Why Book Cache Fits My Life

Mark BarnesToday’s guest post is from Mark Barnes, pastor of Bethel Evangelical Church, Clydach in the UK.

One of my favourite things about Logos is the Community Pricing and Pre-Pub specials. By ordering resources in advance, I benefit from substantial discounts and immediate access to resources as soon as they’re released.

There’s one problem, though. When you order something on Pre-Pub, you usually don’t know exactly when it’s going to be released. And that might mean that if the Dictionary of Classical Hebrew or the John MacArthur Sermon Library happens to be launched at the same time my car insurance is due to renew, I might miss out.

Don’t miss out on the best deals

I might miss out, that is, were it not for for Logos’ Book Cache program. By purchasing Logos credit via a monthly subscription, I can make sure that when those Pre-Pubs arrive, I’m able to take advantage of them. All I had to do was to take out a Book Cache subscription, and then check the box on the credit section of my account page. Now, when Pre-Pubs are released, I don’t have to worry whether my credit card is already maxed out—I can automatically pay using the Logos credit I’ve already purchased through Book Cache.

Easily spread out the cost

Of course, there’s a second advantage to Book Cache. Instead of paying hundreds of dollars for Logos resources in one month and then very little the next month, I can spread out my payments evenly over a longer period. That makes budgeting easier—and my wife much happier!

So if, like me, you’d love to have more than 3,000 John MacArthur sermons in your library (but you’re not sure you’ll have $199 on hand when the resource is ready), go ahead and order it. Then just take out a Book Cache subscription for $60 or $80 a month: by the time the sermons are released, you’ll already have most (if not all) of the credit you need, depending on the release date. With a $60 Book Cache subscription, you would pay for the archive in just four months, and have $40 in credit to put toward another resource. With a payment plan at about $62/month, it would take an extra three months to purchase the same sermons after they’re released. For me, that makes Book Cache a no-brainer.

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Get the most out of your book budget: subscribe to Book Cache today.

Comments

  1. Cale Judd says:

    Dave Ramsey would call this a dumb idea. The borrower is servant to the lender, and debt is expensive. Credit card debt is particularly so, and it's arguably a symptom of poor stewardship. What's more, the cost of spreading out your payments to Logos can be a higher APR than you'd pay on a credit card. If you can't pay cash, you can't afford it.

  2. Pete Keay says:

    I don't use Book Cache, but sometimes, the value books add to your work and life are well worth the cost of paying for them over a period of time. In my case, Logos resources help with seminary learning, translation work, and academic/personal research in very valuable ways, especially since mission work often places me in areas completely devoid of libraries and unable to carry books around. I would miss out on these helps without the "payment plan" option.

    Dave Ramsey has plenty of good things to say, but he's not infallible and certainly shouldn't be universally applied to every person's situation.

  3. I agree this is a bad idea, but it's not because it's debt. Book Cache allows you to save money so you are ready buy when the item becomes available. You are buying with your money that you have already given to Logos. It's more like prepaying than paying after.

    I think it's dumb because you'd be better off saving that money in your own bank account to use as you choose, but it's not debt. Really, a good comparison is income tax. You aren't going into debt by having money withheld, but you would be much better off if you were keeping the money and gaining interest all year.

  4. Dave Ramsey does not recommend good debt. Try to buy a house with cash, until you collect it, it will triple the cost because of inflation and count the apartment cost over those years. And, he recommends mutual funds – government scam.

  5. Cale Judd says:

    I was really responding to Tayler's post as a whole and not just to the idea of Book Cache, pecking out my reply from my tablet and trying to be brief, with the result that I really wasn't as clear as I should have been.

    The notion of prepaying with Book Cache because you might max out your credit card struck me as reflecting a failure to be disciplined in one's personal finances, which is essential to good stewardship. And since there is a time-value to money, I think it only makes sense to prepay for something if by doing so you'll get a much better deal on whatever it is you want to buy. That isn't a feature of Book Cache, so I would say, with Jeremy Horneck, that you're better off putting that money in the bank or a money market account.

    When it comes to spreading out your payments to Logos, there are a couple of things one should consider. What is the annualized cost (effectively the Annual Percentage Rate) for doing that? If you buy something with a $100 price tag and spread out the cost over four months, you'll be paying $120 for that item and the effective APR will be around 60%. You should never carry a credit card balance on which you'll have to pay finance charges, but even credit cards never charge an APR that high! The relative cost declines for more expensive items, but on a $400 item you'd be paying $420, which still represents an effective annual interest rate of around 15%. That's very expensive. If you don't think so, just try getting someone to pay you at that rate.

    A residential purchase is one time when it might make sense to borrow because you probably will need to live somewhere and will be paying for housing one way or another. If you don't buy, you'll rent. And sometimes you can actually buy a house for less than the cost of renting. Even then, one should weigh the options and always be careful not to overbuy. But we should never borrow for consumable items, like cars, vacations, clothes, or …books. Doing so effectively says that God has not adequately provided for your "needs," and so your only recourse is to put yourself in bondage, essentially selling your future in order to have something now. That's not humility. And that's not a walk of faith.

    Dave Ramsey says you shouldn't borrow to buy investment properties, but he doesn't say you shouldn't borrow to buy a residence. He just points out that it's possible to save and pay cash, and he encourages people to consider it. I don't agree with everything he says and am not personally a fan of mutual funds, but I'm not sure why those investment vehicles (or his recommendation of them) would be considered a "government scam," as Slava Novik put it. That doesn't make sense to me.

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