Worst case scenario, your kid will have to do the same. Having college paid for is a luxury that your kid may not even deserve. That depends on the education. A degree in liberal feminism will not result is a good paying job or any job for that matter. You also have to look at the degree and see if there is a need for it in the job market. However, we did spend lots of extra time giving here additional homework, sent her to Silva for tutoring on how to study, etc.
I thank you for going over this subject. My fiance and I are starting out on this road before we get married. I think is the one of the best book and ideas I have read in a long time.
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The best part is that we can start our life out debt free and start saving for a house within a year of being married. This book should be a must for everyone, all high school and college kids should be given this as a class. I really wish I knew these things then and I would be in such a better place now. Good luck! What I love about Dave is that even before I read his book or knew who he was I shared a lot of his principles with my clients.
It really changed our lives for the better. Since teaching the class myself this winter I know it can change others lives as well. For us, Baby Step 0 came in as we started thinking about having children. By fall of we were blessed with a new baby boy, had graduated from Financial Peace University, started our emergency fund, eliminated 42K of our 50K debt snowball, and dropped down to a single-income family. I just found this site and I have to say that it rocks! I cannot wait to learn more and read the comments! It will not be achieved overnight but sticking towards the goals and trying to achieve will eventually be rewarding to the individual.
I think the best thing the Baby Steps and the Crown Money Map have done for people is to give them a guide and a set of priorities for financial goals. I know for my wife and I, our efforts were diluted for a long time becasue we were trying to pay off debt, save, invest, etc.
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Once we found these tools, we were able to have a focus. We could somewhat forget about everything else which can be overwhelming and focus on our immediate goal. I look forward to reading the rest of the series. Good thing we did, lost my job this march…been diagnosed with MS. Wife has to support me now. House is all we owe for and in 5 years that will be done. Thanks Dave for opening our eyes.
Tithe is the first thing. Then hit the small stuff…7 baby steps..
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My itty nitty bone to pick is his unwillingness to adjust to the current economic conditions. I understand the principle, but with layoffs and companies folding left and right, we decided to flip steps 2 and 3. I think you have to balance the need for security, and the need to get out of debt. If you were looking at a possible layoff I think I might be more inclined to see the need for saving up a bit more in the old emergency fund. See I agree. I personally like how Suze Orman had readily admitted that the economic times may call for different strategies, depending on your situation of course.
But I am grateful to Dave, because he gave us the wake-up call to look at our money in the first place.
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I certainly see your point. Also at that point the gazelle intensity concept starts to wane a bit as well. But as you say, difficult times call for difficult measures. All happened in one week, we cant get past baby step one. Yeah, at times when it rains it pours. We have just had a huge medical bill show up this week for a trip to the ER and overnight hospital visit that we just had. Sorry about the big bills! So many people cannot save a dime so these steps are for them. However, most people swimming in debt would have to be told absolutely not to a credit card, it most likely got them into their situation to begin with.
Yes I adjusted the baby steps and kept more emergency cash and still had the car loan a bit longer. Still paid it off but wanted more cash reserves. It is personal preference as long as you keep your eye on the ball. We know how important it is to have something stash away since in we had both cars that needed major repairs, we had our first child, and my wife was out of work for about 4 months, along with other family issues which cleaned us out completely.
Just stumbled on this blog site but it fits me to a tee! I lead FPU at our church each year and have personally met Dave last year in Chicago while attending a conference. He was super nice and talked to me a little bit; and signed my book of course.
My wife and i have cut up all credit cards and pay cash for it all. Anyway, we are 22 months form being completely debt free but the home. I totally agree with getting a small emergency fund in place. There is absolutely always something that crops up that needs paying for — car insurance, broken lawnmower etc. My husband and I took the FPU class at our church last April, and it has helped so incredibly much to get our finances in order! We were happy to find this class at the beginning of our marriage to start it off right!
It makes perfect sense. I think a lot of people will have a hard time controlling their spending enough to be able to follow through with the plan. I know I do. To the people just starting. This stuff works. A few years ago I started on my financial plan.
“I don’t have enough time.”
Well i ran into Dave Ramsey and a few others and refined my steps. By refining I became debt free at Only a small 4. Built up a 6 month fund and was on my way investing and starting to give some away. Blessed by the Lord greatly and then……………Wham. A major stroke with brain and heart complications.
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Start the steps. Their are a few good people giving good advice and Dave is one of them. We are never taught to be debt free. I thank Dave for helping me to see it and to give me tools to attack my future with. At 52 i am debt free and only have a small mortgage. Dave is someone to listen to. A true financial counselor. I cannot say enough about this man. He has help me change my life….. Follow his lead and keep at it. You will in time achieve it. I have peace of mind. But peace of mind while there is a world of storm around you is priceless. Stay close to God, stay close to your family and stay close to Dave Ramsey.
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