By age 26, Ramsey had a net worth of more than $1 million and was making $250,000 a year, but he and his wife Sharon were in major debt.
"The short version of the story is that debt caused us, over the course of two and a half years of fighting it, to lose everything," Ramsey says on his website. "We didn't tell anyone what was going on, but if we had to do it again, we would learn from the wisdom of others who have been through it."
Now, Ramsey shares the wisdom he's gathered through books, his radio show and his Financial Peace University program, which more than 5 million people have participated in.
One of the main tenets Ramsey preaches is delayed gratification.
"If you live like no one else now, later you can live and GIVE like no one else," he wrote on Twitter in June.
He's also advocates for teaching kids about money when they're young. Ramsey is the author of "Smart Money Smart Kids" and roughly 4 million high school students have taken his Foundations High School Program.