David Lawrence Ramsey III, also known as Dave Ramsey, is an American financial advisor, radio personality, author, businessman, and motivational speaker.
Stage Name: Dave Ramsey
Full Name: David Lawrence Ramsey III
Birthday: September 3, 1960
Place of Origin: Antioch, Tennessee
Sexual Orientation: Straight Male
Spouse: Sharon Ramsey
Profession: Financial advisor, radio personality, author, motivational speaker, and businessman
Total Net Worth: $200 million
David Lawrence Ramsey III or Dave Ramsey was born in Antioch, Tennessee on September 3, 1960, to real estate developer parents.
His parents have instilled in him a strong work ethic. By the time he was 12 years old, his father suggested that he should get a job because that’s where the money comes from. This suggestion came after when he asked for money from his father to buy an Icee at the local quick sack. At that time, to earn money, he decided to cut lawns.
His father then brought him to the local print shop, and they printed 50 business cards of “Dave’s Lawns”. Following his father’s instructions. Dave knocked on the 50 closest doors in the neighborhood, and he would tell them that he would like to have the opportunity to provide them with all their lawn care needs. Doing this has taught him customer service and also keeping his word. So, at 12 years old, he booked 27 lawn cuts and that’s how he started to make money.
In high school, he attended Antioch High School where he played ice hockey. He graduated from high school when he was 18 years old and then took the real estate exam.
In college, he financed himself by selling real estate while attending the University of Tennessee, Knoxville. He graduated from college in 1982 with a degree in Finance and Real Estate.
Dave Ramsey is married to Sharon since 1982. They have three children namely Daniel, Denise, and Rachel.
While still in college, Dave was already earning by selling real estate. After graduating from college and a few years later, he was worth $4 million. But, an unfortunate event happened when several banks changed ownership and Dave’s $1.2 million worth loan was recalled. By 1988, Dave Ramsey filed for bankruptcy.
Dave was able to recover financially. He began to offer financial advice to couples at his local church and then began to form his financial counseling business. Dave founded The Lampo Group in 1988.
In 1992, Dave published his first book entitled Financial Peace.
Also in 1992, he hosted the radio show called The Money Game. Later on, a spin-off of the radio show was launched called The Dave Ramsey Show, it’s a 3-hour call-in financial advice talk show and it’s daily.
Then in 2014, The Lambo Group, Inc. was changed to Ramsey Solutions. Ramsey Solutions is located in Franklin, Tennessee.
Dave also launched Financial Peace University in 1994. It has 9 lessons and is worth a $129.9 video-based personal finance course.
In 2015, Dave Ramsey was inducted into the National Radio Hall of Fame.
Dave Ramsey has written several books in which three of his books became New York Times Best Sellers.
Teachings and controversies
Dave Ramsey is known for using the debt snowball method. He advises to first reduce debt by paying off the lowest balance first.
He also opposes the use of credit cards. Furthermore, he encourages his audience to use cash instead of credit cards and to use an envelope system for monthly allocation of needs. Not only that, but he also added to only spend what is in the envelope.
As for students entering college or university, Dave’s advice is not to take on any student loan debt.
Sometimes during live shows, Dave Ramsey is seen taking out his wallet showing the audiences the only four plastic cards he carries such as his debit card, a driver’s license, a business debit card, and a concealed-carry permit.
His advice on using the debt snowball method is also frequently debated among critics. According to his critics, Dave’s core teaching is often one size fits all. His investing advice also got criticisms because it relied on stock investment.
Dave Ramsey had some controversies such as his lashing out towards his former employees for discussing working conditions on social media, Facebook and Twitter. Dave has offered cash rewards for the identities of the member who posted. This event has increased in backlash. Another controversy that Ramsey received was when a former employee, Caithlin O’Conner was fired from Ramsey Solutions for being pregnant and unmarried. Caitlin filed a federal lawsuit against Ramsey Solutions in July 2020.
Another controversy was when Chris Hogan left Ramsey Solutions on March 10, 2021. Hogan left because there are issues in his personal life that are violating Ramsey Solutions’ policies. His resignation was during the case of O’Conner. Chris Hogan then released his book entitled Everyday Millionaires which he admitted to having affairs while still being married and one of his affairs was with a co-worker at Ramsey Solutions.
In December 2020, a complaint was submitted against Ramsey Solutions for not following health protocols during the Christmas party of the company. The caterers were instructed not to wear masks and gloves while serving. Ramsey Solutions responded that the complaint was not true.
Ramsey Solutions has received attention for ignoring large gatherings even if employees were tested positive for Coronavirus. On Dave’s radio show and staff meeting, he denounced the use of masks and other health precautions against the virus as it shows fear.
Dave Ramsey Total Net Worth
David Lawrence Ramsey III grew up with a work ethic. His parents have instilled in him a strong work ethic which then inspired Dave to become an entrepreneur.
He has ventured into the real estate business which he experienced success and failure. He then began his financial counseling business and started a personal finance counseling company called The Lampo Group. He also has his radio show called The Money Game and launched a spin-off radio program which is called The Dave Ramsey Show. He has investments as well which overall added to his net worth.
Dave Ramsey has an estimated net worth of $200 million.