I got my first job earlier this year and have been putting 90% of my paychecks into the market, I have been up somedays but recently it is going down alot. Right now everything is doing bad. I invest in Xrp, bitcoin, ethereum, solana and I have a bunch of different companies in my tfsa. Im planning on holding through whatever is going on right now and continue to buy more i believe. Lately I have been so stressed feeling like im behind because the past 3-4 years I fell into a deep depression which resulted in me not leaving my home so im very behind in school and I have lost most of my friends which I understand why but i feel like I have already messed up my life and all I can think about now is getting money because I want to be successful so badly. I apologize for ranting I know this isn't the community for that but im just kind of lost with what I should do right now.
https://www.reddit.com/gallery/1psrp67
Posted by LengthyIndividual
15 Comments
Swap xrp to eth
Bitcoin and other similar “coins” aren’t the stock market…
You need to invest in yourself, meaning an education, skills that can get you a decent income, a network of friends and family, not crypto
$QQQM in an IRA. Stop investing in trash.
Just sit on your hands dude. Do it again tomorrow and then the next day.. kinda like a training arc.
Until Bitcoin invades Venezuela and become the official currency they are just collectibles like Pokemon cards but you can’t even eat them. Invest accordingly.
Swap all the other coins into BTC. And set a recurring purchase in VOO. Then go outside, live your life and forget check it in 20yrs.
do you need the money right now? if not, just wait and hopefully prices rise again. youll be ok
if you do need the money right now, i dont know what to tell you, besides see if your next paycheck combined with total liquidation of your portfolio will cover your expenses.
some general advice: dont invest in cryptocurrency. its not backed by anything real and ripple in particular has already had legal issues that make it extremely volatile. i used to hold a crypto portfolio and it made me a decent chunk of money but ripple was a net loss.
you also shouldnt invest 90% of your paychecks unless you straight up dont need the cash and never will. your return on investments is not going to be worth the stress of living paycheck to paycheck with no way to get cash out for emergencies without paying taxes on your gains.
and finally, youre young. depression sucks and feeling behind sucks but word of advice from someone who was probably just like you as a kid: it gets better. i burned bridges with my parents by forcing them to cover my lease when i got depressed and quit my job with no plan, dropped out of college, then got in an accident that destroyed my lower back. i had to move back in to my parents basement and got denied disability due to being a dependent since i was under 23 at the time. i lost all my friends, had no money, and felt like i had no future. the story of how i turned that all around is boring, and the story of how you turn it all around is gonna be boring too. your problems wont be fixed by hitting it big on a crypto payday, or any investment payday, but as you get older youll learn and grow and one day youll have new friends, money to spare, and a new outlook on life to go with it.
for now, just close your trading app, collect your paychecks and put 4-5% into a 401k, take a deep breath, and check your crypto holdings 6 months from now to see how youre doing. drink lots of water, do good at your job, make some buddies online, and youll be doing better in no time. best of luck to you
Crypto isn’t known for its stability; you’ll see everything turn red like that sometimes. If you can’t handle the swings, just buy VOO and chill.
Invest in ymag you’ll get weekly dividends
Son
i say this with the sincerity of all my heart, i am doing this for my two boys right now and i am a 30y crypto/market veteran.
invest your money in voo and forget about it, invest in it monthly quarterly yearly whatever you can save up.
focus on building your skills, thats the powerful tool that will make you millions.
dont chase crypto, the time to invest in it was 20yrs ago and now its centralized and depends on volume to push it higher.if you still want to invest in crypto, buy $100 monthly in BTC only, rest goes in VOO.
dont touch it, dont look at it, let it grow with you.
Most importantly and listen closely, tell no one, not even your mother about your investments. You hear me, not a soul, just you and your god.
bless you son and work hard.
You have to be 18 to open a TFSA?
Good on you for building a savings discipline – huge hurdle overcome. At your age, you have decades of returns ahead of you and diversification and compounding is key. Look up “ETFs” and search for a one thats all equity and geographically weighted. Depending on where you live, ETFs like XEQT is what Im referring to. Other ETFs you’ll see recommended are QQQ, VOO, VTI – look these up or ask ChatGPT to walk you through differences. Looks like you’re using WealthSimple – make it even easier on yourself and start with their managed portfolios while you increase your investing knowledge.
But none of this matters if you don’t invest in yourself. Learning is important – be it education or work experience. Try a bunch of stuff and stay busy early on in life- an active mind can keep depressed thoughts at bay and help you run into cool people who can turn into life long friends that help you grow (diversification and compounding apply to friendships too).
Best of luck. You got this.
Edit: adding that Im no professional in finance or psychology. Passing on what helped me.
Imo, if you want to invest into crypto, I will do only BTC and nothing else. Also, do only index fund and it will 20 years you will be very wealthy.
Stop investing in any crypto but Bitcoin. Even BTC is a big risk to take with so little capital at this moment of your life.