I am 23(M), passed my Bcom in 2022 later I started preparing for govt exam because my family financial condition couldn’t afford higher studies/CA/CS/CFA, one reason was lack of direction too. Later in beginning of 2024 I joined a BPO back office with 33k salary and started option trading some profit some loss but eventually overall step up losses and loans. On today I lost 8.5 lakhs including interest on borrowed money. This month only I was about to repay all money and my loss was limited to 5.25 lakh but again took Another loan of 3.5 lakh loss, and it is 24 EMIS are left of 16737 rs. Till now I haven’t earned that much money how much I lost. My friends are way ahead of me, they are about to complete there mba from IIM, some become CA, some become govt servants, some are doing PhD and there stipend is more than my salary , some become Assistant professor. I also have Chronic illness UC IBD from last 5 years which require constant medical expenses and medicine. My parents don’t have any savings and investments, we live in rented house in delhi and my father and mother cumulative is less than twenty thousand a month. I know I made a big mistake and repeated that consistently. But Now I am hopeless, behind, lost, in debt and it feels like I am deprived from every direction whether it is health, savings, careers, family background, etc.
Right.
Having spent some time above identifying what all you don’t have,
let us now maybe spend some time identifying what all you do have.
Guesses about what @Aj_O has that others sometimes/often don’t -
(Do share if any of the following guesses are incorrect)
- Parents
- A roof over your head (in Delhi!)
- A strong work-ethic.
- Awareness of the importance of health at a very young age.
- A steady paying job.
- A good understanding of one’s finances.
- Integrity to not try illegal means to earn money.
- Pride to not ask for charity.
- A BCom degree since 2022.
- A good grasp over English to clearly communicate your point across.
- Time on your side. At 23 years of age, you have decades ahead of you.
- And proper direction i.e. an idea…
…that is, the “direction” now can be focusing on
- taking care of yourself this upcoming winter in Delhi
- continuing to slowly repay your loans
- spending any time you can spare
- going through freely available resources online to
- up-skill yourself and make yourself efficient at your existing job
- pick any basics/details of higher-studies/certifications that you are interested in
- going through freely available resources online to
- eventually accumulate savings to pursue higher-studies/CA/CS/CFA.
If you do the math of your recent finances,
would it be accurate to say that, without the losses in trading,
you might have had enough saved to enroll yourself into an open-university by now?
If yes, then knowing what you know now (which AJ_O 1.0 did not),
that’s probably what AJ_O 2.0 can achieve now!
BTW, IMHO, the principles of Lean F,I,R,E [1] [2]
can be one way into the world of financial stability.
(though some of the steps maybe forced on you by your financial conditions, and not a choice.)
If you have time on your hands, do checkout this 6-part series that helped me focus on the psychology first, which later immensely helped in making better decisions financially.
I think this will help: