Mid-week FPU Update – Week 1

Hello all,

Hope everyone’s having a great week so far.

This past Sunday was “Super Saving”, which dealt a lot with getting Baby Step 1 in place and the security that you will have once that is there. I know we didn’t touch much on how to save money even for the $1000 emergency fund if you don’t currently have any money left at the end of the month. Well, here are a few suggestions that Amy and I have mentioned in previous classes and what has been mentioned by Dave on his show:

- sell whatever you can; whether at garage sales, ebay, craigslist, etc. Put so much up for sale that you kid or dog thinks they are next
- use the budget that you have to find things that can be eliminated or set aside for a few months to help you out
- think of ways to build your income, whether that comes by getting a 2nd or 3rd job (temporarily) or doing something from home that can generate some income
- If anyone else has some suggestions, feel free to provide discussion comments into the blog entry. Also, you can visit the Community Forums in the Member Resource Center at Dave Ramsey’s website (see below for details around setting that up)

Here are a few Bible Verses about Money in the Bible (I’ll try to include 2-3 each week for you):

Proverbs 13:22 "A good man leaves an inheritance to his childrens' children"
Matt. 6:24 "You cannot serve both God and money".

HOMEWORK REMINDER
- complete the Basic Quickie Budget form and bring it to class this Sunday, we will ask that you hold it up
- read chapters 1, 2, 3, and 10 from Financial Peace Revisited
- Register for the Member Resource Center
–> go to www.daveramsey.com/fpumember and use the Class Code I gave you in the email I sent out
–> the MRC is a way to great online-only resources that are available to you like Budget Software, Keeping track of the Class homework and status, exclusive videos, download forms, etc.

ONGOING HOMEWORK
- start to think about what you can do to get Baby Step #1 completed
- start piling up the credit card offers. We’ll begin accumulating the amounts offered to you during the class and then you can rip them up and throw them away.
- of course, we can get started early with this one:  bring in any CREDIT CARDS you want to CUT up and we’ll be more than happy to watch you relieve yourself of the “cheetah” (you’ll understand what a cheetah is in the Debt lesson).

Remember to be there at 4:45 pm this Sunday to get settled in and eat the snack that will be provided (Thanks Sammie for volunteering to bring the food this week).  See ya Sunday!

Amy & Brian Waiser

always remember “IF YOU LIVE LIKE NO ONE ELSE, LATER YOU CAN LIVE LIKE NO ONE ELSE” !!!

Welcome to OSL Spring 2009 FPU Class

This blog will be dedicated to providing periodic updates to the class about the previous week’s topic and also about what is coming up for the next week.

I may also put some things out here that are just related to current financial news around the US / World.  I hope it helps to be able to use this as a sounding board and information provider.

Enjoy !!!

FPU Testimonials

With OSL now becoming a regular FPU class facilitator, I would love to get some Testimonials from the previous class members.  OSL members, obviously, are the primary target for this, but if you happen upon this blog and have taken FPU somewhere else, feel free to contribute.

Testimonials are a great way to promote the class going forward.  Anything you could provide would be wonderful.

Thanks,

Week 12 Mid-week FPU Update

Wow, it’s already the last week. Time goes by so fast when you are having fun and getting control of your money.

Last week’s lesson about Real Estate and Mortgages is such an important one. Being able to buy a house is a huge opportunity, but don’t make it a requirement if you aren’t in the right Financial state. It’s the largest asset you will buy and can make you “house poor” if you aren’t careful. So, remember the key things Dave mentions about buying a house:

– always consider the 100% down plan
– If you can’t do the 100% down plan, make sure you put at least 20% down and that your monthly payments are no more than 25% of your monthly take-home pay on a 15-year FIXED rate mortgage
– Never get an ARM or Interest-Only loans as they will come back and bite you. Stick with a FIXED rate.
– Don’t buy a house while you are in debt. Pay off your debt first and rent to provide you a solid foundation and great place to start with no payments to anyone else.
– Never buy at the top of the neighborhood

And, finally, get through the Baby Steps so you can then pay off your 15-year mortgage in less than 15 years. Don’t keep your mortgage b/c of tax reasons, as I mentioned in the below blog entry.

FPU class, please don’t forget to put your comments in the Blog entry below about how FPU has helped your life. I’d really like to get everyone’s thoughts. Thanks

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Here are a few more Bible Verses about Money in the Bible:

PROVERBS 28:20 – “A faithful man will abound with blessings, but he who hastens to be rich will not go unpunished.”

GENESIS 2:24 – “Therefore a man shall leave his father and mother and be joined to his wife, and they shall become one flesh.”

PROVERBS 22:26-27 – “Do not be one of those who shakes hands in a pledge, one of those who is surety for debts; if you have nothing with which to pay, why should he take away your bed from under you?”

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HOMEWORK REMINDER
– Complete your Final Financial Snapshot, either online at the MRC or on the paper form in the workbook
– Read chapter 13 from Financial Peace Revisited (only the subtitled sections “Real Estate Bargains” and “Owner Financing Bonanza”)

ONGOING HOMEWORK
– USE your ENVELOPE systems. If you haven’t started using it, just try 1 or 2 to begin with and you will see the difference it makes when handing over cash instead of using plastic (Debit card of course)
– If you don’t yet, get BABY STEP 1 out of the way (get an extra job, sell stuff). whatever you can do to get that $1000 in the bank
– Build the snowball large and strong so that those big debts you have can just tumble over easily. Momentum and Intensity are the keys to BABY STEP 2. You will love it on the other side, there is so much Peace and security over here with no debt !!!
– keep tweaking the budgets and REVIEWING THEM TOGETHER (for you couples)
– keep piling up the credit card offers. We’ll write down the amounts offered to you and then you can rip them up and throw them away. And, of course, bring in any CREDIT CARDS you want to CUT up and we’ll be more than happy to watch you relieve yourself of the “cheetah”. Let’s fill up that Pickle Jar.

Keep track of the week’s homework and get lots of tips/advice on the Member Resource Center on www.daveramsey.com/fpumember .

2 Final reminders for the Class:
1.) “IF YOU LIVE LIKE NO ONE ELSE, LATER YOU CAN LIVE LIKE NO ONE ELSE” !!!
2.) “THERE IS ULTIMATELY ONLY ONE WAY TO FINANCIAL PEACE AND THAT IS TO WALK DAILY WITH THE PRINCE OF PEACE, CHRIST JESUS”

Keep Mortgage for investing ??

I’ve spoken to several people lately that say that they have financial advisors that recommend retaining your mortgage because of the low interest rate and possible tax advantages.  I can understand the point of view, but don’t agree with the concept.  When you do a calculation like that, you are forgetting to factor in one very important thing….  Here’s a clip from Dave Ramsey’s show to explain

Week 7 Mid-week FPU Update

Hola mis amigos,

Insurance; the thing everyone loves to hate, but it’s definitely something you can’t do without.  Each week Dave Ramsey enlightens us on something new through FPU, and I learn more about our financial life.  I never thought that Insurance would get me excited about finances, but knowing what we have in place and that we are covered under most circumstances is another way we gain some “peace” in our lives and makes this class well worth the time and energy we put into it.

Don’t forget to put your comments in the Blog entry below about how FPU has helped your life.  I’d really like to get everyone’s thoughts.  Thanks

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Here are a few more Bible Verses about Money in the Bible:

Proverbs 17:18 – “It’s stupid to guarantee someone else’s loan.”

Proverbs 11:15 – “He who is surety for a stranger will suffer for it, but one who hates being surety is secure.”

Psalms 37:21 – “The wicked borrows and does not repay, but the righteous shows mercy and gives.”

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HOMEWORK REMINDER
 - Complete the Insurance Coverage Recap form
 - Identify any insurance policies that need to be changed or added
 - Calculate how much life insurance you need
 - Read chapter 11 from Financial Peace Revisited (only the subtitled section “Insurance”)

ONGOING HOMEWORK
 - start KILLING those little debts in Baby Step #2 to build some momentum and clear the way for you to focus intensely on the bigger debts.  I want everyone to be out of debt as fast as possible so you can start to feel that PEACE that comes from not being indebted to anyone else.  Look for those little things that can get you some extra money to contribute to the debt (garage sales, consignment shops, part-time jobs, etc.)
 - keep tweaking the budgets and REVIEWING THEM TOGETHER (for you couples)
 - keep thinking about what you can sell to get Baby Step #1 completed
 - keep using those envelopes
 - keep piling up the credit card offers.  We’ll write down the amounts offered to you and then you can rip them up and throw them away.  And, of course, bring in any CREDIT CARDS you want to CUT up and we’ll be more than happy to watch you relieve yourself of the “cheetah”.  Let’s fill up that Pickle Jar.

Keep track of the week’s homework and get lots of tips/advice on the Member Resource Center on www.daveramsey.com/fpumember .

2 Final reminders for the Class:
1.)  “IF YOU LIVE LIKE NO ONE ELSE, LATER YOU CAN LIVE LIKE NO ONE ELSE” !!!
2.)  “THERE IS ULTIMATELY ONLY ONE WAY TO FINANCIAL PEACE AND THAT IS TO WALK DAILY WITH THE PRINCE OF PEACE, CHRIST JESUS”

Coupons, Coupons, Coupons

A couple links for you guys regarding the Coupon subject we had on Sunday:
- Coupon Mom from Dave’s website
- The coupon newscast from Channel 13 that Monica mentioned on Sunday

“FPU has helped my life by ….”

I asked this question as part of the review section this week at the beginning of class and I thoughts the responses were great. I’d like to have a record of your responses, so thought I’d put it out there on the blog to see if you could say again what was said in class and possibly expand on it in this format.

 

So, FPU has helped my life by ….. ???  

(click on the Comments link below to add your comment)

Sell so much stuff that YOU ARE NEXT ?!?

Here’s a story I came across last week that was so crazy I figured I’d share with everyone, if you hadn’t already seen it.  This man, Ian Usher, apparently has come across some hard times and put his own life out on Ebay for auction.  That’s putting Dave’s saying of “Selling so much that your kids think they are next” in a different light.  This guy sold everything but the shirt off his back.

Week 6 Mid-week FPU Update

Last week was Buyer Beware and it’s one of my favorite lessons.  It reminds me to gain power over purchases with the advice he gives about major purchases (or any purchases for that matter).  As we discussed in class, it changes the way you think about anything you purchase, from something small like a book ($25), to something a bit larger like a small piece of furniture ($100), to a major purchase like a washer/dryer, all the way to a huge purchase like a vehicle (used, of course) or a house.  You think twice whether the way you are buying that item is the best way to do so.  Some things that pop in my head on all purchases are
“Can I get a discount, either by using a coupon or negotiating it down at the time of purchase?”
“Have I researched it enough where I believe I am getting this item at the best price I can where I am getting it?”
“Do I really need to purchase this item NEW ?  Can I get it USED in good condition by looking at Internet websites like Craigslist or Ebay ? “And, then, you definitely need to remember the keys to gaining power over your purchases that were mentioned:
1. wait overnight before committing to the purchase
2. review your motives for the purchase
3. make sure to fully understand what it is you are purchasing

4. define the opportunity cost of the item
5. seek counsel of spouse/accountability partner

Always remember the phrase “Kids do what feels good, Adults devise a plan and follow it” as a sort of accountability lesson to keep you in check and make sure you are buying something that is absolutely needed.

HOMEWORK REMINDER
 - fill out the 2nd Financial Snapshot
 - Memorize the 5 keys to gaining power over your purchases
 - Read Financial Peace Revisited, chapter 5

 

ONGOING HOMEWORK
 - keep tweaking the budgets
 - if you haven’t got it yet, keep thinking about what you can sell to get Baby Step #1 completed
 - keep using the Envelope system for at least Food and Clothing, more if you can.
 - keep piling up the credit card offers.  We’ll write down the amounts offered to you and then you can rip them up and throw them away.  And, of course, bring in any CREDIT CARDS you want to CUT up and we’ll be more than happy to watch you relieve yourself of the “cheetah”.

 

2 Final reminders for the Class:
1.)  “IF YOU LIVE LIKE NO ONE ELSE, LATER YOU CAN LIVE LIKE NO ONE ELSE” !!!
2.)  “THERE IS ONLY 1 WAY TO FINANCIAL PEACE AND THAT IS TO WALK DAILY WITH THE PRINCE OF PEACE, CHRIST JESUS”