David Lawrence Ramsey III is a businessman, author, and host of the syndicated radio show The Dave Ramsey Show, which is broadcast on over 500 stations throughout the US and Canada and can even be heard on some music streaming services such as iHeartRadio. In addition to hosting a successful radio program, Ramsey has also published numerous books aimed towards teaching readers how to properly manage debt as well as how to better budget household finances. Prior to his fame as a talk show host, however, Dave Ramsey was a real estate investor and owner of Ramsey Investments, Inc. By 1986, the Dave Ramsey house portfolio we often hear about had already grown to over $4 million. Below is an in-depth look at Dave Ramsey’s life, his career, and his drool-worthy mansion in Franklin Tennessee.
Where Does Dave Ramsey Live?
Both Dave Ramsey and his wife, Sharon, live in a 13,517 square foot home in Franklin, Tennessee. They bought the land in 2008 and still live there as of 2019. Keep reading for all the deets on their beautiful abode, including Dave Ramsey home photos!
Dave Ramsey House
As previously stated, Mr. and Mrs. Ramsey purchased this 5-acre property (land only) in April 2008 for $1.5 million (much to the relief of many of Ramsey’s listeners, the radio host paid for the home in cash – something he frequently encourages others to do). The gorgeous 2-story French Chateau-inspired mansion in Franklin, Tennessee boasts 7 bathrooms – one of which reportedly features 18 heads in the shower, and there are also rumors of an office lined with insanely expensive mahogany somewhere in the home as well.
Notable features of the property include a spacious swimming pool and entertainment space outback, an elevator, fireplace, swimming pool, a 4,764 square foot basement, and a spacious 437 square foot attached garage.
Fun Fact: Dave Ramsey’s house sits right next door to LeAnn Rimes’s former digs, which she sold in 2012 for $4.1M.
Dave Ramsey Net Worth
Though Ramsey had some financial troubles in the past, the man and his fam are now completely debt-free, and in fact, Ramsey himself is rumored to have amassed a net worth of $55 million today – not bad, not bad at all!
Oh, and about those Dave Ramsey private jet rumors – we’ve done a ton of digging and see no evidence that he owns a jet.
Who Is Dave Ramsey?
Born September 3, 1969, in Antioch, Tennessee, David Ramsey had an interest in business and real estate at a young age, graduating in 1982 with a degree in Real Estate and Finance at the College of Business Administration at the University of Tennessee, Knoxville. After graduating from college, Ramsey went on to become a real estate investor and started a company called Ramsey Investments, Inc. Despite a strong start in real estate, however, Ramsey would run into some issues that would force him to file bankruptcy after the bank that financed his real estate was sold off to a larger bank that called for him to immediately repay his loans. This early hardship would be a learning moment in Ramsey’s life since he would spend the next several years working to climb out of debt and recover from these financial woes using methods that he would later share with others struggling with debt. After recovering financially, Dave Ramsey began attending seminars on consumer financial problems, which is where he likely found inspiration for his own lessons on how to better manage money. In 1992, Ramsey wrote his first book on the topic, titled Financial Peace.
Currently, Dave Ramsey continues to give financial advice vie books and his highly popular radio series The Dave Ramsey Show. He and his wife of 38 years, Sharon Ramsey, reside in Franklin, Tennessee and share 3 children together; Rachel Cruze, Denise Ramsey, and Daniel Ramsey. Both Sharon and Dave are devout evangelical Christians and Dave frequently incorporates his faith into his discussions about business and finances.
By the way, if you’re wondering ‘how old is Dave Ramsey?’ – he’s 59 years old as of the publish date of this article.
Dave Ramsey Family
Ever been curious as to what the family of this famous financial expert is like? We’re giving you an inside look at not just Dave Ramsey himself, but also the other members of his uber-successful family. Keep reading to learn more!
Daniel Ramsey is the youngest of Dave’s 3 children and currently acts as the Senior Vice President of Financial Peace at Ramsey Solutions, a company started by his father. He graduated from the University of Tennessee, Knoxville in 2014 and has followed in his dad’s footsteps ever since.
The oldest of the Ramsey children, Rachel Cruze admitted to hating the idea of budgeting growing up, but she also states that she later came to appreciate it when she reached adulthood. In fact, it seems Cruze followed in her father’s footsteps as well and she now educates others on managing money. She hosts a web series on her site (rachelcruze.com) and has even written 4 best-selling books on the topic of developing healthy spending habits and budgeting.
Though there isn’t much information out there regarding Dave’s youngest daughter, Denise, what we have gathered is that she reportedly operates the Ramsey Family Foundation. Her job is to review and research the on-goings within the organization to ensure that it doesn’t stray from the core goals.
The wife of Dave Ramsey for over 3 decades, Sharon has been with her hubby through thick-and-thin. She was a stay a home mom that cared for their 3 children and worked hard to budget their daily expenses while Dave Ramsey worked on paying off debts. The couple has spoken openly about their early marriage struggles during those difficult times, but they worked through it together and in the end, remain happily married to this day.
Dave Ramsey Home Buying
In Ramsey’s guide to buying a house, on his website daveramsey.com, Dave highlights 4 important steps for those looking to make a home purchase. If you’re not in the mood for a bunch more reading, however, (or you just love Velvet Ropes too much to leave) we’ll give you the cliff notes on some of his best advice below!
Dave Ramsey Buying a House
In his to-do list for future home buyers, Ramsey writes that you should ensure all your debts are paid off prior to purchasing a property, including student loans and credit cards. Additionally, he states that you should save up to 3 to 6 months worth of expenses and emergency funds for any issues that may arise on top of 10-20% of your home’s price for a down payment. He also suggests getting a 15-year fixed mortgage rate in order to save money instead of a variable or 30-year mortgage. Ramsey also emphasizes the importance of finding the right real estate agent that is willing to help you determine what home is right for you and ensure that you’re not going to overpay for your home. His site states that you should buy a house with an agent who serves not sells.
It’s also important that your agent is willing to answer any questions you have and help guide you through any issues that may arise while buying a home.
How much house can I afford?
On his website, Ramsey offers some helpful tools, including a mortgage calculator, to help you determine how much house you can afford. In his 4 steps to home buying, he also says that your monthly mortgage payments should equal no more than 25% of your take-home pay. As an example, he writes that if you’re bringing home $2,400 monthly and your partner is bringing home $2,600 monthly, your take-home pay would be $5,000. With this in mind, he suggests, your house payment should not exceed $1,250.
It’s an incredibly conservative approach, he admits, but he stands by his methods!