He Created A Web Full Of Lies, That Concerns Me, Says Dave Ramsey After A Caller Reveals Husband Got Scammed Out Of $270K From His 401(k)
A recent caller on 'The Dave Ramsey Show' shared an emotional story about how her husband fell for a crypto scam and lost nearly their entire retirement savings.
'This weekend, I received some devastating news,' the woman said, her voice breaking. 'My husband was scammed out of almost his entire 401(k). Now it's tax time, and we're going to have to pay taxes on it. We have no more retirement, and our savings is going to be wiped out.'
The couple, both in their late 50s, had paid off their home in 2022 and were debt-free. They were living on her husband's $98,000 annual income after she had to quit working in 2023 due to cancer and side effects from medication.
Don't Miss:
Hasbro, MGM, and Skechers trust this AI marketing firm —
'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones.
She explained that her husband had initially told her he invested $30,000 in crypto after feeling financially pressured to secure their future. He apparently showed her that they had made about $300,000 or $400,000 in an investing app. When she asked him where he got the money from, he said the 401(k).
But as tax season approached and key tax forms didn't arrive, she grew suspicious. When she pressed for answers, he finally came clean: he had actually invested $270,000 and lost nearly all of it.
'It was a company in Hong Kong,' she said. 'I looked up the address, and it was in the slums of Hong Kong.'
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing —
Dave Ramsey did not hold back. 'Does he now own that this is stupid, or is he still defending it?' he asked. When the caller confirmed her husband admitted fault, Ramsey replied, 'That's important because otherwise he's going to do it again.'
Ramsey continued: 'He not only did something stupid, he lied about it at length. Deceived, created a web, a full scenario of lies—that concerns me actually more than his stupidity.'
The caller remained hopeful, saying she feels good most days and is thankful for the time she has despite her health issues. Ramsey encouraged them to rebuild, suggesting they max out their 401(k) and Roth IRA contributions and work another 10 to 12 years to recover.
He also pointed out a key principle: 'If you have to hide the investment or the financial move from your spouse—warning, warning, warning—you're screwing up.'
Read Next:
Maximize saving for your retirement and cut down on taxes: .
Invest where it hurts — and help millions heal:.UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
APPLE (AAPL): Free Stock Analysis Report
TESLA (TSLA): Free Stock Analysis Report
This article He Created A Web Full Of Lies, That Concerns Me, Says Dave Ramsey After A Caller Reveals Husband Got Scammed Out Of $270K From His 401(k) originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 hours ago
- Yahoo
FBI offers $5,000 reward for information on Montana teen missing for 8 months
GARRYOWEN, Montana () — The FBI Salt Lake City Field Office is now offering a $5,000 reward for information leading to the recovery of a missing 13-year-old from Montana. A new tipline phone number has been established solely for her case: 801-579-6195. Sa'Wade Birdinground was last seen at her family's residence in Garryowen, Montana, on October 6, 2024. She is 13 years old, roughly 5'4″ to 5'5″ tall, 130-140 pounds, and has brown eyes and curly brown hair. According to the FBI, Birdinground was last seen wearing a black hoodie with mushrooms on it, an anime t-shirt, basketball shorts, and purple slip-on Skechers. She may have been wearing a black and purple Adidas backpack and an elk tooth necklace. Utah`s next earthquake could hit harder, U of U research suggests In a press conference today, Special Agent in Charge Mehtab Syed from the FBI's Salt Lake City Field Office held a press conference on the search for Birdinground. The SLC Field Office covers Montana, Utah, and Idaho. 'Eight months ago today, on October 6, 2024, Sa'Wade disappeared from her family home in Garryowen. This was the last time those of you who know and love Sa'Wade saw her,' Syed stated. 'Eight months is an incomprehensible amount of time for any family to be without their child.' Syed reiterated the FBI's commitment to finding Birdinground. He said that they are working closely with the Bureau of Indian Affairs, Crow Tribe Executive Branch, the Tribe's Search and Rescue, and the Big Horn County Sheriff's Office to bring the 13-year-old home. According to Syed, the FBI and local law enforcement have 'conducted dozens of interviews, searched hundreds of acres of land, and brought every technical resource to bear.' He said that the FBI is 'fully committed' to this investigation and bringing Birdinground home. St. George to crack down on off-highway vehicles after fatal crash kills 9-year-old boy 'I've never met Sa'Wade, but I've learned a lot about what kind of teen she is,' he said. 'Quiet with strangers but outgoing with family and friends, kind, artistic … She is well-liked by her friends and teachers, many of whom talked about her sense of humor and how Sa'Wade makes them laugh … Sa'Wade enjoyed spending time with her siblings, and they miss her dearly.' This year, the FBI has 'doubled the number of special agents' who are working Indian Country cases in the Billings Resident Agency. These agents will assist with Birdinground's case and other investigations in the area. This effort is part of the FBI's Operation Not Forgotten, which launched in 2023. 'We want our Native American communities to know, you are not forgotten. We hear you; you matter. Sa'Wade is not forgotten, she matters, and we are doing everything in our power to bring her home,' Syed stated. Anyone with information on Birdinground's disappearance should contact the tip line established for her case, 801-579-6195, or their local FBI field office. Ram kills the $40K truck, brings back the HEMI Assassin dancers, existential nuns, and comedy that cuts deep Two inmates charged for allegedly stabbing 'rival gang member' at Utah State Prison FBI offers $5,000 reward for information on Montana teen missing for 8 months Pride Festival: Here are the street closures happening in Salt Lake City Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Miami Herald
14 hours ago
- Miami Herald
Bank of America predicts major housing market changes are coming soon
Homebuyers have faced an unpredictable housing market over the past few years. Rising home prices and stubborn mortgage rates have prompted many Americans to delay their plans for homeownership as they wait for housing conditions to improve. Broad economic uncertainty and the ongoing housing market gridlock have dampened buyer confidence, leaving the outlook for 2025 up in the air. Although housing inventory is finally increasing, weak demand could suppress housing sales. Don't miss the move: SIGN UP for TheStreet's FREE daily newsletter Sticky mortgage rates have shattered expectations for a strong housing rebound this year, but the overall market outlook is on the upswing from increased inventory and price deceleration. Though the second half of the year remains uncertain, many experts believe housing conditions will improve, potentially bringing an end to years of stagnation. Bank of America anticipates a few crucial shifts to watch this year. Image source: Acker/Bloomberg via Getty Images Following years of stagnation in the housing market, 2025 was anticipated to bring notable improvements. However, persistent inflation, trade tensions, recession concerns, and financial instability have kept mortgage rates elevated, constraining home sales. Housing affordability is one of the biggest barriers to homeownership, and elevated mortgage rates and inflated home prices have made saving for a down payment and finding a home within budget more difficult. Bank of America recently released its 2025 Homebuyer Insights Report, and it found that buyers are softening on the housing market outlook, but still holding out for better conditions. More than half of prospective homebuyers believe the housing market is in a better position than it was a year ago. And while 75% of buyers expect mortgage rates and housing prices to improve in the next year, they are also holding off on purchasing a home until then. More on homebuying: The White House will take surprising approach to curb mortgage ratesHousing expert reveals surprising ways to reduce your mortgage rateDave Ramsey predicts major mortgage rate changes are coming soonWarren Buffett's Berkshire Hathaway sounds the alarm on the 2025 housing market Younger generations in particularly would be encouraged to buy a home if mortgage rates fell below 6%. Head of Consumer Lending Matt Vernon notes that despite a challenging market, most buyers are planning to purchase a home in the future. "The uncertainty among homebuyers is real, but so is their resilience," he said. "Buyers are navigating a complex environment with rising costs, fluctuating rates, and mixed signals, but many are still planning ahead." First-time homeowners - predominantly Gen Z and Millennials - have struggled to buy a home amid rising prices and heightened competition. The average first-time homeowner age skyrocketed to 38 in 2024 as younger buyers were increasingly priced out of the housing market. In order to afford a home, younger buyers have been encouraged to lower their expectations and make concessions on their homeownership plans. Related: Fannie Mae predicts major mortgage rate changes are coming soon Over 90% of Gen Z and Millennial buyers noted that they purchased a home outside of their ideal neighborhood, and 30% of Gen Z buyers had to get a second job to help save for their down payment. "Even with the challenges they face, younger generations still understand the long-term value owning a home offers them, and many are doing what it takes to get there," Vernon continued. "They are finding creative ways to afford down payments and working hard to improve their financial futures." Though the housing market has been difficult for younger homebuyers to navigate, many remain hopeful that the market will turn around soon - and are finding innovative ways to tackle homeownership in the meantime. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
14 hours ago
- Yahoo
Ramsey Caller Inherited A Million Dollars And Kept It A Secret. Asks If He'd 'Be A Jerk' Not To Pay Off His Fiancée's Parents' Debt In China
A 26-year-old law student called into 'The Ramsey Show' with what started as a financial question and quickly became a conversation about honesty, trust and marriage readiness. The caller, Nathaniel, explained that he inherited about $1 million a few years ago. The money is held in a trust account that he controls, and it's managed by a financial adviser using a low-risk, principal-protection strategy. 'I treat it like a sacred gift from God,' he said. 'I feel like I have a responsibility to be a really excellent steward of it.' Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest where it hurts — and help millions heal:. He said he's getting married soon. His fiancée, a pianist, has no assets or liabilities and plans to be a stay-at-home mom. They've been together nearly four years. But she doesn't know about the inheritance—and neither do her parents, who are at the center of Nathaniel's dilemma. Her parents, retired and living in China, mortgaged their fully paid-off apartment to invest in a risky venture that failed. They are now roughly $25,000 in debt. Nathaniel said they haven't asked him for help, but he's been wondering if it would be wrong not to help them. 'Would I be a jerk not to?' he asked. 'Part of me doesn't really feel like using my money, soon to be our money, to help people who, in retirement, mortgaged their only safe asset for leverage in a single risky investment.' Trending: Dave Ramsey and co-host Jade Warshaw were transparent: the financial question comes second. 'You don't go another day promising to marry somebody and you're keeping secrets from them,' Ramsey said. 'Unhealthy, dude.' He urged Nathaniel to have a serious, honest conversation with his fiancée immediately. 'If you can't trust them, you don't need to be able to marry them,' Ramsey said. 'If you have to deceive someone because you're worried about their authenticity, we don't marry them.' Warshaw added that the issue reflects more on Nathaniel than his future in-laws. 'Honestly, that's more on his authenticity than hers,' she said. 'Nathaniel, you're more of the problem here than they are.'Ramsey acknowledged that $25,000 is a small amount relative to Nathaniel's wealth and paying it off would have 'absolutely no impact on your life.' But he warned against enabling repeated financial mistakes. 'You don't want to do that if they're going to turn around and do the same kind of stupid stuff again,' he said. 'I want to get under the hood and find out what's broken. Is this like a pattern? Have we learned our lesson?' In the end, Ramsey said the in-laws' debt is a secondary issue that the couple should discuss after Nathaniel fully discloses his financial situation. 'Nine out of 10, Nathaniel needs to come clean. One out of 10, pay off the 25K or don't,' Ramsey said. Read Next: Here's what Americans think you need to be considered 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Ramsey Caller Inherited A Million Dollars And Kept It A Secret. Asks If He'd 'Be A Jerk' Not To Pay Off His Fiancée's Parents' Debt In China originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
