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Dave Ramsey’s Financial Peace University
If you’re looking to get better with money, you’ve made a great first step in identifying the issue.
Diagnosing the problem is the first step in finding a solution. You recognize you want to reach your money goals and you need help. Now, you can start your journey to reaching those goals.
Dave Ramsey’s Financial Peace University can give you the guidance you need to better your financial picture.
Sometimes you need professional help. There’s only so much of trying to do it on your own and failing before you come to the conclusion that you need a pro to hold your hand through the process.
There’s no shame in that and in this article we’re going over how Dave Ramsey’s Financial Peace University course can help.
Dave Ramsey is a bestselling author and a voice in the finance industry, known for his honest dialogue with people on his radio show, The Ramsey Show.
He’s been helping people smash their debt for over twenty years.
If you’ve listened to his radio show (you can also watch it on YouTube), you’re accustomed to hearing his from the heart, truly honest feedback for callers.
He’s nearly heard it all, from parents who’ve accumulated six figures in parent plus loans for their kids, teens making $50,000 per month in a new business, people struggling with collectors calling them and threatening lawsuits and more!
He truly wants to help as many people as possible and this course is a great opportunity for him to do that.
Keep reading to learn all about Financial Peace University including what’s in the course, what you get with the membership, steps in the process and more.
*This post may contain affiliate links. Disclosure here.
What is Financial Peace University
This monthly membership plan is a finance course that is broken down into three segments:
- FinancialPeace
- EveryDollar
- BabySteps
It gives you full access to a suite of tools and resources to help you get closer to financial peace.
- Watch courses online
- Join a virtual group
- Ask questions to a coach
In the first 90 days of the plan, he says people pay off an average of $5,300 of debt and save an average of $2,700 for emergencies.
This affordable membership is available in three tiers after you go through the free 14-day trial:
- 3 months for $59.99
- 6 months for $99.99
- 12 months for $129.99
The longer the commitment you make, the more discounted your price is.
What’s included in the course?
Dave Ramsey’s FPU is a 9-lesson course that gives you a playbook to pay off debt, save for emergencies, and wealth build.
There are several formats available, based on your preferred style of learning. You can do classes independently by watching videos or you can enroll in a group class with other students.
How long is Financial Peace University?
As mentioned above, there are nine self-paced video lessons you can enjoy virtually or in-class with other students with classes meeting weekly and last 45 to 90 minutes long. So Financial Peace University is nine weeks in total.
You’ll also be exposed to premiere tools and resources to help you along your money journey, like full access to the premium version of EveryDollar, the budgeting app.
You’ll also get access to Financial Peace, Baby Steps, coaching resources, exclusive content, and more!
Is Financial Peace University good?
Wondering if it’s worth it?
Do you fall into any of these categories:
- Living paycheck to paycheck?
- Struggling to pay your bills on time?
- Being kept up at night thinking about money?
- Receiving threatening calls from creditors and collection agents?
- Having a hard time saving?
- Racking up debt quickly?
- Having difficulty meeting your financial goals?
If this sounds like you, it’s worth looking into the Financial Peace University course.
Sometimes you just can’t do it alone and getting the help and guidance of a pro is what you need to set you in the right direction.
If you need help with your finances, it’s definitely what you’re looking for. Transform your financial picture and develop your finance skills so you can be good with money!
What is EveryDollar?
This budgeting app comes with your Financial Peace University course. It helps you live on a budget.
- Connect your bank
- View insights on your purchases
- Get budgeting tips
- Mobile device friendly (Android, iOS, etc.)
It’s one-click budgeting right at your fingertips and you get the premium version of this app with your monthly membership in the Financial Peace University course.
Dave Ramsey’s 7 Baby Steps
Dave Ramsey’s 7 Baby Steps helps you track your financial progress. You’ll learn how quickly you can pay off your debt and understand the next steps for your money. This is an app and you get full access with your membership.
- Find out your debt-free date
- Membership based
- Mobile friendly
Finally, a tool you can use which will tell you what date you’ll be debt-free. This can take a load off your shoulders and give you something amazing to look forward to.
You’ll also get access to a money plan that helps you strengthen your financial picture in 7 steps:
Step 1: Build your starter emergency fund up to $1,000
This is about setting up your starter emergency fund. The goal here is to get you to $1,000 saved as quickly as possible. Once this is accomplished, you can move onto other steps, including setting up your full emergency fund.
The purpose of an emergency fund is to cover emergencies.
This can include:
- Medical expenses like unexpected procedures, getting a root canal, etc.
- Home or car repairs
- Travel costs for funeral
- Natural disaster
- And, many more examples of emergencies that can happen
When life happens, it’ll hit you hard and nothing is worse than not being financially prepared to bear that burden.
It’s really not a question of if an emergency will happen, it’s when it’ll happen because it happens to everyone. And, you want to make sure you have your emergency account stocked to handle any unforeseen events that happen in the future.
Step 2: Use the debt snowball approach to pay off all your debt (excluding your home mortgage)
You’ll get excited about this – it’s debt payoff! And, you’ll do this using the debt snowball approach. This means all your debt except your house will be paid off including student loans, credit cards, all of it!
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The debt snowball approach is easy to grasp. You start by lining up your debts according to the smallest balances first. Then you attack one at a time, while still making your minimum payments on your other debts, so you can pay off each debt one after the other.
For example, consider if you have the following:
- $10,000 credit card
- $2,500 credit card
- $100 personal line of credit
- $8,000 student loan
- $20,000 car loan
You’ll line each debt up according to the smallest balance first:
- $100 personal line of credit
- $2,500 credit card
- $8,000 student loan
- $10,000 credit card
- $20,000 car loan
This is the order you’ll pay off these debts.
After you pay off one debt account, you move onto the next one in that order. You can read more about how the debt snowball method works here.
Step 3: Set aside 3 to 6 months of expenses for your emergency fund
Here you’ll start stacking up your emergency fund with 3 to 6 months worth of expenses. This provides a nice safety cushion to guard against unforeseen events, short-term or long-term emergencies that cause financial burden like losing your job, etc.
Step 4: Invest 15% of your household income to retirement
This step is about investing 15% of your income towards retirement. You’ll get serious about investing here starting with your 401(k) plan, investing up to the full match. Then invest the rest in other investment vehicles like Roth IRAs.
Step 5: Save for your kid’s college fund
This next step will put you on the path to saving for your child’s education. You begin to grow their college savings plan.
Step 6: Pay off your home mortgage early
Every homeowner’s dream: paying off your home early! Get that burden lifted off your shoulders and live mortgage-free. This will truly be life with no mortgage payment once you get here.
Step 7: Build Wealth and give back
In the final step, you will wealth-build and give back. Build wealth, be generous, donate, give to your kids, etc. This will be the most fun of all the steps, Dave Ramsey says on his website.
What is Ramsey+?
Financial Peace University is part of Ramsey+. All the tools and resources, pricing and features shared above are included.
Financial Peace University Free Trial
Don’t delay, take action now. And, if you’re still on the fence, you can’t go wrong by giving the membership a spin with the 14-day free trial.
Here are some frequently asked questions that might be on your mind.
Common Questions about Dave Ramsey’s Financial Peace University
Can I share Financial Peace University/Ramsey+ with my partner?
Absolutely. You and your partner can share the same login and access the membership from multiple devices.
Can the membership be purchased as a gift?
Yes! You can go to their store and buy it as a gift for someone else.
Can I buy only one app?
Ramsey+ gives you access to all three apps, a great value for a super affordable price. Individual app subscriptions aren’t available.
Who is Financial Peace University/Ramsey+ for?
People who want to be better with money can benefit greatly from going through Financial Peace University/Ramsey+. Whatever your financial goals are, wanting to save for the future, pay off your debts, set and achieve money goals or anything else, this course will help you reach your goals.
Summary of Financial Peace University
So that’s what you can come to expect from Dave Ramsey’s Financial Peace University. At around $20/month (cheaper if you pick the middle or upper-tier plan), you really can’t go wrong.
Get set on the path to financial freedom and join 6 million others that have been impacted by Dave Ramsey.
