How Debt Created the Man Who Preaches Against Debt | Authentic or Charlatan: Dave Ramsey


This week’s episode is on Dave Ramsey. Every time the Subscribe and Like button gets smashed, I’ll put more time into making these videos.

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Authentic or Charlatan: Dave Ramsey | How Debt Created the Man Who Preaches Against Debt

Dave Ramsey wants to get you out of debt. His entire education empire centers around helping people escape debt. In his world, debt represents a master slave relationship between borrower and lender.

Why is Dave Ramsey so fixated on debt?

His desire is to have every follower pay off all of their debt which will help provide the lowest risk path to wealth building for them and their families.

His belief is that his system is the most proven way to build wealth and live a fulfilling life.

To understand how he came to this belief, we must go back to where it all started.
Dave Ramsey got into the real estate game at the age of 18 by getting his real estate license. His parents owned a real estate company. Which I find hilarious because he’s a man who doesn’t believe luck has anything to do with success.

After graduating from the University of Tennessee, Dave Ramsey began growing a real estate empire that totaled $4mm in 1986, which is equivalent to roughly $9.4mm in 2019 dollars.

I wonder if his parents real estate company and their connections had anything to do with him getting access to a lot of loans. Here’s a kid who is fresh out of college and is able to amass a $4mm rental portfolio in under 6 years. According to Dave, he had roughly $1mm in equity at the peak which means he had $3mm in outstanding loans.

After amassing an impressive portfolio, the banks that held his mortgages got sold and the new purchasing bank called his loans due.

Dave Ramsey has been teaching his disciples about staying away from debt at nearly all costs, yet his entire career has been centered around taking on debt. First, you have Dave building a real estate empire using debt. Because of the experience he had, he was able to use his background as a way to become a personal finance guru preaching against debt. And then his entire career as a personal finance guru is because consumers take on too much personal debt, mostly through credit cards, and need some insanely simple advice on how to do it.

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