We’ve All Made Bad Decisions When Investing, But We Can Come Out Stronger

If you’ve been following the news, TerraUSD (UST) collapsed 98% in a matter of days, and the S&P 500 almost wiped out a selloff that pushed it to the brink of a bear market.

Everything seems bleak, we know.

You don’t know what to do, we know.

If you’ve been invested in stocks and crypto and if this is your first bear market, it must be extremely draining to witness the amount in your portfolio going down.

You might even be thinking that your future is ruined because nobody can save you from the current situation.

We feel your pain.

Like you, some of us here at Seedly are invested too. I have seen my portfolio down by ~20% in the stock market this morning.

But hey, this is not the end and you are not alone.

We’ve all made good and bad decisions in life, and may even be more prone to doing so when we’re investing.

Not even Warren Buffet gets all his investments right.

Remember, every problem has a solution. It will take time to resolve the issue, but it can be solved.

It’s a long road ahead, but we can overcome this crisis together. We will become stronger, together. 

Whether or not you’re affected by the LUNA/UST collapse, or the stock market crash, many of us are in pain right now.

If you need someone to rant and speak to, we are here to provide you with the emotional and psychological support you need.

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TL; DR: Guide To Free Crisis Resources And Financial Assistance Available

Before we move on, if you know someone who might need this guide urgently, please share it with them.

There are multiple ways to seek help in Singapore and there are mental health subsidies available. Help is always by your side.

Click here to jump:

• Samaritans of Singapore (SOS)
• National CARE Hotline
• Silver Ribbon Singapore
• Fei Yue Online Counselling
• Credit Counselling Singapore
• Debt Advisory Centre
• Family Service Centres
• Social Services Office & Comcare

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1. Samaritans of Singapore

Samaritans of Singapore (SOS) is a non-profit and non-religious organisation dedicated to providing confidential emotional support to individuals facing a crisis, thinking about or affected by suicide.

The organisation focuses on crisis and suicide prevention and provides a 24-hour hotline and care text service, as well as an email (care mail) service.

SOS has also developed a guide on identifying suicide warning signs, including what to say and actions to take when you first know that someone is currently going through a crisis.

When speaking with SOS, you can choose to remain anonymous and all information shared with SOS is treated as confidential. Services are free. 

Contact:

• 24/7 Hotline: 1-767
• 24/7 Care Text: Text counselling
• Care Mail: [email protected]

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2. National CARE Hotline

The National CARE Hotline (NCH) is a joint initiative by the Ministry of Social and Family Development and the Ministry of Health.

The hotline was launched to provide emotional and psychological support and first aid to those impacted by COVID-19, and it’s currently handed over to Viriya Community Services.

There are many trained psychologists, social workers and psychiatrists who are volunteering to offer their listening ears.

If you need someone to talk to about the issues that weigh you down and their impact on your personal and family lives, your jobs and livelihoods, and your future, you may call the hotline at 1800-202-6868.

Like SOS, the services provided are free.

Contact:

• Hotline: 1800-202-6868
• Operating Hours: 8am – 12pm, Daily

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3. Silver Ribbon (Singapore)

Silver Ribbon (Singapore) is a non-profit organisation dedicated to combating mental health stigma by improving mental health literacy in Singapore.

The organisation was founded in 2006 by the late President SR Nathan.

Silver Ribbon provides free counselling (online video call, by phone, and in-person) since its beginning, and the organisation also advocates for public and private sectors to encourage early help-seeking behaviour.

Beyond counselling, it has also developed public-facing programmes to promote mental health literacy, such as the Crisis Resolution Team (CRT), which provides pre-assessment during a mental health crisis.

Free counselling service is provided at three Silver Ribbon branches via appointment.

The services are available online via Zoom and for those who are not IT savvy, you can opt for phone counselling.

Operating hours at the branches are 9am – 5pm on Mondays – Fridays, excluding public holidays.

Contact:

• H.O.L.A.
  Address: Blk 208 Serangoon Central, #01-238, Singapore 550208
  Telephone: 6386 1928
• The Linkage
  Address: Wisma Geylang Serai, 1 Engku Aman Turn Level 4, Singapore 408528
  Telephone: 6509 0271
• Raintree Sanctuary
  Address: Blk 550 Hougang Street 51, #01-168, Singapore 530550
  Telephone: 6385 3714

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4. Fei Yue Online Counselling

If picking up a phone is too intimidating, there are some free online chat platforms to consider.

Similar to the service that SOS provides, Fei Yue’s eCounselling Centre/eC2 Singapore is an online chat counselling platform run by Fei Yue Community Services.

This is for those who may feel more comfortable expressing themselves and sharing their problems in writing.

This opens up the doors of help to people who are deterred by the inconvenience or fear of going to a counselling centre.

Otherwise, you can make a one-hour appointment with a consistent counsellor in a chatroom.

Contact:

• Website: eC.sg
• Operating hours: 10am – 12pm and 2pm – 5pm, Monday to Friday

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If You Need Help With Financial Assistance

When we are faced with personal financial crises, apart from managing our mental and emotional well-being, it is best for us to get out of the cycle of self-blame and ask for help.

There are organisations that can help you with your financial situation.

And when required, they may step in to assist you in speaking with any relevant parties involved.

1. Credit Counselling Singapore (CCS)

Credit Counselling Singapore (CCS) aims to assist indebted individuals to resolve their debt problems and educate members of the public on financial literacy via various approaches.

It conducts talks on debt management and manages a debt management programme.

CCS is also the only organisation recognised by The Association of Banks in Singapore (ABS) in helping debt-distressed individuals address their unsecured debt problem through counselling, education and facilitating debt repayment arrangements, where suitable.

Contact:

• Tel: 6225 5227
• Website: https://ccs.org.sg/
• Operation hours: 9am – 6pm, Monday – Friday

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2. Debt Advisory Centre @ AMP Centre

The Debt Advisory Centre (DAC), is a one-stop centre that assists individuals facing debt problems, under AMP Singapore.

While AMP Singapore is a non-profit organisation serving the Muslim community, the DAC is open to individuals from all races and religious affiliations, who are facing debt problems.

DAC provides advice and education to individuals who face debt problems, and a roadmap for debtors to have a clearer picture of the options that are available to them.

Based on personal circumstances, DAC will recommend solutions, some of which will be done in-house while others will involve relevant external agencies and organisations.

You can approach DAC via a one-to-one consultation, or join their support group sessions to hear others share their experiences.

By sharing, you can also gain emotional support from others facing the same problem.

Contact:

• Tel: 64163960 or 64163961 to make an appointment for an assessment
• Website: https://www.amp.org.sg/debtors/
• Operating hours: 9am – 6pm, Monday – Friday (walk-in consultations are currently not available)
• Location: AMP @ Pasir Ris

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3. Family Service Centres

Family Service Centres (FSC) are community-based social services that serve low-income and/or vulnerable individuals and families who need social and emotional support.

These centres provide case management support on family, financial, housing, employment and other social issues, and are usually staffed by social work practitioners.

FSCs also partner with other agencies to assist individuals and families holistically as they work towards stability, self-reliance, and social mobility.

There are currently 48 FSCs located in HDB towns islandwide.

You can call, walk-in, or email the FSCs for help.

Contact:

• Website: FSC Locator

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4. Social Services Office & Comcare

Social Service Offices (SSOs) bring social assistance closer to residents in need, particularly low-income individuals and families.

They make ComCare assistance and other forms of assistance such as job matching and family services more accessible to those who need it.

There are currently 24 SSOs islandwide and you can walk in, call, or email for help.

Contact:

• Website: SSO Locator

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You Are Not Alone. Overcome This And You Will Become Stronger

Remember that life isn’t just about money and that you have loved ones around you that care about your well-being.

Money can always be earned back, so if you’ve lost a significant sum, take this as a learning opportunity and come out stronger than you were.

If you’re not affected, this is also a reminder to be kind to those who’ve made losses (note: it is extremely uncool to mock), and check-in with your loved ones to make sure they are ok.

Lastly, if there’s anything bothering you financially, reach out to the Seedly Community to ask for practical advice and tips.