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#187: Analyzing the gurus: Tori Dunlap

Season #1

We began a new series about analyzing the gurus! We’ll be spending time discussing several big personal finance names, their recommendations, and why we do or do not agree with those. Josh and Emily discuss Tori Dunlap, her philosophy of capitalism, financial feminism, and her steps for getting control of your finances.

Top takeaways:

  • Not participating in a system you don’t like (e.g., capitalism) may hurt you more than the system.
  • Advice geared towards the general public is generally better than specific advice targeting males or females.
  • Actionable steps are more helpful than philosophical ideas.
  • Working on mindset at the same time as working on improving your finances is likely more effective than working just one or the other alone.
  • Research shows that men tend to get back to their pre-divorced net worth within a decade while many women never reach it, primarily due to which assets they each tend to choose. In divorce, women tend to choose family oriented non-income producing assets (e.g., home), while men tend to take income producing assets such as investment accounts.
  • Overly simplistic advice (supposedly for everyone), doesn’t actually work for anyone.
  • Separating high interest debt vs. low interest debt is in general a good idea, though the break point depends on current inflation. 
  • The 3 bucket budget system can be a good tool if it fits your particular situation, though there are many others available as well. 
  • Having an accountability partner can help when deciding what budget items are a necessity vs. a want.
  • Overly simplistic investment advice can be dangerous (e.g., all investments have an upward trajectory at some point, but they don’t forever). 
  • Performance is not the most important factor to look at when choosing investments.

Related episodes:

- Episode 119: Is the snowball method the best way to pay off debt?

- Episode #92: What is cashflow budgeting?

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