December 3, 2024
44 S Broadway, White Plains, New York, 10601
THE MONEY MINDER

“I feel desperate and am not sure if I can walk out of this predicament”: Overwhelmed by $70k stock market losses. How can I cope with the guilt and regret?

Hi Money Minder,

Feeling totally lost after a huge financial hit.

Hey, I’m 32, and I’ve finally come to terms with my gambling issue. I lost $70k in the stock market in just one month (and $140k overall from trading). I’ve taken the step to self-exclude from my trading account (where all my savings were) and handed control to my partner. Today is day 1 of my quitting journey.

These past few months have been rough, chasing losses and feeling like a shell of myself. The thoughts are consuming, filled with guilt, shame, and regret. Whenever I try to figure out how to make that money back through work, it hits me that I’m actually worse off now since all that money is gone. It was months of hard work just gone. Feeling desperate and not sure if I can get out of this mess. Anyone out there been in a similar spot and can share some advice on handling these overpowering thoughts?

Farewell,
Financially Frustrated

Response from THE MONEY MINDER:

Hello There,

I am sorry to hear about your recent financial struggles and the overwhelming emotions you are experiencing. It’s a significant step that you have recognized your gambling problem and taken action to address it. Acknowledging the issue is the first step towards recovery.

It’s understandable to feel guilt, shame, and regret after experiencing such significant losses. However, dwelling on the past won’t change the situation. What you can control now is how you move forward. By self-excluding yourself from your trading account and seeking support from your partner, you’ve taken positive steps towards regaining control of your finances.

As you navigate this challenging time, it’s important to focus on practical steps to improve your financial outlook. Firstly, seek professional help, such as therapy or counseling, to address the underlying issues contributing to your gambling problem. This can help you develop healthier coping mechanisms and prevent relapses.

Secondly, create a comprehensive budget and financial plan with the help of a financial advisor if needed. Focus on rebuilding your savings and paying off any debts you may have accumulated. It may take time, but with determination and discipline, you can work towards a more stable financial future.

Lastly, remember to be kind to yourself during this process. Recovery is a journey, and setbacks may occur. Celebrate your small victories along the way and seek support from loved ones when needed. You have taken the first step towards a brighter financial future, and with dedication, you can overcome this challenging time.

Take each day at a time, stay committed to your goals, and believe in your ability to overcome this obstacle. You are not alone in this journey, and there are resources and support systems available to help you along the way.

Take care of yourself and remember that every step forward is progress towards a better tomorrow.

Farewell from THE MONEY MINDER.

Leave feedback about this

  • Quality
  • Price
  • Service

PROS

+
Add Field

CONS

+
Add Field
Choose Image
Choose Video