We are 5 weeks into a 13-week finances course. Kaylyn and I are helping to lead a small group through the Financial Peace University class taught by Dave Ramsey. We completed this course last year and are enjoying it even more this time. We also have an amazing group who is highly motivated to lose debt and live financially responsible. It’s pretty inspiring. One couple in our group has already sold 1,500 worth of stuff. Another couple cut two credit cards. Another couple created an in-depth cash-flow budget for the first time. These people are on a roll. I’m learning so much from their stories and examples. Anyways, I thought I’d create a quick list of some of the most surprising statistics Dave Ramsey gives as well as my favorite quotes from him so far…
- Only 32% of Americans would be able to cover a $5,000 emergency with cash without going into debt for it.
- 49% of people could not cover even one month’s expenses if they were to miss a paycheck.
- When asked how they make their retirement planning decisions, 44% of working Americans say they “guess.”
- It takes the average person 600 hours to clear up an identity theft issue.
- When you use plastic instead of cash, you spend 12-18% more.
- “Building wealth is not evil or wrong. Money is amoral.”
- “If you buy a gourmet coffee everyday for $5 that equals $150/month. If you invested that at 12% (which is possible) from age 16-76, you would have saved $19,371,943.
- “Money is active… managed money goes farther” SO TRUE!
- “New married couples take 5-7 years to attain what lifestyle their parents had, not realizing it took their parents 35 years to do it.”
- “A new car loses 70% of its value in the first four years. This is the largest purchase most consumers make that goes down in value…many horrible accidents occur on the showroom floor”
- “You can’t borrow your way out of debt.”
- “If your broke friend makes fun of you, you are probably on the right track.”
- “Don’t lose hope. You can wander into debt but you can’t wander out… you gotta run!”
- “The FICO score is an ‘I love Debt’ score and is not a measure of winning financially.”
- “Look around you. Figure out what most people are doing, don’t do it, and you’ll be alright!”
Amidst all the monthly cash flow worksheets; allocated spending charts; irregular income planning; lump-sum payment methods; consumer equity columns and debt snowball preparations, hope begins to emerge! I highly recommend the class. It’s a kick in the pants, but that’s what I need.