Education (Financial Peace University)

Education (Financial Peace University)
What is it?
Financial Peace University is a 9-week class in which the ‘students’ go through lessons from Dave Ramsey on how to manage money and pay off debt. At Federated 95 people have gone the class. The class is a wide variety of individuals all in different parts of their lives, for example, entrepreneurs, farmers, stay at home mothers, families, couples, singles, engineers, people starting jobs, and people close to retirement. The class also covers a wide variety of subjects: budgeting, paying off debt, purchases, insurance, retirement, college funding, real estate, and giving! The class starts by giving people an outline (Dave call’s them the baby steps).
This outline is as follows:
   1.      $1,000 in an emergency fund
   2.      Pay off all debt with the debt snowball
   3.      3 to 6 months expenses in savings
   4.      Invest 15% of income into Roth IRA’s and pre-tax retirement plans
   5.      College funding
   6.      Pay off your home early
   7.      Build wealth and give!

Why would I want to join?
The people who have come to class are just average Americans borrowing and working to survive. We’ve completed two classes with 95 people. Within our classes we have $1,349,331.99 in non-mortgage debt, this could be credit cards, student loans, medical bills, etc. There were 111 credit cards open and accounted for within our groups. Our class also has collectively $790,551.44 in available cash. These numbers show what all Americans are facing right now and how a class like Financial Peace University is needed and helpful. I’m excited to say the classes have paid off $149,551.87 of debt and saved $82,975 all within the 9-week course! Come see what a 9 week turn around brings your family!

Would you recommend this to a friend? (FPU Testimonials)
The class is great! I think that Dave Ramsey does a fantastic job and I really enjoy the biblical approach he has in all his sessions. I financially do have more peace because the class has taught me to know where my money is going, and that way I can see where I am over spending and make adjustments. The hardest part of the class is not applying Dave’s principles, but when looking at something in the store thinking, “what would Dave think?” and not buying something I wanted because either it doesn’t make sense for the time being or I truly don’t need it and my money can better be used elsewhere. Thanks!
 
Although there is no dramatic change in my debt level in this short of time (it took a while to accumulate the debt so it will take a bit to get out) I have paid off two or three smaller bills and will now apply more to the next bill. The class has given me clear direction on where to start and how to proceed. It is presented in such a way (baby steps) that one does not get overwhelmed with how to get started and how to stay on track. Dave has a good sense of humor and is very open and honest about the spot he used to be in. It helps to hear the stories of others as it gives hope. 

What an awesome opportunity to get some Godly perspective on my wife and my finances. It has helped us to create a budget to pay off debt and overall increased our communication on our finances, an area we have struggled in the past. I have already and will continue to strongly encourage others to go through this class. I paid off $72,000 which was our only car loan and 3 rental houses. Hope to pay off another $90,000 to $110,000 by the end of the year. 
 
Before FPU:
  • $60,000 in debt - 58,000 from a rental & 2,000 in
    credit cards

  • 0 in savings

  • Not enough life insurance

  • No identity protection

  • No will

  • Zero communication between my wife and I about our finances

  • Zero financial goals







     

After FPU:
  • 0 debt

  • Fully funded emergency fund

  • Additional life insurance in progress

  • Family identity protection

  • My wife and I are a team. We have shared financial
    goals and meet at least monthly to discuss our budget.

  • Our will is in our budget and the lawyer has been
    contacted.

  • We are contributing to several sinking funds for future bills and purchases.

  • We are discussing ways to reduce our expenses and
    increase our income.

  • Our next steps will be retirement savings,
    college savings, and gifting.