The good folks at Business Insider published an article yesterday entitled “13 Money Secrets From the Amish“. I’m in it, and frankly that came as a surprise, since I hadn’t spoken to anyone at the site in some time.
My contributions appear to be drawn from info shared 4 years ago, around the time my Amish business book came out.
Lorilee Craker, author of Money Secrets of the Amish, also contributes heavily. Below are the 13 summary points, for more you can read the article in full.
Some of these are sourced to me, and some to Lorilee.
They also tapped this site for info, including a reader post–Tom of NY’s visit to a bulk food store in the Jasper Amish community (unfortunately I’m given credit for Tom’s words in the article!).
Do you agree with all of these? (There’s at least one I have a big quibble with, see if you can guess which). Which seems most important to you? Would you add anything?
13 Amish Money Ideas (via Business Insider)
1. The Amish value experiences more than material goods.
2. They’re huge savers, often setting aside up to 20% of their income.
3. They loathe debt and try to avoid credit cards.
4. Rather than turn to credit, they’d sooner take up a side job when money gets tight.
5. And if they do take out a loan or have debt, they view it as a moral obligation to pay it back in a timely way.
6. Many are experienced tradesmen and their quality wares are in demand.
7. They are extremely savvy small business owners with a 95% success rate.
8. They rarely waste a thing and take recycling to “unbelievable levels.”
9. They buy in bulk whenever possible.
10. They never pay retail and often shop secondhand.
11. Those with money funnel their funds back into the community.
12. They eat like kings but they grow most of their meals themselves.
13. They avoid taking government handouts and are exempt from contributing to Social Security.