In a three-part Q&A series, we’ve asked controversial financial guru Dave Ramsey to speak out on some of the most polarising topics in personal finance.In Part One, he told us what he really thinks about millennials and dished about cutting up credit cards in Part Two.
Today, Ramsey weighs in on his own struggles to stay on track financially and how his die-hard fans have stuck with him this long:
Business Insider: You’re a pretty polarising figure in the finance world, but that hasn’t stopped millions of consumers from subscribing to your financial philosophy. What do you think sets your message apart?
Dave Ramsey: It’s like going on diet. You know what you need to do to lose weight. It’s not rocket science, you exercise more and eat less. Handling money is the same way. It’s common sense. Grandma’s way of saving for a rainy day. You live on less than you make. I can relate to the people that call into our radio show because I was once in their shoes. More than 20 years ago I went broke. I spent years digging out of my mess and learned that borrowing money was not the answer.
BI: Everyone’s got a weakness when it comes to spending – even the pros. What’s the one thing you find it hard not to splurge on?
DR: When Sharon and I were going through our lean years, I could sacrifice in just about every category except when it came to cars. I love cars. It was very hard for me to part with my Jaguar. I ultimately ended up in a “bondo buggy” until we could pay cash for a car later on.