Reading a book is analogous to the cassette player nowadays I feel. I'm a Millennial, and I will admit that I too agreed with this analogy 100%. Who needs words, right? Why would we need a book when we have videos and Youtube to teach us. The problem with this, however, is that there is SO MUCH information online and things to "learn" that we would rather learn the newest TikTok dance trend than how to build a side-hustle with investing.
As part of our financial trimming, we enrolled in a course called Financial Peace University, a course designed and presently-practiced by financial mogul Dave Ramsey.
His course on becoming financially free was based on his program known as the 7 Baby Steps to financial peace. I'm not going to go into detail on his Baby Step Program, but will link his site below which breaks down every step:
Each Baby Step in his program is hard and easy. Especially his Baby Step 1, which is simple: Save a $1000 and put it away into an Emergency Fund. $1000 is nothing to some, and a lot to others, that's what makes it so special - it's tailored to everyone regardless of age, financial situation, or lifestyle. For us, it wasn't as difficult as I expect it was for others, so I feel extremely blessed that we conquered that step quickly. The next step, however, was the REAL game-changer.
For those of you interested in enrolling in Financial Peace University, here is the link:
In this course, RamseySolutions sends you a hardcover book, complete with online video lectures to go along with your home study. This book was our bible for the whole process, and we still use it to this day. We are currently on Baby Step 3 - Saving 3-6 months worth of expenses as a comfortable Emergency Fund. This is halfway through the Baby Step program, but we are already feeling the relief and comfort of being financially free. Believe me, having no debt and no one to pay is a huge weight of your shoulders.
Along with the online lectures and other resource links, enrolling in the program also allows you to collaborate with other families who are currently enrolled in the program. Sadly I can't review on this aspect of the site because we have never tried to reach out or attend any of these group classes, just because we were thin on time with cooking dinner and tending to three kids. I highly suggest if you do enroll in this program that you give it a try if time permits. You never know, you may find tips and tools to speed up your financial journey progress that I may have missed out on. If you do, I'd love to learn from you too!
In my opinion, the best tool to come out of Financial Peace University and becoming a member of Dave Ramsey's site is the full-access to his budgeting app known as EveryDollar. This app is the bread and butter of all of your financial power - the Holy Grail of what will make you the master of your money. I will go into depth and review this app in the next post, but I definitely recommend you check your phone app store (or online) and at least try out the free version. You don't get the ability to link your bank accounts to do true automation, but you at least get to see the basics on how to plan and process an "EveryDollar" budget and see how it functions.
I know, a budget sounds like horseshit. No one wants to budget. Some people make six-figure budgets, so why the hell would they need a budget? Six-figures, five-figures - it doesn't matter. I've read books and researched enough to know that even the wealthiest people in the world still budget and follow said budget, just to remind their money of who the boss is. You want to be a boss? Budget your finances.