On what's worthwhile

I read a few blogs on personal finance. And I've read more than a few books on the matter. It seems to me that there are two schools of thought in the area: the "maximize net worth" group and the "maximize happiness" group. (To be fair, I think both groups are trying to maximize happiness, but these are the terms that came to mind.)

The great thing about the "maximize net worth group" is that it has one clear objective: maximize net worth! It's really easy (with a few assumptions) to figure out how to make your net worth grow more, and so things are really pretty clear. Writers subscribing to this view have such headlines/chapter titles as "Why not to pre-pay your mortgage" (because projected returns of stocks are greater than mortgage interest rates) and "The order in which to pay back your debts" (start with the highest interest rates first). Also, this group tends to be in agreement with itself.

The second group, the "maximize happiness" folks, take all sorts of paths. Some folks espouse borrowing a little while young, on the grounds that you'll have higher income later and having fun in your youth is priceless. Others argue for living lean and retiring early later in life. This group disagrees on such factors as when you're maximizing happiness (now or later?) and how to measure it (net worth? free time?). The "maximize happiness" group is closer along the lines of the way I think most people actually approach their lives, but due to its personal nature, it suffers from a lack of unity and a lack of universality.

I think both these groups have fuzzy definitions and even fuzzier membership lines; I myself tend to a "do what works for you, but run the numbers" school of thought.

Bonus: links!

Group 1 examples: Ramit Sethi, Consumerism Commentary

Group 2 examples: Get Rich Slowly, The Simple Dollar