Barefoot Investor Scott Pape offers advice to Aussie mum after her big mistake
A struggling single Australian mother who was cheated out of a $240,000 fortune in a romance scam is too ashamed to tell her family, she has admitted to The Barefoot Investor.
Kelly, 56, sought advice from financial guru Scott Pape on how to quickly recoup the $240,000 she lost to a scammer.
“Last year I got involved in a romance scam and lost $240,000. I was just stupid enough to send money to the stranger, but I thought there were many signs to believe him.
‘I haven’t told any of my family about this. I am 56 years old, a single mother and work full time as a nurse.
“I didn’t have $240,000, so I sold my house (making a $100,000 profit) and then took out three loans for the rest.”
She has since moved in with her adult daughter to keep costs to a minimum while she repays the $140,000 in loans.
Barefoot Investor Scott Pape has offered advice to a single mother who lost $240,000 in a romance scam
In his latest weekly newsletter, Mr Pape thanked Kelly for sharing her harrowing ordeal.
“Every week my editor sifts through hundreds of questions and gives me five (or so) to look at. He wrote a note on yours that said ‘terrible,’” he began.
He noted that Kelly paid off $140,000 at high interest rates about 12 years before her retirement age.
“First, don’t let them rob you again, these scammers took $240,000 from you, but don’t let them take your self-respect,” Pape said.
‘The fact is that romance scams are a billion-dollar annual business. You’re not the first, and (unfortunately) you won’t be the last.
The financial guru (pictured with his wife) urged the woman to contact a financial advisor for advice
“Second, don’t suffer in silence. This is too big to carry alone. You owe it to your daughter to explain what happened,” he said.
Mr Pape also suggested seeking free advice from a financial advisor.
“The banks are running a mile away from all these scams, but there’s maybe a one percent chance that they’ve lent irresponsibly, and if I were in your situation, I’d be chasing that one percent,” he said. wrote.
If you need free financial advice, call the National Debt Hotline on 1800 007 007.