Community conversations: Tips for tough financial times

By SANDY LONG

MONTROSE, PA — When Ed and Geraldine Berbaum moved to Montrose 32 years ago, it was with a goal to “never finance and pay as you go.”

“I was a banker and my wife Geraldine an elementary teacher. We grew an organic garden, got two goats and learned how to care for honeybees. Also learned the finer points on being quality old-time fiddle musicians since we stopped watching TV and found other things to occupy our time. Our parents would come from New Jersey to visit and felt it was a little rough living.

“After about two years, my dad said, ‘If we ever had another depression you would not even know it happened unless you read it in the news.’ This was a huge compliment for us as this was our intention. We have kept these principles, and even though our earnings are modest we live a very good and fulfilling life.”

Ed worked for a Mutual Savings Bank that cared about its customers and their long-term financial health. “We never overextended or loaned money unless it was very secure and only for certain reasons,” he said. Berbaum believes that today’s banks mislead their customers and he questions whether our educational system is teaching good financial principles.

The old-time fiddler encourages the young to take the kind of bold steps he and Geraldine did in their younger days. And he offers some advice for those struggling financially: “Find a good church or a good mentor who will convince you that love and joy, health and real non-material prosperity can still be yours if you change your way of thinking and have faith.”

Regarding credit: “I use a credit card since our business requires it being on the road, but always pay it off every month, plus extra, so the next bill is more comfortable.”

Ed learned from an older fiddle player whose family lived without electricity and had “walking water”—a well out front and a bucket in the kitchen—and ran the home on $237 a month. “Their level of happiness as I compare it to all of my customers over the years was quite good. They were at least as happy and most times happier than the average.

“Maybe the old music helped. Maybe it was not having electric that kept them busy and gave them satisfaction for all the homestead chores that made for a good, honest life here in Pennsylvania. Or, maybe the bankers in those days had more grandfatherly advice and less fast cash for speculation and unnecessary purchases.

“Now the gas companies are holding the magic wand and are not concerned with the person who may have to buy bottled water forever and be worried about bathing in water that may cause illness. If I know the business world, I feel the gas could end up being sold to overseas markets and not even help us here in the area we love.

“So the beat goes on; but you out there—don’t march to this drummer. Enjoy and preserve what really matters. Your health, the community’s health and the rights of your grandchildren to have a safe and beautiful environment to enjoy. And last, do not borrow money, period, and have faith that you will recover from this financial illness.”

Community Conversations is a forum for sharing the views of members of our community with the public. To share your perspective on an issue or concern, email sandylong@riverreporter.com or call 845/252-7414.