Last Updated on November 17, 2020
Who Is Dave Ramsey?
David Lawrence Ramsey III, popularly known as Dave Ramsey, is an American radio personality, financial adviser, motivational speaker, author, and businessman. Ramsey is credited for creating Financial Peace University, which is a class that teaches participants on how to save, invest, and pay their debts. Financial Peace University has found its way into Ramsey’s church as well as other evangelical churches.
Thanks to his radio hosting talents, Dave Ramsey has also won numerous awards and recognition. In 2009, he won the Marconi Award for Network/Syndicated Personality of the Year. And in 2015, he was inducted into the National Radio Hall of Fame.
|Full Name:||David Lawrence Ramsey III|
|Popular Name:||Dave Ramsey|
|Birth Date:||September 3, 1960|
|Birth Place:||Antioch, Tennessee|
|Education:||University of Tennessee, Knoxville|
|Children:||Denise Ramsey, Rachel Cruze, and Daniel Ramsey|
|Net Worth:||USD 200 million (as of October 1, 2020)|
|Source of Wealth:||Writing, Radio Hosting, Entrepreneurship, and Other Ventures|
|Height:||6′ 2″ (1.87 m)|
|Weight:||80 kg; In pounds: 176 lbs.|
Early Life and Career Information
Dave Ramsey was born on September 3, 1960, in Antioch, Tennessee. Ramsay attended the University of Tennessee’s College of Business Administration, where he graduated with a Bachelor of Science degree in Finance and Real Estate.
Immediately after graduation, Dave Ramsey started to flip real estate properties. However, he run into debt and had to file for bankruptcy in September 1988.
After putting his money problems behind him, Ramsey took an interest in financial investment and began authoring financial publications. He authored his first book, Financial Peace, in 1992 and has since followed up with nine other books.
In 1992, Ramsay kicked off his radio career after teaming up with Roy Matlock of Primerica to host The Money Game. The show would later evolve into The Dave Ramsey Show, which is currently being heard by more than 14 million people weekly.
Dave Ramsey’s Net Worth
Dave Ramsey is not only a revered financial adviser and motivational speaker. His net worth is indeed proof that he practices the valuable money lessons that he regularly shares with his audience.
As of October 1, 2020, Dave Ramsey had a net worth of $200 million. He has earned his fortunes from various endeavors, including writing, radio show hosting, and other investment ventures.
As a writer, Dave Ramsey has authored ten books so far, five of which have become New York Times bestsellers.
All ten of Ramsey’s books include:
• Financial Peace: Restoring Financial Hope to You and Your Family
• More Than Enough
• Smart Money Smart Kids (which he co-authored with his daughter Rachel Cruze)
• The Dummy’s Complete Guide to Money
• The Financial Peace Planner: A Step-by-Step Guide to Restoring Your Family’s Financial Health
• The Great Misunderstanding
• The Legacy Journey
• The Money Answer Book
• The Total Money Makeover
And in the media, Ramsey is best known for hosting his radio program, The Dave Ramsey Show, which has since been syndicated. As of the time of writing, The Dave Ramsey Show can be heard on over 500 radio stations throughout the US and Canada. The program is also accessible on various platforms, including YouTube, as an iOS app, and in a podcast. You can also catch up with the show on the official DaveRamsey.com website.
Besides writing and radio hosting, Dave Ramsey has also undertaken various other investments, including founding the Lampo Group, Inc., which presently has more than 350 team members and operates debt-free. In 2014, he rebranded The Lampo Group, Inc. to Ramsey Solutions. The company is currently headquartered in Franklin, Tennessee, and has six divisions specifically dedicated to financial education.
Ramsey has also invested heavily in real estate. He started flipping properties immediately after college and reportedly owns a real estate portfolio estimated to be upwards of $150 million.
But while he is an accomplished financial adviser, Dave Ramsey has had his fair share of money problems. Ramsey turned millionaire in his early twenties. By the time he was 26, he was earning up to $250,000 annually and had a portfolio worth more than $4 million. However, more than $3 million of his portfolio back then was made up of debt.
And things took a nasty turn when a bank demanded that he pay more than $1 million within 90 days. As it turned out, the first notice was just the beginning of Ramsey’s woes, as another bank demanded that he pays an $800,000 debt. He had no choice but to file for bankruptcy.
However, Ramsey didn’t let his money issues put him down. On the contrary, he learned his lesson and turned to God. He studied popular consumer problems and used his experience to counsel couples at his local church on money management.
Lessons from Dave Ramsay
1. What doesn’t kill you can only make you stronger
At the age of 26 years, Dave Ramsey suffered crashing financial setbacks that led him to file for bankruptcy. However, he went on to rise above his challenges to become the famous investment adviser that he is today.
2. Practice what you preach
Many financial experts and motivational speakers are known for offering lucrative investment ideas to their audience when their lifestyles say otherwise. But with a net worth of $200 million, Dave Ramsey has proven that his tips are not just empty talk.
3. When the going gets tough, turn to your higher power
At the height of his financial woes, Dave Ramsey turned to the Bible for comfort. He discovered lots of invaluable investment tips in the Bible and leveraged that knowledge to overcome his money troubles.
Famous Quotes by Dave Ramsey
“Change is painful. Few people have the courage to seek out change. Most people won’t change until the pain of where they exceed the pain of change.”
“For your own good, for the good of your family and your future, grow a backbone. When something is wrong, stand up and say it is wrong, and don’t back down.”
“Pray like it all depends on God, but work like it all depends on you.”
“We buy things we don’t need with money we don’t have to impress people we don’t like.”
“You must walk to the beat of a different drummer. The same beat that the wealthy hear. If the beat sounds normal, evacuate the dance floor immediately! The goal is to not be normal because as my radio listeners know, normal is broke.”
Dave Ramsey’s life is a perfect example of a man who had it all, lost it all, but was not about to let failure define him. Ramsey has authored numerous publications after recovering from his financial challenges, all of which are dedicated to sharing insights on how to save, invest, and live debt-free.