I still remember how I felt in that moment quite vividly; being in so much shock that I felt air leaving my lungs, and I almost fainted midway through the workday before calling my parents to pick me up in panic. When I realized that I indeed did make transactions to those ‘random’ bank accounts and that it was unlikely for me to get my money back even if I did report it, reality set in - I've been scammed RM60,000, money that was everything to me, that I did not truly have as a 23-year-old back then.
That was a period in my life that was truly traumatic - wondering where to find the funds to continue the scheme so that I did not lose my ‘previous investments’, then realizing I'll need double of what I lost just to get it back. I was truly lucky that I did not take on any loans with sharks, so whatever I had lost, I had the liberty of time to earn it back without any dangerous threats.
I was young and blinded by the idea of quick money, which I still do regret - but it's an integral part of learning the value of money, which shaped my financial habits today. Earning back what I lost took me almost two years, and I still often feel the pain of that hole. If I had not been scammed, I would've been much ahead financially than I am now, which results in only being able to truly consider purchasing a house or a car later.
However, losing that much money at a young age made me re-evaluate my spending habits and financial choices - before being scammed, I had THAT much money as a youngster. And as all youngsters do, I just bought whatever I liked and spent however much I wanted to on short-term gratifications especially after a long week at work. I was young, had a good job at a prestigious company that paid well above fresh graduate-base salaries, and could afford to spend. This made me complacent with my finances which led me to being scammed, because I COULD afford to make those transactions.
Now that I've recovered well from the scam, I'm grateful it happened - this is not to say that I don't feel guilty for losing that RM60K, but it taught me financial habits that only someone who's went through such a traumatic experience could be disciplined enough to maintain. To this day, I still
- log all my expenses individually, which helps me keep track of where I've been overspending
- purchase new items only when necessary - I've had my for 5 years and it still works well, so I won't be getting a new one anytime soon
- analyze my finances yearly - which are the areas I can reduce spend on, and which are non-negotiables
- project when I will reach significant financial milestones, so I only make big purchases when I feel comfortable enough to afford them
- stay updated on investment trends and information online - there are many resources on social media nowadays that help me make better investment choices on trusted platforms
If I had not been scammed, I would likely still be living in a bubble with my comfortable salary, never once learning how to manage it responsibly and growing financial literacy.
Financial literacy also gives me the freedom to be kind and generous to those around me, to invest in them confidently because I know I'll be alright. So now, three years down the road, I'm glad I got scammed.
PS: Not suggesting anyone to get scammed knowingly - this is NOT something you do for the plot!
C Chai (crystal.chaijeecheng@gmail.com) is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
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