Article on Amish approach to personal finance

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Zabar
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Article on Amish approach to personal finance

Post by Zabar »

There's an interesting article in today's MarketWatch on how the Amish approach personal finance. http://www.marketwatch.com/story/the-fi ... 2014-05-06

My favorite line is, "It’s this incredible bone-deep thrift, which is not really stinginess. It’s a generous frugality. They will go to great lengths to re-use, re-cycle and re-purpose. They don’t do it to be green, they do it to be thrifty."
rec7
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Re: Article on Amish approach to personal finance

Post by rec7 »

Makes sense right out of the Bible.
Curlyq
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Post by Curlyq »

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Last edited by Curlyq on Thu Oct 18, 2018 11:44 pm, edited 1 time in total.
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Dutch
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Re: Article on Amish approach to personal finance

Post by Dutch »

What's their approach to car maintenance?
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C8H18Engineer
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Re: Article on Amish approach to personal finance

Post by C8H18Engineer »

car?... simple answer - don't own one. Use a horse-drawn carriage or walk/bike.
YttriumNitrate
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Re: Article on Amish approach to personal finance

Post by YttriumNitrate »

Dutch wrote:What's their approach to car maintenance?
They change the horseshoes every 3,000 miles whether they need replacing or not...
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dratkinson
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Re: Article on Amish approach to personal finance

Post by dratkinson »

Read the book about the Amish, Living Without Electricity by Scott and Pellman, to get some ideas for living through a power outage here.
d.r.a., not dr.a. | I'm a novice investor, you are forewarned.
lululu
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Re: Article on Amish approach to personal finance

Post by lululu »

Dutch wrote:What's their approach to car maintenance?
Oats.
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abuss368
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Re: Article on Amish approach to personal finance

Post by abuss368 »

My spouse is from the Lancaster Pennsylvania area. It is incredible the stories and experience of the Amish.
John C. Bogle: “Simplicity is the master key to financial success."
Gnirk
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Re: Article on Amish approach to personal finance

Post by Gnirk »

Zabar wrote:
"It’s this incredible bone-deep thrift, which is not really stinginess. It’s a generous frugality. They will go to great lengths to re-use, re-cycle and re-purpose. They don’t do it to be green, they do it to be thrifty."
Although not Amish, this is how my mom lived her life, which is why she has the funds available to pay for top-notch care (she has Alzheimer's). I am grateful for her frugality. And I , too, have a rag rug made by my great-grandmother, who was of Danish ancestry.
bhsince87
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Re: Article on Amish approach to personal finance

Post by bhsince87 »

I liked the line, “They’re so far behind, they’re ahead.”

One set of my grandparents were Mennonite, and I grew up among many Mennonite and Amish. And I have many as friends and neighbors now. A good work ethic, aversion to debt, and extreme frugality are common threads that run through their cultures. However, investing in stocks and bonds is not common.

In fact, my grandfather lectured me a few times on the potential evils of such investing. And not necessarily out of ignorance on his part. I think the two points of contention were that trading risk for money is not healthy for either party, and passive income can lead to sloth. With maybe an “idle hands are the devil’s playground” kind of thing on top of that. I never really bought into that line of thinking.
"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace." Samuel Adams
snyder66
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Re: Article on Amish approach to personal finance

Post by snyder66 »

They also live in a culture when they actually all help each other when needed. Land is passed down from one generation to the next. They usually grown their own food. Don't be mistaken, They are some of the most ruthless business people around!
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SC Hoosier
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Re: Article on Amish approach to personal finance

Post by SC Hoosier »

I related to a lot of the concepts in Craker's book. I didn't realize that some of our family's habits might have come from the Amish traditions. I have Amish ancestors and my family always preached the difference between "wants" and "needs". I have trouble understanding how people have trouble resisting the latest fads. That is just how I was raised. We work hard and live simply. Happiness follows.

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