The Regrets of Lending Money: A Personal Account
Hello everyone, I'm Michael X. Today I want to share a topic that is a significant regret in my life: lending money. If the money I've lent out was repaid like it should be, I would be in a much better financial position today. I am sharing these experiences as a cautionary tale.
A Soft Heart and Empty Pockets
I've always been a soft-hearted person. Even when I didn't have much, I would lend money to others in need. I've learned a harsh lesson: never lend money to anyone, even relatives, unless you're prepared to not get it back. In my experience, those who borrowed from me were rarely grateful, and I often hesitated to even ask for repayment.
The Painful Lessons of Lending
One of the earliest and most impactful experiences with lending money happened while I was studying abroad in Canada.
First Encounter: The Shanghai Young Man
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I was working as a delivery person and kitchen assistant, earning around 30-40 yuan a day.
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I met a young man from Shanghai who was colleagues with.
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He borrowed a few hundred yuan (maybe 600) for rent, promising to repay me within a week.
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He kept stalling me, making excuses, and eventually paid me back with small bills.
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After repaying he blacked me out
Second Encounter: The Personal Coach
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I was a personal coach at the gym.
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One of my clients needed money due to a serious event to his dad who had cancer.
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I lended him all the money I worked hard for in Canada.
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Later, he disappeared. I could never contact him after I went back to China.
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It was the biggest blow in my life.
The Self-Media Scammer in the US
Later, after gaining some success with self-media, while working in the US, I encountered a "super big scammer." This individual lived with me and presented himself as a brother figure. He was involved in gambling and claimed to have factories in China.
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He convinced me to give him all my foreign money to transfer to China.
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He disappeared and sold his house.
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Despite trying to contact him for three years, I never received my money back.
Building Back Up After Loss
At the time of the scam I was 35 years old and devastated. After returning to China, I used the money I saved from live broadcasting to buy my first Model Y. This experience motivated me to work harder and dedicate myself to being a live-streaming content creator.
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Started with a few audience members, but kept going for four to five hours a day.
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I realized I was becoming more tired.
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Money lending really affects your financial situation.
Still Learning the Lesson
Even after these experiences, when friends needed money, I still lent it to them. As of now, more than 100,000 is still not paid back. I know many people think I'm stupid.
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One friend who borrowed money to buy a house disappeared.
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Another friend, who helped me film vlogs, kept borrowing money for his father's medical treatment.
The Importance of Knowing When to Stop
I know that if I would've lended her more money, I'll never get it back.
- I decided to stop lending her money.
The Bitter Truth: Ungratefulness
Throughout all these experiences of lending money, I've rarely received any gratitude. Only one person, the young man from Shanghai, actually repaid me, even if he scolded me while doing so. In the end, I am still working hard and the job of live-streaming has finally saved my life. These experiences have been the lessons of being cheated in life.
A Second Chance at Life
I was 35 years old with no success. I started earning money from nothing. I am very lucky and unlucky. I know which money should be spent and which should not be spent. I just want to do my job well. My life, including everyone's support, gave me a second life.
A Word of Advice: Don't Lend Money
Through this video, I want to advise everyone: if you can avoid it, don't lend money. Even if you have money, it's often not worth it. Even if there's a good guarantee, human nature is unpredictable. At 40 years old, I understand this principle. Don't borrow money and that's my own experience and it's too scary.
Thank you for listening, and I'll see you in the next video.