Took Out a $200,000 Loan And Lost It All In A Crypto Scam

Summary

The Ramsey Show Highlights: "Took Out a $200,000 Loan And Lost It All In A Crypto Scam"

Release Date: July 13, 2025

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Introduction

In this episode of The Ramsey Show Highlights, hosted by the Ramsey Network, listeners are presented with a compelling and cautionary tale of financial missteps involving significant investment in cryptocurrency. The episode delves into the repercussions of taking substantial loans for speculative ventures and underscores the importance of financial transparency and responsible money management within a family setting.

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Caller’s Financial Turmoil

Background and Initial Success

The episode begins with a call from a distressed listener who shares her tumultuous financial journey. Starting from 2022, she and her husband embarked on a debt-free plan under Dave Ramsey's guidance. By May 2024, they had impressively paid off $80,000 in debt and fully owned their $700,000 home. This period marked a significant achievement and offered them a sense of financial stability.

Husband’s Unrealistic Investments

However, the couple's financial harmony was disrupted when the husband's interest in cryptocurrency investments took a disastrous turn. The caller reveals, "He, you know, made a big move behind my back. He took a big loan of $200,000 and invested that money in crypto, XRP, Trump coins and all this stuff" (01:24). This unauthorized and high-stakes investment led to severe financial losses when the cryptocurrency company, Pionex, turned out to be a scam. Consequently, the husband lost the entire $200,000 investment along with an additional $50,000 intended for his mother, totaling a staggering $250,000 in losses.

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Consequences of the Scam

Financial Fallout

The caller explains the dire financial situation following the scam: "He lost everything. And we don't even own the $200,000 that he lost" (02:37). The couple now faces the daunting task of repaying a combined debt of $200,000, which they previously managed effectively. With a household income of approximately $10,000 per month and their home valued at $700,000 with a remaining mortgage of $400,000, the financial strain has intensified.

Impact on Housing and Loans

When queried about the nature of the loans, the caller mentions, "He just loaned it like 23 here, 23 there, 147 there, different location, and he ended up with like 193, wasn't, you know, close to 200" (05:15). These were primarily credit cards and personal loans with high-interest rates, exacerbating their financial predicament due to the mounting monthly payments of around $5,000.

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Dave Ramsey’s Analysis and Guidance

Identifying Root Causes

Dave Ramsey swiftly identifies the core issues, labeling the husband's actions as deceitful and financially irresponsible. He bluntly remarks, "The only thing stupid you did is marry him" (04:05), highlighting the severity of trust violations within the marriage. Ramsey condemns the husband's decision to take such significant financial risks independently, emphasizing the lack of communication and planning.

Debt Repayment Strategy

Addressing the immediate financial crisis, Ramsey advises against filing for bankruptcy. Instead, he emphasizes a structured repayment plan: "You need to be paying $6,000 a month. That's how you're going to get out of this" (06:27). He underscores the couple's capability to overcome their debt woes, reminding them of their previous success in eliminating $80,000 in debt within 18 months.

Ownership and Accountability

Ramsey stresses the importance of taking full responsibility for the financial downfall: "He took the money away because he was stupid. He needs to own that or he's going to do it again" (04:23). He criticizes the tendency to blame external factors, including divine intervention, advising the caller to focus on pragmatic solutions rather than deflecting blame.

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Emotional and Relational Impact

Resentment and Trust Issues

The financial blow has not only strained their finances but also their relationship. Ramsey points out the growing resentment and suggests that without addressing these emotional wounds, the couple may face deeper relational issues: "Every payment, you're going to have to work on how you feel towards your husband and what that means for you guys" (07:20).

Need for Counseling

Both Ramsey and the co-host emphasize the necessity of seeking therapy to navigate the emotional aftermath and rebuild trust. The caller acknowledges the manipulation involved when her husband falsely attributed the loss to divine punishment, stating, "He told me he was like a punishment for going behind my back" (04:41). This behavior has further damaged their trust, making professional counseling a vital step towards healing.

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Conclusion and Final Advice

Strategic Financial Moves

Ramsey advises the caller to leverage their home's equity if necessary but cautions against taking on additional secured debt. He maintains that with their current income and disciplined budgeting, the couple can systematically eliminate their debts without resorting to bankruptcy.

Long-Term Financial Health

The episode serves as a stark reminder of the dangers associated with high-risk investments and the paramount importance of financial transparency within a household. Ramsey reiterates the principles of his financial philosophy, encouraging listeners to avoid impulsive financial decisions and to maintain open communication channels to prevent similar crises.

Key Takeaways

• Take Responsibility: Acknowledge and own financial mistakes to prevent recurrence.
• Structured Repayment: Implement a disciplined debt repayment plan, potentially increasing monthly payments to expedite debt elimination.
• Seek Professional Help: Address emotional and relational strains through therapy to ensure holistic recovery.
• Avoid High-Risk Investments: Exercise caution with significant financial decisions, especially those involving loans and high-risk investment vehicles like cryptocurrency.

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Notable Quotes

• "The only thing stupid you did is marry him." — Dave Ramsey (04:05)
• "He needs to be paying $6,000 a month. That's how you're going to get out of this." — Dave Ramsey (06:27)
• "If you blame it on God, then what are you going to blame it on next time? The devil." — Dave Ramsey (04:23)
• "Every payment, you're going to have to work on how you feel towards your husband and what that means for you guys." — Co-host (07:20)

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Final Thoughts

This episode of The Ramsey Show Highlights underscores the critical importance of financial stewardship, communication, and accountability in maintaining both financial health and personal relationships. By sharing real-life scenarios, Dave Ramsey provides actionable insights and compassionate guidance to help listeners navigate their financial challenges effectively.

Transcript

[Dave Ramsey]

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[Caller]

So I have a question. I am in a very complicated position right now, thinking about filing Chapter 13 bankruptcy or take a second loan towards my house. It's a long story, but I'm going to try to make it short. And I apologize if I say anything in English incorrect. It's my second language. So. I'm married, have kids. We had the whole debt situation. I found you in 2022. We got into doing the plan together.

[Dave Ramsey]

We.

[Caller]

By May of 2024, we debt free, paid off like 80k, just owned the house. It was wonderful. So my husband started talking to friends about cryptocurrency and he started investing. Start small, start making money. He. He, you know, made a big move behind my back. You know, he took a big loan of $200,000.

[Co-host]

Oh my gosh.

[Caller]

And he invested that money in crypto, xrp, Trump coins and all this stuff. I. He told me after he did it, I panic. I was, I was in totally panic when he told me that. And that was March of this year. And I thought things couldn't get worse. And he did. He got a phone call. He was expecting a phone call from the company. He was making the whole Bitcoin thing. The name of the company was Pionix. P I O N E X. Pionex. He was doing crypto with this company and he had over $200,000. He also had $50,000 for his mom that he was investing. So it 25. 250,000 total.

[Co-host]

How did he find Pionex? How did he find them online?

[Dave Ramsey]

His friends.

[Caller]

He talked to his friend. I don't know for sure if it was online. He was. He's a.

[Dave Ramsey]

So you got. He got scammed. Is that what you're getting? Right.

[Caller]

Yeah.

[Dave Ramsey]

He lost his. He lost his mother's $50,000.

[Caller]

He lost everything. And we don't even own the 200 that he lost.

[Dave Ramsey]

Wow.

[Caller]

Yeah. And we can't pay those $200,000.

[Dave Ramsey]

So where did you bury him?

[Caller]

I'm still digging my backyard.

[Dave Ramsey]

In his mother's backyard, probably. Oh, my God. So what is your household income?

[Caller]

About 10k a month.

[Dave Ramsey]

Okay. And what do you owe on your personal residence?

[Caller]

400,000.

[Dave Ramsey]

And what is it worth?

[Caller]

700.

[Dave Ramsey]

Yeah. Okay. And what does your husband make a year?

[Caller]

He brings home about 10,000amonth.

[Dave Ramsey]

And has he owned this? That he was unbelievably deceitful, lying behind your back.

[Caller]

Yeah, that was big.

[Dave Ramsey]

Lying and never going to do it again because he's stupid.

[Caller]

Yeah, we thought about that. He called me stupid, say that he didn't understand.

[Dave Ramsey]

The only thing stupid you did is marry him.

[Caller]

Wow. He told me he was going to be millionaire and he's going to make our family millionaire. And that I didn't have to worry about.

[Dave Ramsey]

Instead you're calling somebody about filing bankruptcy. So has he owned this so that it doesn't happen again?

[Caller]

He did. Dave. The only reason why I didn't walk away yet is because he told me, crying, he begged me to stay, and he told me that God took this money away.

[Dave Ramsey]

No, God did not do this. You don't blame God. Don't blame God when you're stupid.

[Caller]

I know, I know, but just the way he's thinking, like, God, take the money away.

[Dave Ramsey]

No, that's not a good way of thinking. He needs to own it. I'll tell you what. Took the money away. He took the money away because he was stupid. He needs to own that or he's going to do it again. If you blame it on God, then what are you going to blame it on next time? The devil.

[Co-host]

It's manipulative, right?

[Caller]

Yeah, he said that. And he told me he was like a punishment for going behind my back. So I was like, if you really think that's a punishment for going behind.

[Dave Ramsey]

My back, how about just being an adult from this point forward? Yeah, that'd be just fine. We don't need a punishment. We need a grown up husband.

[Co-host]

He made two mistakes. He took out your husband, then he's back.

[Dave Ramsey]

You've already paid off $80,000. When both of your brains were working at the same time. You know how to do this. And so now you pay off $200,000. How did he borrow 200 grand? What did he put up as collateral?

[Caller]

We had. Well, we did the plan. We were doing good. He had good credit, I guess. You know what the house, he has equity on the house.

[Dave Ramsey]

Did he borrow against the house?

[Caller]

No, he didn't. He just loaned it like 23 here, 23 there, 147 there, different location, and he end up with like 193, wasn't, you know, close to 200.

[Dave Ramsey]

So these are like credit cards and personal loans.

[Caller]

Yes, yes. The entrance is super high. Is like 23% interest is not your problem.

[Dave Ramsey]

Stupidity is your problem.

[Caller]

I know, but the payment's like five grand a month.

[Dave Ramsey]

You've already paid off $80,000 and you did that in 18 months. So you know how to do this?

[Co-host]

Can you? Are you. I hate to ask you to do this, but are you working at all?

[Caller]

I'm not right now. I'm waiting for my kids. I'm already making application because my kids gonna go back to school. I will as soon as they get back to school. I was working and helping. That's how we get out of debt.

[Dave Ramsey]

Yeah, we're gonna do it again.

[Caller]

But then right now with the 5,000 payments of.

[Dave Ramsey]

You're not bankrupt.

[Caller]

I'm not bankrupt.

[Dave Ramsey]

No, you're not bankrupt. You make enough money to clean this up and you can either pay it, you can put it as a second mortgage on your house. I really don't want you to. And then pay it off there because. But you're keying off on how big the payments are. You need to be paying $5,000 a month.

[Co-host]

It's going to be painful and the hard.

[Dave Ramsey]

You need to be paying $6,000 a month. That's how you're going to get out of this. $6,000 a month, 72,000 a year.

[Co-host]

The hardest part of this entire journey. It's going to be hard to pay off the debt, but every payment, you're going to have to work on how you feel towards your husband and what that means for you guys. Because with every payment, the. The resentment has the ability to grow more and more. And each time you go to your job that you feel you shouldn't be working right now, that resentment has an opportunity to grow. So you guys have to get into some sort of therapy, something to work through this. Because things still aren't right. I can tell.

[Dave Ramsey]

Oh, yeah. Well, they shouldn't be.

[Co-host]

Yeah.

[Dave Ramsey]

Shouldn't be. Oh, my God. We've got massive stupidity and we blamed it on God. And it's unbelievable. I mean, God's looking at you going, not my deal.

[Co-host]

Yeah.

[Dave Ramsey]

I didn't do this. The only thing I did is make you. That's the only thing I did. How come every time you're on the air I get these crypto calls? I don't know.

[Co-host]

I was thinking the same thing. This is a problem.

[Dave Ramsey]

It's a pattern here.

[Co-host]

It's a problem.

[Dave Ramsey]

Like Georgian horses and crypto and j. I guess so. I don't know, man. This is the Ramsay show. The best ID theft protection is from Xander. They not only monitor, they help you get your life back. Go to Xander.com to learn more.