NY woman loans boyfriend $200K — then he lost it all in crypto and broke up with her. But Dave Ramsey has a plan for her
Imagine working your whole life, saving diligently, only to see your partner blow $200,000 of your money on a crypto scheme. That’s exactly what happened to one New York caller to The Ramsey Show, who’s now single and left with just $95,000 to her name.
Lisa’s question: What now?
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At 55, she’s now working as a server in a high-end restaurant and trying to figure out how to rebuild her financial future. Her biggest fear? That she won't have enough to retire.
Lisa told Dave that she gave her (now ex) boyfriend the money because she believed they were in it for the long haul. They had been together for seven years, and while they never married, she thought the relationship would last.
Instead, he ended the relationship after losing most of her life savings. He's now making small monthly payments, but she said that's mostly just covering the interest, and she's unsure if she'll ever get the principal back.
“I'm leaving it in God's hands if I get the money back,” Lisa said.
What advice did Dave Ramsey give her?
While Dave Ramsey acknowledged how painful the situation was, he quickly found a silver lining.
“Let’s just pretend none of that happened,” he said. “If you were calling in and said, ‘I’m 55 and I have $95,000,’ I’d say, ‘Yes, you’re going to be okay.’”
Still, being okay does come with conditions. Ramsey made it clear that Lisa’s savings alone won't carry her through retirement. She’ll need to keep working, avoid debt and invest wisely. The key isn't just having $95,000, it's having a plan for what she'll do with it.
Ramsey outlined a step-by-step investment strategy:
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Set aside an emergency fund: Keep three to six months of expenses in a high-yield savings account. For her, that’s about $15,000.
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Invest the rest: Move the remaining $80,000 into good growth stock mutual funds.
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Use a Roth IRA: Contribute each year to take advantage of tax-free growth.
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Consider her workplace 401(k): Even though there’s no employer match, Ramsey suggested contributing some of her income to her 401(k) since IRAs have lower annual contribution limits.
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Invest 15% of her income: With an annual income of around $60,000, she should aim to invest about $9,000 per year across her retirement accounts.
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