📈 Are you on track with the Baby Steps? Get a Free Personalized Plan Dave Ramsey & Ken Coleman answer your questions and discuss: "My mother lost millions in a romance scam," "In-laws are upset that I haven't paid them back," "How will President Trump's tariffs affect me personally?" "Should I help pay my girlfriend's expenses?" "How can I help my 71-year-old mother who has no retirement income make it for another 15 years?" Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY ⛨ Find top Health Insurance Plans at Health Trust Financial 💸 To find out more about student loan refinancing, check out Laurel Road 💻 Visit NetSuite today to learn more 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📱 Watch the full episode for free in the Ramsey Network app. 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 💵 Start your free budget today. Download the EveryDollar app! ❤️ Get away with your spouse in Nashville! 🛒 Preorder Build a Business You Love Now at Ramsey Solutions 💪 Invest with confidence! Get tickets to Investing Essentials 🪑 Check out Front Row Seat with Ken Coleman! Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 🪑 Front Row Seat with Ken Coleman 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy
Chapter 1: How can you help a parent recover from a romance scam?
Hi, thanks for taking my call. I appreciate all the education that you guys provide. Um, my question today is about how to help my mother recover from a romance scam. Um, she recently found out that there's about $1.2 million missing from hers and my grandmother's, um, estate. Um, and it's gone. Uh,
And I know I'm not responsible for my mother's spending, but there's just very few resources out there to help someone as they recover from this kind of scam.
Wow. So he has disappeared.
Yeah, I don't even think she met him in person. So this got flagged from her bank after she transferred $300,000, and they flagged that. But that was only the biggest transfer. There were a lot of other smaller transactions totaling that I'm aware of, about $1.2 million. How old is your mom?
She is 71. Oh. What a horrible thing. I'm so sorry. Simultaneously makes me angry and sad. Wow. Okay, so I guess there's a couple of areas. Is your mom just lonely or is she diminished mentally?
That's a great question. Definitely the first one. We thought that she might be diminishing mentally. I still hold that opinion. There are other family members that think she's just the way she's always been. Is there anything left? She told me there's about $5,000 of my grandmother's money left. My grandmother does have income, and that's going to cover her nursing home expenses.
She's actually in hospice now, and I do feel like my grandmother's going to be okay. We've been working with the nursing home to make sure that they're going to continue her care, and it's not going to be too much longer.
Who's in hospice, your grandmother or your mother?
My grandmother. My grandmother. Because my mother is a power of attorney for my grandmother, which is how this came out, because I'm like the second in line for a power of attorney. I forget that term right now.
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Chapter 2: What should you do if you owe money to family members?
That's right.
Okay. So that does not happen when Mexico sends stuff here. Correct. So we need to keep in mind that's what's really going on. If you are an American company wanting to sell things to customers in Mexico, you face a 33% upcharge today. Okay. That's been in place for years. Did it crash either economy? No, no. Did it slow down the number of people that do business in Mexico? Yes. Hello. Yeah.
I mean, and that's the net, net, net effect of these things is – but this idea that somehow Americans are going to come up on the short end of the stick, not really. Canadians are really worried about this. They're very worried about it. I talked to three Canadian business people in the last week that were very, very afraid. Oh, absolutely. Of what it's going to do to them. And it's much more –
damaging to them no question so um but i do want to answer honestly yeah honestly too you will pay more there's no question if you buy something from canada you buy something from mexico and that goes into effect you will pay more that's right no question about it just a hundred percent the companies do not eat taxes we're going to raise corporate taxes no you're not you raise corporate taxes corporate taxes are built into the price of the item you buy from walmart
Walmart does not pay taxes. You pay taxes when you buy potato chips at Walmart. You pay all their taxes for them. It's built into the price. They don't work for nothing. You can't raise corporate taxes. It's impossible. All you do is raise prices to the consumer. Same exact thing.
That's right. Here's the flip side of this, because I was on Fox Business talking about it. They asked me what I thought about this. If the president also extends his tax cuts, which will expire later this year. That would help the American consumer in lowering your cost. Of course, you keep more of your paycheck.
The second thing the president, I think, will do, and we're going to see this soon, is he's going to cut regulation on American businesses. And if you were to lower taxes on American businesses, that also offsets tariffs. So it is, for people who are just hearing the media talk tariffs...
You've got to look at the whole picture and go, okay, if he does what you're talking about, and he's now going after two countries that we do a lot of trading with, he's going, it's got to be fair. You've heard him use these words. His words, not mine. But if he also lowers taxes on American businesses and lowers regulation...
then you might see very little, and that would be my hope, and I fully expect him to do that. I see nothing out of his administration that wouldn't do that. In that case, you're not going to feel tariffs in and of themselves by themselves. I think that's what's going to happen.
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Chapter 3: Should you support your partner's expenses when moving?
she's um i don't know how you help her grasp this but the math is going to be forced upon her yeah and she's going to have to create some income and the more income she creates the sooner the bigger chance we can build to be a be to build a little bit of a nest egg to to make it all the way through this and not have to work until you're 92 you know
This is why you invest $100 a month from age 25 to age 65 in a decent mutual fund is $1,176,000, and you don't have that trouble. If you're 25 and you're listening to me, listen to her story. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio.
All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards. They all store your info online, making them ripe for a cyber attack or data breach.
That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team.
Visit Zander.com or call 800-356-4282. It's the last call for our two-night virtual event, Dave Ramsey's Investing Essentials. It's set for May 21 and 22, and you do not want to miss this. I'll unpack my personal playbook on investing and real estate and show you how you can feel confident in your investments too. Tickets are $1.99.
Snag a VIP ticket and you'll get two sessions with a Ramsey Preferred Coach. You can join from anywhere. Go to ramseysolutions.com slash events and get your ticket today. Ken Coleman, Ramsey Personality, is my co-host on the debt-free stage in the lobby of Ramsey Solutions. Andrea is with us. Hi, Andrea. How are you?
I'm great. How are you?
Better than I deserve. Where do you live?
I live in Fort Myers, Florida.
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