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Tuesday, January 19, 2010

Financial Peace Class 1

This past Wednesday, my fiance and I attended the Financial Peace University class nearest us. I had, as many of you know, attended the class in another location couple of years back. However, Pat had never been and this was the first time we had attended any financial classes as a couple.

When we first arrived, our hearts sunk, when we realized that the class was not in a handicapped accessible location. After a couple of trips upstairs by the Associate Pastor, the class was moved downstairs to a more handicapped accessible location.

Once, that was done, the class started, though slightly belated. During the class, I was reminded what one lady's grandma (or was that mom) called her emergency fund. That being the GOK Fund. GOK meaning God Only Knows. Through out this first video Have reminded us that, saving must become a priority and that we must pay ourselves first.
He also reminded us, by listing the Baby Steps:

  1. $1,000 in the bank (Emergency Fund)
  2. Pay-Off all debt utilizing the "debt Snowball" (except the house).
  3. 3-6 months expenses in savings.
  4. Invest 15% of household income into Roth IRAs and pre-tax retirement
  5. College Funding
  6. Pay-off home early
  7. Build Wealth! (Mutual Funds/Real Estate)

Both the fiance and I are looking forward to the class this next Wednesday.



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Posted by Kevin Surbaugh at 1/19/2010 09:12:00 AM
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2 comments:

  1. All good advice, so why haven't you done ANY of it since the previous time you did this course? If you haven't managed to save $1,000 in an emergency fund after several years you are not really serious about this 'plan'.

    At the moment your plan seems to give priority to spending on wedding accessories (ie. anything other than just turning up at the registry and getting the paperwork done) rather than paying off your back-taxes, consumer debts or saving!

    There must come a point where having lots and lots of good intentions but not following through on them in any substantial manner becomes a bad habit.
    ReplyDelete
  2. enoughwealth -
    I have saved up the $1,000 emergency fund several times. I have also used the emergency fund several times.
    I am focused, very focused on the debt and you see substantial gain within the next month. Actually, if you have watched the progress, you will have seen substantial gain, even though, until a year ago, I was only making $19,000/year.
    Saving for the wedding is a very important to, and paying for that wedding in cash and not credit is important also. Being debt free this year as well as having a paid for wedding is something that I believe will happen this year.
    Keep watching for the big announcement on my debt free progress by Valentines Day. Maybe even this month, depending how my other bills go.
    ReplyDelete

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