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AIBU?

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Original poster

The 75,000 is gone isn't it ?

144 replies

Memestockwidow · 21/01/2022 12:42

My OH has been obsessed with meme stocks , keeps saying he's going to be rich have no mortgage and retire. The stock has crashed to 102 and he's just bought more. There's no diversifying his portfolio he's literally bunged 75,000 in one stock. We have been saving to upsize for a few years but my OH keeps putting it off as he wants to be mortgage free. Whatever I say he won't listen 75,000 pounds has gone into a meme stock it's like a bloody cult. We could have moved already with that money and it's been pissed away.

Is this a gambling addiction ?

OP posts:
daimbarsatemydogsbone · 21/01/2022 12:44

🤣 Eh?

susansherry · 21/01/2022 12:46

Was it dogecoin?

Quite irresponsible to put such a big amount of money into one stock, meme stock that is, which suggests he probably did very little research.
And all of it without taking into consideration your opinion.

RockAndHardPlace1 · 21/01/2022 12:47

Yes he's gambling... in memes. Hmm Time to have a serious sit down and talk with him OP. How very irresponsible.

Lockheart · 21/01/2022 12:47

Is it his money or is some of it yours? You say OH but I'm not sure if you're married or not, if you are that changes things slightly.

If you're not married and it's his money I'd leave him to it - on his own head be it should it go wrong.

If you're married or it's joint savings then you need to ask for your part of the money back and take steps to ringfence your funds so they're invested more safely (although all investing is gambling in a sense, but some investments are more volatile than others!).

Tal45 · 21/01/2022 12:47

This sounds like an addiction, and yes it sounds very similar to a gambling addiction. What are you going to do OP?

APileofLogs · 21/01/2022 12:48

Yes, meme stocks are basically gambling with a bit of market manipulation on the side.

ClariceQuiff · 21/01/2022 12:49

Is it a genuine investment in genuine stocks? Stocks are not usually recommended as a short-term investment.

Any investment in the stock market is a form of gambling. If the £75k was your entire savings it's unwise to put it all in stocks. If your DH can't stop doing this, something is wrong - you need to take steps to protect any remaining savings.

Winter2020 · 21/01/2022 12:49

I don't know what that stock is but if that money is half yours ask for your half back (any losses can come from his half as he didn't have your permission).

Keep your half somewhere that you are happy with like a mainstream government backed bank or if you want to invest in stocks and shares maybe a FTSE tracker.

Thelnebriati · 21/01/2022 12:49

Has he used your money for this?

sanbeiji · 21/01/2022 12:51

Yea, it’s an addiction. Même stocks are gambling.
What are you going to do..? Whose money was it..?

Happydays353535 · 21/01/2022 12:52

Well he can sell it again straightaway and get most of the money back.
Sounds like a gambling addiction. He's living in a fictitious world that he thinks he has control. He gets a high from the 'hope' of tomorrow that will always fix 'today'. But never dealing with his real feelings in the present moment.
If this is family money then you have to do something about this, now.

Ellavoday · 21/01/2022 12:54

He gambled 75k of family money?

Leave the bastard.

Quartz2208 · 21/01/2022 12:54

finance.yahoo.com/news/meme-stocks-a-lot-of-people-will-lose-a-lot-of-money-interactive-brokers-founder-says-183945123.html

It is a serious issue - if he really has sunk that amount it is a problem

Original poster
Memestockwidow · 21/01/2022 12:54

We aren't married have one DD together share a house both names on it , house is safe as luckily I can solely afford the mortgage on my own. He's a higher earner so it's not all his savings but not an insignificant amount. He also got let go from his previous job in banking due to not disclosing his trading positions. He's got a job in the public sector just so he can trade to his heart's content. I'm starting to think this is the beginning of a gambling addiction but he can't see it.

OP posts:
Pedalpushers · 21/01/2022 12:55

Firstly it sounds like you and him are on completely different pages with finances, you want to upsize and he wants to be mortgage free and retire.

Secondly, if it was that easy to get rich quick everyone would do it. He sounds like a complete idiot.

Original poster
Memestockwidow · 21/01/2022 12:57

I keep my own savings in my own accounts so I'm not worried about my money going. I can afford our current house on my own . I'm pissed off that this money isn't being used for the betterment of the family it's being used to gamble on the stock markets.

OP posts:
Thirtytimesround · 21/01/2022 12:57

It does sound like gambling addiction or at least a n total inability to understand the concept of sunk costs.

Suggest therapy for him so he can hear from a pro that his behaviour is irrational

xILikeJamx · 21/01/2022 12:58

It's definitely gambling but struggling to understand what a meme stock is!

Is it like one of those daft crypto coins or something like GameStop?

The GameStop thing came from a site called Wall Street Bets so there's your answer. If he got on early enough he could have been mortgage free, but that ship sailed a good while ago.

Thelnebriati · 21/01/2022 12:59

I think the gambling was well established before now if it cost him a well paid job in banking.

wizzywig · 21/01/2022 13:01

So if it does go well, then what?

Bushkin · 21/01/2022 13:01

Would you need to buy him out the house? Can you afford to do that?

Original poster
Memestockwidow · 21/01/2022 13:01

@xILikeJamx

It's definitely gambling but struggling to understand what a meme stock is!

Is it like one of those daft crypto coins or something like GameStop?

The GameStop thing came from a site called Wall Street Bets so there's your answer. If he got on early enough he could have been mortgage free, but that ship sailed a good while ago.

It's gamestop he got in a little bit later than his friends it's crashed down to 102 but he's saying it's definitely going to moon he's been waiting 9 months and piling more money in. We could be mortgage free now with the money it's a low priced 3 bed semi he wants to be mortgage free on a large property . I honestly don't get it the mentality of it it's crazy !!!
OP posts:
rookiemere · 21/01/2022 13:02

I couldn't live with someone like that. DH does do a bit of stock market trading, but he's relatively sensible and got out of bitcoin when he'd doubled the money. I'd be so worried about never having financial security and increasing your mortgage size seems like a bad idea with someone like that.

caringcarer · 21/01/2022 13:03

It sounds like he does have an addiction to me. At least your money is safe and secure and he can't access that. Tbh I would not be able to put up with gambling behaviour that borders on addictive. I would separate over it but only you know what you can tolerate.

NannaMcPhoo · 21/01/2022 13:03

What is a memestock?

Anyway if you know his entry price and the current price you can work out how much he has gained or lost.