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| Psychiatrist Park Jong-suk, who published the novel "Guro-dong Investment Club" based on his personal experience as a stock investment addict / Courtesy of Park Jong-suk |
Doctor uses his own experience to treat people addicted to investing in stocks
By Dong Sun-hwa
Korea has seen a spike in the number of stock investors over the past couple of years, as commercial banks cut their interest rates on saving accounts to nearly zero percent while the benchmark Korea Composite Stock Price Index (KOSPI) gained momentum. According to data from the Korea Securities Depository, the total number of stock investors stood at 13.84 million in 2021.
However, not everyone succeeded in hitting the jackpot, with many of them being pushed over the edge after losing a tremendous amount of money. Some of them became addicted to stock trading, thereby falling into depression and facing severe conflicts with their family and friends. In 2022, the Korea Problem Gambling Agency revealed that the number of addicted investors who sought counseling was 1,627 in 2021 ― almost a six-fold jump from 2017.
At the moment, however, there are not enough doctors to help them. According to psychiatrist Park Jong-suk, there are only four to five doctors in Seoul, who are dedicated to treating people suffering from stock investment obsession.
Park, 41, the director of Yonsei Bom Mental Health Clinic in Guro District, western Seoul, and an adjunct professor at Severance Hospital, is one of them. But he is unlike other doctors in one aspect ― he used to be an investment addict himself.
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| The number of stock investors who sought addiction counseling stood at 1,627 in 2021, according to the Korea Problem Gambling Agency. gettyimagesbank |
"Coming from a humble background, I had to financially support my parents and pay off my student loan debt, while saving money for my future wife and children," Park told The Korea Times in a recent interview. "Knowing that my salary wasn't enough to manage all these, I searched for ways to earn money quickly and decided to start investing in the stock market in 2011. I was eager to become rich like those who were born with a silver spoon. I think I was actually manifesting the Fear of Missing Out (FOMO) syndrome, feeling like I lagged behind others."
Park did see some success in the beginning. But this made him feel over-confident, prompting the young man to make more high-risk investments without properly analyzing the stock market. In the end, he threw every cent he had into stocks only to become penniless. To make things worse, he got fired from a hospital he worked at, after spending the majority of his working hours watching the stock market using his cellphone. He even thought about taking his own life, but could not do so as he had to feed his family.
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| Psychiatrist Park Jong-suk / Courtesy of Park Jong-suk |
"I jotted down all my mistakes in my diary and examined my propensity as an investor," he recalled. "I also diversified my portfolio instead of just buying and selling stocks. Today, I never invest more than 2 million won a day in stocks and spend at least two weeks before making important financial decisions. I have changed my approach completely."
After reigning in his addiction, Park turned to other people trapped in the compulsion loop, just like himself in the past. To give them a helping hand, Park recently published a book titled, "Guro-dong Investment Club," a novel about people experiencing twists and turns in their lives after they or their acquaintances invest in the stock market. It is a story showing how people can tackle addiction and transform themselves into wise investors.
"The number of doctors with a deep knowledge of 'trading addiction' is minimal, and this type of addiction has not yet been officially recognized as a mental illness in Korea," Park pointed out. "I cannot directly take care of all patients in need of assistance, but my book will be able to help them."
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| Park Jong-suk's book, "Guro-dong Investment Club" / Courtesy of Park Jong-suk |
"All five characters are a reflection of me," Park explained. "Their desires, traumas and prejudices have all come from my own experience … With my book, I want to emphasize that addicts can overcome adversity and kick off a new chapter in their lives, if they join hands with people around them."
Park previously penned a series of essays, including "I Got Stuck with Stock" (2021). But this is his first time releasing a novel. Asked why he chose to write a fictional story, he said it was to "give a realistic piece of advice in a soft manner," at this time when so many people are suffering losses in the stock market.
"When people are positive and carefree, they listen to what others say," he said. "But when they are not, they tend to cover their ears and show more aggressive behaviors. Those who are economically struggling are likely to react negatively to any advice, so I decided to publish a novel for them, so that they can find it relatable without feeling too offended."
