Jul 16, 2025
Sarah of Jacksonville, Florida, has been watching her widowed dad lose what’s left of his nest egg to multiple scams over the past five years. While unsure of the exact figure, after caring for an ailing wife and recently being pushed into retirement, she says it’s likely he has very little savings left.
Eager to help, Sarah called into The Ramsey Show for advice on how to improve her father’s financial situation.
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“He is trying to take care of himself and he doesn’t want to be a burden,” she said in a clip posted June 28. “He’s made that really clear.”
Despite dad’s financial troubles, co-hosts Rachel Cruze and George Kamel pushed back against the idea of Sarah helping out. Here’s why.
Dad keeps falling for scams
Sarah doesn’t believe her dad was able to build a substantial nest egg because her mom was stricken with a rare form of cancer at a young age.
“A lot of the stuff they were putting aside for their retirement ended up going toward her medical bills,” she said.
On top of that, after no longer being able to meet the physical demands of his job, he recently retired at age 65.
Any savings he had has been reduced after falling for at least two scams. Sarah says he fell for a romance scam and a cryptocurrency scam. She estimates the first scam cost him $80,000-$90,000, and he used a home equity line of credit (HELOC) to cover the loss.
Sarah doesn’t know the full scope of the damage, but says there are signs of desperation.
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“This man has never gambled a day in his life and recently I saw two Powerball tickets sitting on the table at his house,” she recalled. “He’s also never carried credit card balances and now he’s telling me he can’t afford a two-hour trip to see his mother.”
Sarah pitched the idea of moving out of her rental home — which her dad owns and originally intended to flip, but she ended up moving in during the pandemic — so he can sell it to increase his funds. Cruze told Sarah that’s probably the advice she’d give if he called into the show, but there’s one big problem.
“You can’t help people who aren’t asking for help,” Cruze said.
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Helping family members in need
Cruze applauded Sarah’s suggestion, especially given the heartbreaking situation, but she cautioned against mixing family finances when one side refuses assistance.
“I kind of want to separate your dad’s situation from you and your husband’s,” Cruze said. “I think you and your husband need to make decisions on what’s best for you guys.”
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Kamel suggested Sarah soften her dad up to the idea of accepting help by approaching him without judgment and a desire to help.
“He’s probably feeling a lot of shame and guilt and doesn’t want to drag you into it,” he said.
Unfortunately, it’s common for older folks to fall victim to fraud online. The FBI’s latest internet crime report, shows Americans aged 60-plus reported the most complaints and losses totaling $4.8 billion in 2024.
But there are steps you can take to help those close to you who might be victims. Stay in regular contact with older relatives and talk with them about their daily lives. If they share something that sounds suspicious, look into it further. Hopefully they feel comfortable asking you if something is legitimate or not.
If you discover a scam is happening, do your best to stop the bleeding. Act quickly to secure all of the victim’s accounts with new passwords, alert relevant financial institutions about the situation and block all communication from scammers. Additionally, it’s important to report the issue to the police. Keep in mind, however, it may not be possible to recover any money lost.
The best way to avoid scams is to be informed. Stay engaged with your family and friends to ensure they’re aware of the latest schemes.
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Sarah Sharkey is a personal finance writer who enjoys helping people make optimal financial decisions for their situation. She loves digging into the nitty-gritty details of financial products and money management strategies to root out the good, the bad, and the ugly. Her goal is to help readers find the best course of action for their needs.
