Episode Summary: "My Dad Keeps Falling For Scams, What Can I Do?"

Podcast Information:

• Title: The Ramsey Show Highlights
• Host/Author: Ramsey Network
• Description: The Ramsey Show Highlights delivers a quick, daily dose of life and money advice in under ten minutes. Featuring experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel, and Jade Warshaw, this show is part of the Ramsey Network and is available seven days a week.
• Episode: My Dad Keeps Falling For Scams, What Can I Do?
• Release Date: June 28, 2025

1. Caller’s Situation

Sarah reaches out to the show seeking guidance on how to assist her father, who has fallen prey to multiple scams over the past five years. Sarah describes her father as a widowed, self-employed individual who was recently "pushed into retirement" due to the physical demands of his niche business becoming too strenuous at age 65.

“He hadn’t saved up a lot for retirement because growing up my mom was very sick with a very rare cancer. So a lot of the stuff that they were putting aside for their retirement ended up going toward her medical bills.”
— Sarah [00:46]

Sarah explains that her father's limited retirement savings were depleted by two major scams, which were essentially his last remaining nest egg. This financial strain has led him to seek alternative income sources, albeit unsuccessfully.

2. Discussion of Scams

Sarah elaborates on the nature of the scams her father encountered:

• Romance Scam: The first incident involved a romance scam, which Dave Ramsey immediately recognizes as a plausible concern.

  “That was my fear.”
  — Dave Ramsey [01:19]

• Cryptocurrency and Online Selling Scam: The second scam pertained to cryptocurrency investments and misguided ventures into selling products on Amazon. Sarah acknowledges her father’s intentions were to secure his financial independence and avoid being a burden to his children, though the methods were flawed.

  “He is trying to take care of himself and he doesn't want to be a burden to my siblings and I. You know, he's made that really clear and I think the effort was noble, although misguided.”
  — Sarah [01:21]

George Kamel adds depth to the discussion by highlighting the misexecution of her father's good intentions.

“The intention was good, but the execution was terrible.”
— George Kamel [01:51]

Sarah also shares personal observations of her father's uncharacteristic financial behaviors, such as purchasing Powerball tickets and struggling to afford a trip to visit his mother, which are unaligned with his usual financial prudence.

“This man has never gambled a day in his life. And recently I saw two Powerball tickets sitting on the table at his house... And now he's telling me like, he can't afford a two-hour trip... for Mother's Day.”
— Sarah [01:58]

3. Financial Assessment

Sarah provides a glimpse into her father's financial state, mentioning that the first scam resulted in a loss of approximately $80,000 to $90,000. To cover this, he took out a home equity line of credit (HELOC). However, details about the losses from the cryptocurrency scam remain unclear, as her father has been vague with her and her siblings.

“I do know that the first scam was to the tune of 80 or 90,000. And he's only really... He took a home equity line of credit out on his home to be able to pay that off.”
— Sarah [02:28]

4. Potential Solutions and Family Dynamics

Sarah discusses the potential of selling her father's house, which currently serves as her family's residence. The house, originally intended for flipping, has been repurposed due to the COVID-19 pandemic disrupting their housing situation. Selling the property could significantly reduce the HELOC, but uncertainties about additional debts remain.

“The sale of this house would knock out a good majority of the HELOC. But that doesn't take care of the unknown dollar amount of the rest of the debt that he's got going on for sure.”
— Sarah [04:09]

However, Sarah and her husband are hesitant to proceed with purchasing the house due to its poor condition and the less-than-ideal neighborhood, raising questions about the feasibility and wisdom of this solution for their future.

5. Advice from Dave Ramsey and George Kamel

Dave Ramsey and George Kamel provide comprehensive advice tailored to Sarah's predicament:

• Separation of Finances: Ramsey emphasizes the importance of keeping Sarah’s and her father’s financial situations separate to prevent entanglement. He suggests that unless her father is willing to take proactive measures, such as freezing his credit and eliminating access to vulnerable financial accounts, assisting him becomes exceedingly difficult.

  “Unless he's willing and open, it's going to be hard to help him. It's like trying to help a brick wall. You're not going to get very far.”
  — Dave Ramsey [07:47]

  “If he's willing to freeze his credit, cut up the cards, remove all these accounts, just remove anything in the path that could cause him to cause further damage would be what I would do for my own dad.”
  — Dave Ramsey [07:47]

• Emotional Support and Communication: Ramsey underscores the necessity of approaching the conversation without judgment, offering support rather than criticism to encourage her father to open up about his struggles.

  “If you can get him to open up and say, listen, dad, I'm not here to judge shame. We just want to help in any way we can right now.”
  — Dave Ramsey [08:29]

• Flexible Solutions: George advises Sarah to maintain her focus on her own financial goals, such as paying off debt by December, while also being prepared for potential changes in her family's financial dynamics due to her father's situation.

  “I kind of want to separate your dad's situation and you and your husband's. ... You have to make decisions based on that.”
  — George Kamel [06:01]

  George also suggests keeping open options regarding the house sale, while recognizing the emotional difficulty of managing her father's unasked-for needs.

6. Moving Forward

The conversation concludes with an acknowledgment of the emotional toll this situation takes on Sarah and her family. Both Ramsey and Kamel empathize with her distress over witnessing her father's financial missteps, emphasizing the importance of setting boundaries to protect her own financial stability while remaining emotionally supportive.

Notable Quotes with Timestamps

• Sarah [00:46]: “He hadn’t saved up a lot for retirement because growing up my mom was very sick with a very rare cancer. So a lot of the stuff that they were putting aside for their retirement ended up going toward her medical bills.”

• Dave Ramsey [01:19]: “That was my fear.”

• Sarah [01:21]: “He is trying to take care of himself and he doesn't want to be a burden to my siblings and I... the effort was noble, although misguided.”

• George Kamel [01:51]: “The intention was good, but the execution was terrible.”

• Dave Ramsey [07:47]: “Unless he's willing and open, it's going to be hard to help him. It's like trying to help a brick wall. You're not going to get very far.”

• Dave Ramsey [08:29]: “If you can get him to open up and say, listen, dad, I'm not here to judge shame. We just want to help in any way we can right now.”

Conclusion: In this episode of The Ramsey Show Highlights, Sarah's heartfelt plea for assistance in helping her father navigate and recover from repeated financial scams is met with empathetic and practical advice from Dave Ramsey and George Kamel. The discussion underscores the challenges of supporting a loved one facing financial exploitation while maintaining one's own financial health and boundaries. Listeners are encouraged to approach similar situations with a blend of emotional support and strategic financial planning, ensuring both personal and familial well-being.