Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
How Dave Ramsey pulled himself out of bankruptcy
The Street
Follow
7/25/2024
Dave Ramsey, CEO of Ramsey Solutions, joins TheStreet to discuss how he got himself out of bankruptcy.
Category
🥇
Sports
Transcript
Display full video transcript
00:00
So you mentioned you hit rock bottom and you had to file for bankruptcy.
00:06
What was the first step? Because there's somebody watching who says,
00:09
okay, I've hit rock bottom, but they don't know how to move
00:13
from the bottom to get to where you are.
00:16
So walk us through that process.
00:19
Well, it hurts when you hit, because it is hard.
00:23
It's not a soft landing. It's a splat.
00:26
One guy said, how did you bounce back?
00:28
I didn't bounce. I splatted.
00:31
It hurt. It hurts bad.
00:33
And so if somebody's at rock bottom and they're watching, I'm with you.
00:36
I understand. It hurts.
00:38
And what I had to do is just what Sharon and I did.
00:40
We just took inventory.
00:42
We said, okay, what about us personally and what about our behaviors
00:46
and our habits and our decisions and our values was wrong
00:52
that brought us to this moment?
00:54
Because we weren't victims.
00:57
We caused it.
00:59
No one did anything to us.
01:02
It was evil or nefarious.
01:04
It was us doing it.
01:06
So we had to say, all right, what does stupid look like?
01:09
And let's stop doing stupid.
01:11
And so we said, all right, we don't borrow money anymore.
01:15
And I've never had a credit card since then.
01:17
And I don't borrow money.
01:19
And so we were driving an old beat-up car.
01:21
It was awful. It was a lot worse than what we were talking about a while ago.
01:24
It was horrible.
01:26
But it was so bad that I was highly motivated to save money to get out of that car.
01:31
So we saved a bunch of money really fast.
01:35
I worked like an animal.
01:37
And so, yeah, you start writing it down, write down where your money's going.
01:41
You do anything you can to get your income up and keep your outgo down.
01:45
And you get an agreement with your spouse and you lock arms and you say,
01:50
the rearview mirror is smaller than the windshield for a reason.
01:55
What happened in the past is in the past.
01:57
I don't have to live like that anymore.
01:59
I can make a decision to change and go.
02:01
So we're going to do a budget.
02:02
We're going to increase our income.
02:04
We're going to stay away from the things and the decisions that brought us into this mess in the first place that caused the splat.
02:09
And then when I started doing that, people started asking me, what are you doing?
02:13
Because your life seems to be turning around after that horrible, stupid thing you all did.
02:18
And I said, well, I'm staying out of debt.
02:20
And I write it down.
02:21
And my wife and I are in agreement.
02:23
And we saved money.
02:24
And they said, that's it?
02:25
You ought to tell somebody that.
02:27
And so we've spent the next 30 years telling people that.
Recommended
1:19
|
Up next
Dave Ramsey's advice for getting out of debt
The Street
8/22/2024
1:36
Dave Ramsey Shares The Top Money Mistake People Make
The Street
6/29/2023
1:46
Dave Ramsey on the disconnect between the economy and reality
The Street
8/16/2024
3:13
Dave Ramsey’s advice for finding financial balance
The Street
7/31/2024
4:22
When it comes to your finances, self-awareness is key
The Street
8/8/2024
1:16
Dave Ramsey Offers Clear Financial Advice for College Grads
The Street
6/12/2023
1:55
Dave Ramsey Discusses If More Money Equals More Happiness
The Street
6/29/2023
1:19
Dave Ramsey Shares One Piece of Money Advice That's in All of His Books
The Street
6/27/2023
0:51
Dave Ramsey exposes the truth about Social Security
The Street
5/8/2025
1:26
Dave Ramsey Shares The One Thing All Millionaires Invest In
The Street
6/21/2023
2:00
Dave Ramsey breaks down the simple steps to financial freedom
The Street
6/17/2025
0:26
Dave Ramsey sounds the alarm on this costly financial mistake
The Street
6/10/2025
0:59
Dave Ramsey Gives Advice To A 'Broke' Couple Who Spent $30,000 On Solar Panels — 'You Need To Lock Arms And Write Down A Pledge In Blood That Says I'm Going To Quit Buying Crap I Can't Afford'
Benzinga
1/29/2024
3:26
What it takes to afford a home in the U.S., according to Dave Ramsey
The Street
7/10/2024
0:54
"Everybody Else Is Getting Rich And You're Helping Them" — Dave Ramsey Says Car Payments Are Keeping You Broke And 'Trapped'
Benzinga
5/24/2024
1:04
Dave Ramsey reveals the 401(k) mistake costing Americans millions
The Street
5/9/2025
1:39
Red Lobster files for bankruptcy but will stay open
The Street
5/20/2024
1:20
Dave Ramsey debunks key home ownership myth
The Street
4/27/2025
3:36
Dave Ramsey’s advice to Gen Z homebuyers
The Street
6/27/2024
1:01
Dave Ramsey issues blunt warning on Bitcoin
The Street
5/24/2025
1:00
Dave Ramsey reveals how to recession-proof your finances
The Street
4/29/2025
1:08
Dave Ramsey Says Student Loans Create Lifetime Of Money Stress: 'Having A Serious Negative Impact On The Future Of Our Country'
Benzinga
4/16/2024
0:47
What Dave Ramsey Says About the $36 Trillion Debt
Benzinga
12/6/2024
1:36
The biggest mistakes people make with their credit card debt
The Street
10/30/2024
1:22
This is what’s fueling the record-high credit card debt
The Street
5/1/2025