I’m happy Dennis called in at 20yo, not 40, or 60! I hope he takes his moms’ and Dave’s valuable advice! Make better decisions Dennis, you are young! I pray the best for you and family 🇯🇲🇺🇸🙏🏾🖤🙏🏾
That comment about mom taking child support in a lump sum was a pathetic justification for mom to lend him the money. Mom knows that "NO" is a complete sentence. 😂😂
That sounds like gambling addicts. "Yeah I lost $16k that week, but overall I was up $27k, so I'm still good! I just need a loan to gamble again and then I'll make it big!"
His draw down is too much for one week. That means he has no concept of risk management. There are trade risk limits, day risk limits, week risk limits, and monthly limits. Once you hit the limit, you stop to re-analyze and demo. In fact, if you have a strategy that is capable of losing you 60% in one week, you should not be live trading. I think this guy looks at trading as playing a game.
Reminds me of my brother, coming back from the gambling boat one week-end: "I won $50! I won $50!" Me: "So how much did you lose?" Him: "Um, $300." He later filed for bankruptcy.
Yup. I'm from Las Vegas. Lived here all my life and never spent a cent gambling. When people ask me why I say: "why would I want to voluntarily pay more taxes?"
I fell into this exact trap. Ended up Turing 10k to 30k day trading. Then made another 10k off that the next year. Used the 40k for a down payment on a 2nd home. Should of taken my chips off the table but I thought I had a “system” and i was different. Used loaned money and lost 50k 😂. Sometimes you have to learn the hard way to get it through your head. But I definitely warn other people now of falling for the same day trading crap.
He been watching RUclips commercials about how become a million buying course on how to be rich from day trading, selling real estate or from whatever it is. I saw those all the time. For example, here one commercial. This the line : Why are you not rich ? Millions of people become rich by selling real estate. Ask Dave Ramsey about this he lost 4 million dollars from real estate . He was about 28 years old . He was bankrupt and about to be divorced from his wife. Young and stupid.
Been there and done that. With day trading being half emotion based and half research based… it just best not to use that as a real job and only try that after you have a good positive net worth
@@Amandy36I liked how the caller gave the backstory about mom taking child support in a lump sum, as if that justified him pressuring his mom for the $8,000.00. 🙄
@fauxbro1983 Day trading is taxed net at ordinary income. If he held anything longer that a year, he will pay capital gains tax on the appreciated part
The worst thing for a young person is to win when they first try a get rich quick scheme like at day training, gambling, etc. They think they can do it all the time even if they start to loose money they still think they will win on the next deal.
There’s lots of people like this out there. It’s a waste of time trying to talk to them. I’m amazed he called in. Did he really think Dave Ramsey was going to tell him the day trading and borrowing money from family member is a good idea? Best of luck pal.
Facts. 80% of people Do Lose Money. i bet a couple grand and did it for 6 months. then lost half of it. it's rare to be an exception. learned my lesson.
I used to do this years ago and i lost thousands of dollars, i agree is easy to think youre smarter and your the exception, but then you realize is not about knowing is just about guessing and is a gamble, do yourself a favor and invest long term
Dennis isn't listening. He's gonna be refereeing soccer games, living in his mom's basement and falling for get-rich-quick schemes for the foreseeable future.
I hope Dennis listened cause 40k of lump sum is a tempting amount and easy to lose to the wrong things get a Roth IRA or a good stable mutual fund day trading is just gambling for non gamblers.
At least he doesn't have any money to lose, so the worst that happens is he slaves off for a year, loses his 15k surplus following wallstreetbets, lives on rice and beans slaving off for another year, maybe do it a couple more times... realizes it's retarded, then stops doing it... It would be much worse if he signed for 200k student debt only to find out he can't get out of it 20 years later.
He wants free money to keep up his gambling addiction. Only difference is this time it's not in a casino. He needs to stay broke until he learns how to invest properly.
What does it matter how much ' you were" up? If the end result is ur broke that's all that matters. Ur broke and lost ur money. If people turn around and put more in, then that's gambling and as another said, it quickly becomes a problem. It certainly is not investing.
Mom is smart to say "no" to him using her money. His point about her taking child support for him in a lump sum was so annoying; she paid out that money at some point and, as an adult, he should not be justifying his entitement to her money.
Really? Rage? That was rage? You're kidding, of course. He was simply being himself -- warning that entitled youngster to heed his mom's advice. Rage? No way!
Borrowing money for day trading is like borrowing money for gambling! It's a wild combination! We should all learn from this and stay away from it. Focus on long term investing from your own Savings!
The issue is that he got some gains at the beginning. The worst thing that can happen when you play stupid games is winning the first couple rounds. The one time I would do a day trade is if I bought and then it skyrocketed for no reason. Then I would sell quickly and invest in solid stocks.
@@MikeBarbarossa the mom was not being paid when this guy was a minor....she paid everything herself...she covered her portion and the dead beat's portion...how is that hard to understand?
The markets are manipulated so much that there's really no way to know if the market is driving the price, or the manipulators are driving the price. If it's the latter, you can only get screwed.
I also learned while trying to day trade that there is no way to get ahead of the robo trading that the pros do. He got lucky on some of his trades but long-term the risk is astronomical.
I feel like some times they have fake calls just to spook the team but at the same time I know there’s a lot of brainless people in the world. Not this call exactly but in general
Ooohhh ouch that bites poor kid - yes he was foolish but I did the same thing in my forties thinking I was so smart 'cause I made some money and then I lost it all and more - aaaaarrrrgggghhhh! I'm so glad Dave preaches not to play the individual stock trading game, wish I had listened to my family advising me against it when I screwed up!
This has been the problem with what happened with GameStop stock squeeze. So many people heard about it and maybe made a little bit of money and now they're always looking for that. Next one even myself. I fell into that trap a little bit. Luckily I still came out ahead but nothing worth bragging about. That's the problem with all these rug pull cryptos everyone's looking to get rich quick and all the young people are being massively taken advantage of because they don't know how to control themselves. Not saying that us older people do either
It's nothing new. It's been happening since trading became internet based. Every year there are new entrants of fools who get relieved of their money and cry scam.
Tough love from Dave. But, if everybody went the safe route, the statistical route, we would never see a new business started in this country. The statistical odds are too low. But some brave souls do defy the odds and succeed.
He's young. Some of us have to live and learn from our mistakes. The frontal lobe (responsible for decision making and emotion control) does not fully mature until late 20's. Being able to see around the corner as Dr. Phil says.
That how ridiculous the youth are, especially here in VA and in Richmond. And now our governor has legalize pot. With this generation's mindset, we're doomed.
I love Dave "you suck" and "my mom told me that I was stupid" "she's right" I love how he tells him the truth not what the kid wants to hear.
He heard nothing that Dave was saying
When he said “you suck” I almost ran my car into the 7 Eleven. Dave doesn’t care & we love it 😂😂😂
No. Dave DOES care. THATS why he says things like that.
You almost killed me with laughter, omg
As soon as I heard the phrase "Day Trading" then I knew exactly what Dave's reaction was going to be
when I heard day trading, I knew this caller lost all his money lol
Like catching a falling knife.
Day trading is not investment, it is gambling.
These phone calls are Fake!!!
@@derekd1510it really is
I’m happy Dennis called in at 20yo, not 40, or 60! I hope he takes his moms’ and Dave’s valuable advice! Make better decisions Dennis, you are young! I pray the best for you and family 🇯🇲🇺🇸🙏🏾🖤🙏🏾
One love!
@@jamaicastrong3368 One love
Dave kept hitting him with the haymakers and he kept trying. I CAN’T! 🤣
I’m over here weak 😂. He called in and got hit in the mouth.
Dave cuts to the chase! Her expression at the beginning of the call lol.
He refuses to listen. That’s his biggest problem. Not to mention he has a sense of entitlement.
Ok boomer
@@dungeonmaster6292 I’m not a boomer. Grow up!
That comment about mom taking child support in a lump sum was a pathetic justification for mom to lend him the money. Mom knows that "NO" is a complete sentence. 😂😂
@@dungeonmaster6292What a clever little troll you are. 🙄
@@dungeonmaster6292 OK Zoomer
Dave called him 'honey' 😅😅
That sounds like gambling addicts. "Yeah I lost $16k that week, but overall I was up $27k, so I'm still good! I just need a loan to gamble again and then I'll make it big!"
because day trading is gambling
His draw down is too much for one week. That means he has no concept of risk management. There are trade risk limits, day risk limits, week risk limits, and monthly limits. Once you hit the limit, you stop to re-analyze and demo. In fact, if you have a strategy that is capable of losing you 60% in one week, you should not be live trading. I think this guy looks at trading as playing a game.
Reminds me of my brother, coming back from the gambling boat one week-end: "I won $50! I won $50!" Me: "So how much did you lose?" Him: "Um, $300." He later filed for bankruptcy.
💯 this was my thought exactly!
The call screener was playing a sick joke when they let this young man through to get sacrificed by Dave 😂😂😂
yOu sUcK at DAyTrAdInG - yup pure Dave lol.
Sad part is there are probably other Dennis out there that think they can make money in the market when most others can't.
... Or the screener did him a favor. 😮
@@user-mv9tt4st9k "Hello, Financial 911. What is your emergency? Really? Wow! I'm putting you right through!"
@@davidsensing2664my brother for example and forex trading.
He doesn't even want to hear otherwise and gets angry when you advise him. 😢
He's 20yrs old and looking for a quick way to get rich....smh
He is big man in his hood, telling all his homies he is a wall street king.
Mom, don't give Dennis any money!! 😂
"Wait a minute. Where's the money." LOL, exactly what I was thinking.
Literally Las Vegas residents don't have to pay state income tax because of all the gamblers that come in and lose money at the casinos
Yup. I'm from Las Vegas. Lived here all my life and never spent a cent gambling. When people ask me why I say: "why would I want to voluntarily pay more taxes?"
I fell into this exact trap. Ended up Turing 10k to 30k day trading. Then made another 10k off that the next year. Used the 40k for a down payment on a 2nd home. Should of taken my chips off the table but I thought I had a “system” and i was different. Used loaned money and lost 50k 😂. Sometimes you have to learn the hard way to get it through your head. But I definitely warn other people now of falling for the same day trading crap.
This kid is typical of todays kids. No matter what the writing on the wall indicates he still thinks he’s smart
🎯
The internet has made so many people believe they are geniuses.
Most of Dave's callers are old and have made a lot bigger mistakes than this young man.
He been watching RUclips commercials about how become a million buying course on how to be rich from day trading, selling real estate or from whatever it is.
I saw those all the time.
For example, here one commercial.
This the line : Why are you not rich ?
Millions of people become rich by selling real estate.
Ask Dave Ramsey about this he lost 4 million dollars from real estate . He was about 28 years old .
He was bankrupt and about to be divorced from his wife.
Young and stupid.
You’ve got to be kidding me? You’re watching this channel and you think young people are the problem? 😂
Man never met a question he couldn’t dodge.
Typical
no one can beat you Sir. I am lucky enough to have a wise man like you. you are an asset to the world.
Dave is right. I did the same foolish thing day trading. Gain $80K. I will never day trade again.
They always talk about the wins, never the losses.
Been there and done that. With day trading being half emotion based and half research based… it just best not to use that as a real job and only try that after you have a good positive net worth
Had a brother inlaw he inherited nearly a million dollars lost it all day trading in less than 5yrs,,a real fuckin shame
We need more calls like this. Thanks Dave 😂😂😂😂
He Lost $15,000 in a Week 😂😂😂😂😂😂😂😂😂 Some People are Wise and Some People are 👉”Other Wise” 🤷♂️😂😂😂
...and some are dumber than a bag of rocks. Rapidly depreciating rocks! ( oДo)📉🔥💸
"I lost $15k in a week and I need you to convince my mom to give me another $8k". Mom is the smart one for saying no
😂😂🤣🤣
😂😂I leaned some new English today, thank you
@@Amandy36I liked how the caller gave the backstory about mom taking child support in a lump sum, as if that justified him pressuring his mom for the $8,000.00. 🙄
THanks Call Screener for letting the caller in
So he made $27,000 in a year which is about $519 a week… but lost $17,000 of it in one week…🤔
He has huge balls to even call in about this.
I think he's just dumb.
And that's his gross earnings. He owes the IRS, so at min take 25% of his gross earnings of $27,000
I wonder how many hours he spent to make that too!
@fauxbro1983
Day trading is taxed net at ordinary income. If he held anything longer that a year, he will pay capital gains tax on the appreciated part
But he didn't make that much if he invested 300 per check. Still needs to subtract his investment and pay taxes.
Dave Ramsey for President, this is the kind of guy we need. We are living in the dumbest times of all. None of our Politicians will save us.
People who vote Can't think for themselves!!!
Our politicians won’t save us because they are financially incentivized to place their own enrichment ahead of ours.
He's smart enough to not want that job.
Feel like the only people that are qualified to be president are the ones that know better than to run.
Dave has said he hates politics.
The stock market is a device for transferring money from the impatient to the patient. - Warren Buffet
That's a good one.
Dave repeatedly telling you ‘You suck’😂 Oh my, he called him honey🤣 Dave has a nice, new jacket, lol
“Honey” 😂😂
It was like talking to a wall 🧱 with this guy.
When I worked at TD Ameritrade this was like half of the calls
What, Zoomers daytrading GME?
@@devpav9880 Bitcoin! LoL.
I'm dying he is the definition of a gambler. And this is our future.....
Lmao the "You suck" 😂😂😂😂made me want to cry and also the Bear analogy 😂😂😂.
The worst thing for a young person is to win when they first try a get rich quick scheme like at day training, gambling, etc.
They think they can do it all the time even if they start to loose money they still think they will win on the next deal.
The best thing is to lose your shirt the first time, get spooked, never touch it again.
@@fsmoura That is what happened to Dave and look at how well he has done.
There’s lots of people like this out there. It’s a waste of time trying to talk to them. I’m amazed he called in. Did he really think Dave Ramsey was going to tell him the day trading and borrowing money from family member is a good idea? Best of luck pal.
Facts. 80% of people Do Lose Money. i bet a couple grand and did it for 6 months. then lost half of it. it's rare to be an exception. learned my lesson.
I used to do this years ago and i lost thousands of dollars, i agree is easy to think youre smarter and your the exception, but then you realize is not about knowing is just about guessing and is a gamble, do yourself a favor and invest long term
Dennis isn't listening. He's gonna be refereeing soccer games, living in his mom's basement and falling for get-rich-quick schemes for the foreseeable future.
3:58 Dave sums it up really well here.
I hope Dennis listened cause 40k of lump sum is a tempting amount and easy to lose to the wrong things get a Roth IRA or a good stable mutual fund day trading is just gambling for non gamblers.
Dave said buy a bear suit!! lol
This is the best Ramsey clip I’ve ever seen😂😂😂😂❤❤❤
he kept saying "investing"...he's not investing...he's gambling, period. Day trading is NOT investing.
Aww bless you Dennis 😅 please heed wise counsel young man 🙏🏾
No mention of the fact that the child support was repayment to the mom for money she already spent. Its not his
Geez this was tough to listen too....... poor kid is on a road to absolute disaster...
At least he doesn't have any money to lose, so the worst that happens is he slaves off for a year, loses his 15k surplus following wallstreetbets, lives on rice and beans slaving off for another year, maybe do it a couple more times... realizes it's retarded, then stops doing it... It would be much worse if he signed for 200k student debt only to find out he can't get out of it 20 years later.
Go ahead Jimmy. Tell us why Dave and Dennis' mom is wrong.
Don't worry he will!
Day trading? Came straight to the comments 😅
He wants free money to keep up his gambling addiction. Only difference is this time it's not in a casino.
He needs to stay broke until he learns how to invest properly.
“I make 27k a month but lose 15k a week”
What does it matter how much ' you were" up? If the end result is ur broke that's all that matters. Ur broke and lost ur money. If people turn around and put more in, then that's gambling and as another said, it quickly becomes a problem. It certainly is not investing.
Dennis WILL learn from his mistakes. The question now is: how big of a mistake will it be at this point?
Mom is smart to say "no" to him using her money. His point about her taking child support for him in a lump sum was so annoying; she paid out that money at some point and, as an adult, he should not be justifying his entitement to her money.
soon as caller uttered day trading, I knew dave was going into instant rage
I wouldn’t call his response “rage”. I think his response was rather measured.
Really? Rage? That was rage? You're kidding, of course. He was simply being himself -- warning that entitled youngster to heed his mom's advice. Rage? No way!
Day trading is gambling, not investing. They're completely different things.
Borrowing money for day trading is like borrowing money for gambling! It's a wild combination! We should all learn from this and stay away from it. Focus on long term investing from your own Savings!
The issue is that he got some gains at the beginning. The worst thing that can happen when you play stupid games is winning the first couple rounds.
The one time I would do a day trade is if I bought and then it skyrocketed for no reason. Then I would sell quickly and invest in solid stocks.
He's not day trading, he's gambling. There is no difference.
that's day trading
I don't suck at day trading. I just lost $15,000.00 in a week, but I don't suck at day trading. Well, THAT makes sense! 😂
Dave heard day trading and refused to hear the young man out. I like Dave but this call was frustrating.
Pretty sure "day trading investing" means gambling on options.
0:45 Rachel Cruze is trying so hard not to laugh
Just wait up the IRS comes for their piece!
8/10 lose money, and the other 2 will lose soon. Day trading is gambling. The house always wins.
😂that child support is your mom's money! Its backpay for all the money she has paid on him.
Exactly. It’s her reimbursement for what she paid on the dads behalf
Child support is supposed to be the kid's money, but you're right. With the family court racket, women get personal money via "child support"
@@MikeBarbarossa the mom was not being paid when this guy was a minor....she paid everything herself...she covered her portion and the dead beat's portion...how is that hard to understand?
@@YouSoCute2000 I was talking about the child support system racket in general...how is that hard to understand?
When Dave called him “hOneY” I nearly lost it. 😭
When Dave calls another guy “honey”, i cant help but to laugh.
The markets are manipulated so much that there's really no way to know if the market is driving the price, or the manipulators are driving the price. If it's the latter, you can only get screwed.
He’s hard headed and don’t listen… his mother is smart not to give him a dime.
I also learned while trying to day trade that there is no way to get ahead of the robo trading that the pros do. He got lucky on some of his trades but long-term the risk is astronomical.
Homelessness starts here .
that is called gambling addiction
8 out of 10 daytraders lose money.
2 lose _a looooot_ of money.
I feel like some times they have fake calls just to spook the team but at the same time I know there’s a lot of brainless people in the world. Not this call exactly but in general
Exactly!
You'd be better off putting it in an index, or buy good stocks, and hold them. You don't keep selling and buying everyday.
Ooohhh ouch that bites poor kid - yes he was foolish but I did the same thing in my forties thinking I was so smart 'cause I made some money and then I lost it all and more - aaaaarrrrgggghhhh! I'm so glad Dave preaches not to play the individual stock trading game, wish I had listened to my family advising me against it when I screwed up!
Chihuly. Awesome glass artist.
6:16 Now we know why Dave hates gold.
He lost $5,000 on paper gold derivatives! LMFAO
Don't buy physical because he got fleeced. Sad!
lol, it's personal!
lmfao
Weird. My gold investment is still sitting in my safe.
@unclebenny, Dave does not hate gold. He states it is NOT for Joe Sixpack investor.
STOP, my friend!!!!
Run!
This has been the problem with what happened with GameStop stock squeeze. So many people heard about it and maybe made a little bit of money and now they're always looking for that. Next one even myself. I fell into that trap a little bit. Luckily I still came out ahead but nothing worth bragging about. That's the problem with all these rug pull cryptos everyone's looking to get rich quick and all the young people are being massively taken advantage of because they don't know how to control themselves. Not saying that us older people do either
It's nothing new. It's been happening since trading became internet based. Every year there are new entrants of fools who get relieved of their money and cry scam.
Tough love from Dave. But, if everybody went the safe route, the statistical route, we would never see a new business started in this country. The statistical odds are too low. But some brave souls do defy the odds and succeed.
🤣🤣🤣David just cured my depression 😅
That is how I invest. I ride the lightning on chase checking/savings minimums.
Awe Dave loves Dennis's mom
Dave boosting me man😂😂
"So you suck at day trading and you want to borrow money." 😂😂😂
This is not about the money, it’s a dopamine hit, his drug of choice.
Dave clearly forgot that when you're 20 years old you know everything. It's something that rarely happens again in life.
There is significant difference between stocks and slots but most of the people are addicts.
People have the wrong goal making money fast won't make them happy. Good friends and family does.
But Dave!! I got some hot tips on reddit!! 🚀📈
At 20 he should put all his spare cash in indexing mutual funds. If I had done so I’d have $100 million to retire on.
Is your friend also 20? Hedge fund manager my azz 😂
Kudos to the wardrobe department - both looking snazzy 👍
The look on Nepo baby’s face while Daddy Dave is speaking is priceless.
Hes not stopping for sure
After 10 secs you can realize he ain’t too bright. Spot bro. Mine as well betting on sports like me 😂
Get a bear suit !!! Hahaha. !!!😂
5:30 No, I don't think Dennis has the capacity for long term planning.
If he is living off 2/5 of his income, he does have the potential. But overriding that is his gambling addiction.
He's young. Some of us have to live and learn from our mistakes. The frontal lobe (responsible for decision making and emotion control) does not fully mature until late 20's. Being able to see around the corner as Dr. Phil says.
@curiouscat3384
Do Asians and people from other countries have different frontal lobes than Americans? They sure are quite mature by age 15.
@@sblijheid Whatever you do, don't mention the mirror test and babies. 😂
@@sblijheid How do you define maturity? Executive thinking which the frontal lobe is responsible for, is not just about being smart. Google it
That how ridiculous the youth are, especially here in VA and in Richmond. And now our governor has legalize pot. With this generation's mindset, we're doomed.