The etymological claims that ‘gu’ means darkness and ‘ru’ means light ­ therefore ‘guru’ literally means ‘the one who brings you from darkness to light’ ­ is an idea popularized by frauds and is complete nonsense. Guru is an adjective in Sanskrit meaning heavy. So literally the guru as teacher is ‘the heavy guy’.

Now I am piecing together information from PF blogs and books, and becoming my own guru. But even with all the potential gurus available, you have to be consistent.

Thanks for the post April!

Warren’s approach is to first get your money in balance — 50% to “needs”, 30% to “wants” 20% to savings/debt reduction. I think it’s a good concept, but I tweaked it to my situation (40% needs, 10% wants, 50% savings/debt reduction).

Oddly enough, a few weeks after I start following her she’s now been mentioned as a possible Supreme Court nomination. Wow.

Let’s face it, we can’t all be expert at everything.

Were lucky to be able to be an expert at one.

You should have a finanical guru, a computer repair guru, an insurance guru, and any other guru you can think of.

Goes back to the old saying….It’s not what you know, it’s who you know.

This does not necessarily mean “do it yourself.” Is simply means “know yourself.”

In absence of self-knowledge, all other knowledge is fleeting and potentially self-destructive.

“True wisdom comes to each of us when we realize how little we understand about life, ourselves, and the world around us.” ~ Socrates

It may not be a dealbreaker if a potential guru has a different viewpoint or belief system. I was able to use the principles of Your Money or Your Life even though I’m not fully implementing the system and I dislike their recommended investment program. I know childless adults who complain that the The Tightwad Gazette is “all about kids”; I don’t think it is, and I find the principles useful even when the specifics didn’t apply to me.

That said, there are writers who I find unreadable. THAT is a dealbreaker for me!

Addressing personal finances is something that each of us handles a little differently. This is one the reasons why there are so many different books on the subject. For the most part, there is nothing very new about any of these books (sorry, JD)but it is the individual’s perspective that speaks to the reader. One of the reasons why I enjoy this site so much, is the perspective.

@Nicole – I have been a member of a small monthly investment club for several years. (Which by the way, I am the only female member.) Sometimes we do not trade for months at a time. It’s nice just talk about the economy and how it has effects the stock market.

Also, 100% agree with Frugillionaire (Hi Francine!)… after my parents my next biggest financial guru / influence by far and away is the book YOUR MONEY OR YOUR LIFE. For anyone who hasn’t read it… highly, highly recommend it (along with JD’s new book of course!)

Most of what we learn from family and friends is going to be by observation. As much as I may judge or envy my friend’s situation in my own head, I think I am with most people where we just don’t talk about money with friends. They could be a guru I don’t even know about.

Anyway, thanks April!

I can’t think of any finacial gurus or even teachers I really have. I definitely developed my strict anti-debt stance from my parents who lost their house when I was young due to my dad being injured and then laid off during the market crash in the 80s. It’s taken me a long time to learn to spend even a little.

does anyone else remember the beardstown ladies investment club?

http://en.wikipedia.org/wiki/Beardstown_Ladies

when it comes to gurus, i think the author had it right “Do not blindly follow anyone when it comes to finances.” there’s a lot of good and bad info out there, and many times, from the same person. pf blogs have a lot of good basic info, but i feel a lot of pf blogs are like these investment clubs… the blind leading the blind.

I like Dave Ramsey on some things, I love Suze Orman on a lot of other topics.

David Bach on a few. I combine their knowledge to my own personal situation

A coworker explained Roth IRA’s to me 3 years ago. I have multiple friends that are the perfect examples of how NOT to manage your money. I learn new things from blogs like this every week.

Are all of these people/blogs considered guru’s? Or is the financial guru the one that gives the best advice?

I don’t think I would look for wisdom in an investment club that meets monthly. That sounds like dangerous trades waiting to happen. It’s hard to buy and hold (thus avoiding transaction fees) when you’re meeting once a month.

If you collected a group of people at a similar stage of their financial development (or perhaps just having the same global objectives, whatever stage each member was at), the group would create additional motivation and incentive for each member to stay true to his/her own objectives, as well as provide more ideas for how to accomplish those objectives.

It’s no secret that I don’t actually find mainstream financial writers that inspiring. Sure, their books are generally packed with solid advice, but I never get the impression that they’ve been where I am and lived through what I lived through. There are some exceptions (Dave Ramsey, for one), but for the most part, I feel like most finance writers — especially about investing — are Wall Street fat cats who’ve never had to worry about making ends meet.

So, I try to pay attention to Real People, including the commenters here at Get Rich Slowly. I watch to see what does and doesn’t work. And then I try to apply the lessons to my own life. (I’m better at implementing some lessons than others. I’m still a tech-gadget junkie!)