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Ask Dave

How Did Bankruptcy Change Dave?

When Dave Ramsey declared bankruptcy, it did more than just hurt him.

QUESTION: Chris wants to know how Dave’s bankruptcy changed his behavior and helped him to succeed.

ANSWER: The truth is that I crashed and didn’t turn it around. I spent some time being ashamed and blaming everyone else. I got back out and was working because I had a family to support. Over time, I started looking at what caused me to file bankruptcy, which was me. It went from being humiliating to being humbling. That just means you had a course correction.

I was impulsive and lived without a plan and was arrogant and didn’t listen to my wife. Now I don’t do anything financial without a plan. We don’t make any big money decisions without us discussing it first and being in agreement. I don’t sign deals without her knowing what’s going on. I always live on a budget and know where the money is going. I never borrow money or co-sign, ever. I’m always diversified in my investments. Those are God’s ways of handling money. I save for emergencies and give to my church and other ministries.

Now, I’m not so guilty or ashamed or humiliated. Do your own course corrections and you’ll walk your way through it.