Suffering should be addressed early: An awakening agent on the road of debt
A few days ago, a message from an old friend made my heart sink: Do you understand the cryptocurrency market?
I heard it can quickly recover the investment.
I stared at the screen for a long time, hesitant to reply.
I know well his recent predicament, having to borrow a few thousand from me each month to fill the financial gap. His cash flow has long since broken down, and trying to make quick money in the cryptocurrency market seems to me no different from jumping into a fire pit.
After several rounds of persuasion, he finally revealed the truth: not only is he broke, but he also carries 300,000 in debt — this is the amount after his family helped him pay off 100,000.
What’s even more lamentable is that the Cadillac bought outright by his family two years ago has long been pawned off.
With cash flow already exhausted, pawning only makes the debt snowball bigger, purely a chronic consumption.
Now he is nearly unable to repay the mortgage, yet he is reluctant to sell the car to cut losses, instead thinking of gambling big in the cryptocurrency market for a turnaround. This mindset is worse than betting on big or small at a casino; at least the odds of winning or losing are clear.
This reminds me of countless trapped traders who are reluctant to cut their losses and instead continuously add funds, ultimately amplifying their losses infinitely.
Market fluctuations may still offer a chance to break even, but faced with negative cash flow, unless a windfall occurs, holding out to the end will only lead to futility.
In fact, selling assets and cutting losses are not shameful; correcting cash flow to survive is the foundation for turning things around.
Looking back at myself, I fell into the trap of online lending as soon as I became an adult, suffering for several years before finally getting back on solid ground; when I first entered the cryptocurrency market, I was financially constrained, and even with a liquidation, I only lost tens of thousands.
If these traps are encountered in middle age, the debt would likely amount to millions.
Just like a girl who encounters the wrong person at eighteen, feeling heartbroken for years but still finding a good match; if betrayal is encountered only when discussing marriage, the cost paid is half a lifetime.
Having gone through hardships, the smaller the cost, the more the current suffering might just be destiny’s kind arrangement.
As long as you hold on and don’t die, you will eventually welcome the day of breakthrough.