What is Dave Ramsey's Net Worth?
Dave Ramsey is an American author, financial expert, business entrepreneur and radio host who has a net worth of $200 million. Dave Ramsey is probably most famous for creating a business where he helps others to learn about finance. His financial teachings are based on his own experience, with many of his books and radio shows geared toward a Christian perspective. Dave Ramsey hosts the nationally syndicated radio program "The Ramsey Show" which can be heard on over 500 radio stations in the U.S. and Canada. He has penned a number of books on finance, including "The Total Money Makeover." Dave reportedly owns a real estate portfolio that is worth $150 million.
As of June 2023, Ramsey now faces a $150 million lawsuit filed by listeners of his show who allege they were defrauded by a timeshare exit company that advertised on his program. Timeshare Exit Team, now operating as Reed Hein & Associates, shut down in 2021 after agreeing to pay a $2.6 million settlement over deceptive promises.
Early Life and Education
Dave Ramsey was born on September 3, 1960, in Antioch, Tennessee, to real estate developer parents. As a teenager, he went to Antioch High School, where he played on the ice hockey team. Ramsey went on to attend the University of Tennessee in Knoxville, studying finance and real estate. He began selling property while a student there.
Career Beginnings
By 1986, Ramsey had built a real estate portfolio worth more than $4 million. His fortunes were short-lived, however, as his $1.2 million in loans and credit lines were recalled in 1987 after the Competitive Equality Banking Act came into effect. Unable to pay, Ramsey filed for bankruptcy in 1988.
During his years of financial recovery, Ramsey started offering financial advice to couples attending his local church. He also founded the financial counseling service the Lampo Group.
Radio Hosting
In 1992, Ramsey became one of the three alternating hosts on the Nashville radio show "The Money Game," with the other two being Hal Wilson and Roy Matlock. Ramsey used his time as host to discuss issues of bankruptcy and getting out of debt. Eventually, Wilson left the show, followed shortly after by Matlock, leaving Ramsey as the sole host. In 1996, the program was renamed "The Dave Ramsey Show"; it later became just "The Ramsey Show." On the three-hour nationally syndicated program, Ramsey takes live calls about financial matters, occasionally incorporating Christian philosophy into his advice. He also hosted the show on the Fox Business Network from 2007 to 2010.
Financial Teachings
Ramsey is outspoken in his disdain for debt collectors. He advises his listeners to reduce their debt by using the debt snowball method, which involves paying off one's lowest balances first. Ramsey also opposes the use of credit cards, urging instead for his listeners to use cash kept in designated envelopes for different expenditures.
Ramsey's financial teachings have been heavily criticized due to their disregard for income disparities and their failure to take into account the potential for financial emergencies. His investing advice, meanwhile, has been denounced for its overreliance on stock investment.
(Photo by Anna Webber/Getty Images for SiriusXM)
Ramsey Solutions Controversies
Ramsey's financial counseling company, Ramsey Solutions (formerly the Lampo Group), has come under fire for various reasons, including discriminatory labor practices. The first major incident occurred in 2020 when employee Julie Anne Stamps came out as lesbian to her supervisor and was told the company policy prohibited her from remaining employed. Also that year, former employee Caitlin O'Connor filed a federal lawsuit alleging that she was fired from Ramsey Solutions for being pregnant out of wedlock. Recordings were later released revealing Ramsey mocking employees over the company's policies.
Ramsey and his company also provoked serious backlash for ignoring COVID-19 safety protocols during the height of the pandemic. Notably, the company remained open even after employees had tested positive, and continued to hold large gatherings while ignoring safety concerns. On both his radio show and during staff meetings, Ramsey bemoaned face coverings and other precautions. A former employee filed a federal lawsuit in 2021 alleging that he was fired for taking basic precautions against the virus.
Personal Life
With his wife Sharon, Ramsey has three children named Denise, Rachel, and Daniel, all of whom work for Ramsey Solutions. He co-wrote the book "Smart Money, Smart Kids" with Rachel in 2014.
Previously, Ramsey lived in a custom-built home in the Nashville area. After residing there for more than decade, he sold the property in 2021 for $10.2 million. Ramsey had another home built for him in the Nashville area.
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