Brought to you by Zander Insurance. Compare rates from top-term life insurance companies in seconds at zander.com There's a couple different parts of my question But the main thing is where do we start getting out of debt and how can I get my husband on board to better manage his trading day trading? That he does while we are doing that those feel like they're in conflict with each other. Would you agree?
Absolutely? Yes, how much has he lost a trading? Well a little bit of background. We got married three years ago and right before we got married He decided that he wanted to refinance the house And he had just started dabbling in the trading stuff and I think he got excited about how much he was getting So he refinance the housing got 200k back and we turned it into a 15 year mortgage at $4,000 a month And he put most I would say he put 90% of the money towards the day trading and it's all gone now So he mortgaged the house in order to gamble?
Yes, yes. Yes. Yeah, I just didn't realize I guess what was happening at the time So we're my confusion is why? He's not on the phone saying I pissed away 200k my wife's getting ready to kill me How can I straighten out my life instead his wife calls and says how can we manage around his little day trading problem?
Absolutely, I agree with you 100% Where's he at with all this is he think well, I'll just date right my way out of this one. Yeah, that's his game plan I Yes, and part of it is I don't really understand all the trading stuff and I think you do I think you understand He turned 200,000 into zero worst magic trick ever. Yeah And it was kind of like when everything was going well and it crashed no any it wasn't a crash What's the statistic on decorating door 97% lose money if they persist for more than I believe it's a hundred days or 300 days aka Pretty much nobody's making money from this and most are actually losing money 97% value rate. This is called don't do it Okay, so here's what we start you guys need to have a reset in your marriage in your relationship and in his head And I can't help you we can't help you know There's no Ramsey technique for continuing to lose 200k regularly and turning that into a wealth plan We don't have a technique this that good.
So what you've got to do is you guys are gonna have to sit down tonight and go money You're doing cocaine and you're gonna stop Are you gonna do that I have done that but he didn't stop he didn't stop and I Can see that he he's only all day every day. I can see that and so I'm definitely not now you to think that He's addicted to it I think and I think he wants to try to fix whatever happened before because we had that blowout about what happened before But I'm just trying to figure out Of the people who do what he's doing lose money. Yeah, that's all of them. I have a I'm sorry honey Yeah, there's only one way there's only one way your family survives is if this man stops doing this and that's what I was Wanting to hear because I'm all about him stopping it because we have to get out of that How much dinner you guys in they have 200,000 on their house and what else extra 200,000?
Well, just throw in something even more. We're actually getting a new house. We're putting our our house that we have now in the market No, you're not your broke. Yeah, your husband doesn't want to know what do you make?
What are you doing? I'm just not working about six months ago. I had my second baby and I worked as a cardiac nurse And so what do you guys use for food money? She tells me that we just right now we have less coming in than what's coming out Which I do understand that and I know that um it's easy to calculate my toddler could do that.
How are you how are you? You don't know how you're paying bills. I don't and that's why that's part of the reason why I'm calling because I don't even know where to start Can you log into the bank account where we start is you have a meeting tonight and says honey? We're not buying a new house?
We're broke. I'm scared. What you're doing is terrifying me. I'm a new baby and we have got to have a different system where I understand What's going on with all the money and you have stopped day trading?
Yeah, if he does not do that It's the same thing as him having a line of cocaine in the middle of Coffee table in the living room. You're letting a drunk drive the car right now. It's time you take over he has an addiction It's gonna bankrupt the family and you need to take over. Yes, we're gonna have some really radical changes I don't know.
I don't think you're scared enough. I think you realize what's going on because at the rate you're going here I mean, no, you cannot work a system because there's no system that works through a 97% failure rate There's just not one and I'm so sorry you're going through this with a new baby and everything else and I'm killing your dreams But I didn't kill your dreams. You just called up and I gave you a reality check so we love you guys we want you to win and There is no possible way there's no possible way that cocaine addicts and day traders end up prosperable prosperous five years from the day They start zero it doesn't exist It's a lie mathematically, okay? If I thought he could win if I thought there was a 20% chance you can win we can have a discussion But when you're a 97% failure rate, then you just don't do it.
It's irresponsible to your wife and your kid You have to be like a grown-up and stuff and so okay I'm gonna go like make money and pay bills and take care of my family And then we'll worry about how we can build some wealth But there's something broken in your house and you guys have really got a I'm so sorry, honey This is you've got a real relational mess going your hands and I'm scared that you're vaguely aware of it But not as afraid as you should be and I don't want to create melodrama But but you know you're gonna call me up as a single mom in eight months Because you're gonna realize that you know he's gonna come in and start taking stuff out of the driveway and they're starting Sheriff's Department's gonna start showing up the door and your house is gonna get foreclosed on both of them the new one in the old one That haven't been leveraged or that are leveraged and oh my gosh I'm so sorry I'm trying to if I could get him by the shirt collar and just say son wake up you're killing yourself and your family stop it I would but he's got to care more about his family than his gambling addiction. Yeah, that's the only hope this relationship in this future As I'm sorry if anyone depends on your income you need affordable term life never cash value insurance visit zander.com today for quotes