Financial Peace Alternative?

[lilac05]

Is there a program similar to FPU that is good, but less expensive?  I’m looking to possibly offer something at our church, but loathe the idea of making people in debt pay $129 for the class, then $99 annually (from what I can see deeply hidden on the page)...to be taught by a volunteer.  (If they’re going to charge that much, you’d think they could at least pay the instructors!)

Obviously, since this is possibly for a church, the religious aspect is not a huge issue.  And volunteer instructors aren’t a big deal...if the program is more reasonably priced.  

Thanks to many years of MM (& many years without cable, LOL), I’m not in need of a program myself...just looking to be able to help others so they can get in the same, or similar, boat.

[thatgirl2478]

wow... I didn't realize it was that much! I thought it was a one time fee for the class.

I would point them to his book (which they can check out of the library) since that covers the same things covered in the class... Or heck, even just listen to the podcast for a few days will give you the basics.

[neonpink]

So I sort of follow it it. We never went to a class but we watched his videos on Youtube. It is inspiring to see how people pay of debt. He will also give tips while he is talking to people. I also use his free phone app that I share with my H to budget. It helps keep us on track.

[minzy]

I do not know of an alternative, and am not claiming to be qualified to offer one. But, since you asked, if I were somehow to design a syllabus for this I might include basic topics like simple tracking, then budgeting, importance of emergency funds, discussion of taxes, credit cards/interest rates, mortgages, health/life/home/auto insurance, 529s/FAFSA, 401(k)s/pensions/retirement, net worth goals, the important of wills/health care directives, giving, and also introduce other (good v bad) investments, FIRE concepts, etc. You could give homework assignments (track, make a budget, find something to cut, investigate insurance during open season, find an example of personal finance in the news, etc.), make games/challenges everyone can do regardless of where they’re starting, and check in on progress when they meet.

I’d use text not just from Dave Ramsey but a variety of perspectives like those from Thomas J. Stanley and William D. Danko (the authors of The Millionaire Next Door), Suze Orman, David Bach, Michelle Singletary, Farnoosh Torabi, Warren Buffet, thepennyhoarder.com, Mr. Money Mustache, Money Magazine, the Financial Times, et al., since it’s obviously not a one size fits all type of thing.

[lilac05]

minzy, those are all great ideas! I’d love to put together a new class, but a) I’m nowhere near qualified and b) I don’t have the time to do so.

If anyone here wants to, I think there’s a definite market for it! Just please not $100 per couple while you don’t even pay facilitators. I could go on and on and on about that one!

thatgirl2478, I thought it was $99 for the class, but that’s not what I found on the website. It really borders on predatory if you ask me. I’m looking for a class as another way to build community within our church..and to provide a service to people who are in our community outside of the church. But I don’t feel good about charging so much for it.

[madringal]

We just went through the classes earlier this year at my church. We paid $100/couple but there was no reoccurring fee. I did download the app, but I use the free version.

Honestly, I have a degree in finance and have worked in banking for 18 years. I really didn't think I was going to learn anything profound, but I learned so much!! It is totally worth the money. We have proactively saved more money in the last 8 months then we have in the last 8 years of marriage.

[waverly]

I don't know of one, but I would definitely be interested in it. I like Dave Ramsey, but DH thinks he is too rigid/ extreme, so I would like the see one that we can both agree on. No one that I have talked to that took the class had to pay the annual fee. That fee might be for continued access to his content/ resources maybe? Which not everyone needs because they have the info from the class already.

[sadlebred]

Could you find a sponsor for the class or someone to pay for the materials? Could the church or a local civic organization do so? A well off member of the church?

[sandandsea]

I don’t think the price is that bad. From what I understand it’s priced per couple and you get a lot of material and online content. I doubt you’ll find anything of the same quality for less. Also there are free podcasts that continue the learning so you get a lot.


Edited for new info I found. You can reattend meetings for free forever but you don’t get the online content or updated materials.

[thatgirl2478]

Nov 9, 2018 11:14:27 GMT -5 lilac05 said:

minzy , those are all great ideas! I’d love to put together a new class, but a) I’m nowhere near qualified and b) I don’t have the time to do so.

If anyone here wants to, I think there’s a definite market for it! Just please not $100 per couple while you don’t even pay facilitators. I could go on and on and on about that one!

thatgirl2478 , I thought it was $99 for the class, but that’s not what I found on the website. It really borders on predatory if you ask me. I’m looking for a class as another way to build community within our church..and to provide a service to people who are in our community outside of the church. But I don’t feel good about charging so much for it.

I know.

I believe it used to be $99 flat for the class. I don't like that you have to pay so much for it OR that there's a monthly membership fee.  That just feels wrong.  Even if they offered the one time fee for groups and you could ADD a membership fee at some point for additional benefits that would feel less wrong...  Particularly for people who are already in debt (aka the target audience).

[farfalla2011]

I've never gone through the classes, but have read a couple of the books. Instead of doing a full on class, could you do it in a smaller setting as almost a book study? I'm sure the fee includes a lot of teaching tools and online tools to take with you, but just getting exposure to the info in a small group setting could be beneficial as well.

[lilac05]

sandandsea, as someone who is not in massive debt, I agree that it’s probably a lot of stuff for the initial investment. The first step is to save $1000...but you have to pay over 10% of that just to take the class. When it comes from someone who takes such a strong Christian stance and focuses so much on giving, it just feels like taking advantage of people who are desperate. It would even feel different to me if they charged $10 per class attended. And actually, would feel a lot different if they actually paid the instructors! There’s no quality control for instructors. Asking people to pay money they don’t have to take a class led by volunteers in hopes of maybe being able to get control of their finances...all while the mastermind of it touts “giving like no one else” from his multi-million dollar mansion. It just doesn’t sit well with me.

I know that a lot of people have taken the class and benefitted greatly...but how many have paid the $100 and “failed?”

farfalla2011, I may consider doing something like that. I wish I had the time to put something together myself.

[sandandsea]

Nov 12, 2018 9:48:20 GMT -5 farfalla2011 said:

I've never gone through the classes, but have read a couple of the books. Instead of doing a full on class, could you do it in a smaller setting as almost a book study? I'm sure the fee includes a lot of teaching tools and online tools to take with you, but just getting exposure to the info in a small group setting could be beneficial as well.

I would do this if the cost is really a problem for you. Have everyone buy the total money makeover or borrow it from the library. The go through it as a small group.

[sandandsea]

Nov 12, 2018 10:16:35 GMT -5 lilac05 said:

sandandsea, as someone who is not in massive debt, I agree that it’s probably a lot of stuff for the initial investment. The first step is to save $1000...but you have to pay over 10% of that just to take the class. When it comes from someone who takes such a strong Christian stance and focuses so much on giving, it just feels like taking advantage of people who are desperate. It would even feel different to me if they charged $10 per class attended. And actually, would feel a lot different if they actually paid the instructors! There’s no quality control for instructors. Asking people to pay money they don’t have to take a class led by volunteers in hopes of maybe being able to get control of their finances...all while the mastermind of it touts “giving like no one else” from his multi-million dollar mansion. It just doesn’t sit well with me.

I’ve been a part of many small groups and have always paid for my materials and the leaders have always been volunteers. I pay more than $150 for my child to play a sport with parent volunteers as coaches. The truth is the instructors set up chairs and push play on a video. They aren’t providing the content and don’t have to be educated. It often works better when they’re in the hole too and working the same program. I think this model is used a lot and don’t really see a problem with it. Also the average person in financial peace comes up with $8k during the class by saving, selling things, extra jobs, budgeting and focus, etc. The argument to have people pay is so they take it seriously. If they have no skin in the game what keeps them coming and trying the plan when it’s hard? It’s the same argument people use to not pay for all of their kids college.

You may be able to find used materials too for less.

And really you pay for the information, motivation, and accountability which is what makes the system work.


Sorry had to edit for spelling! . Really I get what you’re saying and used to feel the same until I heard more and thought about it more. It makes sense to charge to keep classes to the serious and committed ones because it’s going to take that commitment to achieve your goals.

[lilac05]

Nov 12, 2018 11:03:26 GMT -5 sandandsea said:

 The argument to have people pay is so they take it seriously.

I definitely see that side of the “argument”, too.  I go back and forth with that about purchasing materials for other studies, too.  (But those are usually $5-10.)  

If we decide to do it, I may look into having the church cover a portion of it.  Or maybe look into charging per class instead of up front.  I will also take a look at who might be attending...people who have an extremely tight budget because of low income or people who are out of money because of frivolous spending every month.  Those are two very different situations!

[sandandsea]

Nov 12, 2018 11:21:17 GMT -5 lilac05 said:

Nov 12, 2018 11:03:26 GMT -5 sandandsea said:

 The argument to have people pay is so they take it seriously.

I will also take a look at who might be attending...people who have an extremely tight budget because of low income or people who are out of money because of frivolous spending every month.  Those are two very different situations!

But that is REALLY hard to do and makes you the judge instead of the cheerleader.

[lilac05]

Nov 12, 2018 11:28:07 GMT -5 sandandsea said:

Nov 12, 2018 11:21:17 GMT -5 lilac05 said:

I will also take a look at who might be attending...people who have an extremely tight budget because of low income or people who are out of money because of frivolous spending every month.  Those are two very different situations!

But that is REALLY hard to do and makes you the judge instead of the cheerleader.

I wouldn’t tell anyone that’s what I was doing, nor decide to do different things for different people, and I would make the decision before even announcing that we were offering a course.  It would just be for me to decide if/how to offer the course.  My budget comes 100% from donations that others have given...so I try to be very thoughtful about how I spend it.  

As of right now, I’m not planning on doing anything until at least Fall ‘19.  I’m new at my job and need to get a better idea of how the budget works over the course of a year.  

[lust2hart]

DH and I have coordinated 5 or 6 FPU classes. As far as I can tell, very, very few members of any of our classes have used the online resources after going through FPU - so I, personally, will not be pushing the annual memberships.

I know lots of churches will offer scholarships to those who truly cannot afford the class fee. We do not. If an individual in the church wants to pay for their friends to go through FPU, that's fine, but I am not going to decide who "deserves" a scholarship over someone else. After coordinating so many sessions, I do think there's value in asking people to sacrifice to come up with the class fee themselves, although I can understand where you're coming from, as well. Some churches will repay the class fee of anyone who attends all 9 sessions - that might be a nice alternative for you.

[lilac05]

Nov 12, 2018 15:32:10 GMT -5 lust2hart said:

Some churches will repay the class fee of anyone who attends all 9 sessions - that might be a nice alternative for you.

That’s a great thought!  Thanks for the idea!

That makes me think of another possible option to consider...paying for the class at the END of the course, as a way to pay it forward to someone else.

So much to consider.  I have many more big things that I should be spending my time & energy on right now, but talking about money and how to help people live better with theirs is more fun.

[lust2hart]

lilac05, DH and I just wrapped up this fall's course. In 8 weeks, 4 households paid off $49,000 of debt and saved $10,500. This is way outside the norm (in our experience, anyway), but holy cow!