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Chapter 1: How can I recover financially after a gambling addiction?
Live from the headquarters of Ramsey Solutions, broadcasting from the Pod's moving and storage studio, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships.
I'm George Campbell, joined this hour by Dr. John Bologna, and we are taking your calls about life, money, relationships, mental health, wellness, you name it, at this number, 888-825-5225. That's 888-825-5225. Zach joins us up first in Kansas city. Zach, what's going on?
Hey, how's it going? Great. How are you? Hey, not too bad. Um, just giving you guys a call here.
Chapter 2: What should I do if I feel guilty about living away from family?
I kind of got myself in a kind of a strange financial position here. Um, and wondering if I need to sell my vehicle in order to kind of reset, you know, my life and, uh, you know, kind of get out of a hole that I put myself in. Um, I can kind of, I can go into the specifics, specifics of, uh, exactly what happened.
You are the way you're, the way you're starting to call off. Um, sounds like you are dealing with shame. What, what, what, what has happened here?
Well, I'm 24 years old. Um, I'm two years out of college and Unfortunately, I kind of got hooked up with the wrong people.
Chapter 3: Why might Apple's new high-yield savings account not be the best choice?
And what I mean by that is, is I started gambling, sports gambling, casino gambling, and not that I've lost a ton of money, but it's definitely money that I probably could have used and spent better. I lost about $8,000 in about a six month span.
That's a ton of money.
Yes. It's a lot of money. And that's the... And I definitely take it on the chin. What I did was irresponsible. It was immature and 100% something that is self-inflicted and that I did myself.
Well, you are correct.
Chapter 4: Should I consider using my HSA as an investment account?
And I also want to suggest that We live in an ecosystem now that has made gambling seem like the right thing to do. It really helps out the education system in your particular state. It's a fun way to hang out with your friends.
And if you look at the addiction statistics and the amount of money being spent on this, it's as though your colleges and universities, which have absolutely sold their freaking souls to this. You know what's a great way to spend a weekend with your kids? Y'all should do heroin together. Y'all should all do cocaine. It would just make y'all get a lot more work done and talk a lot faster.
It's insane.
Chapter 5: How can couples prepare for marriage when one has debt?
And so in a similar fashion, brother, yes, you did some dumb things. And unfortunately, you're one of millions of other men and women who are stuck holding the bag on this deal.
And at the same time, since you were 18 years old and you showed up at this college, everyone around you from your local government officials to the university that you attended has told you what a great and wonderful thing this is. And so that's been in the air you're breathing, too. So it's both and, right? Yes.
So how much debt do you have?
Well, you know, the good news is I don't have much. I have some. I do have it written down, and I can kind of go over it with you and let you know exactly where everything is broken down into.
Chapter 6: What are the impacts of gambling on financial decisions?
Okay. What's the total?
Yeah. So I have roughly, I would say... Everything together, right around $50,000 in debt. That's between student loans, auto loan, and just credit card. And that's not much to you? Here's the thing. I have $17,000 in student loans. I have just under $1,000 in credit cards and $30,000 auto loan.
Chapter 7: How do I manage feelings of guilt related to family obligations?
And other than that, that's the only debt that I have.
All these words, it's the only debt I just have. We got to stop using these modifiers. I want you to feel like, holy crap, this is a lot of debt. I am not safe. This isn't only $1,000 on the credit card. This isn't only $17,000. This is my life at stake. My future hangs in the balance. That's the kind of intensity you need to be feeling towards this debt if we want to get out of this hole.
Chapter 8: What strategies can help in managing debt effectively?
Because if it's only $1,000, then why even pay it off? I mean, it's really not even that. It's almost zero at that point. So I want you to start to change those words that you're using to trigger your own brain to tell yourself, I'm not okay. Something's got to change. Are you still gambling now?
No, I'm just shy of 60 days clean.
Awesome. Are all the apps off your phone? You don't have any access to them or anything?
No, I threw away. So when I was physically going to the casino, I had a player's card and whatnot. So all of those have been trashed. I haven't had the urge to go. I never really got involved in online gambling other than just sports betting through DraftKings. That app has been deleted. But I have no, I guess there's nothing at my fingertips that can allow me to gamble.
Have you transferred that initial addiction onto something else? Are you drinking more than normal or staying up later more than normal?
No, I'm not. I've never really been a drinker. I would say the most I ever drank in one sitting was probably maybe a six pack of beer. I just really am just not really into getting. I'll say this. I spent some time and I spent some time in college hungover and it's a feeling that it's just not not something I enjoy.
Okay. Well, I wasn't focusing as much on the alcohol as much as... Right. If we tell you to sell your car and you are... If you're calling us and you don't have a gambling addiction and someone says, hey, should I sell my car to get me out of debt and I can still get my job done? I'm working from home. I'm making this kind of money. We might tell you, heck yeah, dude, sell your car.
If you're an addict... If you're really struggling with addiction and we tell you to sell your car, it's just going to duct tape over the problem until tomorrow. And it's going to reemerge somewhere else. And so if you tell me, hey, man, I had a phase in college. I went bananas. I learned an $8,000 lesson. I got hit in the mouth. I'm done with that. Then that's one path.
If you tell me, man, I am struggling. I want to gamble every day. I'm not there yet. Then we're going to take another path. Right.
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