James, a 25-year-old who recently moved to Atlantic City, called The Ramsey Show to confess that he\u2019d wiped out his savings in under two months at the city\u2019s famous casinos.<\/p>\n
“Came from a small town, had no casinos, had no access to gambling where I was from,\u201d he told hosts Dave Ramsey and George Kamel. \u201cSince then, I have picked up a pretty nasty habit of going to casinos.\u201d (1)<\/p>\n
James explained that he used to go with friends and bet small sums, but now goes on his own and bets thousands per night. He described “scary” \u201cout-of-body\u201d experiences like he’s blacking out, saying he doesn’t realize what he’s done until he leaves the casino.<\/p>\n
Then reality hits. In just six weeks he\u2019d lost $55,000 to gambling<\/p>\n
\u201cBasically everything I have,\u201d James said.<\/p>\n
While he makes over $100,000 a year as a businessman, he acknowledged that he was worried about the financial implications of what he recognized as a gambling addiction.<\/p>\n
Ramsey, who showed compassion to James, agreed with his assessment, saying it\u2019s clear he\u2019s in crisis.<\/p>\n
“You’re watching yourself do life-destroying things and still do them anyway,” Ramsey commented.<\/p>\n
James\u2019s struggle is something millions of Americans can relate to, along with the financial impact of gambling. Ramsey offered some advice based on his practical experience over the years providing financial counseling to people with addictions.<\/p>\n
Yale Medicine reports that approximately 3.34 million Americans (around 1% of the population) have a gambling addiction, and that young adults are more likely to engage in gambling than older ones. (2)<\/p>\n
Those with a serious gambling addiction are literally throwing money away.<\/p>\n
Read more: Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US \u2014 with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in \u2018great wealth\u2019<\/a>. How to get in now<\/p>\n The Gateway Foundation reports that 90% of gambling addicts rely on debt to gamble. Most end up in the hole, with an average $55,000 debt \u2014 exactly what James has lost to this point. But he fears he\u2019ll lose much more. (3)<\/p>\n Story Continues <\/p>\n The American Psychological Association warns that the mix of losses and occasional wins set up something called “intermittent reinforcement” in a gambler\u2019s brain, convincing them that each loss puts them closer to a win. (4)<\/p>\n Signs things are getting out of hand? The Louisiana Department of Health says that being secretive, increased time gambling, higher bets, borrowing to gamble and canceling other plans in order to gamble are flags of an addiction. (5)<\/p>\n James is doing well by acknowledging his problem and he wants to beat it.<\/p>\n Here are some options that he can consider on his healing journey.<\/p>\n Ramsey suggested James do three key things:<\/p>\n Join Gamblers’ Anonymous, which Ramsey feels is the best program for gambling addictions.<\/p>\n Get one-on-one support from a professional counselor or therapist.<\/p>\n Build up friendships with people who don’t go to casinos \u2014 suggesting he find them at a local church.<\/p>\n Ramsey cautioned that if James isn’t able to do these things, he needs to make a more dramatic move \u2014 and a geographic one, to a place where there are no casinos, like Ramsey\u2019s own city, Nashville.<\/p>\n In addition to Ramsey\u2019s suggestion of joining a support group (e.g., Gamblers\u2019 Anonymous) and taking advantage of local resources (e.g., 1-800-GAMBLER), the American Psychiatric Association recommends reaching out to a trusted friend or family member when feeling the urge to gamble. That can make it easier to wait out the urge.<\/p>\n They also suggest visualizing what will likely happen if you gamble (6).<\/p>\n Because problem gambling can derail your finances, it’s important to address money management too. Some good ways to get back on track:<\/p>\n List your gambling debts and make a plan to repay them, such as paying off the smallest debt first and working from smallest to largest, known as the Snowball Method<\/a>. Find a trusted friend or partner to be a financial accountability buddy. Set up financial guardrails, such as limiting how much you can take out of your ATM or closing credit card accounts<\/p>\n The first step in getting help for any addiction is always acknowledging the problem. James has done that.<\/p>\n The next step is accepting the help that\u2019s there. And when it comes to gambling addictions, there is lots of help.<\/p>\n Now James just just has to take that next step.<\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n The Ramsey Show (1<\/a>); Yale Medicine (2<\/a>); Gateway Foundation (3<\/a>); American Psychological Association (4<\/a>, 6<\/a>); Louisiana Department of Health (5<\/a>)<\/p>\n Join 200,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/p>\n This article originally appeared on Moneywise.com<\/a> under the title: New Jersey man says he lost $55K to his \u2018nasty habit\u2019 in just 6 weeks \u2014 how Dave Ramsey tells him to get back on track<\/a><\/p>\n This article provides information only and should not be construed as advice. 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