Its not uncommon for a gambler to move to stocks, trading even eBay or free games in the belief its the answer to recouping finances or to have a bit of fun
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nThe truth its gambling. To an extent its a bit like suggesting an alcoholic moves from Whiskey to Vodka, the outcome inevitably will be the same

It is a gambling addiction Gilly. The addiction will always look for another way to get it’s fix if we let it. Whether that is switching to stocks, scratch cards, lotto, casino, sports or whatever. This is where working recovery and not just abstaining helps.

“The stock market” could mean many things.

For example, it’s one thing to invest in a Total Stock Market Index fund at regular intervals (every month), and do so as long as possible. Compound interest will take care of the rest and if you start early enough, you can make a million (or more) with just average market returns.

DO NOT buy individual stocks. That’s borderline gambling IMO. We know over time THE MARKET goes up. Can’t say that about individual stocks. Eastern Airlines, WorldCom, Enron – all HUGE companies that have 1 thing in commom. They went bankrupt, and wiped out ALL shareholder value. Therefore, buy the STOCK MARKET – not any individual stock.

Fooling around day trading is DEFINITELY gambling. So is buying on margin, puts, calls and the rest of the crap that Wall Street uses to suck $ out of investors.

Find some $ every month to invest, and plunk it into a Total Stock Market Index mutual fund, with very low expense ratio. You’ll wake up in 30 to 40 years and be a LOT more likely to have your million(s)..

• This reply was modified 3 years, 2 months ago by josh.

I should expand a bit, as I’m hopeful this will help others…

The stock market can make you wealthy, or it can bankrupt you. The same forces that work against you at the casino do so in the market. Primarily, GREED. People hear the advice of buying a low cost index fund and see a long term return of 10%. Pretty damn good, and will make you a millionaire in 30 to 40 years.

But NOOOOO… they’re going to chase 15, 20, even 50% or more returns day trading, investing in complex sub prime mortgage backed securities or putting all their $ with a “trusted” financial advisor like Bernie Madoff (who promised month in/month out returns of 20% or more). In virtually every case, it leads to financial ruin. Again, GREED.

OTOH if you open a Roth IRA (take 15 minutes at Fidelity, Vanguard, Schwab etc) and save $500/month from age 25 to 35…. Stop. Total amount invested, $60,000. Go to sleep for 30 years. Wake up at age 65 and you’ll have over $1 Million, TAX FREE. However IF YOU WAIT just 10 years and start saving the same amount at age 35/stop at 45 and you’ll have… a little over $400,000 at age 65. YOU CAN SEE HOW IMPORTANT IT IS TO START EARLY!!! Even if you start later, you have a HELL of a lot better chance vs. gambling. And none of the anxiety provoking, life destroying debt/guilt/shame gambling causes. You’ll actually have something good to feel about every month, and a bright financial future!

People need to see the upside of STOPPING gambling and INVESTING in themselves. Play your cards right (OK, bad choice of words LOL) and you can very well wind up…. rich!

EDIT: You can graduate with a doctorate in this country (US) and nobody will tell you about the above, why an emergency fund is important or even how to balance a checkbook. Damn shame, and needs to change. Money doesn’t come with instructions, and that in and of itself is the root cause of the problem. Sincerely hope this has helped some of you.. God be with everyone with a gambling addiction.

• This reply was modified 3 years, 2 months ago by josh.
• This reply was modified 3 years, 2 months ago by josh.
• This reply was modified 3 years, 2 months ago by josh.