HONG KONG: Veteran singer-actor Alex Fong Lik Sun has opened up about the financial struggles he faced during the pandemic.
In a recent web show interview, the 46-year-old revealed that he suffered massive financial losses after investing in non-fungible tokens (NFTs) several years ago.
"The amount was so substantial that I did not dare tell my family. My wife would ask me every day how much I lost and how many digits the amount is. I lost even more money than I did when I invested in stocks previously," he said.
Fong explained that these financial difficulties hit right after he bought a property just before the Covid-19 pandemic.
"I looked at the money left in my bank account and felt frightened. Now, I have managed to recover a little," he said.
Interestingly, Fong admitted that he spent the most money on luxury watches when work was scarce, splashing out HK$100,000 (about RM52,010) to HK$200,000 (around RM104,020) on individual timepieces.
But the star stopped doing so after reading an online article about how people buy expensive items to project success and mask their insecurities.
"I was afraid people would realise that my career wasn't going well, so I spent the most money when I was at my lowest point. Once things started getting better, I had less desire to spend," he said.
Fong now prioritises saving money and building a more stable financial foundation.
"With a wife and a daughter to support, I have to be more cautious.
"If you ask me now, even if I have HK$10, I would only spend HK$6 (about RM3.12) and put the rest elsewhere, without touching the money meant for my family," he said.
Fong also cautioned others against repeating his past investment mistakes.
"I used to want to get rich with one big win, and that was exactly why I lost money," he said.
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