Financial Peace University (FPU) is a 9-lesson course where Dave Ramsey, Chris Hogan, and Rachel Cruze walk you through the Baby Steps and teach you how to win with money. They are very knowledgeable in all areas of finance and are entertaining, but is the price of the course worth it?
Financial Peace University Membership
The current cost* of FPU membership is $130. Lessons 1 – 4 walk you through the 7 baby steps. Lessons 5 – 9 are lessons for your life while on the baby steps. These lessons go over insurance, retirement planning, mortgages, and being outrageously generous.
This comes with a 1-year subscription to EveryDollar Plus budgeting software. EveryDollar is already free to use with no membership, but the Plus version connects to your financial institution to automatically import your transactions. This takes away the tedious work of manually entering your transactions, so it can help you stick with budgeting month-over-month.
You also get one-year access to financialpeace.com, which gives you access to all the materials online. This includes the lesson material and the videos for each lesson. FinancialPeace.com gives you access to bonus materials like Smart Money Smart Kids and The Legacy Journey videos. Smart Money Smart Kids is a 6-lesson course that helps you teach your kids to make good financial decisions. The 6-lesson The Legacy Journey course “teaches you a radical view of biblical wealth and generosity”.
Other benefits include an online member forum where you can ask questions to other FPU members and the Ask a Coach feature where your questions are answered by the closest Ramsey Preferred Coach. There are also numerous online tools to help you manage your debt snowball and track your Baby Step’s progress.
Traditional or Flex FPU
There are two different class formats that you can choose from: Traditional FPU and Flex FPU. The main difference between the two formats is whether you meet in person or online.
The traditional FPU format is where you get together with other FPU members and a coordinator leads you through each lesson. Each lesson is normally once a week, and the coordinator goes through an introduction of the week’s lesson, everyone watches the lesson video together, and then the coordinator leads the class through discussion and action items. This format gets you out of your house every week, and you get to meet people in person who are just like you. They have debt like you do, they have a mortgage like you do, and they have the same financial questions that you have.
The flex FPU format has the same content as the traditional FPU, accept each class member watches the videos on their own time in the comfort of their own home. The class still meets once a week, and each member is expected to watch the video during the week before the class meets. The coordinator sets up an online video conferencing that all the members join, and they still interact with each other. This format is for anyone who does not want to or cannot leave their house.
Is it worth it?
Is it worth the cost, and what if I cannot afford it? When I first took FPU I didn’t have debt, and I already had a plan for my money. I still learned some great information like having a 3 to 6 months emergency fund and not relying on credit for it. I was also doing some risky investing. Although I considered myself to be financially knowledgeable, there were a few things that I learned to do better.
I thought the cost of the membership was well worth the information that we received. $130 for me was no big deal, but I know some of you are not in a position where you have $130 to spend on this. If you don’t have $130 to better your financial life, then I would say you need this course. If you don’t do something different you will be in the same financial position 10 or 20 years from now. You are interested in this course but don’t know how to come up with the money? Go through my post on budgeting and saving.
Although I do recommend taking Financial Peace University, you can keep reading this blog and many others that can help you with your financial life, and these don’t cost you a thing. Set a goal for your financial life and start working toward that goal. You do not need to buy Financial Peace University in order to reach your financial goals. However, Dave, Chris, and Rachel go through a wealth of information that is interesting and beneficial for everybody to know. I suggest you go through the class.
*FPU membership price and details can change at any time and may not always be reflected on this page.