*There’s a financial advisor who successfully mixes money, religion and common sense.
Dave Ramsey, the author of the book Financial Peace, has built his niche market through seminars held at churches across the country, not just because of the many prospects already in attendance.
But his message is one they understand.
During the second half of the 1980s, a young Ramsey built up a multimillion-dollar real-estate empire—then lost it all as the bank got nervous and called his loans, ultimately forcing him and his wife into bankruptcy.
How, searching for help in his hour of need, he turned to the Bible and discovered Proverbs 22:7: “The rich rule over the poor, and the borrower is slave of the lender.”
At a time when millions of Americans have found themselves a ‘slave of the lender,’ Ramsey has become rich spreading his debt-free gospel. The Dave Ramsey program got traction in evangelical churches, which are still one of the biggest distribution networks for his 13-week video program, Financial Peace University. His programs are available in high schools and on military bases, and Ramsey himself can be heard through his daily radio show on his nightly Fox Business broadcast, his Web sites, his live events, and his many books, including a special line of children’s stories.
Although Ramsey offers some investment advice, he has been known to say his basic message is that which God and Grandma gave: give 10 percent of their income to charity, save 15 percent for retirement, build up a sizable emergency stash and a college fund for their kids, and above all, stop borrowing money.
Ramsey devotees pay cash for everything they can. They are allowed only one exception to the no-more-debt rule: a 15-year fixed-rate mortgage. And Ramsey is so serious about this message that his web site takes only debit cards; try to pay with a Capital One Visa, and the system rejects the card.
