Wednesday, March 8, 2017

Book Review: Money Secrets of the Amish

Recently I read Money Secrets of the Amish: Finding True Abundance in Simplicity, Sharing, and Saving by Lorilee Craker.

I didn't care for the author's writing style. However, there were several helpful ideas and reminders that she shared in her book:

- Anyone should aim for 10-20 percent in savings. Pay yourself by saving.

- A parent doesn't need a whole song-and-dance explanation for why he or she is saying no. But, sometimes, no might mean a lesson in delayed gratification, another admirable tenet of Amish money management.

- It's foolish to buy something you can't afford, and you end up paying more for whatever you buy. It's like paying for a dead horse.

- The creditor goes to bed at night and wakes up in the morning better off than when he retired to bed, because his interest has increased during the night, but you grow poorer while you are sleeping, for the interest is accumulating against you. (P.T. Barnum)

- Do a swap party. Have people bring items put them on tables. Serve beverages and snacks. People wander around and select what they want. Everything is free.

At the end of chapters, there were "My Amish Money Makeover" ideas. Some of them include:

- Think of a bill you sometimes pay late....Think of something fantastic you could be spending that money on instead. This relates to her statement that "While we Englishers often play games with due dates, the Amish almost always pay on time, every time."

- The Amish wouldn't dream of paying retail, and they save a lot of money by find deals at thrift/secondhand stores, consignment shops, and garage sales. Make a list of clothes, housewares, and furniture you need at your house. Google resale shops in your area and pick three you want to check out.

1 comment:

Smily said...

These advice sound reasonable, indeed.