Community Extras – Week of 10/25/21
Good morning! Here are this week’s bonus tips and nuggets from around the community. To get these every day in your inbox, sign up to our daily newsletter where you’ll see these faster, as well as our top 3 curated articles every day!
👉 The Get Rich Slowly File Vault
The GRS file vault contains a whole host of free resources that I’ve gathered over the years. Some of those resources are from me, but most are from other folks. Everything in the file vault is free and legal to share.
Here’s some of what’s currently available.
- A collection of 66 public-domain books about personal finance and self-improvement from ancient Rome to 1926.
- An amazing library of 205 public-domain educational films from the 1930s through the 1960s. Most of these are related to money and/or personal development, but some are just for fun. They’re all interesting artifacts of their era.
- A handful of U.S. government documents and publications related to personal finance. I’d love to expand this section.
- The Money Boss Manifesto, the 87-page ebook that summarizes the Get Rich Slowly approach and philosophy.
- A one-page PDF with an exercise meant to help you create your personal mission statement.
My aim is to make this a fun and useful collection of stuff for people to browse.
👉 Term of the week: Sinking Funds
A sinking fund is a savings account or cash allocation that you regularly contribute to for a large purchase or one-time expense. Having a dedicated sinking fund for a specific purchase or budget category means you will not have to make any withdrawals from your Emergency Fund or make cuts to other spending areas to afford it.
👉 A Farmer’s Market Tip:
Purchase items at closing. In the last hours before the farmers’ market closes, you can get great deals since most sellers would rather sell the produce even at a slight margin than haul it all the way back home. Simply ask what is the best price they are willing to sell for as they are packing up.
👉 What Is The Wash Sale Rule?
The wash sale rule states that when you sell a stock for a loss, you can’t buy a substantially similar stock 30 days before or 30 days after the sale and claim the loss on your taxes. The restrictions on wash sales were added to keep investors from abusing tax-loss harvesting benefits. Securities which are subject to the wash sale rule include stocks, ETFs, mutual funds, options, and bonds. Currently, cryptocurrencies are considered property rather than securities (per §1091 of the IRS code) and thus are not subject to the wash sale rule. However, this may only be temporary.
👉 News from around the community this week:
- A Way to Less is moving to the Caribbean!
- Eat Sleep Breathe FI has reached FIRE!
- Mustachian Post has reached CHF 750’000
- Femme Frugality launches her new podcast: Mom Autism Money
- We Want Guac celebrates a half a decade of pursuing FIRE
- Marriage and Money, M.D. Summit is coming soon (Nov 15-17). “For physicians who want a stronger marriage and better path to building wealth.”
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