This all started in 2022 when I turned $2k to $80k trading options. I lost it all clearly and have had the chase mentality ever since.
I ended up taking out a personal loan for $20k which I lost and went to collections. I racked up $18k in credit card debt. Borrowed around $85k from my friends and family. I even went to the extent of taking money from work and applying for payday loans.
Young and ignorant and I know that. I’ve traded options, gambled, and played in crypto futures. I’ve just kept trying ways to get myself out of the hole I’m in without taking the slow and painful route. It has become a problem.
I am at the point where I’m going to let all my cards go into collections and destroy my credit but start to get my friends paid back first.
What would you do?I am making some $1000 a week with nearly no expenses as I’m living at home. Yes, my family or friends do not know about this as I’m ashamed of it and don’t think I can admit to it but figure it out myself. If I keep up with my debt payments ill be paying around $1000 per month minimum.
Dear Struggling 22-Year-Old,
I understand that you’re in a tough situation right now, but let me be clear: you’ve made some serious mistakes, and it’s time to face the consequences. Turning $2k into $80k trading options might have felt like a rush, but losing it all and chasing that high has led you down a dark path.
You’ve taken out loans, maxed out credit cards, borrowed from friends and family, and even stolen from your workplace. This is not just a financial problem; it’s a behavioral one. You need to address the root cause of your addiction to gambling and high-risk investments.
Here’s what I recommend:
- Come clean to your family and friends. Yes, it will be painful, but they deserve to know the truth. You need their support to get through this.
- Seek professional help for your gambling addiction. This is a serious issue that requires intervention from a qualified therapist or counselor.
- Stop all forms of gambling and high-risk investing immediately. No more options, crypto futures, or trips to the casino. Period.
- Work with a non-profit credit counseling agency to develop a debt repayment plan. They can help you negotiate with creditors and create a realistic budget.
- Focus on increasing your income. $1000 a week is a start, but you need to find ways to earn more. Take on additional shifts, start a side hustle, or look for a higher-paying job.
- Live frugally. You’re fortunate to have minimal expenses living at home, so use this opportunity to put as much money as possible towards your debts.
- Prioritize paying back your friends and family first. They trusted you, and you broke that trust. Show them that you’re committed to making things right.
Destroying your credit by letting your cards go into collections is not the answer. It will only make it harder for you to recover financially in the long run.
In order for you to never do this again, you have to feel the pain of getting out of it. This means facing the consequences of your actions head-on, no matter how uncomfortable or difficult it may be. You need to experience the struggle of paying back every single dollar you owe, the humiliation of admitting your mistakes to loved ones, and the hard work required to rebuild your financial life from scratch.
It’s only by going through this process that you’ll truly internalize the lesson and break the cycle of destructive behavior. The pain you feel now will serve as a powerful reminder to never let yourself fall into this trap again.
This is going to be a long and difficult journey, but you’re young and have time on your side. The most important thing is to take responsibility for your actions and commit to changing your behavior. You can do this, but you need to be honest with yourself and those around you.
It’s time to grow up, face your demons, and start rebuilding your life one day at a time.