Dave Ramsey Financial Peace University

This week Chris and I graduated from Dave Ramsey’s Finanical Peace University.

From Dave’s website…

More than 1.5 million families have attended Financial Peace University with amazing results. On average, these families paid off $5,300 in debt and saved $2,700 in just the first 90 days! Stop worrying about money, and start your journey to Financial Peace today.

A little history on the subject…

I started working for a group of radio stations almost 5 years ago. One of the stations is a News/Talk station which Dave Ramsey is on in the evenings. After learning about his show and listening I found it to be very interesting. Some of my co-workers even started taking his FPU and I saw them living on a budget and quickly paying off debt. I wanted to do the same.

While planning our wedding last year I found a class that was going to be starting at our church in January. I told Chris I wanted to do it, he agreed, and we signed up.  Here is my review of the class.

Pros:
1. Taking the class really helped us to budget and track money. I now feel like we have more money because I write everything down! Dave says its important to balance your check book and going online to check your balance is not balancing it!
2. I feel like that class really helped me and Chris to feel more like a team. We talk more about money and where its going. We also have a common goal in mind.
3. Dave’s Baby Steps are easy to follow.
4. It taught me that I need to have patience. Growing wealth takes time.
5. I understand insurance, Mutual Funds, and mortgages better. I actually want to learn more about Mutual Funds!

Cons:
1. Our teacher condensed our class into 8 weeks instead of the 13 weeks. This left no time for class discussion and made for really long days.
2. Lack of class discussion, due to above. One of my co-workers said her favorite part was talking to other people in their class.

There was a ton more I learned, but I don’t want to give it all away here. If you have even considered taking this class I highly suggest it!

I am happy to report that me and Chris are well into Baby Step 2 (Debt Snowball, we will pay off our 2nd credit card later this month) and we even have more than the recommended amount in our Emergency Fund (moving towards Baby Step 3, 3-6 months living expenses in savings).

Questions:
Have you heard of Dave Ramsey?
Do you follow a strict monthly budget?
Feel free to ask me questions!

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7 thoughts on “Dave Ramsey Financial Peace University

  1. Thanks for sharing the pros and cons! It’s very interesting. It kind of reminds me a book I read when I was right out of college that opened my eyes to the world of finance called “young fabulous and broke” by Suze Orman. She goes over so much of the importance of IRA vs 401k and why you should have both and which one is the higher priority. I restructured my car insurance based on her recommendations and got it down to a third of what i was paying initially! As silly as it sounds, it really changed my life and how I prioritize my expenses! I highly recommend it if you are looking for more on the topic, it was simple to read without the sometimes overwhelming finance lingo!

      • yep Suze really stresses putting as much as you can into IRAs ASAP because you can hit the limit so fast, especially when married. And doing 401k only up to your company’s match, so you don’t lose free money. Let me know if you do read it!

  2. I love The Dave Ramsey Show. I listen at work from 2-5 on his website. I LOVE Debt Free Fridays. They have callers call in and talk about how much debt they’ve paid off. I’m always so inspired.

    My husband and I are currently on baby step 2 (going to be here for quite a bit of time due to lots and lots of student loans) but through Dave’s baby steps I feel like we’re in control of our money and have a solid financial plan. When I graduated college I felt trapped under my student loans and felt like they’d NEVER be paid off. Like literally my goal was to have my student loans paid off before my kids (that aren’t even thought of yet) go to college. Now my goal is to be debt free by 30!

    Have you read any of Dave’s books? Any recommendations?? While we’re on baby step 2, I figure we might as well figure out what the next step is.

    • I have the Total Money Makeover, but I never read the whole thing. I think that would be a good place to start. Also check out his website and see if they are offering a class near you. I was surprised to see how many classes are offered in my area. They normally have them at churches.

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