Brothers, hello everyone. I am a professional guy. Today I saw a friend on Twitter who was in debt of over 200,000 and finally couldn’t bear the pressure and confessed to his family. Experiencing this dull market, it’s foreseeable that more and more people will be unable to withstand the explosion of their debts, because once you fall into debt, you stand on the opposite side of yourself.
Over the years, I have been in a state of long-term debt. This may be due to my lack of financial autonomy since childhood, so I learned how to properly manage money later than most people. As a child left behind in a county town, with parents who saw internet cafes as a beast of floodwaters, their best way to prevent me from going astray was not giving me any pocket money. The first time I had money I could control was after going to university out of town, when my parents gave me 1,500-2,000 RMB in living expenses each month.
At this point, my lack of money management skills began to show. At the beginning of the month, I was extravagant, taking my girlfriend to restaurants and buying clothes, asking my parents for money twice in the middle of the month, and at the end of the month, gnawing on steamed buns with plain water. Until one National Day or Labor Day holiday, that month I kept asking my family for 5,000 RMB. My mother couldn’t bear it anymore and called to scold me loudly: “I’m supporting you to go to school, not to enjoy life. If you can study, then study; if you can’t, then don’t go anymore.”
My first complete plunge into debt happened after I got my first credit card. At that time, I just helped a door-to-door credit card salesperson complete a task and got a free gift. It was like opening Pandora’s box. This card provided funds for my overspending, allowing me to spend 50,000 RMB on luxury goods at Nanjing Deji Plaza despite having no money. The vicious cycle began. Later, I started trading stocks and gambling, all for the purpose of quickly paying off debts, but these actions pushed me deeper into the abyss. If it weren’t for my family backing me twice and paying off nearly 1 million RMB in debt, my life would have been cut short. That’s where my luck lies.
Dogs can’t change their nature, and although these lessons hurt me deeply, I still didn’t learn my lesson. I came into the crypto world hoping to turn things around. I made my first million here, only to lose it all again. During the most difficult period of fighting off margin calls, I owed over 1 million RMB, including 700,000-800,000 RMB from family and friends, and over 300,000 RMB from China Merchants Bank credit card, Rongxin Jie, Alipay Jiebei, JD Gold Bar, and other scattered debts. I didn’t even have the courage to confess; I thought I could only do it three times.
How can I describe those days? At the beginning of the month, after paying off my debts, I felt like I could live another month. But by mid-month, I had to start looking for money, thinking about how to pay for this month’s expenses. Over 30,000 RMB each month—I don’t even know how I survived.
Carefully calculating, these ten or so years after graduation have been years accompanied by debt. Along this journey, I have wronged the person I love most. Some mistakes can be made up for, others can only become regrets. Whether you can use money correctly determines whether you become its slave or master. This is more important than any other education; it profoundly influences your entire life.
