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Financial Peace University – Wrapup
Well, I am embarrassed that I am just now getting around to completing my Financial Peace University posts as the class has been finished for months! (productivity goes way down with a newborn around the house – especially when that newborn is your fourth!) Anyway, here I am so let’s get into it.
Did I learn anything?
I did, in fact, learn quite a bit over the past few months. Of course, I gained some new personal finance information. More importantly than that, though, I took away some new knowledge about myself and my wife. It was a great experience to participate in the class with her (this was the first time we’ve ever done any financial-type studies together). Not only did I learn about the way she thinks a bit, but the experience also sparked a number of practical conversations about our finances.
When we first were married, we used to “dream” about our futures and how they would unfold. As you get busy with jobs and then kids, the fantastic tends to be replaced by the concerns of daily life. Dreaming about and discussing what we wanted life to look like in 5 years, etc, was very valuable. Now, we’ve only scratched the surface on that and have a lot more to do, but I’m hoping that this was the match that rekindled it for us.
Weaning ourselves from credit cards
The biggest change that we’ve made as a result of this class was that we are trying to no longer use credit cards. For the past two months, we have been using a combination of cash and debit cards instead of credit. Whereas in the past, we put absolutely everything on our credit cards, now we put it on our debit card instead. Well, we do use actual cash for dining out – now that’s really easy to manage: if we don’t have any cash, then we don’t eat out. Practically, there isn’t much difference to using a debit card instead of a credit card, but we are still spending our money instead of exposing ourselves to credit limits and late charges. Dave Ramsey is adamant that using a debit card instead of a credit card makes a difference but the jury is still out on whether this makes a material difference for us specifically.
We have our TODO list
I created a list of items to look into that arose from taking this course and as I look back over that list, I’m struck by how large it is. I thought that we were doing things pretty well (personal finance-wise at least); either I wasn’t or there is just so much to take care of that it’s hard to completely nail everything. Either way, the class was quite beneficial in enabling me to create this list and I hope to be in a better place financially and personally as a result of working through the list. I was going to share the list here to create a record of it and to spark some discussion and suggestions, but I think I’ll have to save that for another post (check back soon).
You, yes you, should take this course
I found this course extremely enjoyable. Now, if you’re a normal person, maybe that’s not an endorsement you take seriously (you know, since I write a PF blog and read about these topics for fun in my spare time). So, to allay your concerns, allow me to mention that my wife enjoyed the classes as well (truthfully, she did!). She found Dave to be a very engaging speaker. It was fun to go to class and watch him on the DVDs.
The topics that are covered in FPU are myriad and varied. Whether you are struggling with getting out of debt, worried about creditors, trying to get started on the right track, or trying to get things in order as retirement looms, this class has information that you will find valuable.
That being said, Dave’s basic philosophy is based on simplicity. In a nutshell, save and invest your money instead of giving it away to banks and credit card companies. There is nothing too terribly complex about the advice. If you think that you are too sophisticated for this advice, you might not enjoy the class with its simple approach (of course, if that describes you, I’d argue that maybe you really, really need to hear some of the lessons!)
So, don’t be afraid; even if you’re not the “nerd” in your relationship, I’d venture that you’ll get a kick out of Dave. Go for the entertainment and you’ll probably learn a tremendous amount of finances and how to really win with money. Truthfully, if you can find a session going on near you, I highly recommend that you attend. If you are married or engaged, I’d highly recommend both or you attending the class together. Of course, you can take an online version of FPU, but you just can’t recreate the valuable discussion alone (I hope not, at least) and undoubtedly some of your classmates will serve as inspiration for you!
There you have it – I enjoyed FPU, was glad that I did it, was thrilled to complete it with my wife, and you should find a class and participate as soon as you can!
Check out my previous FPU posts:
- Introduction
- Lesson 1 – Super Saving
- Lesson 2 – Relating with Money
- Lesson 3 – Cash Flow Planning
- Lesson 4 – Dumping Debt
- Lesson 5 – Credit Sharks in Suits
- Lesson 6 – Buyer Beware
- Lesson 7 – Clause and Effect
- Lesson 8 – That’s Not Good Enough
- Lesson 9 – Of Mice and Mutual Funds
- Lesson 10 – From Fruition to Tuition
- Lesson 11 – Working in Your Strengths
- Lesson 12 – Real Estate and Mortgages
- Lesson 13 – The Great Misunderstanding
- Financial Peace University Lesson 4 – Dumping Debt...
- Financial Peace University – My FPU Todo List...
- Financial Peace University Lesson 8 – That’s Not Good Enough!...
- Financial Peace University Lesson 5 – Credit Sharks in Suits...
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2 Responses to “Financial Peace University – Wrapup”
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I guess I’m one of those ones who feels she’s too sophisticated for FPU.
I do watch Dave Ramsey on his show occasionally, and am put off with some of his advice. I’m in my mid 50s and have not lived as he prescribes, but am very comfortable financially. I’ve used credit cards since I was in my late teens, and have never paid any kind of fees or interest to the banks. Credit cards are not the evil snake Ramsey makes them out to be. It’s the cardholder’s responsibility to control spending, be it using a credit card, cash, or debit card.
I’m a little dismayed that Ramsey doesn’t include in his advice for people to get their income up through education, instead of by delivering pizzas. His advice is just too simplistic for me, and some of it is counter-intuitive. But I guess he’s very helpful for some folks, and I think that’s great!
@Lara – thanks for the comment. Certainly Ramsey’s advice is not appropriate for everyone (nothing is, right?). For those of us who aspire to get to where you are (comfortable financially), would you mind sharing a piece of advice or two?