A MAN was scammed out of his and his wife’s entire $270,000 retirement fund, and has gone begging to financial experts for guidance.
After paying off the massive debt the couple has been left with nothing following his investment into a crypto scheme.
A man was scammed out of his and his wife’s entire $270,000 retirement fund, and has gone begging to financial experts for guidance[/caption]
After paying off the massive debt the couple has been left with nothing following his investment into a crypto scheme[/caption]
Anna, 58, from Austin Texas, called into the Ramsey Show last month to ask for help following her and her husband’s financial disaster.
She is currently unable to work since being diagnosed with cancer, and her husband makes roughly $98,000 per year.
Anna is hoping for an improvement in her health so she can go back to work and contribute to the household income.
The couple went from having no debt to losing $270,000 in savings after the husband, 57, invested in a crypto scam.
Anna revealed that her husband seemingly made around $300,000 to $400,000 on an app from a $30,000 investment.
The husband got the cash from the 401(k), but when tax time rolled around the truth came to light.
Anna found out that he had since lost $270,000, and that her husband had sent the money to an address located in the “slums” of Hong Kong, China.
The hosts were quick to point out how “stupid” this investment was, and the added fact that he lied about it.
Anna was told that the pair need to make financial transactions together going forward so this doesn’t happen again.
She was advised to max out her 401(k) and with another decade of work, a retirement fund can be built back up.
This is relying on the fact that nothing like this happens again.
The fact that Anna and her husband do not have any outstanding payments should help them get back on their feet.
Dave urged his listeners that it is often those who are scared or greedy that fall for crypto scams like these.
He said: “It’s almost impossible to con someone unless they are afraid or greedy.”
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.
SHOCKED REACTIONS
In the comments of the YouTube video, many shared their sympathies with Anna’s situation.
A number of the comments shared their views on what had happened.
One person said: “This woman is much sweeter than I would be.”
While someone else weighed in: “So this guy secretly pulled out his entire 401K when he’s a few years from retirement to invest in risky crypto and didn’t tell his cancer stricken wife, who is one who does the finances, is probably relationship ending to me.”
And a third scorned the husband’s decison making: “He absolutely WAS NOT scammed.
“He made a poor financial decision and it it bit him in the butt.”
Anna, 58, from Austin Texas, called into the Ramsey Show last month to ask for help following her and her husband’s financial disaster[/caption]
