Skip to main content

Thrifty Thursday - The Library

With the internet offering the temptation of quick, ubiquitous access to information, many of us have forgotten the old standby of the library.  However, the library still has a lot of value to add and it’s freeMost libraries will issue library cards to residents for free. Many will even let a non-resident obtain a card for a small fee. to get a library card since your tax dollars are already paying for it! What can you get at your library?
  • Books - While blogs and tweets are great quick hits, books often contain the highest quality information as the authors have put the time and effort to distil and consolidate their best material.  Meanwhile the editors and publishers make sure it’s concise.  Looking for something to read?  Focus on learning and self improvement; you can start with my recommendations.
  • Audiobooks – Using audio to consume information while commuting, working out, or otherwise have your hands busy but mind free is a major life hack.  If you haven’t visited a library recently, you might not realize they’ve adapted to the 21st century.  While you can check out a book on CD, many libraries also have the ability to check out titles digitally.  For example, the St. Louis County Library system near me has partnerships with OverDrive and Hoopla, which both carry audiobooks and offer mobile apps so I can listen from my phone.
  • eBooks – Libraries now offer books in digital form as well.  Some are available to read on your computer or phone screen in a browser, but some can even be sent to e-reader devices like a Kindle.  My library leverages the same partnerships for eBooks as Audiobooks.
  • Movies – Why ever buy another DVD? Whatever you can’t get on your streaming services you might be able to borrow from your library.  Again here, many libraries have partnerships to offer digital versions you can stream online.
  • Magazines and Journals – Don’t clutter your mailbox or incur recurring charges.  Grab a copy from the library if you really need it.
  • Events – Check your library’s calendar of events.  Some libraries have speakers on interesting topics or visits from authors.  They can also offer kids programs or educational classes.  The only way to know what you’ll find is to look!
  • More! – At my library I can check out a telescope to go stargazing, a fishing rod and tackle box, musicals instruments from guitars to djembesA west African hand drum., puzzles, tabletop games, and even cellular Wi-Fi hotspots, data included.

A modern library in St. Louis where you can get so much more than just books.

All of these things are free!  Or it might be more accurate to say you are already paying for them whether you are using them or not.  So check out your local library or even go online to browse their website.  You should be able to search many of the things they have to offer without leaving home.

I also feel less of a commitment borrowing than buying.  I can see a book that might be interesting, check it out, and start reading it.  If it’s good, I’ve made a new discovery and hopefully learned something useful.  If it’s not what I hoped, no problem.  I can just return it without any sunk cost fallacy pressuring me to finish a bad book because I spent money on it.

What unique things can you borrow at your library?  Let me know in the comments!

Comments

Popular posts from this blog

Thrifty Thursday - Save Thousands on Your Phone Plan

Recurring expenses are insidious.  Companies love signing you up for subscription services as it means a consistent revenue stream by default.  The burden is on the consumer to take action, but momentum and inaction usually win out and the payments keep getting made. Taking a hard look at these subscriptions and other recurring payments can be very effective in reducing annual expenses, thereby lowering your Target FI Number and leaving more money for saving and investing .   Some expenses that don’t bring enough value can be eliminated.   Others can be greatly reduced with a little intentionality (just get a month or two of that streaming service to binge your favorite show, no need to leave it renewing for the whole year!)   However, there are some that are necessary but we can work on reducing their impact. One of my favorite hacks is switching to a low-cost cell phone plan offered by a Mobile Virtual Network Operator.    MVNOs lease bandwidth on existing cell towers ins

Intentional Spending

Your spending is an important factor in your financial independence journey. It effects the rate at which you can save and invest while in the accumulation phase and is also a critical factor in calculating your Target FI Number. When accumulating wealth, the amount you can save and invest is a simple calculation: what you make minus what you spend.  Like many of the levers we talk about, your spending has a non-liner effect on your FI journey.  Spending slightly less also means saving slightly more and both of those quantities are found in the formula for Stash Rate , leading to a multiplied effect. $$ Stash Rate = {Annual\ Savings \over Annual\ Expenses} $$ As we saw in the Stash Rate article, decreasing expenses leads to an exponentially increasing rate of wealth building. On the other side of financial independence, the level of spending in your drawdown phase directly determines your Target FI Number. $$ Target\ FI\ Numbe

Stocks: How to Pay Someone Else to Work for You

 When you work for a company, you work to build someone else’s wealth.  When you own a company, other people work to build your wealth. Fortunately, you don’t have to be Bill Gates or Elon Musk to own a profitable company.   Instead, as we touched on briefly in the article on assets vs. liabilities , you can buy stock in the company.   Buying a share of stock mean you actually own a small piece of a company. One of the most efficient ways to own stocks is by purchasing low-cost index funds.   These funds can either be in the form of mutual funds or Exchange Traded Funds (ETFs).   The key difference to a traditional actively managed fund is that the index fund simply tracks the relevant market.   For example, an S&P 500 index fund would hold shares of the largest 500 U.S. companies In the S&P 500’s case, the largest 500 with some consistent caveats: at least 10% must be publicly available for trade