Dave Ramsey schools Baltimore stay-at-home mom on how a ‘proper man’ handles his family's finances — and it doesn’t involve secret debts

Personal finance guru Dave Ramsey reportedly has a seven-figure net worth. But in 1988, he was unable to sustain his debt burden and was forced to file for bankruptcy.

In a recent episode of “The Ramsey Show”, he talked about how couples should handle their household finances together and the way his own financial struggles impacted his wife.

Ashamed of debt and failure

A discussion about debt and relationships was initiated by a Baltimore woman named Jessy, who called Ramsey seeking advice about dealing with her husband. Although she’s an experienced doctor, Jessy has been staying at home in recent years to raise the kids while her husband promised to manage the family's finances by himself. However, when she noticed some of her credit card bills were not being paid in full she grew suspicious that all was not well.

Her husband eventually revealed that the family had accumulated significant debt and they would need to consider downsizing their home to stay afloat. “I just wasn’t paying attention at all and now we’re basically in trouble with debt,” she told Ramsey, holding back tears.

Hidden debt can be a strain on any relationship. Jessy said talking about the debt with her husband is difficult and she’s worried about offending or emasculating him by bringing it up. “... he wants to be the man in charge taking care of everyone,” she said.