Has anyone here done the Financial Peace University? Or is anyone aware of it and have an opinion on it?

There was a Ramsey's thread here, https://sigforum.com/eve/forums...0601935/m/4860001724

I haven't, but there was a thread Monday about his books and one Sigforumite teaches the class.

I've taken it, its a great program.

Habitat for Humanity here uses it. They require prospective homeowners to take the course. It is a great help to them.

It's a fantastic course. I offered my coworker free childcare if he paid for and attended the class. (Needed him to invest in his success and attendance.)

He said, "I'm not religious but numbers aren't either. He gets a little preachy, but man oh man is my budget in awesome shape now."

My wife and I do it. We never re3ally had any long term debt.

We use the program to buy our cars and trucks with cash.

So far we bought my wifes 2013 Toyota Venza XLE AWD two years ago, and my 2015 Toyota Tundra Crewmaxx last year.

Bought low mileage, CPO for cash. With cash in hand and patience, you can get really good deals.

Basically what im saying is he has some good ideas for debt reduction/cash accumulation which frees you up to have real purchasing power instead of financing power.

It is written for people with runaway debt, but you can use the same principals for cash accumulation.

It's a great class. If you are married make sure your wife goes as well.

Yeah, it was a very positive experience for my wife and I.

I teach the high school version of the class...HIGHLY recommended!!! My only regret is that I didn't have this information when I was younger.

I've got the feeling that he'd tell me that I can't buy anymore guns. I've already got a wife for that.

quote:

Originally posted by sigspecops:
I've got the feeling that he'd tell me that I can't buy anymore guns. I've already got a wife for that.

Nope, just pay cash for them. Assuming you're not neglecting necessities to pay for guns.

quote:

Originally posted by 12131:
There was a Ramsey's thread here, https://sigforum.com/eve/forums...0601935/m/4860001724

Sheesh doc, you must be on everyone's 'ignore' list.

great class!

quote:

Originally posted by sigspecops:
I've got the feeling that he'd tell me that I can't buy anymore guns. I've already got a wife for that.

I don't think he'd say you CAN'T, but I'd bet buying guns would be about 400th on his list of priorities.

Good to hear. I'm actually being forced into it by my wife! Haha!

We don't have much debt at all, just two average cars that we have paid off a good portion of and our mortgage, with no credit card or student loans. We have a healthy savings, but according to his program we would drain the savings to pay off the cars now (only keeping the 1k emergency fund). I am not crazy about this idea, but at the same time with no car payments we will be putting another 700 away in the bank each month.

My main questions regard investment advice. Are his suggestions valid? I was told to skip the deferred comp offered through work and go with a Roth ira instead when we get to that point. I am thinking about it now because my employer has open enrollment into the deferred comp every july, so it would make sense to do it now.

quote:

Originally posted by Cous2492:We don't have much debt at all, just two average cars that we have paid off a good portion of and our mortgage, with no credit card or student loans. We have a healthy savings, but according to his program we would drain the savings to pay off the cars now (only keeping the 1k emergency fund). I am not crazy about this idea, but at the same time with no car payments we will be putting another 700 away in the bank each month.

Unless you are paying a crazy high interest rate on the cars, there's no way in heck I'd drain an emergency fund down to $1,000. That's one appliance, major car repair or medical expense away from needing to run up the credit cards.

I listened to Dave for quite a few years and followed his 'teachings'. A lot is common since approach to paying off debit, I'm debit free except the house and working hard on that nut now.

Thanks Dave!

quote:

Originally posted by Cous2492:
Good to hear. I'm actually being forced into it by my wife! Haha!

We don't have much debt at all, just two average cars that we have paid off a good portion of and our mortgage, with no credit card or student loans. We have a healthy savings, but according to his program we would drain the savings to pay off the cars now (only keeping the 1k emergency fund). I am not crazy about this idea, but at the same time with no car payments we will be putting another 700 away in the bank each month.

My main questions regard investment advice. Are his suggestions valid? I was told to skip the deferred comp offered through work and go with a Roth ira instead when we get to that point. I am thinking about it now because my employer has open enrollment into the deferred comp every july, so it would make sense to do it now.

I wouldn't touch the savings. Just act like you don't have it. I disagree with a bit of what he says, but remember, this is written for people who have had zero discipline with their spending and financing. Kind of the lowest common denominator thing.

Start hammering away at the debt without using the savings.

He also says cut up your credit cards. again, for people who have no control. I have a couple of cards that stay payed off.

I find the concepts to be very basic. Some people really need that. I have friends who utilize envelopes as recommended in the system, because they lack the discipline to not touch money. Some people really need this type of financial advice.

I would not dissuade anyone from taking the course . It just may not be for everyone. There is plenty of good information, I just found it to be incredibly basic. It was painfully simple concepts drawn out to excruciating monotony.

As pointed out...already, some of the universal advice given really isn't the best idea. A $1k emergency fund can be gone in an instant. It isn't an emergency fund in my eyes. Some people however, don't have $1 set aside for an unplanned expense. I've counseled with people that took months just to set aside $1k.

For my household/business budget, my untouchable base emergency fund is $30k. I prefer keeping it closer to $50k. I suppose people that work for a dependable company with guaranteed paychecks (like the military) can get away with much lower emergency funds as they can always count on a check coming in 15 days. I haven't had that kind of security in 10 years.

I found that FPU was for people who didn't understand the concepts of compounding interest, and saw credit cards as a financing means for toys/things they didn't need. I asked a colleague if the course has been updated to address low/zero interest loans since they were common for several years...and he said it didn't. I found the radio show he had was semi-educational, but so many people had the same basic questions every time...so it got repetitive, like FPU.