6 Reasons the Amish Might Be More Financially Secure than You!

Posted on October 5th, 2017 by [email protected]

Amish Furniture Understanding the Tradition
 

Financial Security, Amish Style

What do people usually think of when the Amish are mentioned?  Images of long beards, old style clothing, and horse drawn buggies come to mind. We think of finely crafted Amish furniture and other hand crafted treasures using traditional techniques passed down through the generations. The Amish live in isolated communities and live a seemingly primitive life style. Assumptions are often made that they have a naive perspective of the modern world and are disconnected from society. THIS IS TOTALLY WRONG!

In order for these isolated communities to exist, survive and grow over hundreds of years, there must be a steady source of income. Land must be purchased, taxes must be paid, essentials that are not provided by the community must be purchased. The Amish have endured as masters of trade and business, surviving financially because of their connections with society. In fact, when it comes to financial stability, the Amish are far more savvy than most Americans.
 
What is Daniel's Amish Furniture?
 

Amish Business & Financial Strategies

The income generated by Amish communities relies heavily on the sale of crops, artisan furniture, and other hand-crafted goods. Delicious profit centers like jellies and pies sold at farmer’s markets help to add to the bottom line to support the modest lifestyles of the Amish people. The Amish are largely self sufficient including community funds built to cover social needs to forego government or outside assistance. So what are their secrets?

Here are six factors that contribute to the financial stability of Amish communities.
 

Buy Used. Buy Bulk. Avoid Spending – When it comes to spending, the Amish are shrewd to extremes. It is ingrained to recycle and re-purpose everything with no waste. There is an intrinsic discipline to always question the difference between need and want. The Amish are generally opposed to spending and frivolous purchases are nonexistent.

Avoid Debt – The Amish despise debt. Paying in full on purchases is always preferred. Loans do occur for larger purchases such as land or building a home. When entering into a loan agreement, the Amish never make late payments. They believe that if you owe money on the 10th and pay on the 16th, you are stealing for six days.

The Amish Do Not Pay Taxes for Social Security or Medicare Since 1965 – The Amish proved in court that no one in the community will ever file a claim for Social Security or Medicare. As a result, it was ruled that the Amish do not have to pay either of these social taxes. The Amish do not believe in receiving any social programs, from unemployment to welfare. There is a successful practice of self-sufficiency and taking care of their own.

Amish communities do not pay for health insurance. They pay cash. – The Amish believe in modern medicine and see modern doctors when necessary. Communities usually have a large fund managed by a single person that is used to pay for medical expenses when they occur.

Personal Loans within the Community without Interest – When a loan is needed by an Amish community member, a personal loan from another member of the Amish community is preferred . When these personal loans occur, no interest is ever charged. If there are ever issues with the recipient paying back on time, the lender and other community leaders meet with the borrower to help them find solutions to get back on track.

Banks Love Loans to the Amish – The Amish feel a moral obligation to always pay on time and pay a bill in full whenever possible. When an Amish community member must resort to a bank loan for land, home, or equipment purchase, banks will bend and break rules to approve the loan. To a bank, the Amish are “money in the bank,”

 

To learn more about the secrets of Amish finance strategy, you can read the article, “9 Money Secrets of the Amish“.
 
 

Bob Mills Furniture

 

Bob Mills Furniture & Sleep Spa
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