After going bankrupt buying and selling real estate on margin in September 1988, Tennessee native Dave Ramsey developed a personal wealth-building system based on his study of biblical money principles so he and his family would never be financially vulnerable again.[2]
While recovering from bankruptcy and rebuilding his real estate business, Ramsey began providing one-on-one financial counseling sessions in the evenings at his church.[3] Seeing a need and his counseling demand grow, Ramsey formed The Lampo Group in 1991 as a financial counseling service, which included live group seminars conducted by Ramsey himself.[4] The name came from the Greek word for "glitter" or "shine"—a reference to Matthew 5:14 ("You are the light of the world…").[2]
In the summer of 1992, Ramsey self-published his first book, Financial Peace, in which he explained his personal finance principles.[2] The book was Lampo's first product, with Ramsey selling the book out of the trunk of his car.[5]Viking Press picked up the book and published a revised edition in 1997—becoming Lampo's first New York Times bestseller.[4]
Also in 1992, Ramsey was a guest on a local radio show on WWTN in Nashville, answering money-related questions from callers.[6] The experience went so well that after the host quit when the station was going bankrupt, Ramsey and two other money experts began hosting a show called The Money Game.[7][2]
In 1994, Ramsey began offering a financial course—a once-a-week, six-month seminar called "Life After Debt."[1] The course was eventually renamed Financial Peace University (FPU) and was streamlined from six months to nine weeks over the next three decades.[4]
In 1996, Lampo established its first website (FinancialPeace.com).[4] Also in 1996, Dave Ramsey became the solo host of The Money Game and took the show national, handling syndication himself.[4][6] Three years later, the show was rebranded from The Money Game to The Dave Ramsey Show.[4]
Though Dave Ramsey had been teaching his Financial Peace University course in-person since its inception, in 1997, Lampo began producing live events around the country featuring Ramsey—26 in the first year alone.[4] Lampo also began to offer FPU on VHS in 1997, which went to DVD in the 2000s, and finally became an all-digital product.[4] Ramsey claims that FPU has helped over 10 million people in the program's three decades of existence.[1]
In 2000, Lampo went into the youth market for the first time with the Financial Peace Jr. program (a child-centered version of FPU).[4] Lampo also began offering personal finance education curriculum for schools called Financial Peace for the Next Generation (now known as Foundations in Personal Finance).[4] And with The Dave Ramsey Show now self-syndicated, Lampo built a new radio studio at the company office in Nashville.[4]
In 2002, Lampo moved to the Cool Springs commercial center between Brentwood and Franklin, Tennessee. The grouping of offices and buildings Lampo occupied became known as "Financial Peace Plaza" and included a coffee shop and seating for visitors to view the radio show broadcast, and a designated area for people to come do their "debt-free scream" live on the air.[4]
Lampo went into the leadership development business in 2005 when Dave Ramsey first began teaching EntreLeadership, a combination of entrepreneurial and leadership principles.[4] Originally created to build up his own team of leaders, Ramsey saw how effective his weekly course was and adapted the system for outside business leaders as a weeklong workshop series.[8] Ramsey wrote the book EntreLeadership, outlining his business and leadership philosophy, in 2011.[8]
In 2007, Ramsey began hosting a TV version of his radio show for Fox Business (one of the channel's original programs when channel launched). The Dave Ramsey Show was broadcast from Lampo headquarters and was on the air from 2007 to 2010.[9]
Dave Ramsey began a long-term succession plan in 2008.[1] Ramsey would "incrementally let go" of his CEO responsibilities over a period of years until he is no longer in corporate leadership, but simply talent for the radio show and speaking engagements (though he will remain an owner of the company with his wife and children).[1]
A large part of Ramsey's succession plan was establishing new people to carry on his teachings.[1] In 2010, Ramsey created the Lampo Speakers Group and handpicked a group of keynote speakers to be his surrogates—appearing at live speaking engagements, doing media appearances, writing books, etc.[10] The Lampo Speakers Group evolved into the Ramsey Personalities program in 2012. The personalities also act as co-hosts on The Ramsey Show and several host their own podcasts and YouTube-based shows as part of the Ramsey Network.
Also in 2012, the company established an operating board with "key players at the top of the leadership food chain" who advise and collaborate with Ramsey to make long-term decisions for the company.[1] Ramsey and his children are all operating board members.[11]
The Lampo Group was publicly rebranded as Ramsey Solutions in 2014—though the company is still legally named The Lampo Group, LLC.[4] The same year, Lampo launched EntreLeadership Summit—an annual event dedicated to Dave Ramsey's leadership and business teachings, featuring several well-known keynote speakers.[12]
Also in 2014, The Daily Beast reported that Dave Ramsey had lashed out against former Ramsey Solutions employees he claimed were discussing working conditions at the company on Facebook and Twitter. At company staff meetings, Ramsey recounted conversations from a private Facebook group of former employees that he had infiltrated, offered cash rewards for the identities of some members who took to anonymous Twitter accounts once they realized Ramsey had joined the private group, and "pulled a gun out of a bag to try to teach a lesson about gossip."[13]
In July 2019, Ramsey Solutions moved to a new campus in the Berry Farms commercial area of Franklin, Tennessee.[14] The campus opened with one office building, studio facilities for The Ramsey Show and other Ramsey Network productions, an employee cafeteria, and a lobby for visitors featuring a café, museum displays, seats for watching live broadcasts, a new debt-free stage, and a gift shop.[14] In 2021, the second office building was opened, and a 2,500-seat auditorium for weekly staff meetings and live events was finished in 2023.[15][16] All the land purchases and building construction were paid for with cash, and a tax incentive program was established between Ramsey Solutions, Williamson County, and the city of Franklin to ease the cost.[17][18]
The Dave Ramsey Show was renamed The Ramsey Show in 2020 to better incorporate the show's Ramsey Personality co-hosts, the company's gradual conversion from being centered around Dave Ramsey, and to, according to Ramsey, "set the show up for generational success; that it doesn’t die when I do."[1] Ramsey says that he will continue to co-host The Ramsey Show "as long as I make sense."[1] The show remains the largest self-syndicated radio show in the United States.[6]
In July 2020, Caitlin O'Connor, a former Ramsey Solutions employee, filed a federal lawsuit against the company alleging that she was fired for being pregnant and, since she wasn't married to the baby's father, for violating Ramsey Solutions' employee conduct policies.[19] On May 27, 2021, O'Connor gave her first interview about the termination and her experience working for Ramsey.[20]
In December 2020, during the COVID-19 pandemic, a complaint was filed with the Williamson County Health Department alleging that caterers hired for the Ramsey Solutions Christmas party at its company headquarters were instructed not to wear masks or gloves while serving, which the company said was "absolutely not true. There was no prohibition on that."[21] Ramsey Solutions responded further that there was no truth to the complaint and a worker indicated that many workers in fact chose to wear masks and/or gloves.[22] Earlier in the pandemic, the company remained open after employees tested positive for the virus, ignored recommendations to avoid large gatherings, and hosted a July business conference at the company headquarters after the Marriott hotel originally booked for the event canceled citing safety concerns.[23]
On March 10, 2021, Ramsey Personality Chris Hogan left the company, citing "things going on in my personal life . . . that are not in line with Ramsey Solutions."[24] Hogan's resignation followed accusations of having several extramarital affairs, including one with a co-worker at Ramsey Solutions.[25]
In May 2021, Religion News Service (RNS) obtained recordings of Dave Ramsey mocking employees over the policy and explaining Chris Hogan's 2019 absence as a "rest break" following the affair accusations. Melissa Hogan, Chris Hogan's ex-wife, issued a statement to RNS claiming that the company downplayed Chris's behavior, covered for him, and characterized her behavior as "anger, hyperbole, and drama."[26][27]
According to a September 2021 lawsuit, when Julie Anne Stamps, a Ramsey Solutions employee on the customer care team, approached her supervisor regarding coming out as a lesbian in May 2020, the supervisor allegedly explained that company policy would not allow Stamps to continue to be employed at Ramsey Solutions. Stamps alleged that her departure from the company was further expedited once the United States Supreme Court June 15, 2020, ruling in Bostock v. Clayton County was decided. Ramsey Solutions denied the accusations and the matter was settled without the need for a trial.[28][29]
Ramsey Solutions released its first full-length documentary in October 2021. Titled Borrowed Future, the film was about the student loan industry and highlights several individuals who are living with large amounts of student loan debt.[30]
In a December 2021 federal lawsuit, a former employee alleged that Ramsey Solutions violated his religious rights by firing him when he took scientifically prescribed precautions against COVID-19. The employee, Brad Amos, stated he was following the Golden Rule in protecting others from the virus.[31] The lawsuit said Dave Ramsey ran a "cult-like" environment where employees who worried about the pandemic were accused of "weakness of spirit" and told to pray if they wanted to ward off the virus.[32] Ramsey Solutions has denied all accusations and has claimed the suit was "completely false."[33] In December 2023, A U.S. district judge dismissed the lawsuit, ruling there was no proof of religious discrimination. But in August 2024, the United States Court of Appeals for the Sixth Circuit overturned the dismissal, allowing the case to proceed.[31]
In 2023, Ramsey continued his gradual succession plan by making his son, Daniel, president of the company, with the goal of Daniel eventually taking over as CEO.[1] Ramsey's two other children, Rachel Cruze and Denise Whittemore, also work for the company—Rachel is a Ramsey Personality and Denise is director of the Ramsey Family Foundation, the company's philanthropic arm.[11]
In his teachings, Dave Ramsey has described the timeshare industry as "scummy."[34] In April 2023, a group of listeners of TheRamsey Show filed a $150 million lawsuit against Ramsey Solutions alleging Ramsey received $30 million to promote a timeshare exit company who engaged in deceptive practices.[35][36] Ramsey Solutions disputes the allegations and is currently fighting the litigation. In December 2023, a U.S. district judge allowed the lawsuit to move forward, though one of the claims was dismissed.[37]
Business model
Ramsey Solutions specializes in products and services in several self-help categories such as personal finance, business and leadership development, relationship building, career development, estate planning, etc. All of it is done under Dave Ramsey's philosophy of "helping people through people"[1] And in keeping with Ramsey's principles, Ramsey Solutions operates with no debt—all expenses are cash flowed.[11] Ramsey also sees what his company does as a ministry to spread his Christian faith:
"We want to bring a biblical truth, a sense of commonsense, to your money, to your mental health, to your career, in such a way that it makes you wonder, ‘Oh, I need to check out this biblical stuff, this God thing, because it helped me,’" Ramsey said. "We want to minister at such scale that it leaves a dent in this craziness that’s out there in the world."[1]
Ramsey Solutions is owned by Dave Ramsey (who is also CEO) and the Ramsey family and is governed by an operating board.[11] Ramsey Solutions employees, called "team members," are held to a moral and ethical standard based around traditional Christian principles such as putting family first, Colossians 3:23, no gossip, and "righteous living."[38] The company currently has around 1,000 employees—most of which are in the younger generations (Millennials and GenZ).[1]
Ramsey Personalities
Since 2012, Ramsey Solutions has hired expert communicators from a variety of fields to become the public faces of topics the company covers with its products. These Ramsey Personalities co-host The Ramsey Show with Dave Ramsey, as well as host their own shows and podcasts, author books, make media appearances, speak at Ramsey live events, etc.[39] The current Ramsey Personalities are:
Ramsey Solutions’ original personal finance course. The nine-week course is based on Dave Ramsey's "Baby Steps" to building wealth, which includes the debt-snowball method:[40]
Save $1,000 for a starter emergency fund.
Pay off all debt (except the house) using the debt snowball.
Save 3–6 months expenses in a fully funded emergency fund.
Invest 15% of household income in retirement.
Save for children's college fund.
Pay off home early.
Build wealth and give.
The product is completely digital and can be purchased individually or through an organization like a church.
EveryDollar
A budgeting app developed by Ramsey Solutions that uses the zero-based budgeting method.[41] The app available for free, but a paid premium version exists that has additional features like direct bank connection.
Ramsey Network
The area of Ramsey Solutions that handles all the company's multimedia shows and podcasts.[42] The Ramsey Network shows collectively have millions of subscribers and have ranked in the top 100 on Apple Podcasts.[43] The network also has its own app. Current shows include:
The Ramsey Show
The EntreLeadership Podcast
The Rachel Cruze Show
The Ken Coleman Show
The Dr. John Delony Show
Smart Money Happy Hour
George Kamel (YouTube Channel)
Real Estate the Ramsey Way
Everyday Millionaires
Ramsey Press
The company's publishing arm—originally founded as Lampo Press. Produces books written by Dave Ramsey and the Ramsey Personalities, along with additional select authors. Topics range from personal finance to career development and mental health, as well as children's books. Some of the Ramsey Press bestsellers have included:[44]
Dave Ramsey’s Complete Guide to Money (2011) by Dave Ramsey
Smart Money Smart Kids: Raising the Next Generation to Win with Money (2014) by Dave Ramsey and Rachel Cruze
The Legacy Journey: A Radical View of Biblical Wealth and Generosity (2014) by Dave Ramsey
Retire Inspired: It's Not an Age, It's a Financial Number (2016) by Chris Hogan
Love Your Life, Not Theirs: 7 Money Habits for Living the Life You Want (2016) by Rachel Cruze
Business Boutique: A Woman's Guide for Making Money Doing What She Loves (2017) by Christy Wright
The Contentment Journal (2019) by Rachel Cruze
The Proximity Principle: The Proven Strategy That Will Lead to a Career You Love (2019) by Ken Coleman
Know Yourself, Know Your Money: Discover WHY You Handle Money the Way You Do, and WHAT to Do About It! (2020) by Rachel Cruze
Take Back Your Time: The Guilt-Free Guide to Life Balance (2021) by Christy Wright
From Paycheck to Purpose: The Clear Path to Doing Work You Love (2021) by Ken Coleman
Baby Steps Millionaires: How Ordinary People Built Extraordinary Wealth—and How You Can Too (2022) by Dave Ramsey
Own Your Past Change Your Future: A Not-So-Complicated Approach to Relationships, Mental Health & Wellness (2022) by Dr. John Delony
Building a Non-Anxious Life (2023) by Dr. John Delony
Breaking Free from Broke: The Ultimate Guide to More Money and Less Stress (2024) by George Kamel
Several Ramsey bestsellers like The Total Money Makeover and EntreLeadership were released by outside publishers.
Ramsey Education
Produces the company's financial literacy school curriculum, Foundations in Personal Finance, for public and private schools as well as homeschool. Curriculum is available for kindergarten through high school, and college.[45]
SmartDollar
An employee benefit for businesses that encourages financial literacy and includes access to EveryDollar, live coaching, and other Ramsey tools.[46]
RamseyTrusted
Ramsey Solutions’ service referral program for real estate agents, tax preparation professionals, and insurance professionals.[47]
SmartVestor
Ramsey Solutions’ service referral program for investment professionals.[48]
EntreLeadership
Ramsey Solutions’ leadership and business development arm that centers around Dave Ramsey's EntreLeadership system of doing business—a combination of entrepreneurship and leadership. A paid online resource called EntreLeadership Elite is offered, which includes leadership and management tools and live coaching.[49]
Coaching
Ramsey Solutions trains a team of independent coaches who guide consumers through their individual financial plans.[50] There is also one-on-one business and executive coaching available as part of EntreLeadership Elite.[51]
Live Events
The company produces seminars, conferences, livestreams, and other events across the U.S. and at their headquarters in Franklin, Tennessee. They feature the Ramsey Personalities and other well-known experts and keynote speakers on topics from all the areas Ramsey covers—money, relationships, leadership, etc. The most well-known of these events is the annual EntreLeadership Summit, a multiday event with recognized business and leadership speakers.[52]
Efficacy of teachings
Critics of Ramsey Solutions’ core teachings point out that they are often a "one-size-fits-all" approach that disregards income disparities, investment horizon, and ignores financial emergencies.[53][54] The debt snowball method is debated, and studies have returned results that both support and oppose its efficacy.[55][56] Ramsey's investing advice has also drawn criticism over its reliance on stock investment, as opposed to bonds, using mutual funds with load fees, and its frequent claim of 12% annual returns on investments.[57][58][59]
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1 2 Ramsey, Dave (2011). Entreleadership: 20 Years of Practical Business Wisdom from the Trenches (1sted.). New York: Howard Books. ISBN978-1-4516-1785-6.
↑ THE LAMPO GROUP, LLC, D/B/A RAMSEY SOLUTIONS v. KEVIN HELMUT PAFFRATH, PAFFRATH ORGANIZATION, MEETNDONE CORPORATION, 18 (M.D. Tenn. 29 Oct 2019), Text.
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