Tortoise or Hare?

[ksluis62]

On an MSN board, MP Dunleavey presents the idea that savers and debt fighters fall into two categories: tortoises, who are happy consistently making progress each month, while hares make leaps and bounds periodically by selling assets, or getting a short term part time job.

My own personal preference is to be a hare, to beat down debt radically and quickly, then nap for a while before resuming debt reduction. However, I am trying to go against my grain, to become a tortoise. I commit to an amount each month for debt reduction, and have stuck with it for the last 6 months. I'm hoping I can persist for the next 2.5 years to be debt-free.

I'm curious about others on this board... do you feel you are a tortoise or a hare when it comes to debt reduction or building savings?

[mommyof4]

I am mostly a tortoise, but would love to be a hare. I don't work my second job consistently enough to be a hare. I'm content being a tortoise in the meantime.

[sweeps]

Hmm, that's an interesting question. I think as usual it depends on the person. But from my own experience I tend to be a hare. Not just with financial matters but with a lot of things in life. I'll be "lazy" for a period of time but then I'll be ultra-productive for a period of time, and make up for the lazy period and then some.

[ksluis62]

I'll be "lazy" for a period of time but then I'll be ultra-productive for a period of time, and make up for the lazy period and then some.

This describes me pretty closely! But I'm trying to bring more tortoise into my life, as I think you need that long-term persistence to be successful. I think if you don't have persistence, then you need luck, which is a lot harder to engineer.

[Broken Arrow]

Well, firstly, I've always loved the tale of the Tortoise and the Hare, and I love it all the more as time goes by.

Considering that I named myself Broken Arrow, you guys can probably deduce that I'm basically an all-or-nothing kind of guy. I will either stop at nothing working towards something I believe in, or I will do it none at all. So, in all honesty, I guess that makes me a hare.

Fortunately, frugality and financial wellness is something that just makes darn perfect sense to me, and I hope that I will "stop at nothing" in this endeavor for the rest of my life.

Still, at this point in my life, I am doing what I can towards achieving a more balanced approach to things, including personal finances. I'm trying not to be as strict and enjoy life more too....

So, I'm a hare. A hare that is trying not to make the same mistakes as the hare in the fairy tale. I'm willing to slow down, but I don't want to stop, even in spurts. I'm a hare that is trying to learn from the tortoise.

[disneysteve]

Don't forget who wins the race.

I'm definitely a tortoise. I invest money each and every month into our Roths, taxable accounts, 529, etc. I don't consider this a sprint but rather a marathon. Slow and steady...

[Hot dog]

I try to be a hare when it comes to debt reduction but a tortoise when it comes to investing just be making it automatic. but now I have no debts except a mortgage so guess I am just a tortoise.

[ceejay74]

More of a tortoise. I'm aware that if I cut back on the extras I could pay off my debt much faster, but I have so much debt that I want to make sure the process is easy and life is enjoyable for me and my family so that we stick with it. I do love the rush of making a huge payment, though, so I try to make that happen when I can.

[Caoineag]

Did the hare thing, have dropped down to just the tortoise level. Deprivation is best in small doses.

[MonkeyMama]

Definitely a hare.

I think I see a pattern though. Most of us hares go in short spurts. I could not be a hare indefinitely, but personality wise I am way more of a hare. I take plenty of time to rest though.

I would say we have been at tortoise level since we have had kids. Hares before kids. I see phases of hare savings in our future, but plenty of time to relax in between. A good sprint is an easy way to move ahead, as long as you slow down and smell the roses once in a while too.

[ksluis62]

...I want to make sure the process is easy and life is enjoyable for me and my family so that we stick with it.

This is what I'm trying to achieve as well. I am "hare" at my core, but when I strip away emotions to think about finances, I believe it is the tortoises who win in the end. So I try to be deliberate in choosing a tortoise strategy, and select a level that is comfortable enough for me and my family that I can stick with it.

[PrincessPerky]

How about A tortoise who takes some speed pills once in awhile?

[kork13]

Unquestionably a tortoise... In fact, you could probably say I'm a tortoise in nearly every facet of my life. I am very slow and deliberate in pretty much anything I do, and money matters are no different.

PrincessPerky, I do think I can associate with your "speed-popping tortoise" at times... Especially right now, where I am about to pay off my car loan, I will often run the numbers on myself to figure out exactly how I could reach a goal immediately (or in as short a time as possible). However, in the end my instincts over-ride it, and I continue to plod along at my comparatively slow pace.


Afterthought: I just realized (or rather, remembered).... My propensity for taking things carefully and analytically actually led to my close group of friends in college calling me "Tortoise". how funny that it came up once again... lol

[ksluis62]

... My propensity for taking things carefully and analytically actually led to my close group of friends in college calling me "Tortoise". how funny that it came up once again... lol

That's really funny! Hopefully some of your tortoise attitude can rub off on me!

[LivingAlmostLarge]

Tortise because I love spending money.