Jessie Moore has been writing professionally for nearly two decades; for the past seven years, she's focused on writing, ghostwriting, and editing in the finance space. She is a Today Show and Publisher's Weekly-featured author who has written or ghostwritten 10+ books on a wide variety of topics, ranging from day trading to unicorns to plant care.
Even if you weren’t searching for finance advice, you may have been tempted to open a clickbaity headline where Dave Ramsey schools someone drowning in debt.
With millions of subscribers and a few best-selling books, there’s no question many people trust this guy with their money.
If you want to learn at the feet of this financial guru, you may have considered enrolling in Ramsey’s Financial Peace University course.
Although there are plenty of glowing Financial Peace University reviews, it may not fit everyone’s situation.
Take a closer look at Dave Ramsey Financial Peace University reviews to determine whether it’s worthwhile.
Is Financial Peace University Worth It?
Financial Peace University is legit. But at $79.99, is it worth it? Depends on your situation.
Dave Ramsey’s Financial Peace University is best for beginners and people who need help bringing down debt. FPU can especially help beginners who are in debt and who crave structure, community, and accountability.
However, in some cases, FPU may be necessary, as there are there are ways to implement its recommendations without buying it.
For example, Empower’s Personal Wealth dashboard doesn’t cost a dime, and it gives you a clear view into your entire financial life.
While you won’t enjoy structured guidance, you can save the admission fee to FPU and still get started on your savings journey.
But should you go the DIY route, or could Financial Peace University benefit you? Let’s take a closer look.
What Is Financial Peace University?
Financial Peace University is a nine-week course that centers around Dave Ramsey’s philosophy and strategies surrounding debt reduction and saving.
The “meat and potatoes” of this course are nine video lectures from the main man himself, which take about 1 hour each and include workbook exercises.
Everything else FPU offers supports the core tenets taught in these lectures.
For instance, you’ll get a complimentary one-on-one financial coaching session to better assess your situation.
FPU members can also meet with group coaching sessions for one year and try Ramsey Solutions’ EveryDollar budgeting app for three months.
And if you’re afraid of snoozing through lectures at home? If you prefer an IRL experience, you can also sign up for in-person sessions.
Summary: Course Format & Learning Experience
In terms of duration and what to expect from the Dave Ramsey course…
- It costs $79.99 to enroll in Financial Peace University.
- Once you make your purchase, Ramsey Solutions will send all the details and links to the email you provided.
- Your Financial Peace University membership gives you 1-year access to the nine video lectures.
- If you follow the Dave Ramsey course at a pace of one lecture per week, you should graduate from Financial Peace University in nine weeks.
- You can also meet in person and participate in group sessions if you’d prefer to collaborate with others.
Key Principles of Financial Peace University
A determining factor for whether people leave favorable Financial Peace University reviews comes down to how they feel about Dave Ramsey’s approach to investing.
So, what is Dave Ramsey’s MO with moolah?
The best way to pick at Dave Ramsey’s brain is to go through his “7 Baby Steps to Financial Peace.”
Let’s take a closer look at these essential tactics, plus a few alternative ways to put them into practice:
- Save $1,000 for a starter emergency fund: This helps create an instant financial cushion for unexpected expenses. Consider using a high-yield savings account like Empower Personal Cash, or Public.com to earn extra yield without sacrificing liquidity.
- Pay off all debt (except the house) using the debt snowball: Debt is the devil in Dave Ramsey’s dogma, hence the primacy of getting it out of your life ASAP. There’s even a Debt Snowball Calculator you can review on Ramsey Solutions website to get a sense for this technique. But FYI: With Empower’s FREE Personal Wealth Dashboard, you can link to your financial accounts and chart your debt obligations to analyze solutions.
- Save 3 – 6 months of expenses in an emergency fund: This builds on the first step and can help you through particularly challenging times, like if you or your spouse lose your job. Again, use a high-yield savings account to take advantage of better interest rates while keeping funds liquid.
- Invest 15% of household income for retirement: Ramsey is big on saving for your golden years so you have less financial stress down the line. Keep in mind that Empower and Acorns offer investment plans that help in this department.
- Save for children’s college education: Keep your kids on track for higher education with dedicated savings or tools like a 529 Plan. You could also look into Acorns’ Early Invest to build for educational expenses and enjoy potential tax benefits.
- Pay off your home early: Fitting the “demolish debt” theme, Dave Ramsey stresses the importance of getting rid of mortgage payments ASAP. Again, this is where Empower’s Personal Wealth Dashboard can really come in handy with graphs and projected scenarios.
- Build wealth and give generously: Lastly, Ramsey gives people the green light to invest in conservative assets, particularly mutual funds. But true wealth isn’t just about building ourselves up. Following Biblical principles, Dave Ramsey recommends letting our “cup runneth o’er” once we’re on a solid financial footing. Here’s a relevant article on How to Build Generational Wealth.
In addition to these core principles, FPU emphasizes practical budgeting techniques like the “envelope system.”
In this mindful money method, cash only goes to specific spending categories, and it forms the basis of the EveryDollar budgeting app.
Pros of Financial Peace University
- Disciplined Approach to Debt Reduction: If you’re drowning in debt, the snowball method is a great motivator to achieve financial independence. According to FPU’s website, most students are 100% debt-free in 2 years or less.
- Beginner-Friendly with Step-by-Step Guidance: If you need some hand-holding in your financial journey, FPU won’t let you down. This course is easy to follow, and the workbook exercises help solidify the lessons.
- Accountability and Community: You could go it solo with an FPU account, but what’s the fun in that? Share your experience and ask questions with in-person classes and group coaching sessions.
- Financial Consultation and Budgeting Tools: One valuable resource with an FPU account is meeting with a financial advisor to get some tailored guidance on your situation. You can also take the EveryDollar budgeting app for a spin and see if you feel it’s worth the cost.
Cons of Financial Peace University
- Free Alternatives Are Available: An FPU subscription isn’t expensive, but there are many free online tools that can help with budgeting. Notably, Empower’s Personal Wealth Dashboard is free to download and gives you a comprehensive view of your financial life.
- Geared for Beginners: FPU is fantastic at building a foundation, but it’s not so great for those who already know the basics of personal finances. People with a handle on their debt and who know a bit about budgeting won’t get much from this course.
- Inflexible and Conservative Financial Strategy: Dave Ramsey’s conservative approach to finances has plenty of followers, but it’s not the supreme method in every situation. While this disciplined approach is great for getting out of debt and setting up savings, it doesn’t offer the same growth profile as more “riskier” methods like stock picking.
- Religious Undertones: Dave Ramsey doesn’t hide his evangelical faith and how it informs his investing principles. While you won’t be singing Psalms in this course, some people may not jive with this mix of faith and finances.
Who Should (and Shouldn’t) Take Financial Peace University?
People are more likely to leave positive Financial Peace University reviews if they’re struggling with debt and want a structured, beginner-friendly course on personal finance.
Many Financial Peace University reviews also praise the group dynamic of this course, which is excellent for people who need a push to achieve their goals.
However, anyone who’s got their debt in check and is more interested in higher-level investing topics won’t get much from this Dave Ramsey course.
For those who are ready to start investing but need guidance choosing high-quality stocks, Zen Investor is a great start.
Steve Reitmeister, the master stock-picker behind the stock-picking newsletter, follows a specific method for selecting stocks.
First, he tracks top-performing analysts to check out the sentiment on a given stock.
Each potential investment then undergoes a rigorous screening process through the Zen Ratings system, which distills 115 factors that drive growth into an easy-to-read letter score. In addition to an overall score, you can see how each stock scores in different areas, including value, growth, momentum, and more.
From there, Reitmeister digs deeper to assess its growth potential, looking for companies with strong earnings surprises, attractive valuations, and robust growth prospects.
Finally, he handpicks stocks, relying on over four decades of investment experience to navigate market conditions and identify opportunities that align with his long-term strategy.
Subscribers to Zen Investor gain access to regular market analysis, clear trading strategies, and a focused portfolio of 20-30 high-potential stocks.
The Bottom Line on Financial Peace University
Financial Peace University is legit, and it can teach investing newbies some important lessons.
However, the I believe that the many free tools out there like Empower’s free dashboard make it hard to justify the $79.99 price tag for FPU.
My advice? If you feel confident in your ability to DIY, review the “Key Principles” listed above and assemble your own free or low-cost tools to do the rest.
But if you feel that you need more direction and need the structure of a course, then it may be worth paying for the course.
There’s no right or wrong answer — it’s about choosing what works best for you.
FAQs:
How much does it cost to go through Financial Peace University?
FPU costs $79.99, which includes one-year access to the nine video lectures, a workbook, and both group coaching and a one-on-one financial advisor session.
How many people have gone through Financial Peace University?
According to Financial Peace University's website, 10 million people are FPU grads.
Do you get paid to lead Financial Peace University?
All FPU Coordinators are volunteers, but they get a few perks like free Ramsey+ for a year and VIP access to events.
How does Financial Peace University work?
Once you sign up for FPU, you'll get the first of nine video lectures via email, and you'll complete these lectures and workbook exercises over nine weeks. There's also the option to meet in person if you want more guidance and accountability.
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