I couldn't sleep last night because my 54-year-old cousin in Shenzhen called me.
He told me that he was in trouble and couldn't even pay the rent. If he didn't pay it last night, the landlord would kick him out of the house. He asked me if I could lend him 2,500 yuan, and we talked for a full 20 minutes.
He told me that he had been calling almost until late at night since 6 pm, including his younger brother and two younger sisters, but no one was willing to lend him money.
My cousin was a college student in the 1990s and the pride of the family. He gave up the stable job assigned by the state and chose to trade stocks in Shenzhen, experiencing the ups and downs of the stock market. In the past few years, he has borrowed money from people around him, ranging from tens of thousands to hundreds of thousands, and has not paid a penny so far.
Some people have even been borrowed by him many times, but he has never been able to get out of the predicament. He is not married and alone. Now he is on the bank's blacklist and can't even borrow online loans. It seems that he has reached the bottom of his life.
Seeing his situation, I really feel that investing in stocks, cryptocurrencies, and contracts is really a sea of suffering. I sincerely hope that he can turn back, and I also advise those young people, especially those who want to borrow money to invest in cryptocurrencies, to think carefully.
This kind of investment risk is too great. Once you lose money, you may even lose the ability to repay the money, and then you will be really finished. The current global economic situation is not optimistic, and everyone should act with caution.