Since I’ve started adulting (which was last week) and educating myself about personal finance, I have settled mainly on two schools of thought that are shaping my financial destiny. They are very different (actually, not at all alike), however I find them both informational and entertaining. The first site I found by Googling “how to get out of debt.” Dave Ramsey is undoubtedly the King of Getting Out of Debt. He’s done it, and he is happy to teach you how to do it, too. I’ve plowed through thousands of forum and Facebook posts of DR advice. Among those posts, I found mention of another cult school of financial fortitude: Mr. Money Mustache. DR is tough, especially for those who are new to the game. But the Mustachians are hard core. I kid you not, these people are crazy. And the more I read, the more I love!
Let’s explore some of the differences:
Dave Ramsey Followers:
- These people are broke, debt ridden and climbing the mountain
- These people are debt experts but financial amateurs
- It’s dummied down for newbies, and followers can get pissy if you don’t follow the steps
- DR is mean (ha ha not really but he is blunt and won’t hesitate to tell you you’re stupid)
- DR is trying to sell you something (I hate this – it feels like taking advantage of broke and scared people by getting them to pay for a program when you can find most of the info online)
- I can relate to and understand these people
- DR records videos while driving
- These are “I have to…” people
- This is where I am.
Mr. Money Mustache Followers:
- These people are at the apex of the mountain and they are loaded
- These people are pros
- They don’t really care if you understand them or not, not in a bad way, they simply are on another level
- MMM himself just blogs, he doesn’t get personally involved. And he swears – instant win!
- MMM is not directly trying to sell you anything
- I can’t understand half of what they’re talking about
- MMM doesn’t drive
- These are “I get to…” people
- I aspire to be one of them.
What pisses me off the most is that I will likely always be a member of the DR group. Not that I don’t like them or think less of them. It’s just not where I want to be. I want to be like the Mustachians. I want to understand why it’s funny to be so rich you “get to” invest in taxable accounts. I want to retire at 40 (even though I’m 48). Hell, I want to be able to retire at any age. I want to spend my time planning my investment strategy rather than managing my debt repayment plan. I may never in my lifetime become a Mustachian, which depresses me.
BUT – I’m grateful that I’m a member of the DR “baby steppers” and no longer a part of the blissfully ignorant majority carrying $30,000 of credit card debt. I’m grateful that I at least know about MMM so I have inspiration for life beyond debt. I’m grateful that I am AWAKE and AWARE and trying with all my might to scramble my way out of this pit before they start shoveling dirt into the hole.Did you ever notice that the difference between the words “AWAKE” and “AWARE” is a mere scribble? Click To Tweet
What other personal finance gurus do you follow? Why do you relate to them?