Both Procter & Gamble (NYSE:PG) and Colgate (NYSE:CL) have been widely revered for their impressive dividend track records. Both are quintessential safe and "steady as she goes" consumer goods giants, with many similarities between the two, but which one is actually the better place for your money today?

When you dig into the nuances of the two companies, Colgate edges out Procter & Gamble despite a larger premium in its share price and lower dividend yield. With the company deriving a vast majority of its income from international and emerging markets, it has a more promising growth trajectory and will likely provide superior returns for the long-term investor.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.