#GamblingAddiction #StockTrading #FinancialHelpNeeded
Hey everyone, it’s tough for me to admit this, but I just lost £3k of my £5k savings on gambling stocks and I feel absolutely sick to my stomach. 😔 Here’s a little background on what happened:
– I have a stop in place for 5 years on sports betting, but I relapsed on stock trading.
– I got greedy and started leveraging stocks, thinking I could make a quick grand for an amazing holiday.
– I had £5k savings after working hard to get myself out of a gambling hole, but now I’ve lost a chunk of it.
I know I’m not broke, but the regret and what-ifs are eating me up inside. I had plans for that money, and now it’s just gone. 😞
If anyone has been through something similar or has any advice on how to bounce back from this, I would really appreciate it. One possible solution I have in mind is seeking help from a financial advisor or counselor to create a plan to rebuild my savings and manage my impulses. Any other suggestions on how to recover and avoid this in the future would be greatly appreciated. Thank you all for listening. 🙏
Write down the exact amount of money you lost, and the number of work it took to earn that money.
Print it, laminate it, keep it in your wallet.
My condolences and lesson learned – you could have wasted it on something worse that actually caused you harm like booze or drugs etc, hope things turn around for you, in the grand scheme of things you should can make it back if your careful with your budget and develop your skills, maybe it’ll end in a future trading career one day. Only have a tiny amount of your budget set towards risky ventures and if it sounds good to be true it probably is.
Although this will undoubtedly feel like shit, you still have £2k left and have come back to earth before you lost the lot. Your hard earned safety net has served its purpose.
This would be much worse if you didn’t already have the £5k and relapsed through credit or loans.
It won’t feel any better now, but in the long run, it will seem just a blip. I wish you well.
I don’t have anything to say, but you acknowledge you have a problem. Seek therapy. Privately, don’t wait for NHS.
You stopped before losing it all. You’re £2k better off than you could have been had it went worse.
Focus on that as a positive. Losing £3k sucks but it’s not the end of the world. All you can do is learn from this for next time.
Could you move the remaining money to somewhere more difficult to access?
Which stocks were they?
Get back on the savings and make that your focus/game.
Out of curiosity – which stocks were you playing that made you lose the 3k?
Other people have provided good advice for the addiction part. I was thinking it sounds like your savings are too easy to access. If they’re in an ISA, index fund etc you can’t access them without penalties or a long wait time. That might help?
The fact that you got to £5k savings with a gambling addiction is really impressive imo. So well done for that.
It’s so normal for addicts of any kind (gambling, drugs etc) to slip up again once they’ve started to heal. Think about how you feel this time for caving. You said you feel sick. You probably feel much more guilty and annoyed with yourself now than when you used to do it in the past. That’s a great sign. It shows growth. A huge congratulations to you, honestly. £3k isn’t too bad. Go easy on yourself. You should be proud you stopped there and didn’t spend it all.
In terms of moving forward, keep doing what you’re doing, mate. I can’t advise any help but I’m sure others here can
I have had a gambling addiction most of my life – sports and stocks. I work in investments hence the betting on stocks and options.
I had a rock bottom moment 3.5 years ago (lost my career) and have not placed a bet or trade since.
My wife has full control of our finances. I allowed this willingly knowing it was the only way to move forward. I have other ‘road blocks’ in place too. But ultimately I turned to GA and fully bought into their messaging.
But I literally had to hit rock bottom for all this to happen. Otherwise I would have stopped for a while and then gone back to it. I still might go back to it – I am an addict for life. But as long as I take it one day at a time and stick to the GA principles, I know I have hope.
I wish you the best. And without a doubt, the best for people like you and I is a life completely without gambling.
Live a learn (hopefully)
I think if you can take that as a 3k fee to learn the dangers of gambling on the stock market, then it’s money well spent.
There’s investing responsible and the other variants. When you invest in a Global fund or something like the S&P500, growth will be slow, and you have to resist the temptation of yoloing the money in single companies that ate making huge gains.
Investing responsibly is definitely not a bad idea, but only if you can stick to your principles. If not then keeping it in cash savings or perhaps a fixed term bond may be a good option
Hmu i might have smth for u
I’m sorry mate. I don’t have anything constructive for you, you’ll get that from other (smarter than me) people on the thread.
I’m just sorry that you relapsed, and I hope you find the help or personal strength you need going forward.
As with all things in life, if you can’t find the strength within yourself (that’s fine, that’s not failure, not many people do), I hope you’re not too proud to seek help.
Best of luck.
It is not the end of the world. I know a person who is in 30k debt through gambling. If you are really struggling with quitting whenever you get extra money immediately put them in Lifetime ISA. You won’t be able to withdraw them easily unless you’re 55 y.o, or you are paying for your first house.
I lost 20k recently in stocks, talked to my parents about it, felt bad about it and depressed, nothing changed, so move forward. Just forget about it
Is that it I lost £125k(including 50k of profit). Mostly on penny stocks.