Dave Ramsey | |
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 Ramsey in 2023 | |
| Born | David Lawrence Ramsey III (1960-09-03)September 3, 1960 (age 65)[1] Maryville, Tennessee, U.S. |
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| Alma mater | University of Tennessee (BS) |
| Genre | Personal finance, financial literacy, debt management |
| Subject | Personal finance |
| Notable works | The Total Money Makeover |
| Spouse | |
| Children | 3 |
| Website | |
| www | |
David Lawrence Ramsey III (born September 3, 1960) is an American radio personality who offers financial advice. He co-hosts the nationally syndicated radio programThe Ramsey Show, and is the founder and CEO ofRamsey Solutions. Ramsey has written several books, includingThe New York Times bestsellerThe Total Money Makeover, and hosted a television show onFox Business from 2007 to 2010.
Ramsey was born on September 3, 1960 inMaryville, Tennessee, to parents who worked in thereal estate industry.[2][3][unreliable source?] He was raised in theAntioch neighborhood ofNashville and graduated fromAntioch High School.[4] At age 18, Ramsey took the real estate exam and began buying and selling property while attending theUniversity of Tennessee at Knoxville, where he earned aBachelor of Science degree in finance and real estate.[2]
By 1986, Ramsey had accumulated a real estate portfolio valued at over $4 million.[5][6]: 62 However, when his primary lender for his portfolio was sold off to another financial institution, the new owners called in all hispromissory notes at once, and since he was unable to pay them off, he filed forchapter 7 bankruptcy in 1988.[7][8]
While rebuilding his personal finances, Ramsey began providing financial counseling sessions at his church.[2] In 1991, seeing his demand for counseling grow, he formed the Lampo Group (now known asRamsey Solutions) to begin providing counseling professionally.[9][5] Ramsey wrote and self-published his first book,Financial Peace, in 1992.[6][2]
By 1996, Ramsey was the solo host and the show was eventually renamedThe Dave Ramsey Show three years later.[10][6]
In 1994, Ramsey introduced Financial Peace University, his nine-lesson course on personal finance.[11]
In 2004, theGannett newspaper group dropped Ramsey's financial advice column after discovering that the names in readers' letters had been changed without disclosure. Ramsey responded by offering to pay Gannett their money back.[2]
In October of 2007, Ramsey took his radio show to television withThe Dave Ramsey Show onFox Business, which aired until 2010.[12]
During the COVID-19 pandemic, Ramsey opposed public health measures such as mask mandates, referring to them as "a sign of fear".[13] On his March 2, 2020, show, Ramsey dismissed refund requests for his upcoming live events, calling those who sought them "wusses" and stated that he would attend an event "by my freaking self" if necessary.[14]
In February 2021, Ramsey toldFox News that he did not supportstimulus checks, saying, "If $600 or $1,400 changes your life you were pretty much screwed already. You got other issues going on."[15][16]
One of Ramsey's central strategies is the"debt snowball" method, in which individuals pay off smaller debts first to gain momentum before tackling larger ones, regardless of interest rates.[17][18] He discourages the use ofcredit cards, and frequently demonstrates his adherence to this philosophy by showing the only cards he carries: twodebit cards, adriver's license, and aconcealed-carry permit.[19][2][18]
Economists and financial professionals have criticized aspects of Ramsey's teachings for diverging from mainstream economic theory. His advice to avoid borrowing during economic downturns runs counter to the concept ofconsumption smoothing, which suggests that individuals should borrow early in life and save during peak earning years.[20]
Critics also argue that Ramsey's approach may not account forincome inequality, emergency financial needs, or long-term investment strategies.[21][22][18] Ramsey's investing advice has been challenged for its emphasis on stock-basedmutual funds withload fees, and claims of consistent 12% annual returns on investments, which critics view as unrealistic.[23][24][25]
American journalistHelaine Olen argued in her book,Pound Foolish, that some of Ramsey's financial advice "doesn't even work on a base, mathematical level".[26]
Ramsey married his wife, Sharon, on June 26, 1982.[27] The Ramseys have three children: Denise Whittemore, Rachel Cruze, and Daniel Ramsey. All three work for Ramsey Solutions.[28]
Ramsey was inducted into theNational Radio Hall of Fame in 2015.[29]
As of 2018, Ramsey had an estimated net worth of $55 million.[11] In 2021, he sold his custom-built home inFranklin, Tennessee, for $10.2 million and began construction on a new home in the area.[30]
Ramsey is anevangelical Christian and described himself as fiscally and sociallyconservative.[18][5][11] He has blamed politics for what he considers Americans' economic dependence, and has said presidents should do "as little as possible" about the economy.[11]
Ramsey supportedDonald Trump in the2024 United States presidential election.[31][32]
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