Help Financial Problems & Can't Fulfill Obligations to a Friend. Advice wanted.

[phantomisgone]

I've been going through a really challenging time lately, and I need to share what's been happening. I got into the stock market with high hopes, but things quickly spiraled out of control. My account went from $700 to $17,000 and then crashed back down to $700. I promised a friend that I could grow his money, but now I've almost lost it all.

In an effort to turn things around, I took out a $10,000 loan. Unfortunately, on the day I was supposed to repay it, I made another mistake driven by greed. Now, I'm at risk of defaulting on the loan, and I feel like I've failed my friend.

The weight of these decisions has been overwhelming, and I've been struggling with very dark thoughts. I cannot let my friend down—I promised him a good future, and now I'm afraid that I might be the cause of his misery. To make matters worse, this mistake has led to an extra loan payment added to my monthly bills.

I'm desperate to get back on track. I would do anything to secure another job and sort this all out, but even simple options like driving for DoorDash seem out of reach since my car is in poor condition and has expired plates, making it unsafe to drive.

I'm reaching out for any advice, tips, or support during this difficult time.

 

[Hvergelmir]

Admit the mistake. Get a job. Establish a payment plan.
There's really not much else you can do. If there's an underlying gambling addiction, seek professional help.

No one will benefit from you feeling bad about it, so try to focus on just being productive. Avoid risky shortcuts and investments.
It's going to take time, but $10 700 is doable if you split the payments over long enough time.

Negotiate with other other lenders. It might be possible to lend the same amount you owe at a better rate, and payment plan. This would also allow you to repay your friend his investment.

 

[Higurashi415]

The stock market is extremely volatile in the short term, unless you're trading with insider information which you clearly aren't, plus that's illegal. What you're doing is effectively taking a loan to gamble at the casino.
On the plus side, your situation isn't as bad as you probably think. $10000 may seem like a whole lot of money, but you can definitely pay it all back in 1-2 years with a normal job, you're not screwed at all