(Closed) Dave Ramsey's Financial Peace University?

posted 6 years ago in Money
Post # 3
Member
666 posts
Busy bee
  • Wedding: August 2013

@Meglin:  My Fiance and I have a friend who did it and it totally worked for him.  It was an amazing turn around.  He’d had to file bankruptcy for his business and his personal finances were a complete disaster – lots of debt, back taxes, etc.  And he’d always been a very bad decision-maker about life choices and money.  Like he’d be out with friends just for “one drink” and then he’d spend spend spend at a bar drinking and then have no money for his rent, which he knew was due.

He went through the Dave Ramsey plan and it really changed him.  He is out of debt, now has his own apartment (he was living for super cheap rent with Fiance for a while), still has fun out but never overspends past his budget.  He even still has a second job delivering pizzas!

If you don’t want to spend the $89 (which I do think is worth the money) you can get Ramsey’s books at the library for free.  Read The Total Money Makeover and implement the steps.  You have to provide more of the motivation yourselves but you can do it.

Post # 4
Member
6123 posts
Bee Keeper
  • Wedding: August 2012

@Meglin:  I was going to suggest the library too!  If it’s not at your particular library, do an interlibrary loan.  I have listened to a few of his poscasts.

But a $9 an hour and being a student, sometimes you just don’t have enough money to work with!  Make your housing and transportation as cheap as possible and find out how to make very cheap meals.

Post # 5
Member
923 posts
Busy bee
  • Wedding: January 2013

I believe that Dave Ramsey’s daughter has written a book specifically for students.  I haven’t read it, so I don’t know if it’s targeted to incoming freshman or older students, but it might be worth checking out.  I have never read Dave Ramsey’s books, but I understand the concepts behind some of his teachings, like the baby steps, and implement them into my personal financial plan. 

Post # 6
Member
5543 posts
Bee Keeper
  • Wedding: December 2011

I have the book and it really is super helpful. The guy really did live it and has great ideas and plans both if you are already up to your eyebrows in debt or how to not get that way. The class is something I think is worth the time and money especially when you do it in a group of people who can help support you too.FPU isn’t a get rich quick scam, it’s about how to change your lifestyle and spending habits in a way that will benefit you in the long term. 

Post # 7
Member
114 posts
Blushing bee
  • Wedding: August 2015

I took his class in high school and it helped so much! I love Dave ramsey! I’d love to take it again with Fiance. I think you should spend the money to take it and drag SO with you. But if you can’t afford it, I’d check out his website and the library.

Post # 8
Member
1185 posts
Bumble bee
  • Wedding: August 2012

@Meglin: Nothing Dave Ramsey teaches has the promise of making you more money. Quite the opposite — Dave Ramsey himself has said a million times that everything he teaches is common sense. He doesn’t have any magic program. But he does have a program, and it has helped thousands of people.

What Dave Ramsey can help you with is the money you already make. And he can help your communication with your husband. I never took the online classes or university, but his radio program really improved my life and marriage. I was never in debt, and I disagree with some things he advises (most notably that married couples should completely combine finances — I REALLY disagree with this), but I still STRONGLY recommend him and his programs.

I think the financial peace university should be required for all engaged/newlywed couples! My Darling Husband & I have great communication, we are both financially conservative, and still the Dave Ramsey radio program greatly improved our early marriage (we’ve been happily married for 5+ years now). 

At the least, start listening to the podcasts. If you can take the online course, great! It may very well change your life for the better.

Beware that the Dave Ramsey books kinda suck, though. They are horribly written (he writes exactly like he speaks, and it’s horrible!). Also, I think his polital and religious views are crazy, so that’s just added entertainment for me.

 

Post # 10
Member
163 posts
Blushing bee
  • Wedding: June 2013

He doesn’t say you will make more you will just feel like it because you are better with your money. I have not taken his class but read his stuff online and listen to his podcasts. It has already changed my outlook on things.

Post # 11
Member
1185 posts
Bumble bee
  • Wedding: August 2012

@Meglin:  Yeah this is a really common question and he answers it pretty regularly on the podcast. He makes an exception to the no-credit rule for owning a home (meaning you don’t have to save up enough to buy a house outright). But you definitely CAN buy a house without ever having used credit cards.

Don’t worry about throwing out your credit cards until you understand the whole program. Once you get it, you won’t want to keep your cards. 

As for FPU, don’t they run all the time anyway? You don’t have to sign up for this specific one, do you?

I also noticed your original question about whether or not the program works. Judging by the podcast (and all the people who phone in to say they’ve paid off thousands of dollars), it does. But it won’t work if you don’t put in effort. 

If you need help to get your husband on board, that’s another common topic on the podcast. I think the Dave Ramsey website has a search function where you can search for radio shows covering specific topics. That might be helpful for you.

Post # 12
Member
6123 posts
Bee Keeper
  • Wedding: August 2012

@Meglin:  Well you don’t have to follow him to the T.  He says that credit cards that have bonuses or cash back are to be avoided and says, “No one ever got rich on cash back.”  But then says coupons are good, same thing in my head.  But, I really think the no credit card thing is for people who really cannot control their credit card spending at all.  Every dollar has to be allocated to something whether it’s food, house, savings, etc.  Then you stick to it.  He has no degree in finance, but yes, he had helped many.  I don’t follow his practices personally.

As another poster said, you’re not going to MAKE more money, just learn how to keep more money of what you already make.

Suze Orman has free podcasts as well.  I listen to both (more Suze) at my workday using iTunes for free.  I don’t like all the commercials and religious tones on Dave’s show though.

Post # 14
Member
6123 posts
Bee Keeper
  • Wedding: August 2012

@Meglin:  I have never used it personally, and I’m sure it can be beneficial if implemented right and not harmful.  (As someone said, it’s not a scam.)

However, there are also so many FREE resources out there that I would not be inclined to pay for something like that until I’ve exhausted all of my free resources (aka library books, using Excel, tracking money, cutting all unnecessary expenses, etc).  I believe you can teach yourself how to handle money.

 

Let’s start with the basics:

Have you ever tracked your expenses?  Do you know what it costs each month for you and your Fiance to live?  How does that compare to your income?

Post # 15
Member
2840 posts
Sugar bee
  • Wedding: October 2012

@Meglin:  It is a legit program, not a scam.  It is basically about learning new and better ways to manage one’s money.  I think it is totally worth it.

Post # 16
Member
5660 posts
Bee Keeper
  • Wedding: August 2012

I have not taken his classes but my best friend has and she goes by  his methods. It’s not a scam, it’s just him training you how to manage money the way he has and how to save properly. It only “works” if you actually follow it. It’s absolutely worth going if you think that his methods will help you and there’s NOTHING worthless about preparing for your future, especially financially

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