Financial Peace University Question

[2disneyboys]

Our Church is starting a Financial Peace University session (the dave ramsey program) in a few weeks. Last night, DH & I went to the "preview" to see if it was something we wanted to do. it seemed to focuse a lot on people with a lot of debt. I would like some info from people that have used this or similar program. Some Background...

DH & I (mid 30's) don't have any any debt really other than our Mortgage (we make more a year then our mortgage balance) 1 credit card (around $1500 on a home improvement credit card with zero interest.) We don't have any car payments (cars both are less than 4 years old) and we have a small (about 2 month) emergency fund (working to improve this!) We also have some annuity accounts, 401K and profit sharing through our work) when we first go married, we had a ton of credit card debt and after a little while, we worked together to get it paid down as it scared us (Thankfully, we realized how quickly it could get out of hand and nipped it in the bud!)

So what we want to know is, is this program something that we could get something out of? I mean, I know that no one ever really knows all there is to know about finances. I know that there is plenty we can learn, and as long as we even have a mortgage, don't have a fully funded emergency account, paid for college accounts for the kids we have goals to work for to protect ourselfs further..etc...... however, before I spend $100 to join this class, I was curious how many other people have taken it and really felt it was 'worth' it. I really want to take the class, but DH thinks "we are on the right road" and should not spend $100 to be told to do what we are already doing (his words not mine!)

If you have taken this program or something similar, please give me your honest opinion about it.. good or bad.. I want to see "all sides" before we make the decesion. Thank you so much!!!

 

[minnierocks]

We chose not to spend the $100 and passed on the class...for pretty much the same reasons. The class was extremely helpful and successful for people who needed some financial structure, but after looking through the material we decided that we were doing most of what they were going to teach and there were some things that we really disagreed with. Only you can decide what is right for you. For us, spending $100 for the kit didn't seem very prudent.

 

[GetGlowing]

My DH and I have taken the class and graduated. We also have taught the class at our own church. It's great! We are now debt-free -- including our home and two cars -- and have taken two debt-free, cash, trips to WDW in the past year. We would not have been debt-free, or even close to it, without taking this class! I really believe in it.

Even if you don't think you have a "problem" with debt or are in financial distress, there is so much to learn from this class!! There are lessons on budgeting (you really do feel like you have gotten a raise when you learn to make and follow monthly budget -- you learn to pay attention to where your money is going and you KNOW where, you don't just have to wonder). If you learn nothing more than how to make a zero-based monthly budget, you will save more than it costs to take the class in no time!

You also learn about insurance, and how to deal with collectors if necessary (you may not need this info personally, but it may help you assist someone in the future). You also learn about 401k and retirement plans, which are a mystery to many. You learn about real estate, and paying for college.

My favorite lesson is the one on marketing and advertising. Did you know that debt is a product just like a hamburger or a car or a box of cereal? Financial institutions make a lot of money selling debt -- car loans, mortgages, credit cards -- to consumers, so it's in their best financial interest to make you want more and desire more and to "attain" more. This class will help open your eyes to the tactics all advertisers use to sell you on their product and discern those products you actually need.

The class teaches discipline, and patience, and financial restraint, and planning, and so many things that help you spend wisely, save wisely, and have the money to be able to give too!

If you're not very familiar with Dave Ramsey, he really does practice what he preaches in his classes. It's not a get rich quick scheme. He likes to call it a "crock pot" because it does take time. It's hard. It can cause stress and struggle before you get the hang of it. But it's absolutely worth it!

I recommend it to ANYONE -- not just someone in distress. There is so much to learn!!

I'm happy to answer specific questions ... fire away!

 

[windycitymom]

I consider myself financially savvy and have read most of personal finance books out there. This is my first time doing/reading Dave Ramsey. We are at Week 4 out of Week 13, and I highly recommend it! It's totally worth the money!! DH & I are doing this together. Good stuff and we aren't even half-way done. I'm now a DR fan!

 

[DawnM]

I can't comment on FPU specifically but DH and I took Crown Financial at our church 4 years ago. It changed our lives so much that we now teach it once per year at our church. We believe in it so strongly.

We were in a similar situation to you. We owed on one car and one student loan and our mortgage. We had no CC debt and no other debt when we took the class. I thought we were doing fine, in fact, much better than most others!

But what we knew was numbers and how they worked, we didn't put in the Biblical aspect to our head knowledge. For us, knowing how God viewed money changed the way we looked at it forever.

We now not only do not have any debt other than our house, but we lowered our mortgage from a 30 year to 15, have sinking funds for college, car, fully funded emergency for 6 months, and pay cash for everything, including replacing our a/c and home repairs.

If we had taken this class 10 years ago we would be in even better shape. We would also not have chosen to live in the house we live in.....but selling right now would be difficult. We could have a paid for house by now!

Dawn

 

[tlbwriter]

If the two of you are staying out of debt, saving for retirement, and you agree on how to do those things... no, I don't think you need it. Save your $100. Dave should be proud. You can learn a lot of his system by visiting his website and/or checking out his books at your local library if you're interested.

 

[2disneyboys]

Thanks everyone... I appreciate this feedback. I will discuss more with DH tonight and make a choice. I'm leaning towards taking it and if nothing else, hoping it opens DH's eyes on all the work I put into creating our budget!! and help refind our budget, because while I know a lot of people are in a much worse place then us, there are just as many people in a much better place than us, I know we could be doing better. DH thinks nothing of eating out every day for lunch @ his work (and I don't care if he does... ) however, I want him to acknowledge that he is CHOOSING to spend this weekly $50 (or whatever) in this manner. (Just like i would "choose" to take my lunch & spend my "mad money" on crafts, or books!)

I was also excited about the scripitual references throughout the program. We already tithe (its a budget item!) so it won't really change anything there, we are both always looking for spritural growth!

Thanks again all!