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.”
They Thought They Were Financially Secure
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 — Invest before it’s too late.
-
‘Scrolling To UBI’ — Deloitte’s #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share with a $1000 minimum.
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 — this is your last chance to become an investor for $0.80 per share.
Ramsey Calls Out the Deception
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: Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation.
-
Invest where it hurts — and help millions heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold.
Image: Shutterstock
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
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.
