Got depressed and fired as a result, how to get back on my feet?
Hi,
Almost three years ago I posted a discussion where I was quite down and very unsure of what to do in the future. 1.5 years later I managed to graduate and got a job as a trader at a small but elite team hedge fund. I could not believe it and felt that i finally had my life back on track. Unfortunately right after I started working something bad happened in my personal life, with which I did not manage to cope well. 1 year later I got fired from my company.
Thankfully I got lucky initially in bitcoin and other cryptocoins so I was making a lot of money from that, so I did not mind getting fired. I managed to cashout $500k and decided to travel around Asia. 6 months later I came back.
Currently I am 26 years old with severe depression. Only have a bachelor in finance with an average GPA. I have 1 year of WE, but since I got fired this only works against me. I currently live with my parents again in Paris, so I don’t blow my savings.
What steps would you take now if you were me to get my life back in order? I feel the urge to stay in finance but I think I am just unable to deal with all the stress and high pressures.
You need to fix yourself before anything else. Step 1, deal with yourself and get it under control. Once you figure out what is going on and fix it, then think about step 2.
It isn't easy, but take the steps now or this will be a perpetual cycle.
You are right, it already has been a cycle. When I read back my old topic I posted here I saw exactly the same type of issues. The feelings I currently experience, I have already experienced my entire life. It has ###
n a great burden.
Work on yourself first. You see it is an issue. Get better.
You are the foundation of your life, if it isn't solid the house will always collapse, no matter how many times you rebuild it.
Get treatment for your depression then work somewhere lighter on hours and in consequences.
500k @ 26 is solid btw. You could always do something easy like small real estate deals if you want to mix things up?
Thank you. I have no experience from in that yet. I have become risk averse now, because I lost around 400k already since my height in net worth (had 900)
Losing money is just the nature of things. I've lost most of my net worth multiple times but I'm still way ahead of others and you are clearly still ahead of other people your age. Risk taking is what got you where you are.
Nonetheless, you made a great comeback. Here's to more success on your future.
What is my comeback exactly? To me it is just one big failure to be honest.
Have you had any professional help? If not I would start there.
I would not worry too much regards to a job, sure it may be hard to get a elite job but there are plenty you will easily be able to get.
Get a laid back job while seeing therapists. Your mental health should be priority.
Fk1994 Did the hedge fund know your depression affected your performance when they fired you? I suspect this isn't the type of place that would have protocols in place, but maybe they'd be willing to say it was a layoff (due to restructuring, cost cutting, etc.) rather than termination due to performance. Is there someone from your old firm you had a good rapport with you can reach out to chat.
It's hard to recognize and say this to yourself when you're depressed, but this is definitely something you can bounce back from - it's not a dire situation. You made a lot of money from cryptocurrencies - would this be something you'd consider if there was an investment team focused crypto?
Second everyone's above posts on focusing on yourself and your mental health first. It would be incredibly difficult to interview, let alone perform in a new job if you're suffering from depression. Have you tried a therapist? Or support groups or communities / talking to people? (I would not be surprised if there was a support community with finance folks). Not sure about efficacy but there are also a number of mobile mental health startups available (though I think they are for low-moderate levels of depression). I think exercising (having a routine of it), and making sure you talk to family and friends would help.
Thank you for your detailed post.
Unfortunately I was afraid to ever mention it to my colleagues, manager or development coach. I feel very regretful for this, as I could have seen it coming.
I did not get fired fired, but they decided not to extend my contract, does that make a difference?
A few weeks after my psychological probleems started I went to see a therapist. I saw him for one year and he was able to understand my problems but in the end it never made a big difference. I have not seen him for 6 months now, since I was away. I will meet with him again in 2 weeks however.
I am very skeptical towards cryptotrading and i do not see it as a sustainable career Path.
If they didn't extend your contract, then I think you have more freedom to spin it for interviews.
Do you still want to be a trader? Or would you want to consider a different career path? A lot of ways to get involved in startups (could check out some fintechs for instance - the capital markets subsector isn't as crowded as lending, payments, etc. so maybe you can look at those)
See an MD, Psychologist, & a Psychiatrist. Have them all work together ideally
Also, get a gym routine, train for a marathon, take up a martial art, or something that can be done during normal life (i.e. not go on a 6 mo find your self vacation... Something that can be rewarding during normal day to day life).
Invest whatever is left of your $500k in broad based ETF's. Might hurt short term but long term will be beneficial. You're 26, thats 36 years or so off of retirement. Assuming your money gets a slightly subpar return at 7.2% / year, your money will double 3.6 times = retirement nest of $5.12M assuming you have $400k left.
This is where my comment will take some flak, but oh well. If you're really depressed, find a job that will pay enough to cover your living expenses. No need to save with the aforementioned, just find something that makes you're passionate about. As cliche as it is, it really is easier to enjoy life when you love what you do. Crazy recommendation, find subject you thoroughly enjoy and become a teacher. Try to instill your passions for that learning and progression in that subject on to the next generation. He who lights a path to another more clearly sees his own.
Regardless, $500k at 26 is phenomenal, I can imagine you're feeling quite down at the moment, but smoother waters are in your future.
Thank you for the valuable insight, I would have never thought about that myself
My pleasure, I hope you can find solace in the coming days. If you ever need someone to talk to, just rant, bounce ideas off of, or whatever, feel free to reach out. Off your name, I'm assuming were of similar age. And remember, life is just a bunch of waves coming together and how we experience them. Sound, light, everything... Comparable to a roller coaster, if it only went up, it wouldn't be any fun. Need the lows to make it all worthwhile to really enjoy the trip
At the risk of sounding like a parrot. You should focus on yourself first. See a doctor, talk to friends, do what you gotta do to get better.
I went through a similar cycle where I got laid off and felt pretty sh*tty. Got some help and below off some steam for a year and change. Best of of luck man, wish you the best.
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