A recent episode of “The Ramsey Show” featured a call from Ava in Charleston, South Carolina, who is facing a financial crisis she says stems from her husband’s day trading.
‘Worst Magic Trick Ever’
Ava told financial personality Dave Ramsey and co-host George Kamel that her husband refinanced his house before they got married, pulling out $200,000. Kamel asked, “So, he mortgaged the house in order to gamble?” Ava replied, “Yes.”
She explained that they now have a $4,000 monthly mortgage on a 15-year term and that her husband continues to trade, believing he can win it back. Ramsey pushed back, saying that day trading has a 97% failure rate and that “there’s no Ramsey technique for continuing to lose $200K regularly and turning that into a wealth plan. He turned $200,000 into zero.” Kamel followed with, “Worst magic trick ever.”
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Ava said she has recently stopped working as a cardiac nurse to care for their second baby and does not fully understand how bills are being paid. “We have less coming in than what’s going out,” she admitted. When Ramsey asked about their income, Ava couldn't give a clear figure, highlighting that she has little to no visibility into their household finances.
The couple is also in the process of selling their current house and buying another. Ramsey firmly told her, “No, you’re not. You’re broke. Your husband doesn’t have an income.”
Ramsey and Kamel compared her husband’s day trading to a dangerous addiction. “There’s only one way your family survives; if this man stops doing this,” Ramsey said.
He urged Ava to take control of the finances and have an immediate, honest conversation: “Honey, we’re not buying a new house. We’re broke. I’m scared. What you’re doing is terrifying me. I have a new baby and we have got to have a different system where I understand what’s going on with all the money and you have stopped day trading.”
Ramsey warned that without immediate action, Ava risks foreclosure and the collapse of her financial security. “You're going to call me up as a single mom in eight months,” he said, predicting repossessions and the loss of both houses if the situation continues.
“He's got to care more about his family than his gambling addiction,” Kamel concluded.
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