brought to you by the EveryDollar app. Start budgeting for free today. So I'm 26. I have a house that's paid off.
Me and my fiance have minimal to no debt. Probably the maximum we have. I have around 1100. She has around like 14 to $1,500 in debt.
I started trading options about five years ago. Wasn't successful. Sort of sat down for the past two years, three years. Researching, studying markets.
You guys are king of investing. So I wanted to get your advice on it. I started about four or five weeks ago with $660. And my account is now fitting at $4,800 and $200.
So I don't know if I should continue with the strategy that I'm using of trading options or do I move to a different strategy? Well, you've called the right show on the wrong show. You're not going to like what I tell you to do. And you probably won't do it.
I would tell you to stop trading immediately and focus on long-term wealth building through your normal day job income. Hey, George here with a quick interruption. If something were to happen to you tomorrow, would your family know where to find your life insurance policy, your will, even your Netflix password? Well, knockbox solves that.
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That's knockbox.com slash Ramsay. Do you have a normal day job? Yeah, so that's actually what got me back into trading because I started this current position on that. I work for 12 a week.
So it gives me two to three days to day trade. I'm currently making 42.35 an hour, I believe it is, or 32.40. OK. So you're making about 85 grand a year.
If you're doing that 40 hours a week, you're doing 48 hours a week, so it's probably a little more than that. Correct. OK. And what makes you go, I need more.
Clearly, you're enjoying doing this. And you haven't been burned by it yet. Correct. OK.
Let me tell you that. No, I have been burned the first few years. I want to say I've lost quotes to $4,000 to $5,000 within the first few years. OK.
So here's the stat. And you fell perfectly into it. 97% of day traders who persisted for more than 300 days lost money. And many people borrow money to make trades, going into debt to leverage, right?
And we've taken some gut wrenching calls on the Ramsey Show from people who have lost 30 grand, 150 grand, even $300,000 by day trading. And it breaks my heart. And here's the problem. It's easy to feel like you're the exception when you're winning.
Correct. And it's easy to go, well, it's always going to be. I'm good at this. It's just gambling at the end of the day.
And if you do your research, it's just researched gambling, which still has a lot of risk. And I'm with Dave Ramsey on this. I just hate losing money. And so the easiest way to avoid that is to not gamble it.
And so what I do is I invest into retirement plans. If I want to invest outside of that, I would invest into an index fund and a taxable brokerage account and call it a day. And so I would focus on. Yeah, because I don't, here's the problem.
You're spending hours and hours of week staring at these screens trying to time the market. And instead, the better thing to do is instead of timing the market is just have time in the market through compound growth and a long-term strategy. This is the tortoise piece of the hair. You've heard that?
I've heard that. I've also heard the whole gambling. It's short money gains. Don't get into it.
You might win now. You're going to lose it all later. Yeah. And I don't think it's worth the mental calories.
I don't think it's worth the stress, the anxiety, the risk. Our plan is all about peace. You've heard it, financial peace. And so can I tell you how many times I've thought about my investments over the last six months?
Zero. I go up, mark it down. All right, I'm going to get a coffee. I just don't care because I'm investing for the long term.
And if you're investing for a shorter term purchase, like real estate, just park it in an index fund, let it ride. That's what Dave does. And when he finds a good piece of property, he'll cash out enough to buy the property. But I would never encourage anyone to do single stocks or even a single crypto coin and day trading falls squarely in that with even more.
Because now it's a whole career you can make out of it saying I'm a day trader. And so you know, I heard this one too smart to do this stuff. You know, I heard on this morning. I've got to get your quick take on it.
There is now there is a crypto bar in New York City. Oh, I have heard about this. You heard this? Yeah.
And I was thinking of you. I heard it. I was like, I wonder what George knows about this. So I guess I'll tell you, it's the worst place to meet a woman.
Because he won't find one in there. And he's going to hang out with other. Stuart Varney was asking, he was on Fox Business. Stuart Varney was asking his female co-host who was talking about it.
He's like, can you pay for your beer with crypto? And she's like, yeah. And she's like, you wouldn't know how to do it. So I guess Stuart is not talking about the crypto train.
But very interesting. Yeah. A crypto bar. I've got a dark curiosity.
She said it's full of crypto enthusiasts. Oh, wow. So there you go. So my point is next time you're in New York, you're in media, I think you should buy that for TikTok and Instagram.
Just do a little drop it. Just see if anyone starts filling these in. I saw it. George at a crypto bar.
Mm-hm. Yeah. That could be fun. No, thank you.
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