Saturday, September 22, 2012

It's All About The $

Having a job with very few bills (no rent, no utilities, no phone!), I knew it was past time to get a hold of my finances when we moved here. I was even more motivated when I heard about some acquaintances paying cash for their house. (Yep, you heard me right... 30 year olds paying cash for their house.) Growing up, I was not really taught about money so it was time for me to learn.

Enter Dave Ramsey.

I went to the Dave Ramsey Financial Peace website and found a class that was about to start in Louisville. J and I signed up and 13 weeks later we are finished.

Dave has "7 Baby Steps" for financial freedom.
  • Step 1: Save up $1,000 to start your emergency fund.
  • Step 2: Pay off all non-mortgage debt using the debt snowball.
  • Step 3: Save up 3 to 6 months of expenses to complete your emergency fund.
  • Step 4: Invest 15% of household income into Roth IRAs and pre-tax retirement accounts.
  • Step 5: Work on college funding for children.
  • Step 6: Pay off your mortgage early.
  • Step 7: Build wealth and give!
In Financial Peace, you will learn how to accomplish these steps, but you will also learn how money works in general, how to be gazelle intense in paying debt off, and so much more.

While honestly, J and I have not followed everything we learned (not that we disagree, but we just haven't), I will say that I think we both agree this is the best thing we have done as a couple. We are able to speak more openly and honestly with each other. We have been able to share concerns, fears, hopes, and dreams with ease. We are more on the same page now then we have ever been. We have already completed step 1 and now are working on step 2. :) (Step 2 is going to take a long time.... oh student loans.)

No matter your financial status, I would encourage everyone to take these classes. We had people in our class making more money than I could dream of and people who were on the verge of bankruptcy and everyone benefited.

Thank you, Dave Ramsey for changing our lives.

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