Review of Dave Ramsey’s Financial Peace University
With New Year’s resolutions around the corner, Dave Ramsey offers a way to help you with your financial situation. His famous quote “ If you will live like no one else, later you can live like no one else.”
Working hard, reap the benefits !
In Dave Ramsey’s Financial Peace University, you have to follow a seven step program to financial freedom.
- $ 1000 in the bank. ( $ 500 if income is under $20,000 a year)
You should save for three basic reasons:
- Emergency Fund
- Purchases
- Wealth Building
2.Pay off all debt using the Debt Snowball
Email here to learn how to make an extra $ 500 + a month to pay off bills.
To work with this application, you need to make a list of all your debt; not including your house payment. You need to list out you Total payouts, Minimum Payments, and New Payment. When you pay off the smallest debt; then , you work to the next debt. Before you know it, you will have all miscellaneous debt paid.
3. 3 to 6 months of expenses in savings.
In our lives, we all go through”times of famine.” Whether it’s a layoff, lengthly illness, large financial loss, etc., we need to be prepared and save up while we can. It will allow us to better cope during tough times and, in some case, to survive.
4. Invest 15% of your household income into Roth Iras and pretax retirement plans.
This is the best way to build your long term wealth.
Many companies have changed their benefits to employees. Check out the following link.
That is why it is so important to save pretax dollars to make the most.
5. Save for your children’s college using tax-favored plans.
If you start when your child is born and save $2,000 a year for 18 years, you would only invest a total of $36,000. However, at 12% growth, your child would have $126,000 for college – TAX FREE !
You can check out your local 529 savings plan.
6.Pay off your home early
Live the Dream
You should think of the peace of mind of paying your house off and being able to invest that money . You can have the money work for you.
7.Build wealth and Give
“Surplus wealth is a sacred trust to be managed for the good of others” – Andrew Carnegie
“ The happiest people in the world are those who do the most for others” – Booker T. Washington
I have personally worked through the complete course in 2010. I like to review it yearly. I believe that you will either learn to manage money or the lack of it will always manage you.
Email me at rehneeherr@gmail.com to Partner with me to change your life.
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