Been asked how I cope with financial loss a lot lately, so thought I’d share a recent convo I had with someone who found out she had $$$ parked at crypto broker, Voyager, who ended up filing for bankruptcy this summer…
These tricks don’t put out the sting *entirely*, but hopefully at least gets you past the harder parts so you can move on with your sexy life ;)
Maybe you have some good ways to avoid the pain too?
Here was our convo:
I just realized I lost $15,000 I had invested in USDC at Voyager.
Do you have any advice for a loss like this? My net worth was close to $500k and life will go on, but I am sad bc this was money earmarked for a wedding, so it feels bad bad.
Thank you for any advice you can give me.
Oh no!!! I’m so sorry to hear that! :(
Are you sure it’s gone-gone?! Any sliver of hope you’ll get some of it back??
[UPDATE: they were recently approved to give back $270 million to customers, but unfortunately that’s only a fraction of the loss.]
Really sucks either way, gosh…
I’ve never heard of Voyager before until your note so I googled them and unfort. still don’t know much :(
I will say you’re on the right track of focusing on that half a milly to make you feel better!! That’s really what I do too when $hit goes down…
I also like to pretend it’s just erasing some of the “wins” I’ve gotten over the years vs losing *capital*… For example, with your $500k I’m sure $100k-$200k was just gains!! So really it’s like “only” gaining $85k-$185K in total which of course is still super good and you’d never turn that down right?!
That’s how I usually think of things when it comes to losses anyways :) That, or if it’s real bad I’ll just ignore the crap out of it until I eventually calm down since I know everything is temporary, lol… Like with my recent $13k loss in crypto (!!!). [Update: now only a “loss” of $11k! Though only really counts btw when you cash out…] Not sure this is the most healthiest mindset to have, but it does seem to work for me…
And at least you can still get married to the love of your life with or without $$$ yeah?! What if you “made it a thing” and did a super low key cheap wedding – but still a fun as hell one of course! And tell people it’s because all the $$$ was lost in the bankruptcy?! Kinda like “owning it” instead of ignoring it like I just suggested? 😂 Might not be the most appropriate seeing how it’s your wedding and all, haha, but just throwing ideas out there…
Either way, I’m super sorry to hear about this and do hope you feel better sooner than later :( The losses are all a part of the game, though of course you always *wish* they were lost fairly vs unfairly!
OH! I forgot about one other hack that sometimes works for me, especially when paying unexpected high bills… Since my wife and I both share our money, I just think about how HALF the bills are hers too!, so I’m really only paying half of stuff myself, haha… So in the case with your wedding, while it still sucks, at least *your portion* is only half of it in theory! So maybe sucks just a little bit less?! Maybe?!
Some of this advice is kinda silly, but I swear it works ;)
And I didn’t say it in the email, but another key takeaway here is to NEVER PLAY WITH MONEY YOU CAN’T AFFORD TO LOSE.
Especially when dealing with crypto-anything.
Sure you won’t earn a lot stashing it in boring old savings or CDs or the like, but at least your *capital* is preserved for exactly when you need it. You never really think you’re going to be involved with a bankruptcy or anything, but as we all know $hit happens so you always gotta be thinking multiple plays ahead…
Anywho, that’s what I do when I’m dealing with financial disasters.
- I focus on the total *gains* I’ve gotten over the years, and just deduct the losses mentally from it.
- I remind myself that half of all losses are actually my wife’s – not mine – so it’s only half as bad! 😂
- I bury my head in the sand for a bit until it all passes over… Again, perhaps not the healthiest, but it does seem to work for those like me with A.D.H.D. – you eventually just forget about it!! And even when you don’t, life has a funny way of erasing it for you anyways with enough time… Nothing is ever permanent.
And remember too, typically losses only “count” when you actually cash out! If your stocks are going up and down and up and down as they usually do, none of it matters until the day you click “sell” and lock in the gains or losses…
So in terms of the overall stock market, I rarely worry much – even during this past madness (I BUY instead!) – since I know none of it matters until X number of decades from now… Until then, it’s all just noise.
My two cents anyways!
How do you all deal with financial pain?? Anyone else dealing with the Voyager nonsense? Anyone else down beaucoup bucks like me in Crypto? :)
Always something going on in life…
I wanna say it makes it interesting, but I think we all would much prefer boredom, haha…
Sending everyone positive vibes 🌈🦄✨🍀
UPDATE: As I was finishing this post, I got an update from our dear friend here… (I had last asked her if she got any of her money back):
“I didn’t get anything back since my money was in USDC. They released funds for people who had their money in fiat USD. Funny though, they lied about having FDIC insurance too, it’s been wild following all the information coming out. As far as dealing with the loss it’s been helpful for me to share with people that care about me. I even told my dad this week that I lost it bc of a bankruptcy. They all have been supportive and kind vs angry/judgemental which surprised me. Overall I’ve been comparing this experience to how bank runs used to happen before FDIC, and I am grateful that doesn’t happen to us anymore.”
Amen to that! And for having loved ones who’ve got your back 💪