ON OVERALL FINANCIAL PEACE
Take the 'Financial Peace University' course from Dave Ramsey either online or through local church or group. Make Godly financial decisions.
- Andy Seals ('02)
Read 'Millionaire Next Door' by Thomas J. Stanley. Most of what the world thinks about 'wealthy people' is wrong. The documented research in this book is amazing. People who become wealthy drive used cars, spend far less than they earn at all income levels, budget, don't rush to buy a house right away, don't live in fancy neighborhoods, invest wisely, take calculated risks, marry a frugal spouse, and don't get money from their parents.
- Dr. Andrew Dettmer ('02)
ON RETIREMENT
If your employer offers a matching contribution to a 401k or retirement plan, contribute at least up to that matching level...that is a 100% return on investment!
- Russell Lewis ('84)
ON DEBT
Minimum payments are just that... The minimum you should pay. By doubling or tripling your monthly payment you will shorten your loan and greatly reduce the interest you end up paying.
- Edward Fenton ('89)
If you save up to buy without borrowing rather than borrow and pay later, you will save tens of thousands of dollars in interest over your life time.
- Jamie Friedman ('86)
ON RENTER'S INSURANCE
If you are renting, make sure you have renter's insurance. The best way to do this is combine with your auto insurance company, that way you get a discount. Renter's insurance saved me a few years out of college when I lost most of my belongings to a flood; I was reimbursed for all of my lost furniture.
- Heidi Anderson ('87)
