One thing with investing is that it comes with so much excitement because we see the possibility of making huge returns without thinking any loss can occur. The focus on the potentiality of making profit is what makes us go the extra mile to take out loans. I have been in a phase when I acted blinded by going to loan 200,000 for crypto investment.
Instead of doing analysis and knowing the future of the market, I preferred to join with instinct. By The End of 2022, I calculated within me the market would be on the bull run since it's been bearish.
I felt buying then was the best decision ever and I was just out of a big loss that left me cashless and felt the wisest decision was getting a loan to buy crypto not knowing that was the greatest mistake ever. I have been getting loans from online apps so giving that amount was easy but the interest was crazy. I accepted it because I had this strong conviction that I would make that back in many folds.
I got it and invested all in buying different coins. The future returned was the only thing pushing me but the market showed me how funny and unpredictable it can be. I waited for months expecting something to happen but I kept seeing dip upon dip. I was patient with faith that something will happen before the months I was issued to repay the loan amount.
Before then, I had a friend who I told and he clearly asked me to do analysis before going into any investment which I did but I was expecting a one day turn, my analysis played out but I lacked patience to wait and see the result. Since my patience was shaken by the unceasing dip, I was consumed on what to do at that point. When it got to three months for me to start repaying the loan, the 200000 had already dipped to 150000 and it was then dawn on me I made the worst mistake ever.
What led me to such a decision was my quest to recover my losses and the belief that crypto would explode that year making it a very big opportunity to recover from my loss. All those gave me overconfidence which ended up with nothing but regrets and another bigger loss. Was I able to survive that?
Being alive to type this means yes but emotional I was gone. I was disappointed and confused to an extent on what to do. I ended up taking out the remaining balance to pay part of the loan. Even at the time I did that, the market was still dipping. I needed to source for another source of generating money to clear part of the remaining debt. I talked to some of my friends and though they didn't have the money to offer me, their suggestions paved the way for me.
The online writing job I found that time helped so much even though my commitment was more than the pay. I was just interested in sourcing money to get myself out of what I walked myself into. With the online writing, I started teaching all just to see how I can get my head cleared up. All the strategies employed in sourcing money helped me in repaying the loan.
The experience taught me never to invest blindly and the need to do proper research and avoid investment if I cannot be patient to see results. I also learnt never to trust one process by putting my egg in one basket especially with a loaned fund.