I Knew I Shouldn't Have Done This But I Did It Anyway

Summary

Podcast Title: The Ramsey Show Highlights

Episode: I Knew I Shouldn't Have Done This But I Did It Anyway
Release Date: July 9, 2025
Host: Ramsey Network

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Introduction

In the episode titled "I Knew I Shouldn't Have Done This But I Did It Anyway," hosted by Dave Ramsey of the Ramsey Network, listeners delve into the financial tribulations of Lisa, a 55-year-old server who found herself significantly impacted by a failed investment decision intertwined with a personal relationship. The episode offers practical advice on financial recovery and investment strategies, highlighting the emotional and financial repercussions of risky investments like cryptocurrency.

Caller’s Story: Lisa’s Financial Turmoil

The Betrayal and Loss

At 00:06, Lisa shares her heartbreaking experience:
“I am a divorced now single woman. Was in a relationship with a man for seven years. He needed to borrow money... $200,000 later, he lost all the money. He was doing some crypto something. Lost all the money. He has since ended the relationship.”
Lisa confesses that she invested $200,000 into her partner’s crypto ventures, which not only led to a significant financial loss but also ended her long-term relationship. Despite the collapse, she remains hopeful about recovering her investment:
“I gave the money with my heart, so I can say I'm leaving it in God's hands if I get the money back.”
Her partner is making monthly payments, but Lisa indicates that these payments are merely covering the interest, leaving her with approximately $95,000.

Current Financial Status

At 02:45, Lisa elaborates on her current financial standing:
“I have between $56 and $60,000 a year. I'm a server in a high-end restaurant... I own my own car. I have zero debt.”
Despite lacking a stable income and experiencing fluctuating earnings, Lisa takes pride in her disciplined financial habits, such as owning her car outright and maintaining a debt-free status. Her $95,000 is divided between a high-yield savings account and a single stock from her ex-husband’s company.

Challenges with Savings and Investments

Lisa highlights challenges with her current savings strategy:
“Right now I have 90,000 in a high yield savings account, which I was making about $600 a month in interest... now I'm down to like $130 a month in interest, which is hideous.”
Additionally, her remaining $14,000 in stock remains stagnant:
“I don't even look at it. And it grows a little bit and does what it does and I'm just leaving it there.”
This showcases the inadequacy of her current saving and investment methods in generating sufficient returns to secure her financial future.

Dave Ramsey’s Financial Guidance

Initial Assessment and Encouragement

At 01:36, Dave Ramsey responds empathetically:
“The good news is he's in the rear view mirror. The bad news is we're $200,000 poorer.”
He reassures Lisa that with disciplined budgeting and investing, her remaining funds can be managed effectively:
“If you get on a budget, you stay out of debt, you invest in your 401k and plan on working for the next 10, 12 years.”
However, he quickly clarifies the limitations of her current $95,000:
“Now, but the 95 is not going to make you okay. Lisa, your work...”

Strategic Financial Planning

Dave Ramsey emphasizes the importance of strategic investment to rebuild her wealth:
“I want you to go to ramseysolutions.com and click on SmartVestor Pro and find one in your area that can sit down with you and design your investment plan.”
He outlines a clear investment strategy:

• Allocate three to six months of expenses ($15,000) to a high-yield savings account for emergencies.
• Invest the remaining amount in growth stock mutual funds and Roth IRAs.
• Consider contributing to a 401k, even without company match, aiming to invest 15% of her annual income.

Dave underscores the need for Lisa to systematically rebuild her wealth over the next decade through consistent investing:
“If you start investing that, you're going to be investing 10, 12,000 a year in good mutual funds in a retirement account. In 10 years, you're going to have some money.”
He further advises seeking personalized guidance from SmartVestor Pros, whom he describes as having “the heart of a teacher” to ensure Lisa understands her financial decisions.

Addressing Emotional and Financial Risks

Dave cautions Lisa against emotional financial decisions, particularly in relationships:
“The next time someone comes along and pulls at your heart, tell them to take a walk when it comes to your wallet.”
He stresses the importance of protecting one's finances from being exploited in personal relationships, highlighting the risks associated with high-stakes investments like cryptocurrency.

Discussion and Insights

The Risks of High-Stakes Investments

John, a co-host or commentator, interjects at 06:14 to discuss the nature of high-risk investments such as cryptocurrency:
“It's the quick cash. It's the, it's the Vegas of today. It's like, hey, here's the smart investing. Here's the shortcut.”
He emphasizes the unpredictable and often devastating nature of such investments:
“It's the Vegas of today. It's like, hey, here's the smart investing. Here's the shortcut.”
Dave concurs, noting the extreme risk involved:
“It's definitely more risky than Vegas. This is like a sure thing. You're gonna lose it.”
This exchange highlights the broader implications of risky investments on personal finances and the importance of diversification.

The Importance of Diversification and Proper Investment Vehicles

John points out the pitfalls of Lisa's single-stock investment strategy:
“But explaining and understanding that that puts you at a level of risk, because if that company, for some reason, has a downturn, then that 14,000 is going down.”
He advocates for diversification and utilizing mutual funds to mitigate risks and enhance returns:
“From a diversification standpoint, but also from the interest rate, you can earn more from diversifying and putting these in mutual funds.”
Dave reinforces this by encouraging Lisa to work with a SmartVestor Pro to navigate the complexities of mutual fund investments and Roth IRAs, ensuring a more secure and diversified portfolio.

Emotional Resilience and Financial Discipline

The discussion also touches upon the emotional aspects of financial decisions and the necessity of resilience:
“Guard your heart, kiddo. You don't get a second one of these.”
Dave underscores the importance of not repeating past financial mistakes and maintaining disciplined investment strategies to prevent emotional biases from undermining financial stability.

Conclusion

In "I Knew I Shouldn't Have Done This But I Did It Anyway," Dave Ramsey provides a comprehensive roadmap for Lisa to recover from significant financial setbacks caused by high-risk investments and personal relationship dynamics. The episode underscores the critical importance of budgeting, debt elimination, strategic investing, and emotional resilience in rebuilding and securing one’s financial future. By leveraging resources like SmartVestor Pros and adhering to disciplined investment strategies, listeners are guided towards achieving financial stability and avoiding the pitfalls of risky investments.

Notable Quotes:

• Lisa at 00:06:
  “I thought we were going for the long haul. $200,000 later, he lost all the money.”

• Dave Ramsey at 02:03:
  “Absolutely you're going to be okay right.”

• Dave Ramsey at 04:18:
  “Your investment plan needs to sound like this. Of the 90,000, three to six months of expenses, which is $15,000 for you, needs to go in a high yield savings.”

• John at 06:14:
  “It's the Vegas of today. It's like, hey, here's the smart investing. Here's the shortcut.”

• Dave Ramsey at 07:12:
  “It's definitely more risky than Vegas. This is like a sure thing. You're gonna lose it.”

This episode serves as a poignant reminder of the delicate balance between personal relationships and financial decisions, advocating for informed, strategic approaches to investment and wealth management.

Transcript

[Dave Ramsey]

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[Lisa]

I am a divorced now single woman. Was in a relationship with a man for seven years. He needed to borrow money. I know how you feel about that, but I did it anyway because I thought we were going for the long haul. $200,000 later, he lost all the money. He was doing some crypto something. Lost all the money. He has since ended the relationship. So now I am out $200,000, which was basically the majority of what I had. I gave the money with my heart, so I can say I'm leaving it in God's hands if I get the money back. He is making monthly payments, but he's basically just paying me back the interest at this point. But with the money that I do have left to my name. I'm 55 years old and I approximately have $95,000 left to my name. I would like to know how can I make that money work better for me so that I'm not working forever and ever and ever, which I may have to be, but I want to make sure that I'm doing the right thing with what I have left.

[Dave Ramsey]

Wow, that's a sad story of how we got here.

[Lisa]

It is, it is. And I really thought that I was going to be going the long haul. But I still love him. I'm still in contact with him. Obviously he has his own financial problems.

[Dave Ramsey]

Yeah, I think.

[Lisa]

Yeah.

[Dave Ramsey]

Okay.

[Lisa]

And I.

[Dave Ramsey]

You kind of got that part figured out, I hope. Yeah. All right. The good news is he's in the rear view mirror. The bad news is we're $200,000 poorer. The other news is this. Let's just play pretend that none of that happened and you were sitting here and you just called me and said, I'm 55. I got 95,000. Am I going to be okay? Answer is yeah. If you get on a budget, you stay out of debt, you invest in your 401k and plan on working for the next 10, 12 years.

[Lisa]

Absolutely you're going to be okay right.

[Dave Ramsey]

Now, but the 95 is not going to make you okay. Lisa, your work.

[Lisa]

Yeah.

[Dave Ramsey]

What do you earn?

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[Lisa]

I between 56 and $60,000 a year. I'm a server in a high end restaurant. So some days it's great and some days it's bad. It's not a, you know, consistent paycheck. But I do love my job.

[Dave Ramsey]

Do they have, do they have 401k available to this?

[Lisa]

They do, but they don't recommend doing it through our company because they don't match. So I don't. I save my own money. I'm not a spender. I'm very, very reasonable with myself. I own my own car. I have zero debt.

[Dave Ramsey]

Good. Okay. So really what you've got to do is you've got to fund a Roth IRA and you need to be saving. Are you out of debt completely?

[Lisa]

No debt, zero debt.

[Dave Ramsey]

Okay, good. Do you have an emergency fund of any kind? Three to six months of expenses?

[Lisa]

Well, that's my, you know, hundred thousand dollars that I have.

[Dave Ramsey]

Okay, that's, that's not an emergency fund.

[John]

Where, where is that money, Lisa? Right now? That 95.

[Lisa]

Right now I have 90,000 in a high yield savings account, which I was making about $600 a month in interest with all the money that I had, but now I'm down to like 130amonth in interest, which is hideous. And then $14,000 I have in a stock from my ex husband's work that I just leave. I don't even look at it. And it grows a little bit and does what it does and I'm just leaving it there.

[Dave Ramsey]

Okay, here's what I want you to.

[Lisa]

And I keep.

[Dave Ramsey]

Here's what I want you to do.

[Lisa]

Yeah, go ahead.

[Dave Ramsey]

I want you to go to ramseysolutions.com and click on SmartVestor Pro and find one in your area that can sit down with you and design your investment plan. Your investment plan needs to sound like this. Of the 90,000, three to six months of expenses, which is $15,000 for you, needs to go in a high yield savings. The rest of this, including cashing out that stupid stock, needs to go in good growth stock mutual funds and some of it needs to go into a Roth IRA in growth stock mutual funds. Okay. And you need to do a Roth IRA every year and you probably need to be doing some in this 401k even though they don't match. Because I need you to investing 15% of your 65 or $70,000 a year. And the Roth IRA won't quite get you there.

[Lisa]

Okay.

[Dave Ramsey]

If you start investing that, you're going to be investing 10, $12,000 a year in good mutual funds in a retirement account. In 10 years, you're going to have some money.

[Lisa]

Okay, so who am I calling?

[Dave Ramsey]

Smartvestor pros. There's a list of [e-mail] and it's the people we recommend in the investment world. You can them, they'll sit down with you and have the heart of a teacher. I want you to understand what you're doing. That's why we require them to have the heart of a teacher. But basically, we're going to put all this money in good mutual funds, most of it in Roth IRAs, where we can, and maybe some in a 401k. And you're going to systematically start rebuilding your wealth by steadily investing over the next 10 to 12 years.

[Lisa]

Okay.

[Dave Ramsey]

And you'll. You'll end up further along than you were before you met crypto. Bro, who screwed you over. Wow. And don't do that again, by the way.

[John]

I think she learned her lesson.

[Dave Ramsey]

I hope so.

[John]

I don't think she.

[Dave Ramsey]

I hope so. The next time someone comes along and pulls at your heart, tell them to take a walk when it comes to your wallet.

[John]

I know. And that's where people get in trouble, though, because, I mean, she said it and it's true. It's like you're in a relationship for years and years and years and years and you never get married and it's as much liability. No, I think she had an ex husband. I think this was a guy she was dating. That's how I understood it.

[Dave Ramsey]

You might be right.

[John]

I think that's what. I don't think they were ever married.

[Dave Ramsey]

Oh, that's even worse.

[John]

Yeah. Because that. I thought we were going the long haul. I think I could be. I could either way. Lisa. Yeah.

[Dave Ramsey]

Dated you so he could fund his.

[John]

Crypto, not because of. I don't believe that. Lisa. No. I think he dated you because he loved you.

[Dave Ramsey]

Yeah.

[John]

And then she had money that he could use and he. And he believed the crypto thing.

[Lisa]

That's.

[John]

The thing is they just. It's the quick cash. It's the, it's the Vegas of today. It's like, hey, here's the smart investing. Here's the shortcut.

[Dave Ramsey]

If only it was only as risky as Vegas. That would be nice.

[John]

More risky.

[Dave Ramsey]

Definitely. Definitely more risky than Vegas. This is like a sure thing. You're gonna lose it.

[John]

I know.

[Dave Ramsey]

Yeah. It's just. I mean.

[John]

Yeah. And Lisa and the single stock, because she was like, I just want to leave that. So. I know, but. But explaining and understanding that that puts you at a level of risk, because if that company, for some reason, has a downturn, then that 14,000 is going down, and you can earn so much more from a. From a diversification standpoint, but also from the interest rate, you can earn more diversifying and putting these in. Putting that money in mutual funds. Lisa. So when. When we were talking about the single stock, and that's what the SmartVestor Pro is gonna be able to help you to guide.

[Dave Ramsey]

They can guide you through that, through all of it, teach you all of that. And so, you know, we've just got to get the majority of that 90,000, 95,000 to work for you. It's not working. $130, like you said, is horrendous, and you said that properly. But guard your heart, kiddo. You don't get a second one of these. You've already. You've. You've done your one. You don't get another one.

[John]

Would you have him still pay her? She said he's kind of just still paying me.

[Dave Ramsey]

I would love him for her to pay her, but my expectation of this is close to zero. I mean, crypto bro's gonna pay his debt. Come on. Really? I doubt it. But if he does, we'll just count it as gravy on the biscuit.

[John]

There you go.

[Dave Ramsey]

This is the Ramsey Show. Create your free every dollar budget today. The simplest way to budget for your life.