A 40-year-old Texas woman lives with her mother because she can’t pay the rent on her own, but uses credit cards to gamble

A 40-year-old Texas woman lives with her mother because she can’t pay the rent on her own, but uses credit cards to gamble

If there was a checklist of bad money habits, Lucy from San Antonio, Texas would tick all the boxes.

The 40-year-old single mother barely earns enough from her acting and singing career to pay rent, lives with her mother and refuses to stop spending money on eating out and gambling online.

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After reviewing his bank and credit card statements on a recent episode of Financial Audit, YouTuber Caleb Hammer nearly gave up hope. Actually, I want to [cut the show], he tells Lucy barely 16 minutes into their conversation. You have no money and you are gambling it.

But Lucys spending habits and career choices highlight some serious trends emerging in the American economy.

Destructive habits

Lucy spent $600 of her $700 spending limit on a credit card to play online casino games. Are you using a credit card to play? Hammer asks: You have zero dollars for retirement and you can’t afford it [rent].

While there’s nothing abnormal about seeking a little thrill, about 85% of American adults have gambled at least once, the National Council on Problem Gambling estimates that it can quickly become problematic .

The council defines gambling addiction as gambling behavior that harms a person or their family, often disrupting their daily life and career.

The council believes that between 5 and 8 million Americans have a mild or moderate problem with gambling behavior, with approximately 2.5 million suffering from a severe gambling addiction. However, experts have noted that the crisis appears to be expanding since a 2018 US Supreme Court ruling sparked a wave of legalization of sports betting in several states.

Unfortunately, Lucys addiction to winning a jackpot is not limited to online casinos. He also gambles with his career, spending money on frivolous online promotions and social media ad campaigns to promote his music in hopes of becoming a famous pop star. Meanwhile, her nascent acting career has yielded just one project and $3,000 in revenue so far.

Making a living as an actor is extremely difficult, the actors’ union SAG-AFTRA told Rolling Stone, with only 14% of its members making at least $26,470 a year. And only 7% of actors earn more than $80,000 a year.

Making money from music is even more difficult. In 2023, just 50,000 artists earned more than $16,500 through royalties by streaming their music on Spotify, according to the platforms’ report.

To be fair, Lucy earns enough from other sources to meet her needs. Hammer discovers irresponsible spending habits that prevent him from doing so.

Read more: The cost of living in the US is still out of control, use these 3 “real assets” to protect your wealth today, no matter what the US Fed does or says

be an adult

To make ends meet, Lucy works two jobs teaching English and grading test papers for $20 to $37 an hour. It also offers ride-sharing services, which add a little extra income every month. In total, their monthly income amounts to $3,466.

San Antonio’s median rent is $1,725, according to Zumper, meaning Lucy it should be able to pay the rent. But she argues that she can’t handle the rent on her own and asked her mother to move in and pay some of it.

She also insists on sending her son to a private school because public education is horrible. This adds another $200 to your monthly spending budget.

Hammer also estimates that roughly 20.2% of his monthly expense budget is dedicated to miscellaneous bulls.

You can afford to live on your own, you choose not to rely on your own expenses, Hammer tells him. This is being a child. That’s you prioritizing fun over being an independent adult.

She strongly believes that Lucy can turn her financial situation around by focusing on stable sources of income, reducing debt, curbing her gambling habit, and implementing a solid budget. As for whether he will, Hammer seems less certain.

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This article provides information only and should not be construed as advice. It is provided without any warranty.

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Image Source : finance.yahoo.com

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