Financial Peace University

[Written Wednesday, September 6]

We started our class tonight.

After the orientation last week, I was a bit worried that we might be the only ones to show up (again). But that was not the case this time. At least two other people showed up, and there is the possibility of more in the future. That would be a very good thing, because I feel really bad for people who go to all the trouble of putting on a training class and then no one (or very few) shows up. It can be rather disheartening. Being in the teaching/training trade myself, I know this from experience.

This really isn’t a training class in the traditional sense, though; it’s more of an accountability class. We are here to ensure that we all ascribe to and maintain the integrity of our promise, that we will strive to be completely debt-free in the foreseeable future. It is neither simple nor painless, this striving of ours. We are charged to drop all other monetary priorities in order to attain this goal – which implies a lot of sacrifice. It means foregoing travel, comfort, pleasure, and all the other little ‘extras’ that we have come to rely on for our well-being. Not completely, of course. But until we get a solid handle on things, and get into the habit of denying our selfish desires, it will be a bit of a strain.

The concept of becoming debt-free is really rather simple. It is outlined by the following steps:

1. Establish an emergency account, no less than $1000.
2. Save up 3 – 6 months worth of salary.
3. Establish and maintain a permanent savings plan.
4. Establish and maintain a cash-only payment system.
5. Pay off all credit debts – and destroy those credit cards!
6. Pay off all other outstanding debt (including the house!).

(This is not quite the way Dave Ramsey outlines them, but this is the way I remember them.)

We have already completed #1, and are working on #2. Number 3 has been on-going for years, since I used to work at Boeing. Number 4 is going to be extremely painful, especially since this will seriously curtail my normal spending habits. Visa was invented to support my Radio Shack habit. I can’t walk into a Radio Shack with a little envelope containing my ‘mad money’ and purchase something worthwhile, not when the envelope contains a mere $5 or $10. Nor will it help me when I’m browsing through the computer parts store. Most of the items on my Wish List are far more than $10!

What? You mean I have to save up, and wait until I have enough before I can buy what I want??? That’s not the American Way! That’s ... that’s ... outrageous! I’m an American, and I demand my right to instant gratification! I demand my right to be selfish! I demand my right to a 52-inch LCD HDTV!

As you can see, I have a long way to go.

Cheryl could teach this class. She already knows the concepts and the disciplines by heart. So it really isn’t for her benefit that we are taking this class. It is more for mine, because money is not something I enjoy thinking about or talking about. I just want to spend it. As soon as I get it. On toys. And then feel horribly guilty about it. When I should be talking about it first, and feeling horribly disappointed when I don’t get to spend it. But that feeling passes when the next desire pops up, and I start obsessing about something else.

So this class should help us (me) to be more communicative with our financial goals and struggles, to help us truly be of one mind and spirit concerning our future. Plus we gain the fellowship of a few other people who are facing many of the same struggles, with whom we can sympathize and empathize when things aren’t going the way we had hoped.

The best part? They are providing free babysitting, so the kids can run around the church and play while I get to spend some quality time with Cheryl, delving into a subject that is near and dear to her heart, un-distracted.