California Woman Seeks Dave Ramsey's Help After Losing $1M Nest Egg — But He Notices a Key Issue

The Struggle of a Family Torn Apart by Gambling Addiction

Debra, a 69-year-old woman from Sacramento, is facing a deeply personal and financial crisis. Her husband, who is 79 years old, has been battling a severe gambling addiction for years. This addiction has led to the loss of nearly $1 million in their shared savings, leaving them with just $15,000.

The couple has been married for 11 years, and they should be enjoying their retirement. However, Debra recently discovered that her husband had been using their joint accounts for sports betting, all while lying about it. This revelation has left her feeling devastated and frustrated.

According to the National Council on Problem Gambling, approximately 2.5 million adults in the United States have a severe gambling problem, while another 5 to 8 million suffer from mild or moderate issues. These numbers highlight the widespread nature of this issue and the challenges many families face.

Debra’s husband often tells her, “I can stop anytime I want to.” But this statement is a common excuse among those struggling with addiction. For Debra, it's clear that her husband is not in control of his behavior, and this has caused significant strain on their relationship.

Red Flags and Financial Losses

Debra noticed several warning signs over the years. A year and a half ago, she found out that their taxes were late, which raised her concerns. Further investigation revealed that her husband had missed a tax payment. Since then, she has learned that his credit score is only 600, while hers is in the 800 range. Despite earning a $350,000 annual salary, the couple has very little money saved.

Worst of all, her husband is not committed to seeking help for his addiction. Instead, he is trying to limit his gambling to $700 or $800 per month. Debra recalls him saying, “We can get it under control.”

The Impact of Gambling Addiction

Debra and her husband are not alone in their struggle. The National Council on Problem Gambling reports that the rate of problem gambling among sports bettors is at least twice as high as among other gamblers. Additionally, 45% of sports bets now happen online, making it easier for addicts to access gambling opportunities at any time.

The financial consequences of gambling addiction can be devastating. Atlantic Behavioral Health states that the average debt from gambling addiction is $40,000. The World Health Organization warns that gambling can lead to:

• Increased risk of mental illness
• Higher risk of suicide
• Financial hardship and poverty
• Broken relationships and family dynamics
• Increased likelihood of family violence
• Higher chances of crimes like theft and fraud
• Potential child neglect

Steps to Take When Facing a Gambling Addiction

Debra took the first step by separating her finances from her husband's. However, Dave Ramsey suggested that she must do more. He advised her to:

• Call a marriage counselor and start talking to them
• Reach out to someone who specializes in addiction counseling
• Set an ultimatum: Stop gambling immediately, join Gamblers' Anonymous, and seek therapy
• If the husband does not comply, cut off contact entirely

The best time to take action is as soon as possible, before the financial damage becomes too severe. Warning signs include:

• Financial issues such as overdue bills and maxed-out credit cards
• A lack of money despite a good income
• Selling items for cash
• Unexplained expenses

For those in similar situations, Better Health recommends:

• Reminding yourself that you are not at fault and cannot control their behavior
• Informing the gambler that their actions are causing harm
• Tracking family spending and taking control of your finances
• Opening a separate bank account
• Talking to the bank to prevent the home from being re-mortgaged
• Putting valuables in a safe deposit box
• Canceling overdraft protection on shared accounts
• Seeking support from others for your mental health

Staging an Intervention

Finally, Ramsey suggests staging an intervention and confronting the spouse with specific examples of how their behavior is causing problems. Work together to create a strategy for addressing the gambling and its consequences.

What to Read Next

If you're looking for more information on financial health and strategies for dealing with debt, there are several articles worth exploring:

• Are you richer than you think? 5 clear signs you’re punching way above the average American’s wealth
• Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich — and ‘anyone’ can do it
• This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchase. Here’s how to buy the coveted asset in bulk
• 22 US states are now in a recession or close to it — protect your savings with these 5 essential money moves ASAP

By staying informed and taking proactive steps, individuals can better navigate the challenges of gambling addiction and work toward a healthier financial future.