Financial Peace University: Why I Plan on Taking it Online

If you would have asked me two years ago, “Who is Dave Ramsey?” I wouldn’t have had an answer for you. I didn’t know who he was, what he did, or why I should know who he was. It wasn’t until I stepped into the personal finance world that I found out who Dave Ramsey was and why I should know about him too. For those who are as clueless now as I was then, Dave Ramsey is a man who found out how personal finance works the hard way, and found his way out of debt and into a life of blessed, financial peace. He now teaches millions of people how to be smarter with their money with his books, courses, and speaking events. One of the many courses Dave teaches is called Financial Peace University.

What is Financial Peace University?

I’ve heard a few people talk about Financial Peace University and how it changed their life. The 16 week course teaches you how to budget effectively, get out of debt, learn to invest, and save your money. The course usually is taught in person, at a church or other group setting. They also have an online component where you can learn everything in the course in the comfort of your own home. This is great for introverts, people who aren’t available the day their church is giving the course, or if the course isn’t provided around them. I want to do the online portion because 1) the course isn’t being taught in our church, and 2) I love being online, so why not complete the course that way?

Those are the reasons why I’m choosing to take the course online as opposed to in person, but those aren’t the reasons I’m planning on taking the course in general. Financial Peace University has received a lot of hype, including from people I know personally, so I know it’s a big deal. I want to see what all the hype is about, and I’m hoping it will help me:

• Get out of debt: I have a nice size amount of credit card debt, an installment loan, and a car loan. At times, I feel like I’m drowning in debt, and it’s not a good feeling at all. Dave Ramsey is completely anti-debt, and I know Financial Peace University is going to give me an action plan, including the famous snowball method. I’ll find out tried and true methods of getting out and staying out of debt, which is my biggest financial issue.
• Save an emergency fund: One of my biggest regrets is that I did not have an emergency plan saved up when I got laid off from my job. I was saving up at one point, but mostly for my wedding, but that money was used for a small emergency and never reestablished. It proved to be a financial struggle when we went from 2 incomes to 1, and I want to save up in case something else happens. You can never be too careful.
• How to budget effectively: I’ve done a budget several times. Right before I lost my job, I had a nice method that was working for me: 50% of my income towards expenses, 20% towards savings, and 20% for fun. That worked with a steady and consistent paycheck but it’s a bit harder when you’re a freelancer and entrepreneur. I need to find a budget that works for me and my family, and I’m confident Financial Peace University has those answers.
• How to save for retirement: It’s never too early to save for retirement, and I’m thinking about it now, in my 20s. I know investing is one way, and I’m familiar with the terms 401(K) and IRA, but I want to know how to use them, how much to contribute, where to open accounts, and how much I’ll need to retire comfortably. I’m sure this course will help me with a plan.

The course isn’t free; it does cost money, which makes some people skeptical. However, for $99 (or $169 if I want the additional course materials), I think it’s a great investment if it’s going to get my financial house in order. I’m sure I’ll make that money back and some. This is not an advertisement and I wasn’t paid to tell you my plans. I genuinely plan on taking the course and telling you all about it.

Have you taken Financial Peace University? If so, how did you enjoy it? Meet us in the comments!