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  • Mum lost 100k in the sharemarket in 2 years.

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    Kevin1
    Junior Member
    Posts: 2
    Joined: Mon Jun 23, 2014 9:03 pm

    Mum lost 100k in the sharemarket in 2 years.

    Mon Jun 23, 2014 9:10 pm

    My mum has been sharetrading for about 15-20 years.

    Recently I found her Comsec print outs and it shows -65k loss, and last year I helped her with her e-tax and her capital gains loss from shares was -40k.

    I remember vaguely seeing a book with all her transactions maybe 5-10 years ago, and the trend was near identical.

    I also remember hearing an argument when i was growing up about gambling on the sharemarket so I don't think this is a new thing or an unlucky period.

    She also used my account and lost -12k from 40k in the past 2 years, before I took my money out.

    Now she has 40k from my sister, and I think it is losing money.

    It seems no matter what time period (over say a 3-4 year period so there's less short term luck) or whose account it is, or what strategy she uses, there's always losing money.

    I've already mentioned to her about what I've seen and she blamed it on a bad share, or says she has alot of money in super anyway.

    Any advice on what I should do?

    Thanks.
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    POPEYE
    Senior Member
    Posts: 664
    Joined: Tue Mar 12, 2013 12:28 am

    RE: Mum lost 100k in the sharemarket in 2 years.

    Tue Jun 24, 2014 7:58 am

    .
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    Noah (facilitator)
    Senior Member
    Posts: 308
    Joined: Mon Nov 05, 2012 3:53 pm

    RE: Mum lost 100k in the sharemarket in 2 years.

    Tue Jun 24, 2014 6:01 pm

    Hi Kevin1,Welcome to the forum, I hope that you'll find this a helpful and supportive place to be. Thanks for responding popeye and for the helpful advice around putting boundaries around access to cash.
    Just so you know, if you live in Australia, you have access to free counselling and financial counselling as someone who is being impacted by someone elses gambling... and I can give you more info on this if you're interested just let me know
    Keep in touch!
    Noah
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    Kevin1
    Junior Member
    Posts: 2
    Joined: Mon Jun 23, 2014 9:03 pm

    RE: Mum lost 100k in the sharemarket in 2 years.

    Tue Jun 24, 2014 8:53 pm

    Hi thanks Popeye and moderators.

    Tonight I asked her about it. These were her responses:

    - My sister is spending money travelling, so even if she loses my sisters money, it's not as much as my sister spent. She can afford it if she can afford to travel.
    - Her friends husband lost 500k on horse racing. He wants to buy 2 houses now he can't. My mum doesn't want to, so she's ok.
    - The money she makes a year, even if she loses it, its the same as someone not working.
    - She said I lose more money than her. Her reasoning is because I work casual I could have had 600k in the bank by now instead of 100k.

    There's a bit of a creepy mood when I talk to her about this. Like there's going to be explosive yelling after a few minutes of silence from her.

    Anyway, other family members have talked to me about this all, and I have communicated my and their thoughts. There's nothing new to say, and she knows our position, so think i'll let it be until the next time something shocks me.
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    David2
    Senior Member
    Posts: 142
    Joined: Sun May 19, 2013 4:34 am

    RE: Mum lost 100k in the sharemarket in 2 years.

    Wed Jun 25, 2014 8:53 am

    Not sure if I have understood you correctly. Are you suggesting she has lost significant amounts of money sharetrading over 15-20 years? Surely you would stop investing in the stock market if you were just bleeding money. Sounds like she has a gambling problem. You would know better than anyone though.
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