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Sunday, September 21, 2014

94. Encouragement and A Plug In for Financial Peace University with Dave Ramsey

Given some of my reservations here (On Dave Ramsey)also here (FPU, ELPs, and Dave Ramey, and  here (Credit Cards, Rewards, and Dave Ramsey)... I thought I'd put a plug in for Financial Peace University with Dave Ramsey.

Particularly again (Imagine Yourself Debt Free!) on the debt reduction program through FPU he offers, teaches, and encourages which is IMO fantastic! 

We took FPU in 2011 (audio) and 2012 (videos). Our household income has more than doubled since then. We are saving about 17% of our income a month. We are somewhere between baby steps 5 (fully fund kids college) and 6 (pay off mortgage early). We are actually prioritizing #6 since our kids are young but we're investing a little each month for them too.

We have a 30 year mortgage we are on track to pay off in 17 years assuming no raises, etc. Would like to pay it all off in 10 years or even maybe 6 years if we really push ourselves. 

I'm here to say Dave Ramey's debt reduction program works. So keep at it if you're doing it! If you haven't yet starting getting rid of your debt today is a great day to start! 

Here's some of my initial suggestions:
1. Make the resolution to spend less than you make.
2. Save that initial $1000 or $2000 in an emergency fund.
3. Continue to educate yourself.
4. Motivate yourself to set clear and achievable goals for your budget.
5. Cut expenses in your budget. {Always a good idea to get someone to help you with this...}
6. Use the debt snowball method (or the Avalanche as you see fit} to pay off debt.
7. Have a sit-down meeting and make sure your partner/spouse are on the same page.
8. Have monthly or bi-weekly accountability.
9. Increase your household income.
10. Set financial goals for short-term and long-term - E-fund, Budget, Debt Snowball, Giving, Investments, Kids {if applicable}, Retirement. 
11. Stop making excuses.
12. Dream big. Get rich slow. You CAN do it!

I recommend taking a FPU class to learn and grow with others. A lot of local churches offer the course at least on a yearly basis. It's also good to hear others struggles and victories. But if you'd rather just buy and watch the videos click here

Here are the FPU lessons:

1. Super Saving
2. Relating with Money
3. Cash Flow Planning
4. Dumping Debt
5. Buyer Beware
6. The Role of Insurance
7. Retirement and College Planning
8. Real Estate and Mortgages
9. The Great Misunderstanding

Look forward to continuing to grow and learn on this journey we are all on towards being debt free!


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