A HUSBAND took out a loan for $200,000 behind her back and then lost it in an instant to a crypto scam.
The couple were free of debt, but thanks to a trick that cost them this in an instant, they might have to file Chapter 13 bankruptcy.
His wife called in to The Ramsey Show to ask the experts for advice on an unwise investment from her husband.
In 2024, the pair had paid off $80,000 that was mortgaged against their house, but this all went downhill.
The husband began to dabble in cryptocurrency, something that is considered highly volatile and risky to put money into.
Without telling her, he took out a $193,000 loan and put it into things like Trump Coin.
The caller recounted how she was in complete “panic” after her husband told her about the move.
It was revealed that the husband invested in a company called Piomex.
To make matters worse, he had also taken out a $50,000 loan through his mom to increase his investment.
The situation was so bad that Dave Ramsey jokingly asked the caller, “So, where did you bury him?”
The couple earn about $10,000 a month through income and owes $400,000 on their residence, worth roughly $700,000.
The caller is not currently working; it is important to note that all the income is coming in through the husband.
The husband tried to claim that it was God who took the money, but Dave was quick to remind say that this is not the case.
It was also said that the husband believed the money loss to be a punishment for going behind his wife’s back.
As far as advice goes, Dave assured her that if the couple had already paid off $80,000 in 18 months, this is doable.
STUNNED REACTIONS
In the comments of the video posted to YouTube, many expressed shock at the situation the caller finds herself in.
5 risks of crypto investments
BELOW we round up five risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
One person wrote: “Real! I know a guy borrowed over 350k from many credit cards and lost it all in crypto.
“He thought he would make a billion. Delusional.”
Someone else chimed in, finding the same thing to be true: “This is such a heartbreaking story, and unfortunately, it’s way more common than people realize.
“The lure of overnight wealth in crypto often blinds people to the risks.
“Taking out a loan that large to invest in anything, especially something as volatile as crypto, without guidance or a solid risk management plan, is extremely dangerous.”
But a third person had far less sympathy for the husband.
They wrote in the comments: “I do not feel sorry for him at all.
“Play stupid games, win stupid prizes.”
