Jeff from Austin thought his daughter had done everything right with her finances. She followed the baby steps, built an emergency fund, contributed to her retirement account and kept a strict budget. But a recent call to “The Ramsey Show” revealed how one hidden decision by her husband turned their family upside down.
Financial Confession After A Major Blow
“My son-in-law came to confession to all of us,” Jeff told co-hosts Rachel Cruze and Jade Warshaw. “He did day trading and essentially was financing some of this through credit cards and he stacked up about $60,000 in debt and lost all of his savings.”
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Jeff, now retired after 30 years in business, said he had always been vocal about the importance of shared finances. But his daughter and son-in-law hadn't combined accounts. That lack of transparency became a major issue.
His daughter discovered the financial hole only after checking her credit score and noticing a drop of 20 points. That led her to find one of her own credit cards had been maxed out by her husband.
“She had no idea until she stumbled across some information looking at her credit score that it had dropped,” Jeff said. “That's how she found out.”
The couple has two small children, including a baby. Jeff said his daughter is strong-willed and financially responsible. She's also never asked for financial help since graduating from college.
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“I'm trying to stay in my lane,” he said. “She does well at her job. She goes back to work from maternity leave this Monday.”
“This is lying,” Cruze said bluntly. “And a level of gambling is kind of what day trading can end up being.”
The hosts urged Jeff not to get too involved, despite his closeness with his daughter.
“This is theirs to take care of,” Cruze said. “Don’t meddle too deeply or it’s actually going to make it worse,” Warshaw added.
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While the $60,000 debt is serious, Jeff said the number didn't scare him. He believes that kind of financial setback can be managed over time with hard work and discipline. What troubled him more was the emotional toll, the broken trust between his daughter and her husband. With two small children and her return to work just around the corner, he worried about the added stress she'd be carrying.
Cruze said the couple would likely benefit from professional counseling, while Jeff could continue offering emotional support in his role as a father and grandfather.
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