Have you ever wondered how much money Dave Ramsey has and how he made it? If you are familiar with his name, you probably know him as a personal finance guru who helps millions of people get out of debt and achieve financial freedom. But did you know that he was once bankrupt and had to start from scratch? In this article, we will explore Dave Ramsey net worth and how he built it over the years. We will also look at his background, career, teachings, controversies, and personal life.
Dave Ramsey is a 63-year-old American entrepreneur, radio host, author, and personal finance expert. He is best known for his radio show, The Dave Ramsey Show, which reaches over 15 million listeners weekly; his books, such as The Total Money Makeover and Financial Peace; his courses, such as Financial Peace University and EveryDollar; and his company, Ramsey Solutions, which offers financial education and products to help people manage their money better.
According to Finance Crave, Dave Ramsey’s net worth is $230 million in 2023. This is a remarkable achievement considering that he was broke and bankrupt in 1988. How did he go from rags to riches? What are the secrets behind his success? What are the challenges and controversies that he faced along the way? And what can we learn from his story and teachings?
In this article, we will answer these questions and more.
Dave Ramsey’s Early Life
Dave Ramsey was born on September 3, 1960, in Antioch, Tennessee, to real estate developers. He grew up in a family that valued hard work and entrepreneurship. He learned his first lesson about money when he was 12 years old and his father refused to buy him a popsicle. Instead, his father told him to get a job and earn his own money. That day, Ramsey printed 500 business cards for his lawn care business and started his journey as an entrepreneur. He also experimented with other ventures, such as selling leather bracelets, throughout his schooling.
Ramsey followed his parents’ footsteps and became a real estate investor at the age of 18. He used his commissions from selling properties to pay for his college tuition. He graduated from the University of Tennessee with a degree in finance and real estate in 1982. He then started his own company and built a rental portfolio worth more than $4 million by the time he was 26. He had a net worth of over $1 million and seemed to have a bright future ahead of him.
However, things took a turn for the worse when the Competitive Equality Banking Act of 1987 changed the rules of the game. Several banks that had lent Ramsey money recalled his loans and lines of credit, demanding immediate payment. Ramsey was over-leveraged and unable to pay back his debts. He tried to sell some of his properties, but it was not enough. He filed for bankruptcy in 1988 and lost everything he had worked for. He hit rock bottom financially and emotionally.
This was the lowest point in Ramsey’s life, but also the turning point that led him to discover his passion and purpose. He decided to learn from his mistakes and help others avoid the same pitfalls. He became a financial counselor, a radio host, an author, and a personal finance expert. He developed his principles and methods for personal finance, such as living debt-free, using the debt snowball method, following the 7 Baby Steps plan, investing for the long term, and giving generously. He also founded Ramsey Solutions, a company that offers financial education and products to millions of people.
Today, Dave Ramsey has a net worth of over $230 million, according to Finance Crave. He has achieved financial success and freedom by following his own teachings. He has also inspired and helped countless people to do the same through his books, podcasts, courses, tools, and events.
Dave Ramsey Net Worth and Career
After filing for bankruptcy in 1988, Dave Ramsey decided to turn his life around and learn from his financial mistakes. He began studying the Bible and other sources of wisdom on money management. He also started offering financial advice to couples at his local church, based on his own experience and Christian perspective. He realized that he had a passion and a gift for helping people with their money problems.
In 1992, he wrote and self-published his first book, Financial Peace, which outlined his principles and methods for personal finance. He also launched his radio show, The Money Game, which aired on a local station in Nashville. The show was later renamed The Dave Ramsey Show and became nationally syndicated. The show reaches over 15 million listeners weekly and features Ramsey’s advice on various financial topics, such as debt, budgeting, investing, retirement, giving, and more.
In 1996, he founded The Lampo Group, a company that offers financial education and products to help people achieve financial peace. The company was later rebranded as Ramsey Solutions in 2014.
Products and Services offered by Ramsey Solutions
- Financial Peace University: A nine-lesson, video-based course that teaches people how to get out of debt and build wealth using Ramsey’s 7 Baby Steps plan.
- The Total Money Makeover: A best-selling book that summarizes Ramsey’s plan for personal finance and provides success stories and practical tips.
- EveryDollar: A budgeting app that helps people create and track their monthly budgets using Ramsey’s method.
- SmartVestor: A tool that connects people with trusted financial advisors who follow Ramsey’s philosophy of investing.
Dave Ramsey’s Achievements and Awards
Dave Ramsey has achieved remarkable success and recognition in his career as a personal finance expert. Some of these are:
- Being a New York Times best-selling author of several books, such as The Total Money Makeover, Financial Peace Revisited, EntreLeadership, and The Legacy Journey.
- He was inducted into the National Radio Hall of Fame in 2015 for his contribution to the radio industry.
- Being a recipient of the Marconi Award in 2009 for Network/Syndicated Personality of the Year by the National Association of Broadcasters.
- Being featured on various media outlets, such as Fox Business Network, CNN, CBS News, The Oprah Winfrey Show, The Today Show, and more.
Dave Ramsey’s net worth is estimated to be over $230 million in 2023, according to Finance Crave. He has built his wealth by following his own teachings and creating multiple streams of income from his books, podcasts, courses, tools, events, endorsements, and investments. He has also used his wealth to give generously to various causes and organizations that align with his values.
Dave Ramsey’s Teachings
Dave Ramsey is not only a successful entrepreneur, radio host, author, and personal finance expert, but also a teacher who shares his principles and methods for managing money with millions of people. His teachings are based on his own experience, biblical wisdom, and common sense. He believes that anyone can achieve financial peace and freedom by following his plan.
Some of his main principles and methods for personal finance are:
Living Debt-Free
Dave Ramsey hates debt and teaches people to avoid it at all costs. He says that debt is a form of slavery that robs people of their income, security, and happiness. He encourages people to cut up their credit cards, sell their stuff, and do whatever it takes to get out of debt as fast as possible.
Using the Debt Snowball Method
This is the best way to pay off debt, according to Dave Ramsey. It involves listing all debts from smallest to largest, regardless of interest rate, and paying them off in that order. By focusing on the smallest debt first, people can get quick wins and build momentum to tackle the larger debts.
Following the 7 Baby Steps Plan
This is the proven plan that Dave Ramsey created to help people get out of debt and build wealth. It consists of seven steps that guide people from saving a starter emergency fund to giving generously. The steps are:
- Save $1,000 for your starter emergency fund.
- Pay off all debt (except the house) using the debt snowball method.
- Save 3–6 months of expenses in a fully funded emergency fund.
- Invest 15% of your household income in retirement.
- Save for your children’s college fund.
- Pay off your home early.
- Build wealth and give.
Investing for the Long Term
Dave Ramsey teaches people how to invest wisely and grow their money over time. He recommends investing 15% of one’s income in tax-advantaged retirement accounts, such as 401(k)s and Roth IRAs. He also advises people to diversify their investments across four types of mutual funds: growth, growth and income, aggressive growth, and international. He warns people to avoid get-rich-quick schemes, individual stocks, annuities, and other risky or complicated investments.
Giving Generously
Dave Ramsey believes that giving is the ultimate expression of financial freedom. He says that giving is not only a duty but also a joy and a blessing. He encourages people to give at least 10% of their income to their local church or charity of their choice. He also urges people to give beyond money, such as their time, talents, and resources.
Dave Ramsey’s teachings have helped millions of people change their lives and achieve their financial goals. Many people have shared their stories and testimonials on his website, books, podcasts, courses, and tools. Here are some examples of how you can learn more from Dave Ramsey and his followers:
- For more information on Dave Ramsey’s 7 Baby Steps plan, visit his website.
- To learn how to budget effectively using Dave Ramsey’s method, check out his book or his app.
- To listen to Dave Ramsey’s advice on various financial topics, subscribe to his podcast or his radio show.
- To enroll in Dave Ramsey’s online course on personal finance, sign up for Financial Peace University.
- To find a trusted financial advisor near you who follows Dave Ramsey’s philosophy, use his tool.
Controversies
Dave Ramsey is not a stranger to criticisms and controversies in his career. As a personal finance expert who speaks his mind and holds strong opinions, he has often faced or caused some backlash from his critics, the media, or the public. Some of the issues that have sparked controversy around Dave Ramsey are:
His views on Credit Cards
Dave Ramsey hates credit cards and advises people to avoid them at all costs. He says that credit cards are a form of debt that enslaves people and prevents them from building wealth. He also dismisses the benefits of credit card rewards, saying that they are not worth the risk and hassle. However, some experts disagree with him and argue that credit cards can be used responsibly and offer advantages such as convenience, security, and rewards. To learn why Dave Ramsey hates credit cards and why some experts disagree with him, read this article.
His views on Bankruptcy
Dave Ramsey considers bankruptcy as a last resort and encourages people to pay off their debts instead. He says that bankruptcy is a moral issue and a sign of irresponsibility. He also warns that bankruptcy has negative consequences such as damaging one’s credit score, reputation, and future opportunities. However, some experts disagree with him and argue that bankruptcy can be a viable option and a fresh start for some people who are overwhelmed by debt. To learn why Dave Ramsey discourages bankruptcy and why some experts disagree with him, read this article.
His views on Stimulus Checks
Dave Ramsey said he was against another round of stimulus checks from the government during the COVID-19 pandemic. He said that if $600 or $1,400 changes one’s life, then one is already “screwed” and has other issues going on. He also said that stimulus checks would not stimulate the economy but only increase inflation and debt. His comments sparked outrage and criticism from many people who said he was out of touch, insensitive, and privileged. To find out how Dave Ramsey responded to the backlash over his stimulus check comments, read this article.
His COVID-19 Protocols
Dave Ramsey required employees at his company to disregard COVID-19 work-from-home orders and attend in-person gatherings of more than 900 workers who were encouraged not to wear masks or maintain social distancing, according to a lawsuit filed by a former employee who claimed he was fired for taking COVID-19 precautions.
The lawsuit alleged that Ramsey and his company created a “cult-like” work environment where COVID-19 was not taken seriously and fear of working in the office was branded as a “weakness of spirit”. The lawsuit also claimed that Ramsey believed taking preventative measures against COVID-19 was against the will of God. To see how Dave Ramsey handled the COVID-19 pandemic at his company and what employees had to say about it, read this article.
His Employee Lawsuits
Dave Ramsey’s company has been sued by several former employees who alleged that they were discriminated against or wrongfully terminated for various reasons. Some of the lawsuits claimed that the company fired employees based on certain sexual activity, such as being pregnant and unmarried or being gay or lesbian.
Another lawsuit claimed that the company pressured an employee to resign after she came out as a lesbian. The lawsuits accused the company of violating anti-discrimination protections and imposing its religious beliefs on its employees. To learn more about the employee lawsuits against Dave Ramsey’s company and how they were resolved, read this article.
Dave Ramsey has defended himself and his company against these criticisms and controversies by saying that he is following his principles and values, which are based on his Christian faith and common sense. He has also said that he is not afraid to speak the truth and challenge the status quo, even if it makes some people uncomfortable or angry. He has also said that he is not perfect and that he is willing to learn from his mistakes and improve himself.
Personal Life
Dave Ramsey is not only a successful entrepreneur, radio host, author, and personal finance expert, but also a family man who values his marriage, children, faith, and hobbies. He has been married to his wife Sharon Ramsey since 1982.
They have three children: Denise (Ramsey) Whittemore, Rachel (Ramsey) Cruze, and Daniel Ramsey. All three work for Ramsey Solutions. With Ramsey, Cruze co-wrote and published the New York Times No. 1 bestseller Smart Money, Smart Kids in 2014.
Dave Ramsey is a devout Christian who believes that his faith is the foundation of his life and work. He says that God is the source of his wisdom, strength, and success. He also says that he strives to honor God with his money, business, and relationships. He attends the Church of Christ and supports various Christian ministries and organizations.
Dave Ramsey also enjoys spending time with his family and friends, playing golf, hunting, and traveling. He owns several properties across the country, including a lake house in Tennessee and a ranch in Texas. He likes to share his personal side with his fans and followers through his YouTube videos. Here are some examples of how you can watch Dave Ramsey’s personal side on YouTube:
Dave Ramsey is a successful entrepreneur, radio host, author, and personal finance expert who has a net worth of over $230 million according to Finance Crave. He has also built a strong personal life that reflects his values and passions. He has a loving family, a deep faith, and a fun personality that make him more than just a money guru.
Conclusion
In this article, we have explored Dave Ramsey’s net worth and how he built it over the years. We have also looked at his background, career, teachings, controversies, and personal life. We have learned that Dave Ramsey is a successful entrepreneur, radio host, author, and personal finance expert who has a net worth of over $230 million according to Finance Crave.
He has achieved financial success and freedom by following his own principles and methods for personal finance, such as living debt-free, using the debt snowball method, following the 7 Baby Steps plan, investing for the long term, and giving generously. He has also inspired and helped millions of people to do the same through his books, podcasts, courses, tools, and events.
Frequently Asked Questions
How did Dave Ramsey get rich?
Dave Ramsey built his wealth through entrepreneurship, radio hosting, writing, and financial expertise. After a bankruptcy in 1988, he started offering financial advice at his church, self-published “Financial Peace” in 1992, and launched “The Dave Ramsey Show.” He founded Ramsey Solutions, offering financial education and products, along with income from book royalties, speaking, endorsements, and investments.
What is Dave Ramsey’s salary?
Dave Ramsey’s salary is not publicly disclosed, but according to Forbes, he earned $30 million in 2019 from his various sources of income. His main sources of income are his radio show, which reaches over 15 million listeners weekly; his books, which have sold over 11 million copies; his courses, which have been taken by over 6 million people; and his website, which attracts over 13 million visitors monthly.
How much is Dave Ramsey worth in 2023?
Dave Ramsey’s net worth in 2023 is estimated to be over $230 million, according to Finance Crave. His net worth has increased significantly over the years due to his growing popularity, influence, and revenue. Most of his wealth is in his $150 million in real estate holdings. He also runs his radio show and various companies and has sold numerous books during his path to success.
Is Dave Ramsey a billionaire?
Dave Ramsey is not a billionaire, but he is a multimillionaire with a net worth of over $230 million. He has achieved financial success and freedom by following his own principles and methods for personal finance, such as living debt-free, using the debt snowball method, following the 7 Baby Steps plan, investing for the long term, and giving generously. He teaches people how to do the same through his books, podcasts, courses, tools, and events.
This post Dave Ramsey Net Worth 2023: Is He the Richest Financial Guru Ever? was originally published at Finance Crave
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