Monday, April 05, 2010

Financial Peace University - Week 6

Week 6 was focused on us as buyers. The message was simple, "buyer beware!" We need to pay attention to where and how we are spending our money. We went over simple things that we can do, especially on larger purchases, to make sure we are spending wisely.

The first thing talked about was sleeping a night on some things. I think that this is something that Jason and I need to get better at! We haven't been out buying a ton of stuff but I know that we have both done it in the past!

Other things that were suggested were talking it over with someone who will give you an honest opinion and not be afraid to hurt your feelings and remembering that no amount of stuff will bring happiness!

One story was shared about a man who had "made it" financially and decided that he wanted to purchase his dream Mercedes. He took the money out of the bank, to pay for it in full with cash, and went to the dealer. He got in his dream car, handed over his money and drove home. That night, he took out his calculator and did some math. He looked at what his $40,000 dollars would do in his high interest account over the course of 10 years and then looked at how much value the Mercedes would lose over the same 10 years. The next morning he returned the car. In ten short years that $40,000 would turn into over $300,000! Can you imagine?

I did not write about week 5 because I was not at class because I was in MN! Jason went and I listened to the CD. It was a lot of technical stuff about creditors and collectors. Not too much to share. It is nice to know some of the things taught though, just in case!

I also finally wrote about week 4, which was a great lesson, and backdated it so it is with my March archives! It is HERE.

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