Debra from Sacramento, California, called into “The Ramsey Show” with a devastating story: her husband of 11 years gambled away over $1 million of their savings, and he insists he can quit any time. At age 79, he still works as a pharmacist and earns about $350,000 a year, but their nest egg has dwindled to just $15,000.
A Hidden Addiction Comes To Light
Debra, 69, explained that she had trusted her husband with managing much of their money. But earlier this year, she discovered the truth.
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She said the problem unfolded gradually over nearly a decade. “He’s been evasive about our savings,” Debra admitted. “I started digging around this past January.” When she confronted him, his response shocked her even more: “He said, ‘I can stop anytime I want to. I’m not going to gamble anything in August to show you we can get it under control. We can keep it down to seven or eight hundred a month.”
Personal finance expert Dave Ramsey was frank about the situation. “He’s got a problem,” Ramsey said. “Denial is not just a river in Egypt.”
Ramsey’s Tough Advice
Ramsey told Debra that her husband’s suggestion of cutting back to $700 or $800 a month in gambling was absurd. “I don’t care what the guy makes. When you lose a million dollars gambling and you and I can cut it down to $700 a month, that’s so funny. It’s so stupid.”
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He urged her to act quickly and firmly: “You need to talk to a marriage therapist immediately and start making some demands on him because otherwise you’re going to be homeless. The ultimatum is, ‘You stop cold turkey, you’re going to Gamblers Anonymous and you are going to a therapist, or you will not see me anymore.’”
Co-host George Kamel emphasized that at nearly 80 years old, her husband’s working years are limited. “How much longer can he actually work? Even if he wants to, his body eventually is going to say, ‘I can’t do it anymore.’ And they’re going to be broke.”
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A Growing National Problem
The hosts also pointed out that sports betting is becoming one of the fastest-growing addictions in America. “When I started doing this show 30 years ago, it was cocaine or alcohol,” Ramsey said. “Now it’s sports betting, online gambling, and porn. And they’re just right there at your fingertips.”
He noted that gambling companies are thriving because of this: “Do you think they’re paying for those ads from their savings? No. They’re paying for those ads with all you people that are losers. You lose your money to them. That makes you a loser.”
For Debra, Ramsey said the path forward has to involve both therapy and accountability. “If you hang around and watch this ship go down, you’re going down with it,” he warned. “You have got to address this head-on, very bluntly, with extreme reaction. Because this is an extreme situation.”
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