The number of Amish in the U.S. has doubled since the 1990s.
Though they're typically known for for their traditional, family-based Christian values and austere lifestyles, there's one thing most people probably wouldn't guess about them –– the Amish are a lot better at managing their money than the rest of us.
"Some Amish do quite well and have a lot of success in business,"Erik Wesner, founder of AmishAmerica.com, told us. “An Amish millionaire is not something unheard of.”
Their business and financial savvy goes far beyond rebuking modern conveniences like electricity and technology.
We asked Wesner, along with Lorilee Craker, author of "Money Secrets of the Amish," to let us in on how the Amish have mastered their money.
The Amish value experiences more than material goods.
The Amish make sure they buy things that are built to last, and don't often buy something because of a splashy marketing campaign at the store, Craker said.
"They always have their eye on the big picture and the long-term," she said.
That's not to say they don't spend any money on fun. Many Amish enjoy going on hunting trips, for example, Wesner said. But for the most part, they spend their money on value-oriented purchases.
They're huge savers, often setting aside up to 20% of their income.
In contrast, the average American only saves about 6% of their income.
Craker met one man who had managed to stash $400,000 in the bank in 20 years while renting a farm and raising a family of 14 kids. He planned to use his savings toward a down payment on a farm and wanted to buy his children a trampoline during the summer.
Another man told Craker he's content knowing he wakes up a little richer every morning from interest accrued on savings, instead of interest accrued on debt.
They loathe debt and try to avoid credit cards.
Though there are some members of less traditional Amish communities who use credit cards, many are "absolutely phobic" toward debt, Craker said.
"They're literally horrified by it," Craker said. "When you and I might be awake at night thinking, 'Oh my gosh, I have so much debt,' they sleep very peacefully."
On the other hand, the average American carries three to four credit cards with an average of $16,000 in total debt.
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