do you think it’s possible to recover from $7k of bad investments at 22 ?
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Hi,
I’ve been on this subreddit for a while, but never had the confidence to make a post.
Around 2 years ago during covid, I invested a decent chunk of my savings from a part time job into ASX penny stocks, i.e I was on a teenager on ASXBets. I didn’t do enough research and currently estimated I’m down 5-6k, with one of my investments even being delisted, so that’s completely gone, so more like 7k. I’m still holding everything and haven’t sold, but I doubt there’s much chance of anything recovering back.
Feel like I shot myself in the foot, when I could have much more ahead at this age. My friends who never invested their money and have worked considerably less then me have more savings than I do.
Is it even possible for me to recover and move out anytime soon? It feels incredibly difficult knowing I’m down such a considerable amount, especially when my parents worked so hard to provide for me. They don’t know how much I’ve lost and I really don’t want to tell them.
I’ll be starting a grad role next year, so I’ll have some chance to grow my savings. But I’m absolutely terrified of investing now, and worried I’ll miss the chance to grow my money while it sits in my bank account. Also religiously I cannot utilise anything to do with interest (rather avoid ETF’s which have banks and finance companies as well), so thats not an option.
How would you suggest I move forward?
#redditstory #badinvestment #reddithorrorstory #investment
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