My question is what stock or asset did you invest in? You never mentioned what exactly you invested in. Well, I feel sorry for your loss, that’s why you shouldn’t jump at anything your friends or anyone tells you. Some friends are just bad friends and they come into your life to destroy it and after they have done that they will leave.
Why didn’t he help you as a good friend? Instead he recommended that you take more than $200k loans and waste them again in stocks. You made a huge mistake, the right thing you should have done after securing those loans should be to start up a good business. If you’re a good chef you can go for that or start any other business you know that you’re good at, or even search for a job.
Borrowed money is not something you use for investment, because you know for sure that they are risky and once you lose that money there is no other place you can get it back.
Loan can be source of capital but the thing is it is really a risky decision. It is borrowed money and it is not your money. It is a huge mistakes to all in the loan that he applied for. He did not have risk management and it leads to lose all of his money. He cannot easily regain the $200k that he losses, it will really take time and motivation to regain it. It is a failure to lose that kind of money but the thing is everything is possible and we can turn our failure into opportunity.
That will not be a right solution, especially if you don't have skills on how to use that money with the right because you cannot make a profit to pay the money in monthly. But if you know what you will do with that money, then you can borrow that money to start for what you want, and maybe you will have a chance to grow what you did before. Taking a loan will have a risk, and you should accept the risk and make sure you will use the money for the right thing.
taking a loan, means having double the risk, besides that we have to pay installments every month. good psychological needs, and not just gambling, so that our money management is not chaotic. but for me, I have not yet dared to take such a step. most importantly because psychologically I have not been able to bear the burden
