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Ian Somerhalder credits wife Nikki Reed with helping him climb out of significant debt.

The Vampire Diaries alum recently praised the Twilight actress for getting their family financially stable after a business deal gone wrong.

“I retired from acting seven years ago,” Somerhalder told E! News at an April 28 event. “I left an insanely lucrative career in television after financial upheaval from building a business that I didn’t build properly. And due to fraud, it put my wife and I into an eight-figure hole.”

The actor pointed out that the worst part was falling into debt after enjoying a steady, lucrative gig on the popular CW series. Somerhalder said he “should have been retiring off of one of the biggest TV shows in the world” instead of “starting companies that were not gonna pay me possibly ever.”

Delving more into specifics, Somerhalder explained that “it all came crashing down” after he made eight figures of personal guarantees to a bank for a clean energy company that he did not name.

“Eight figures is a hard hole to climb out of. But Nikki and I did it,” he said.

Somerhalder said that thanks to Reed’s negotiating prowess, the couple were able to find a way out of the deal— but noted that they had to sell “houses, paintings, cars, watches, everything” to get back to a comfortable place.

Since then, Somerhalder has enjoyed a lot more success in the business realm. With Reed, he co-founded The Absorption Company, a brand that specializes in high-absorption supplements for sleep and energy.

Somerhalder is also the co-founder of Brother’s Bond Bourbon with his Vampire Diaries costar (and onscreen brother), Paul Wesley.

This is not the first time that Somerhalder has showered his wife in praise or credited her with changing his life. He previously unpacked his debt struggles in a 2021 birthday tribute, thanking Reed for helping him out of the “nightmare” situation.

“She devoted her life to getting me out of that mess and it almost killed her along the way. I am where I am BECAUSE of this woman,” Somerhalder wrote. “Needless to say it’s been the most eye opening and truly humbling experience. Painful as hell but as a family SHE got us through. It’s unreal. I owe her my health, my life and my sanity.”

He concluded with a message directed at Reed, writing, “You made it possible for me to live, build my dreams, and to start my life over. The world needs people like you.”

Somerhalder and Reed tied the knot in a private 2015 ceremony, just a year after their whirlwind romance began. The couple share two kids, a son and a daughter.