I'm Tired Of Losing Money

[Music] Brought to you by Chm, a biblically based alternative to health insurance. Learn more at chmin ministries.org/budget. >> I I've noticed you guys have had a few uh day traders on the show, and I figure you could help me with my personal addiction. Um, I'd like to say that I'm just smart enough to understand markets, but just stupid enough to think that I can make money doing it. Based on your tone, it sounds like you have not made money doing it or you at least have lost money since then. >> So, I started investing about 5 years ago and it's been a slow trickle stream of trying my best to learn markets, get in and out, and uh pay for courses even to >> Let's Let's make sure we're clear. Investing is a very different game. What you've been doing is gambling and speculation. I would it would be very difficult for me to argue with you. >> Okay. I just I'm not trying to dog on you. I just want to make it clear for everyone listening because they think like you that hey I'm investing. Dave says investing is good. This is very different when you were timing the markets within a day which is what day trading is getting in and out speculating on what stocks are going to go up or down. There's a lot of risk there. And it sounds like you you bought into some courses. Have you done like the prop firm game where you pay to go through a test? uh something similar to that. Yeah. But >> okay >> um not precisely more like courses offered by you know certain gurus. Um, I won't bother nameing who they are, but >> um, I'd say the the core of the issue is that as as much as I love paying off debt and the idea of paying it off, >> when I get started paying it off, I always have this thought, well, you know, if I just took this money I'm going to use to pay this credit card and invested it, I could probably double it. >> That's the stareyed uh gambler in you, >> right? >> Well, you know what? I'll tell you this, Christopher, you are very self-aware and I appreciate your honesty even calling in and saying I have an addiction versus no I don't. It's a hobby. It's a passion of mine and so I appreciate you even calling that out. How much money have you spent on this addiction >> over the course of the past 5 years? Probably about $70,000. >> Wow. And are you in debt currently? >> I I am currently in debt. Yes. >> How much? >> So I'm at a total of 45,000. Okay. What kind of debt is that? >> I've got 30,000 in credit card debt, 5,000 that I owe to my father, and about 9,000 that I owe to my ex-wife. >> Man, how much of this was due to the day trading? >> Um, I'd say about 25. >> Okay. So, over half. >> Yeah. >> Have you sought help? Have you looked into Gamblers Anonymous? >> I haven't. Um I think uh up until this point I didn't really think of it as being an issue. >> What caused the turn in? >> Have you Have you struggled with gambling on other things? >> Oh, no. >> No sports betting, nothing. >> Yeah, I >> Yeah, I despise that stuff. >> Yeah. So, George, I I appreciate what you said, and I think what you're saying is right. It is a form of gambling, but I don't think this is a full-blown gambling type addiction. I don't think that this is it. I think you've got a little bit of um the Dumb and Dumber philosophy. I don't know if you're old enough to remember that movie, but there's a the signature line in Dumb and Dumber is uttered by Jim Car's character and he's talking to his love and he basically asked her if there's any chance and she was like one in a million. And his reply is, "So, you're telling me there's a chance? You know the line, right?" >> Yeah, I do know that line. >> And Ba and based on what I've heard so far, I think it is I I don't know that you have. Now, I could be wrong, George, and I could be wrong, Christopher, but I don't think this is this is like gambling, addiction, therapy stuff. I could be wrong. I think this is more a shift in your in what you focus on. I've nerded out. George gets tired of me talking about this stuff. You heard me talk about it a million times. I've nerded out. >> I get tired of Ken talking in general. >> I Well, that's true. Well, hang on. You got a little more coming your way. I've done so much research and studying on the power of focus. There's a lot written on it and I think that you've been focused on this. So, you're telling me there's a chance. Pie in the sky. Next time is my time. And I think you've got to look at $70,000 lost. Uh, and I think you got to focus on um a more sound financial strategy, which George can lay out for you. And I think if you go, I want to become wealthy and I need to focus on tried and trueue strategies, not this highly speculative hit it, hit the gold, there's gold in them hills and all that stuff. I think it's a focus issue and I think that could be a big solution for you. I really do. But I think that's what's going on. You just have focused so much intense uh time on this concept and it's blinded you. >> Yeah. Yeah, I think to Ken's point, it it feels like you've lost agency over your life and so you've relinquished the control to chance at this point because you don't believe in Christopher to get out with his own willpower, with his own income. >> Mhm. >> Does that sound right? Are we on to something? Okay, good. >> So, what what are you making? What are you doing for work? >> It is. >> So, I I work in environmental. >> Okay. >> Um but um >> what do you make doing that? >> Lots of overtime. So, I'm up at uh about 135,000 right now. >> Wow. So, you could clean up this debt within a year, no problem. >> That's part of the reason that I called you guys. Uh there's a certain day last week when I lost $2,500 in about 30 seconds >> that I was like, you know, if I had applied Dave's method >> starting a year ago, I would probably be out of debt today. >> Yep. And that's what prompted me to call. >> Yeah. You need a new process to focus on. You've been focused on the wrong process. And I think the power of focus is so unbelievable. Um, and so you need to shift your eyes to something that's going to win long term while adding more friction and removing the triggers and temptations in your life. So, have you deleted every app, deleted accounts of every day trading site? I can't stop looking at him. Even though I'm not trading your next step now, first of all, you can you can stop looking at him. Stop looking at him. Just go. This has absolutely been a train wreck for me and I'm going to stop looking at the train wreck. Just stop. >> Yeah. >> And it might take a few days of streaks to convince yourself, man, it's been three days. I haven't looked at this app. I don't miss it. I'm making progress. And so it's going to take I'm not saying this is going to be easy because you've been doing this for 5 years. I mean it's become a habit. So we have to replace that habit with a good one which might mean we're taking everything off the home screen and putting every dollar there and our budget's the one thing we're going to look at and it's going to be a reminder that we're getting out of this debt this time once and for all. No day trading, just sheer willpower and our income which is our greatest wealth buildinging tool. By the way, George, I'm 15 years without drinking sweet tea. Wow. I used to drink sweet tea all the time. Couldn't didn't think I could stop. And one day I was like, "This is too much freaking sugar." >> You're so brave. I just I don't say it enough. I'm just so courageous. >> I don't like when somebody says, "I can't stop." >> CHM isn't health insurance. It's a health cost sharing ministry. Check it out for yourself at chmin ministries.org/budget. org/budget.