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‘I Was Stupid’: Dave Ramsey Details Financial Mistakes That ‘Ruined’ His Life, What the Bible Says About Money

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Financial guru Dave Ramsey, one of the most listened-to radio hosts in the country, invoked lessons from the Bible to help get himself out of debt.


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Although Dave Ramsey gives no-nonsense financial advice to a weekly audience of 13 million on 600 radio stations across the country—only behind famous names such as Rush Limbaugh and Sean Hannity—there was a time when he had racked up considerable debt himself.

The evangelical Christian from Antioch, Tennessee, said he used his faith to dig himself out of the financial hole.

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“The Bible talks about money a lot,” Ramsey told ABC News. “Even if you’re not a Christian, what the Bible says about money is mostly common sense. It’s live on less than you make, save money.”

Ramsey and his wife hit rock bottom in the 1980s and declared bankruptcy after losing most of their money in real estate.

“I was stupid. I borrowed money out my ears, man, and out my eyeballs and everything else,” he said. “We were so far in debt we couldn’t breathe—ruined our lives and it made our lives.”

‘I Was Stupid’: Dave Ramsey Details Financial Mistakes That ‘Ruined’ His Life, What the Bible Says About Money

Financial guru Dave Ramsey declared bankruptcy in the 1980s after losing most of his money in real estate. (Image source: ABC News)

The lessons Ramsey learned from the Bible paid off. These days, he and his family are in the black.

“No matter what, I’m not putting myself or my family in this position again,” he said.

Ramsey began doling out financial lectures at his local church before attempting the task at a local radio station.

These days, Ramsey is known for delivering smack-you-in-the-face truths on how to become debt-free.

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He also wrote a best-selling book based on his experiences. “The Total Money Makeover” makes financial literacy attainable for the average person and breaks down Ramsey’s philosophy into “baby steps,” he said.

“Baby Step 1” is to save $1,000 cash for emergencies, while “Baby Step 4” is to invest 15 percent of income in retirement.

‘I Was Stupid’: Dave Ramsey Details Financial Mistakes That ‘Ruined’ His Life, What the Bible Says About Money

Dave Ramsey, who has a weekly audience of 13 million, is known for his no-nonsense financial advice. (Image source: ABC News)

Ramsey’s advice will serve millions of Americans who have contributed to a year of historical levels of household debt. The average American has nearly $30,000 in student loan debt and $6,000 of credit card debt.

“Debt’s not the problem, it’s the symptom,” Ramsey said. “Debt is the result of being disorganized, immature, buying things I can’t afford to impress people I don’t really like.”

(H/T: ABC News)