Financial Peace University
After following the Dave Ramsey baby steps for nearly seven years, my wife and I decided to take the Financial Peace University (FPU) course through our church. We completed our final lesson a few weeks ago (mid-March 2018).
We were introduced to the concept of becoming debt free from Dave Ramsey in 2011 by reading the Total Money Makeover. Even though we have been on this debt pay down journey for years it was refreshing to go back to the basics in Financial Peace University and see first hand how other people react to Dave’s philosophy.
Dave Ramsey has been more successful than just about anyone to encourage a diverse audience to eliminate debt and live a more purposeful life. There have been many conversations in the personal finance community about how to better reach the low to moderate income population. My suggestion would be to start with Financial Peace University. Dave is effective in rolling out basic personal finance principles such as budgeting in an inspiring way.
Dave uses a seven step approach to eliminate debt known as the baby steps. Once you become debt free (baby step 2) and save up a three-to-six month emergency fund (baby step 3), people can usually start moving to more advanced personal finance guidance. For example, in baby step 6 the goal is to pay off the mortgage. Even though we have decided to pay off our mortgage, the same may not be best for others depending on an individual’s unique set of circumstances (my opinion, not Dave’s).
What is Financial Peace University?
Financial Peace University is an interactive 9 week course facilitated primarily by weekly videos featuring Dave Ramsey. While you can purchase the course material and take it on your own, I’d highly recommend seeking out a small group to go through the course together. The real magic of the course comes through the small group discussions which also creates accountability. It’s similar to the Weight Watchers approach that creates a small community of individuals who hold each other accountable. After all, personal finance and weight management has similarities. The overall concepts are simple but the actual doing is hard. Continue reading “Review of Dave Ramsey’s Financial Peace University”