After receiving an $8 million settlement following her husband’s fatal workplace accident in 2008, Mikeal, a 53-year-old widow from Charleston, West Virginia, entrusted the money to a close friend who worked at a bank.

Two years ago, she discovered it was gone.

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"He stole all the money … There was nothing," Mikeal said during The Ramsey Show.

$8 million stolen

The betrayal left Mikeal in a precarious spot. She now lives in a camper on her mother’s property and still owes $12,000 on it. She also has some credit card debt and relies on workers’ compensation benefits from her late husband’s employer.

Unemployed with ongoing expenses, her situation is challenging.

Mikael said she reported the theft and has attorneys working on it, but it appears the money is gone. She may only recover about a couple of hundred thousand dollars. She added that the alleged thief is now in Florida and has done the same thing to other widows.

Recently, Mikeal received a $531,000 malpractice settlement. She said she’s determined to grow that money quickly to secure her future.

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

What can she do?

Ramsey Show co-hosts George Kamel and Ken Coleman offered a structured plan to help Mikael regain financial stability. They suggested she could sell the camper, use the profits to pay off her credit card and never have debt again. She could also build up an emergency fund with some of the settlement money and invest the rest. Here’s a breakdown of the

• Sell the camper. Selling it could eliminate the $12,000 debt and potentially find more affordable housing options.
• Pay off credit card debt. Clearing her balances would ease financial pressure and improve her credit score.
• Establish an emergency fund. Setting aside a portion of the settlement would give her a cushion for unexpected expenses.
• Invest wisely. Putting the remaining funds into diversified, low-risk portfolios could provide steady growth. Financial experts recommend options like ETFs — SPDR S&P 500 (SPY), Vanguard S&P 500 (VOO) and Vanguard Total World Stock (VT) — to get broad market exposure and build long-term wealth.
• Seek employment. Re-entering the workforce, even part-time, would bring in extra income and add structure to her day.

Kamel suggested Mikeal do something from home, like customer service, since she’s got "a good personality” and “good common sense."

He added she needs to work "for momentum’s sake.”

“It’s not about a ton of money that you need,” Kamel said. “(But) your shoulders will go back a little bit more; your head gets a little higher as you begin to see that ‘I can take care of myself.’"

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.