Dave Ramsey Net Worth
|Net Worth:||$200 Million|
|Salary:||$15 Million Per Year|
|Real Name:||David Lawrence Ramsey III|
|Date of Birth:||3rd September 1960|
|Age:||63 years old|
|Height:||6 ft 2 in (1.88 m)|
|Profession:||Financial Advisor, Finance, Consultant, Radio Show Host, Author|
|Updated:||1st July 2023|
When it comes to personal finance, it can be challenging to manage our money, such as budgeting, allocating our money for necessary expenses, and savings. Not all of us are financial experts hence we turn to a professional financial advisors for their expertise.
What if you learned that your financial consultant, at one point in time, filed for bankruptcy? Well, this was the case with Dave Ramsey. Isn’t it an irony? A renowned financial advisor became bankrupt!
What is Dave Ramsey’s Net Worth in 2022?
At the age of 28, Dave Ramsey’s net worth was negative, US$378,000 he filed for personal bankruptcy due the enormous debts after the graduated. However, as of 2022, Dave Ramsey’s net worth is sitting at US$200 million.
Before his adversity, in 1986, when Dave Ramsey was 26, his real estate portfolio was worth an impressive US$4 million, and his personal net worth rose to over US$1 million.
In 2014, David Ramsey rebranded his financial counseling service, the Lampo Group, to Ramsey Solutions headquarters in Franklin, Tennessee–the majority of Dave Ramsey’s wealth came from Ramsey Solutions bringing in more than US$100 million in annual revenue.
Who is Dave Ramsey?
Dave Ramsey’s full name is David Lawrence Ramsey III, born on September 3, 1960, in Antioch, Tennessee. Dave Ramsey is a personal finance Consultant, a renowned radio show host, and an author of several books with great success, including three in the New York Times bestsellers.
Since he was a kid, his parents placed substantial value on his work ethic. At the age of 12, his father taught him the value of money and that it has to be earned when he asked his father for money to buy a popsicle. On the same day, with the help of his father, he printed 500 business cards at the local print shop for his first venture. Ramsey began knocking on doors in his neighborhood offering lawn mowing service–this early venture taught Ramsay the value of customer service and the importance of keeping one’s word and promises. Drawing inspiration from his father’s wisdom laid a foundation for Ramsey to become an entrepreneur in adulthood.
His parents were real estate developers, and this influenced his career path. A few weeks after David Ramsey turned 18, he passed his real estate license exam. In 1982, Dave Ramsey received a Bachelor of Science degree in Finance and Real Estate at The University of Tennessee, Knoxville.
In that same year, Ramsey married his wife, Sharon. Together they had three children; Daniel Ramsey, Denise Whittemore, and Rachel Cruze. In 2010, when Rachel was 22, she served as a financial advisor at Ramsay Solutions.
Dave Ramsey’s Career
Ramsey continued to pursue his real estate career after graduating from college. Ramsey could secure reasonable financing deals with local banks through family connections for his ‘house flipping’ venture. Dave Ramsey enjoyed temporary success with a net worth of over US$1 million in 1986, at 26 years of age. However, the success was short-lived; when his local banks were acquired by larger banks, they demanded the entire debt to the tune of US$2 million to be repaid within three months period. In 1988 Dave Ramsey filed for bankruptcy.
In 1988, Ramsay founded the Lampo Group, a financial counseling business with the purpose to council people hurting from the results of financial distress. In 1992, Dave Ramsey wrote and self-published his first book Financial Peace to counsel people with financial difficulties and distress. The inception of Ramsey’s radio career started in 1992, he co-host The Money Game with Roy Matlock, a radio show focused on personal finance. Over time, the show was renamed The Dave Ramsey Show.
In 2019, his syndicated radio program, The Dave Ramsey Show, can be heard on over 500 radio stations throughout the US and Canada on various platforms, including iOS application, live stream on Youtube, and daveramsey.com.
Dave Ramsey isn’t just a financial guru, he’s also a motivational speaker. From 2007 to 2010, Fox Business Network aired The Dave Ramsey Show, a daily hourlong primetime focused on personal finance, with Ramsay as a host. Ramsey appeared in many other media outlets, including the Orpha Wintry show and 60 Minutes.
Dave Ramsey’s Teachings
The term ‘snowball method’ was coined by Dave Ramsey where he advised his audience to begin by paying off debt in chronological order from the smallest to the largest.
To avoid getting into a debt trap, Ramsey opposed the use of credit cards. He encourages people to use cash where they need to allocate their expenditure for that particular week or month and stick to it. He also opposed the idea of taking on student loan debt. His proposed alternatives to taking out student loans for university would be paying cash or attending community college or trade school.
However, his standardized teachings of a ‘one-size-fits-all’ approach, according to critics, did put into consideration of income disparities and disregard financial emergencies.
Controversies at Ramsay Solutions
- In March 2020, on The Dave Ramsey Show and staffing meetings, Ramsey scowled at those who take precautions to protect themselves from COVID-19 and labeled them ‘signed of fear’ and ‘wuss.’
- In July 2020, an employee Caitlin O’Connor filed a federal lawsuit alleging that she was fired for being pregnant and wasn’t married to the baby’s father stating she violated employee conduct policies.
- In February 2021, Ramsey criticized people who relied on government stimulus checks are incompetent with their finance.
- In September 2021, a lawsuit was filed against an employee Julie Anne Stamps who was discriminated against for her sexual orientation. When Stamps opened up about being a lesbian her supervisor said it was against the company policy to keep her employed at Ramsay Solutions, and she was subsequently fired.
- In December 2o21 federal lawsuit was filed by a former employee for violating his religious rights, Ramsey Solutions fired him for taking precautions against COVID-19.
- Ramsey Solution’s new corporate headquarters in Franklin, Tennessee cost US$70 million and it’s all paid in cash
- Ramsey has a collection of 200-300 cars
- In 2015 Ramsey was inducted into the National Radio Hall of Fame
- In 2010 people on social media sites criticized him for building a huge and lavish home which is paid in cash for a bit over $1.5 million in 2008. And in 2021 he sold the property for a neat profit of $8.5 million. Not long after listing it sold for $10.5
- Dave Ramsey is a devout evangelical Christian
- He’s authored three New York Times bestseller books including The Total Money Makeover, More Than Enough, and Financial Peace.
Dave Ramsey FAQs
What is Dave Ramsey Net Worth?
Dave Ramsey net worth is currently $200 million USD.
How much money does Dave Ramsey earn?
Dave Ramsey earns $15 million per year from various sources.
How tall is Dave Ramsey?
Dave Ramsey is 6 ft 2 in (1.88 m)
How old is Dave Ramsey?
Dave Ramsey is currently 63 years old.
When is Dave Ramsey birthday?
Dave Ramsey birthday is on 3rd September.