The simple lifestyle of the Amish involves more than just their limited use of modern technology. By taking a simple approach to business and finance, the culture has produced stunningly successful businesses and very healthy personal finances. In this article, we'll explore the Amish culture and take a look at some financial lessons that you can apply.

Who Are the Amish?The Amish are a group of traditionalist Christian church fellowships that form a part of the Mennonite church. After beginning in Switzerland around 1700, the culture migrated to the United States in the early 18th century. There are now an estimated 250,000 Amish in the U.S. alone. They live primarily in Ohio, Pennsylvania and Indiana.

The culture is best known for its simple living, plain clothing and lack of modern technology, including the use of electricity from grid sources. Families tend to be larger than average with members only able to marry other members of the Amish community.

Despite the lack of modern technology, the Amish make money in a variety of different occupations, including produce farming, at-home shops, market stands, woodworking, factories, and common services like accounting or taxidermy. Most of the funds from these activities are invested in real estate rather than stocks or bonds.

Personal Finance TipsFrom designer label clothing to the latest smartphones, most American consumers are always looking for the "next best thing" while being bombarded by advertisements from every angle. The Amish live a very different lifestyle that encourages simplicity, sharing and community, which also happen to be the cornerstones of effective personal finance.

Here are some specific tips that can be applied to everyday life:

Pursue Simplicity Simple solutions to common problems are often cheaper and more effective than complex ones. For instance, buying a new riding lawnmower may make life easier right now, but there is likely a higher cost of ownership in the long run compared to a traditional push mower.

Embrace Community Using family or communities to help out can help reduce costs for large and small projects. For instance, asking neighbors to help lay bricks for a new patio is far less expensive than hiring contractors to do the same thing. Joining a local running club can be far cheaper than buying a gym membership.

Maximize Resources Reduce, reuse and recycle are three terms that aren't used enough in modern society. From handing down clothing to using an old laptop as an Internet TV box, there are many different ways to maximize what we have in order to avoid buying new products.

Do It Yourself DIY projects can help save money and build new skills. For instance, many simple home repairs can easily be accomplished by reading an article online or watching a YouTube video. Cooking meals at home can save hundreds of dollars each month in unnecessary spending at restaurants and cafes.

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Money Tips From The Amish