1 / 18

Problem Gambling Part 1: Financial Steps a Family Can Take Today

Problem Gambling Part 1: Financial Steps a Family Can Take Today.

tuwa
Download Presentation

Problem Gambling Part 1: Financial Steps a Family Can Take Today

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Problem Gambling Part 1: Financial Steps a FamilyCan Take Today Use limitations: These materials may be used only for nonprofit, noncommercial, educational purposes. These materials may not be used in connection with any sale, advertisement, endorsement, or promotion of any service, product, person, or business and may not be sold or offered for sale.

  2. Welcome and Introductions • You are not alone. • In a given year, an estimated 2 million U.S. adults meet the criteria for having a pathological gambling problem. • Another 4 to 6 million people are considered “problem gamblers.”

  3. Workshop Objectives Define and recognize problem gambling. Find out how to restrict access to money and credit. Protect family money and assets. Take control of finances. Monitor the gambler’s behavior. Find help. 

  4. Symptoms of Problem Gambling • Increased preoccupation with gambling. • A need to bet more money more frequently. • Restlessness or irritability when attempting to stop. • “Chasing” losses. • Loss of control.

  5. Recognizing Problem Gambling • Missing school or work. • Feeling remorse. • Feeling an urge to continue after losing—and after winning. • Gambling to pay debts or obligations. • Gambling as escape. • Borrowing or stealing money to gamble.

  6. Phases of Problem Gambling Winning Losing Desperation Hopelessness

  7. Consequences of Problem Gambling 7 • Average problem gambler debt for U.S. males: $55,000–$90,000 • Annual social cost of gambling-related addiction, bankruptcy, and crime: $7 billion • Increase in domestic violence, child endangerment, and child abuse. • Increase in nonviolent thefts. • Depression and thoughts of suicide.

  8. What Can You Do? • Take immediate steps to protect finances. • Get help with financial and legal issues. • Be aware that the gambler may resist help.

  9. Restricting Access to Money • Remove the nongambler’s name from joint accounts. • Open new accounts in the nongambler’sname only. • Change the nongambler’s PINs. • Set up an ACH debit block. • Refuse to co-sign.

  10. Confronting a Problem Gambler 10 • Cutting off access to money may trigger hostile reactions. • Think safety first. • Involve family, counselors, clergy, etc. • Provide support for both the gambler and the family in case of fallout.

  11. Limiting Access to Credit 11 • Shred credit card offers, loan offers, and convenience checks. • Put a freeze on the nongambler’scredit report. • Ask creditors to stop granting credit. • Opt out of direct mail. • Put all phone numbers on the National Do Not Call Registry.

  12. Preventing Access to Family Money 12 Open a safe deposit box for valuables. Ask family members and friends not to give loans to the gambler. Retitle children’s financial accounts to prevent access by the gambler.

  13. Protecting Assets 13 • Review and safeguard: • Tax-deferred retirement accounts, such as 401(k)s, 403(b)s, 457s, pensions, and IRAs. • Investment accounts, including 529 plans, UGMA/UTMA accounts, and Coverdell IRAs. • Life insurance and annuity policies. • Current or anticipated inheritances. • Access to home equity loans. • Access to prior gambling winnings.

  14. Shifting Control of Finances 14 Take charge of all household finances. Review any loan repayment documents. Shift ownership of property into a nongambler’s name only (beware tax, legal, and creditor ramifications). Consider using trusts. Get legal or financial advice as necessary.

  15. Monitoring Behavior 15 • Establish email alerts from financial institutions and credit reporting agencies. • Enable GPS tracking of the gambler’s cellphone.

  16. Finding Help • Gamblers Anonymous and Gam-Anon • National Council on Problem Gambling • Financial planners • Tax advisors • Estate lawyers • Credit and debt counselors • Employee assistance programs

  17. Starting the Financial Recovery • Three keys to recovery: • Determine the amount of debt and list creditors. • Establish a debt repayment plan. • Use bankruptcy as a last resort. • Web-based resources. • Smart About Money: www.smartaboutmoney.org • Spendster: www.spendster.org

  18. Summary 18 Define and recognize problem gambling. Find out how to restrict access to money and credit. Protect family money and assets. Take control of finances. Monitor the gambler’s behavior. Find help. 

More Related