Dave Ramsey has a net worth of what?
Dave Ramsey is a $200 millionaire American author, business entrepreneur, financial advisor, and radio personality. Of that $200 million net worth, $150 million is attributed to his real estate holdings.
Most people are certainly familiar with Dave Ramsey because he created a company that teaches others about money. His financial advice is grounded in his personal experience, and he frequently presents Christian viewpoints in his books and radio programs. On more than 500 radio stations across the United States and Canada, Dave Ramsey conducts the nationally syndicated radio show "The Ramsey Show." Among his financial writings is "The Total Money Makeover."
Childhood and formal education
September 3, 1960, saw the birth of Dave Ramsey in Antioch, Tennessee, to parents who were real estate investors. He was a young ice hockey player at Antioch High School. Ramsey continued on and studied real estate and finance at the University of Tennessee in Knoxville. Even as a student there, he started selling real estate.
Personal History
Ramsey had amassed a more than $4 million real estate portfolio by 1986. His good successes were short-lived, though, as the Competitive Equality Banking Act took effect in 1987 and his $1.2 million in loans and credit lines were recalled. In 1988, Ramsey filed for bankruptcy due to his inability to pay.
Ramsey began providing financial advice to couples attending his neighborhood church during his years of financial recovery. He also started the Lampo Group, a financial advisory firm.
Hosting radio shows
On the Nashville radio program "The Money Game," Ramsey joined Hal Wilson and Roy Matlock as one of three alternate hosts in 1992. Ramsey talked about bankruptcy and debt relief during his hosting gig. Ramsey was left as the only host when Wilson eventually departed the program, and Matlock did not long after. In 1996, the show was renamed "The Dave Ramsey Show," then simply "The Ramsey Show." Ramsey, who occasionally incorporates Christian philosophy into his counsel, takes live calls on financial issues during the three-hour nationally syndicated program. From 2007 to 2010, he also presented the program on the Fox Business Network.
Money Education
Debt collectors are something Ramsey openly despises. Using the debt snowball technique, which calls for paying off the lowest bills first, he counsels his listeners to pay off debt. Additionally, Ramsey advises his listeners to utilize cash stored in separate envelopes for various expenses.
Because Ramsey ignores economic inequality and the possibility of financial emergencies, his financial lessons have drawn a lot of criticism. His investment counsel, in the in the meantime, has drawn criticism for depending too much on stock investments.
Timeshare Exit Team Lawsuit
In June 2023, viewers of his show launched a $150 million lawsuit against Ramsey, alleging a timeshare exit company that had marketed on his show had misled them. Now known as Reed Hein & Associates, Timeshare Exit Team closed in 2021 after consenting to pay a $2.6 million penalty for false promises.
Controversies around Ramsey Solutions
Discriminatory labor practices are one of the many reasons Ramsey Solutions, formerly the Lampo Group, his financial consulting firm, has drawn criticism. The first significant event occurred in 2020, when Julie Anne Stamps, an employee, told her boss she was gay and that she could not stay employed by the organization. Additionally, that year, former employee Caitlin O'Connor filed a federal complaint claiming she was let go from Ramsey Solutions for being unmarried and pregnant. Subsequent recordings showed Ramsey making fun of staff members over corporate policies.
For disobeying COVID-19 safety procedures at the height of the pandemic, Ramsey and his firm also faced severe criticism. Remarkably, the corporation carried on holding big events and ignored safety concerns even after workers tested positive. Ramsey chafed at face masks and other safety measures on his radio show and in staff meetings. In 2021, a former employee filed a federal lawsuit, claiming he was let off for merely following the recommended safety protocols.
Individual Life and Property
Three of Ramsey Solutions' employees, Denise, Rachel, and Daniel, are his children with Sharon. He and Rachel coauthored the book "Smart Money, Smart Kids" in 2014.
Previously, Dave and Sharon Ramsey were residents of Franklin, Tennessee, in a custom-built house on five acres. 2008 saw them spend $1.5 million on the property. They paid cash, as in, they did not take out a mortgage, on his own advice. They finished building the 13,545-square-foot estate a year later. Singer LeAnn Rimes was a neighbor until 2012, when she sold her 13,000-square-foot, custom-built home for $4.1 million. The Ramseys put their estate up for $15.45 million in February 2021. By August 2021, they had accepted $10.2 million. They spent $3.75 million that same month on a 7,000-square-foot estate in College Grove, Tennessee.