"Why Did It Take Losing $100,000 To Figure Out This Was A Stupid Idea?"

Brought to you by the every dollar app. Start budgeting for free today. I'm calling essentially because I quickly accumulated, um, quite a bit of debt in about three months and at the same time, um, from gambling. Oh, have you stopped gambling? I have stopped. Yeah. Yes. Uh, what were you betting on? Um, online crypto casinos, like blackjack for the most part. Yeah. And how much debt did you build up? Um, built up close to 40, 37, $37,000 in three months from gambling. Okay. Right. On credit cards, triple that. But, uh, yes, all credit cards. Yep. Okay. Your losses were triple that. Yeah, total. That was 37 was just the debt and the money before and the 60,000 and was savings you went through? Yeah. Savings portfolio, crypto holdings. Um, so I'm curious why it took a hundred thousand dollars for you to figure out this as a stupid idea. Uh, you know, I really thought I was going to get it back. Um, but that's how it goes, man. Says every gambling addict. Yeah. So, uh, how old are, how old are you? 27. What's your household income? Um, well, I'm self-employed. I've been running a company for a little over five years. So it varies dramatically, but like last year was 88. You made $88,000 last year. What do you think you're going to make this year? Um, probably one 15. Okay. That's good. Very good. Good for you. Okay. Are you single? I am. Okay. And your question is what then, sir? Well, when I went through this partially because of my self-employment status, um, I mean, my initial, once I decided I'd had enough and it was time to quit, um, my initial thought was I should be consolidating this somehow because, you know, the 25, 28%, whatever it is on these cards is unnecessary is what it felt like I should, I should put into a consolidation loan. Um, and I went to do that to probably 14 banks or whatever. I tried everywhere and no one would give it to me partially because of recent behavior and like how quickly it came up, um, and credit utilization or what's known as a bad credit risk because you've been doing stupid stuff. Yeah. That makes sense. I wouldn't argue with them. Yeah. Okay. Um, so the next place that a lot of them tried to push me was to debt relief programs, new, new, new, new, new, new, new, new, new. You're going to, the only way a debt relief program works is if you quit paying everyone and you go into default and then they negotiate lower rates to re finally get the credit card company repaid, you don't need to do that. You make 105,000, you're single, you need $37,000. You need to start paying $3,000, $3,000 to $4,000 a month on these credit cards and make them go away. Interest rate becomes irrelevant when you pay this off in one year. Yeah, that's, that's a good point. Definitely. So that's what we're going to do. We're going to work like we, like our life depended on it. We're not going to do anything except work for the next year. We're not going out to eat. We're not going on vacation and we're going to clean up these credit cards, list the credit cards, smallest to largest pay minimum payments on everything. But the little one and, um, how many cards are involved? Meet every dollar budgeters, Christie and Steve. They used to fight about money. I'm the spender. I'm definitely the saver. Now that they budget with every dollar, they're on the same page. Money is definitely one thing we do not ever fight about. Having the budget gave me the permission to spend knowing that the money is in each category. It just allowed us to work together better. Now that's what we call a win-win. Now we just have to pick pink colors. We can't help you with that. Every dollar create your free account today. How many cards are involved? Five, almost four. I've almost gotten rid of the, uh, the smallest one, but five total. Okay. So four cards on 37,000. So you're averaging about eight or 9,000 bucks a piece, right? Yeah. Average, I suppose. They are, who are they with? Who are they with? Eight. Chase is the biggest one. Um, got about 18 on it. Mm. Okay. Call chase. And tell them you talk to your financial advisor who said to close down the account and never do business with chase again. If they don't lower the interest rate that we're going to move, we're going to move the balance to somebody else to a lower rate. If you don't lower my rate today, they'll drop it. Cool. Okay. And do that with every one of them. They'll drop it. That'll help a little, but interest rates, not your problem. It's behavior shift. You're going to go from an intense gambler to an indent intense debt repayment guy. Yeah. Do you have any other debt? I do. Um, I got a car that's about 22 on it and student loans for 16. Okay. We'll just put all those on that same list then. Let's just keep going. Don't take two years then. Yeah, to, to get it all. That would be, that'd be great. I think if, if it was done in two, I'd be a happy guy. Are you done with crypto? Yeah, I, um, I've, I've stopped completely since, um, and I've had other addictive struggles in the past and, and was able to sort of, uh, treat this one the same way that, uh, yeah, I've got a good community around me. Yeah. Okay. Well, and, and in a sense, um, we're going to use the positive attributes of an addict, which would be focus, um, and, um, singular focus, uh, and we're going to use that on this debt, you get after it. Don't look up until it's gone, kill it. And then make it a permanent line in the sand that we never go back for anything. And obviously, um, gambling is not a method of wealth building. We figured that out too. Didn't we went through a hundred grand in just a few months and ending up with a net of $37,000 worth of debt. It's the, Hey, I told, I was on a podcast this morning as a guest and the guy was asking me what was going on with sports betting. I said, I think it, we're seeing it almost every about one, about twice a week, we're seeing a call right now where people's lives have been ruined by FanDuel and run by MGM gold or whatever, because, uh, because they're, they're out of control. The advertising is relentless. You can't go anywhere without getting this. The reason is they make so stinking much money. Where do you think they got the money to buy all that advertising from the losers, that's where they got the money, which is everyone that plays it. Right. And so, um, that's, they end up losing and it's a, it's mythology, but it's very addictive. Well, it's become socialized where it's no big deal. Cause we're all watching the game. It's not, I'm not at a casino. It's not fun to watch the game unless I got something on it. Yeah, it is. It's a lot more fun. By the way, it's a game. I just need to remind you of that. I didn't know that online crypto casinos, that's a three words that should never go together. That's frightening. That's gotta be some kind of seventh circle of hell. Dante's even shaking in his boots. Man, what are your demands? Create your free every dollar budget today. The simplest way to budget for your life.