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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5861 posts

Dave Ramsey's Financial Peace

Anyone done it? I'm thinking of starting it soon. Opinions? Did it help you?


jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
5168 posts

re: Dave Ramsey's Financial Peace
Dave Ramsey is typically a lightning rod for debate around here so I'll just try and give you the general consensus...

If you are in the financial industry you will find a lot of what he says painfully simplistic and way too conservative.

That being said, he is good at creating a simple financial plan that will put anyone on solid ground. It is a great starting point for anyone looking to take better control of their personal finances IMO.

Is it the most aggressive approach? Hell no

Is it helpful to 95% of Americans? Probably


Powerman
LSU Fan
Corpus Christi, TX
Member since Jan 2004
121878 posts

re: Dave Ramsey's Financial Peace
I think a lot of people in the financial industry have it wrong with their approach personally

And history proves this out time and time again


jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
5168 posts

re: Dave Ramsey's Financial Peace
quote:

I think a lot of people in the financial industry have it wrong with their approach personally And history proves this out time and time again


Well I am in the industry but I'm not necessarily gonna argue with you


Chris4x4gill2
Alabama Fan
North Alabama
Member since Nov 2008
2266 posts

re: Dave Ramsey's Financial Peace
I have not done the Financial Peace University Classes, but I have read his book Financial Peace.

Like jso said, basic advice for people bad with money but he spells it out and his ways are good at keping people motivated.


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LSUTigers00884
LA-Lafayette Fan
Lafayette
Member since Oct 2011
806 posts
Online

re: Dave Ramsey's Financial Peace
quote:

I think a lot of people in the financial industry have it wrong with their approach personally And history proves this out time and time again


Care to expound?


Will Cover
Air Force Fan
Brentwood, TN
Member since Mar 2007
26397 posts
Online

re: Dave Ramsey's Financial Peace
quote:

Anyone done it? I'm thinking of starting it soon. Opinions? Did it help you?


Yes. About 7 years ago. Changed our situation completely. And for the better.

Most of what he talks about is common sense, but most people don't practice common sense when it comes to their finances.


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Chris Farley
Maryland Fan
Regulating
Member since Sep 2009
3847 posts
Online

re: Dave Ramsey's Financial Peace
quote:

I think a lot of people in the financial industry have it wrong with their approach personally


I'd like to hear your explanation of this as well. There are millions of people that work in the financial industry, and just like any other field, there are always bad apples.


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11thACR
Appalachian St. Fan
Atlanta, Georgia
Member since Mar 2012
1120 posts

re: Dave Ramsey's Financial Peace
Dave's plans are designed for someone who has financial problems but can't figure out why.

He makes a good task master with simple proven ways to stop the bleeding and get on the right track.

It is all about reconizing the problem and getting outside discipline help to right the ship.


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Rockyn
LSU Fan
Tampa Bay
Member since Sep 2008
7236 posts

re: Dave Ramsey's Financial Peace
OP, search button is your friend. There's a million threads about the goober and his methods already.
This post was edited on 2/10 at 6:49 pm


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Springlake Tiger
LSU Fan
Uptown
Member since Aug 2006
12391 posts

re: Dave Ramsey's Financial Peace
don't spend a dime on it. you can just google the plan. pretty simple, i can tell you how to do it off the top of my head.

Don't use a credit card, ever.
List all of your debts on a sheet of paper and rank them from smallest to largest.
Do a monthly budget (income less expenses).
Take excess of income less expenses and apply to smallest debt.
Once smallest debt is paid off, go to the next, and so on until all of your debt is gone.
Only buy a home if you can put 20% down and finance over 15 years.
Make sure you have an emergency fund of at least 6 months of expenses.
Always contribute to a company matched 401k up to the point at which they match, don't pass up free money.


jonboy
LSU Fan
Member since Sep 2003
3459 posts

re: Dave Ramsey's Financial Peace
quote:


Don't use a credit card, ever.
List all of your debts on a sheet of paper and rank them from smallest to largest.
Do a monthly budget (income less expenses).
Take excess of income less expenses and apply to smallest debt.
Once smallest debt is paid off, go to the next, and so on until all of your debt is gone.
Only buy a home if you can put 20% down and finance over 15 years.
Make sure you have an emergency fund of at least 6 months of expenses.
Always contribute to a company matched 401k up to the point at which they match, don't pass up free money.



Before you do any of the above, save $1000 for any unexpected expenses (car repair, new fridge). If you have to use any of it, stop the debt payoff and replenish your thousand.


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ATL TGR
LSU Fan
Houston
Member since Apr 2008
2878 posts

re: Dave Ramsey's Financial Peace
Depending on your situation I wpukd suggest it.

For me it highlighted a few points but nothing groundbreaking. However, it did wonders for the wife and now we are on the same page. Highly recommended and worth the 100 bucks


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32159 posts
Online

re: Dave Ramsey's Financial Peace
quote:

If you are in the financial industry you will find a lot of what he says painfully simplistic and way too conservative.

That being said, he is good at creating a simple financial plan that will put anyone on solid ground. It is a great starting point for anyone looking to take better control of their personal finances IMO.


That sums things up pretty well IMO. Ramsey isn't selling BS, he is selling a very simple formula for people who have no clue what to do.

Can you do better? Absolutely. It is very simplistic and is basically like teaching someone how to hit basketball layups. But a lot of people need to master the basics and there's no shame in that.


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King of New Orleans
LSU Fan
In front of The Hungry Tiger
Member since Jul 2011
5861 posts

re: Dave Ramsey's Financial Peace
quote:

For me it highlighted a few points but nothing groundbreaking. However, it did wonders for the wife and now we are on the same page. Highly recommended and worth the 100 bucks


That's my situation. For me, it won't be any earth shattering revelation. For her though, it will be great.


ATL TGR
LSU Fan
Houston
Member since Apr 2008
2878 posts

re: Dave Ramsey's Financial Peace
quote:

For me, it won't be any earth shattering revelation. For her though, it will be great.


Would absolutely recommend then


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Kraut Dawg
Mississippi St. Fan
Member since Sep 2012
415 posts
Online

re: Dave Ramsey's Financial Peace
I could be wrong, but maybe he's changed his stance. I thought Ramsey used to say NOT to contribute to a 401k at all until your debts were paid off.


Will Cover
Air Force Fan
Brentwood, TN
Member since Mar 2007
26397 posts
Online

re: Dave Ramsey's Financial Peace
Correct, except for house.


jso0003
Auburn Fan
Birmingham/Atlanta
Member since Jun 2009
5168 posts

re: Dave Ramsey's Financial Peace
Well that's a little ridiculous. You should absolutely be contributing up to any employer match in a 401k.


HailToTheChiz
North Carolina Fan
Chapel Hill
Member since Aug 2010
10872 posts
Online

re: Dave Ramsey's Financial Peace
quote:

Well that's a little ridiculous. You should absolutely be contributing up to any employer match in a 401k.


free money


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