Dad’s options trading became gambling?
I apologize if this is a really long read but I actually just have no idea what to do so any kind of advice atp would be helpful.
First off I want to preface that I have always respected and love my father and still do because he gave us a stable life and family and was always there for our family during all kinds of times for the past 20 years.
But about a year and half ago, my dad got laid off from his 9-5 job as a car automative technician and said he’d take a little break before finding new job. But during the meantime he said he would study and see if he could find a career path change because his physical conditions were deteriorating now that he’s reaching his 60s and he said he just cant see himself working back in those conditions so he did full time uber for a bit. But I genuinely don’t know how he found out about stock options but he started doing that while ubering and after discussions with my mom and me, we agreed to support him for 6 months maximum and if he couldn’t support for family, he would leave it behind and start finding a new job in the meantime. Fast forward 6 months, he pretty lost all of the “money” (I think his starting pool was around 25k$) but to him he said he learned a lot and said he just needed a bit more time but had gotten the strategy down. At that point I shoulda noticed the red flags but he insisted he can support the family like he did the last 2 decades but fast forward to now and he came clean to us saying he’s at a breaking point where he says he needs more money. His credit is terrible and that he can’t take anymore loans but he says my mom can take a 50k loan HELOC loan from this site called “figure lending”? And pretty much my mom lost it after that (and unfortunately for her, her father was a gambling addict so she has generational trauma from these kinds of stuff) so now she told me this morning she’s gonna be at her working office and won’t come home until super late and told me to don’t ever give in saying we might lose everything if he gets it.
To make things worse, my dad actually has been applying to numerous auto body jobs through out the past but he showed me email after email rejection letters so I think his mind fully in a all in position for options trading.
I’m very blessed to have a job so I’ve been supporting for my family but it’s just been really hard trying to reason and understand so I just need an outsider perspective if someone has went through something similar to this and any kind of tips or recommendations of next steps.
Again thank you guys for the advice and can give more info if you guys have any questions or clarifications as well.