The Failure Interview.
With the holiday season just around the corner, millions of short-on-cash Americans are just weeks away from a credit card charging binge. Dave Ramsey’s advice? If you don’t have the cash don’t spend the money. For most people that’s easier said than done, but Ramsey has made a career out of counseling financially challenged people.
You see, Ramsey knows first-hand the crippling effects of unmanageable debt. At the age of 26, having amassed a four million dollar real estate portfolio, his fortunes dramatically changed and he lost everything in a financial free fall that ended in bankruptcy.
Today, approaching 40, Ramsey has taken the lessons he’s learned and created a cottage industry. The author of two New York Times best sellers—“Financial Peace” and “How to Have More Than Enough: A Step-by-Step Guide to Creating Abundance”—Ramsey is a financial counselor and host of a nationally syndicated radio show (The Dave Ramsey Show), which reaches more that 1,000,000 listeners daily. He also heads up Finance Peace University, a conference and special events training group that teaches and empowers people to break the debilitating cycle of debt. Ramsey took time out from trying to save the country from financial ruin to speak with Failure from his studio in Nashville, Tennessee.
Reading “Financial Peace,” I was struck by how elementary your lessons are. When it comes to financial issues, is the public’s lack of knowledge that profound?
The knowledge level that you need for wealth building is somewhere around seventh-grade math. It’s not hard to add and subtract and to understand that if you spend more than you make you’re going to be broke all your life and deeply in debt. It’s about controlling the character in the mirror. He or she is the problem.