A Treasure Trove, The Library

There is an amazing, basically free, resource right in front of you that you may not be taking advantage of:  The Library! Using the library can save a person hundreds of dollars a year, provide free entertainment and valuable wealth building knowledge.

A good book and a warm fire

There is still something comforting in this digital screen-filled age of just holding an old fashioned book. Money Vikings love books because they love knowledge!  Real books you can hold still have a special place in life, for example when reading to a child or on cozy relaxing evenings in front of a fire.  That said, new books are expensive, and we do not need or want to own all of them.

Reduce entertainment expenses

A great way we save money on the entertainment budget is by utilizing our free library system. Americans spend on average over $2,700/year on entertainment. Why not use the library for books, CDs, DVDs, music, internet, classes, lectures, etc. it’s already covered through your property taxes, known as a sunk cost.

Sharpen financial knowledge

One really great way to sharpen your financial knowledge is to read blogs like The Money Vikings, the other way is through resources at the library. I recently checked out The Next Millionaire Next Door by Professor Stanley-Fallow. The library is a great source of valuable information, which is one key to building wealth. Vikings required information to survive a dangerous and harsh world.  You will need information as well to thrive in life.  Without good knowledge and skills, life’s trajectory can be diminished.  Vikings did not have access to libraries, but you do.  Here are several of the advantages to you and your personal finances:
  1. A.  Gain access to a virtually unlimited supply of financial knowledge that can be deployed to increase your wealth.
  2. B.  Save thousands of dollars on books, dvd’s and magazines by borrowing them.  If there is some article or bit of knowledge I really want to remember, I snap of photo with my smart phone.  The savings can be plowed into investments and turn into future dollars adding to your net worth.
  3. C.  Use the “borrowing” of the book to decide if you want to buy it and make smarter purchasing decisions.  Some books I want to own, the library gives me a chance to preview the book before making a part of my permanent collection.
  4. D.  Going to the library is a fun free outing for the family.  Many libraries have events for kids and adults.  Crafts, poetry readings, lectures, storytimes, yoga, etc.  All for free!
Get to know your library and put your tax dollars to work for you. It’s also a great place to introduce children to the joys of knowledge and learning.

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