We had Dave Ramey's 'financial peace university' class at my work for the past 13 weeks....and I passed! It was a really good class. Here are some main points that I really liked about it:
1. Using an envelope system. Get cash out of the bank for groceries for the month and put it into an envelope. That way you budget what you are going to spend that month, and the cash in the envelope sees that you follow suit. You can't use the system for all of your purchases, obviously, but with groceries, dates and activities, etc, it helps you control what you spend.
2. Accounting is different than budgeting. Give a name to every dollar you earn in a month. Tell it where it will go. At the end of the month, you don't wonder where it all went, because you told it where to go.
3. Wealth is built up over a long period of time. It's a lot like spiritual growth, in my opinion. It's putting a little bit in a bucket over and over. Interest will help you build wealth. If you're always in debt, you're being abused by interest, not blessed by it. Put money away for tomorrow.
Anyways, the class was good. Dave Ramsey's a good guy. The class even discusses the need to give and pay tithing. I highly recommend this class.
4 comments:
Now the test is whether you can follow what you learned--right? I'm glad you are thinking about these things! Good job!
Congrats Isaac!
I think I would enjoy this class, especially since it sounds so much like my family finance class. Maybe someday I'll have the opportunity to take it.
Now you will be rich!
Congraduations!
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