is very wrong. Do to avoid that research and study first and do not all your money in one investment.

Corrections are very vulnerable to occur, especially in recent times. The crypto market, in particular, can be highly volatile and unpredictable, resulting in high profits and heavy losses. The possibility of losing everything can give rise to feelings of depression and stress, let alone logging in and hearing references from unknown sources. I also wonder why people don't take certain things - of course, for example choosing coins/tokens that have been proven and tested for durability, there are still those who try to invest in meme coins.

Z390

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At such a young age, it should be obvious that scams are almost everywhere online, so he probably wanted to double the 36,000$ in a blink of an eye. Someone close to him may have done the same thing, and that may have prompted him to do it.

Today, my school friend came to check on me and asked me to guide him about crypto investments. I am surprised that he knew about crypto scams, he seemed very cautious in comparison to those who wanted to make quick money.

As someone like that, he is unlikely to make any dumb mistakes as long as he is calm enough to learn everything possible about crypto.

libert19

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Had those 36k would have been spare money, this wouldn't escalate to suicide (tho, there would be regret) — these loans, using pension to invest are exact opposite of, 'only invest what you can afford to lose".

savetheFORUM

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Quote from: xSkylarx on April 30, 2023, 07:12:24 AM

Quote from: ?? on ??

It's unfortunate to hear about this young techie's situation and the drastic step he was about to take. Investing in cryptocurrency can be risky, and it's important to exercise caution and do thorough research before investing any significant amount of money.

He was also too greedy to earn profit that this he end up on this but again he haven't thought the risk of his investment thay he go all in. What scary right now after he was saved how he can pay it off all of his loans and his mother's pension for sure he will still commit those things that is why it is better to have someone look after him. I hope he is okay right now and fighting to fix those mistakes

Finishing his life was probably the best solution for him towards his problems, he didn't care about his family and how much it will hurt them but he thought if he is finished, so are the problems. Most of the time, a defaulted loan is taken back from the relatives or the family of the deceased, so one might think it will finish the issues but it doesn't really.

Now he will need to gather some courage and face the situation being a brave man. I consider those who commit suicide to be cowardly, it's not a brave thing to kill yourself only because you got problems in your life.

South Park

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Quote from: Kasabus on May 01, 2023, 05:43:16 PM

Quote from: Similificator on April 09, 2023, 10:35:48 AM

This is really painful to read, sigh. I can only imagine the things that were and are still going through his mind right now. I bet he already racked up his brains hundreds if not thousands of times already just to find a solution or a way out of his mistake but just couldn't find any which has led him to his decision of unaliving himself. All those hopes and dreams that never happened and instead got replaced with unbearable feelings of guilt, regrets and so much more. Even I don't think I'd be able to have the courage to keep on living if I had made such a mistake. I wish he finds the strength to go on living. Sigh, such a young man. I hope this news would be spread more so that a lot of people would be able to learn from this guy's experience and be more careful with their investment plans.

A very unfortunate news indeed. It’s clear that he never made an intensive research before he invested, and might only be convinced from some friends hoping that the coins he put his money will give him double or triple returns. But his money gone so wrong, and worst is he used his mother’s pension which I cannot imagine how his mother felt after she knew it. I just hope he will learned from this experience, and just only invest on an amount he can afford to lose.

There is the belief that if we train hard enough and we prepare ourselves then we can do everything that we want, however while I do agree that this is true for the majority of the cases, at the same time I think there are some people which will never be proficient at some topics, and I think this is the case here, he made so many mistakes, not only on the markets but even outside of them when he tried to take his life, that I believe the best thing he can do is to never invest on any market, as the same scenario could happen again and next time he may not be as lucky.

Mahanton

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Quote from: Fortify on May 01, 2023, 01:46:04 PM

Quote from: Flexystar on April 09, 2023, 08:42:53 AM

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

So the gravity of this can be sensed easily.

He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.

He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.

The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.

Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.

Unfortunately he was not the first and will not be the last person to go this route. On one level it is devastating that anyone would attempt suicide and any help possible should be given to someone in that state of mind. However on a different level, he has effectively gambled his money away and to call it "investing" is misleading. Investing implies that there is some structure and substantial research behind it, but anyone putting money into such altcoins is simply hoping they can find a greater fool to buy into their coin at a much greater price. It revolves around greed. Was there ever a point where he was up after buying in? Was he waiting to double his money but could have taken 10% extra at one point? When is it enough to cash out?

Lots of people do really go into the path on getting some suicide which they would be thinking that it would really be the sole solution of all of their problems which it isnt really just that limited on crypto based kind of problem but also into those known ones like depression or having those family problems or even just as simple as failure on things on where they are expecting big something from it. There are people who do have that kind of emotions on which it do really come into uncontrolled manner which it do results into bad decisions which it would be resulting into suicide. This is why on the time that you do really make yourself get
involved with crypto then you shouldnt really consider on taking up some loan or making use of others money when it comes to this investment. You cant really be giving out any
assurance that it would succeed out.

This is why always invest on the money which you can afford to lose and dont invest on something that you cant be able to afford. Using up others funds or taking loans is really that a bad idea.
You should really be that careful and be wise on taking up decisions which you know that it could potentially put you in harm.

Kasabus

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Quote from: Similificator on April 09, 2023, 10:35:48 AM

This is really painful to read, sigh. I can only imagine the things that were and are still going through his mind right now. I bet he already racked up his brains hundreds if not thousands of times already just to find a solution or a way out of his mistake but just couldn't find any which has led him to his decision of unaliving himself. All those hopes and dreams that never happened and instead got replaced with unbearable feelings of guilt, regrets and so much more. Even I don't think I'd be able to have the courage to keep on living if I had made such a mistake. I wish he finds the strength to go on living. Sigh, such a young man. I hope this news would be spread more so that a lot of people would be able to learn from this guy's experience and be more careful with their investment plans.

A very unfortunate news indeed. It’s clear that he never made an intensive research before he invested, and might only be convinced from some friends hoping that the coins he put his money will give him double or triple returns. But his money gone so wrong, and worst is he used his mother’s pension which I cannot imagine how his mother felt after she knew it. I just hope he will learned from this experience, and just only invest on an amount he can afford to lose.

molsewid

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Quote from: Fesatmas on May 01, 2023, 11:31:28 AM

I think so too, the investment he made was not in spot bitcoins, but in trading taking huge leverage, and I'm not sure he did it in bitcoins, it still makes me doubt he lost that much.
I think with that big of a risk he knows what he's doing but he can't control himself so lust makes him spend his money, because as good as people are in trading the future if they get out of control then he trades madly which makes him lose.

Here the importance of having limits and targets in making future investments is to maintain psychology and anger when the market doesn't match expectations.

That's too sad and bad , he know what he is doing it is just that he maybe cant control himself to invest an jndlessly that at the end he loses every thing in return. We should learn from this , we all want to have a good life , so we need to put a discipline to every thing that we are working , what happen to him will give us a lesson.

Fortify

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Quote from: Flexystar on April 09, 2023, 08:42:53 AM

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

So the gravity of this can be sensed easily.

He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.

He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.

The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.

Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.

Unfortunately he was not the first and will not be the last person to go this route. On one level it is devastating that anyone would attempt suicide and any help possible should be given to someone in that state of mind. However on a different level, he has effectively gambled his money away and to call it "investing" is misleading. Investing implies that there is some structure and substantial research behind it, but anyone putting money into such altcoins is simply hoping they can find a greater fool to buy into their coin at a much greater price. It revolves around greed. Was there ever a point where he was up after buying in? Was he waiting to double his money but could have taken 10% extra at one point? When is it enough to cash out?

Topic: Invest your money wisely - another lesson, Techie tries to suicide. (Read 690 times)