I’m back from hiking Mt Kinabalu (in Malaysia) and am proud to say that I made it all the way to the top (at 4095.2m)!

It wasn’t too physically challenging (as in no upper body strength was needed to climb over rocks or anything), but it seemed to have been more of a mental fight. To constantly push myself to keep going, to not stop and so I’d like to think that I’m a little stronger mentally because of that experience. 

Anyway, usually we only cover the last week’s worth of news, but because there was no newsletter last week, this week’s will be slightly longer.

From Our Own Site

4 Things Crazy Rich Asians Teaches Us About Money
Though Crazy Rich Asians is full of laughs and drama, there are a few subtle money lessons that gets you thinking. In fact, it got me thinking enough to read the book and write this post!

From Traditional Media

Wealthsimple launching zero-commission stock trading service in Canada
The service, called Wealthsimple Trade, will give users access to unlimited zero-commission trades of over 8,000 publicly-traded stocks and ETFs listed in Canadian and US exchanges. The service does not require a minimum account size, so users will be able to start trading with $1.

That’s great news for all of us, but I wonder how they can make this sustainable. Do they slightly mark up or down the spread, making a bit of money that way?

From a few Canadian Bloggers

It’s actually kind of quiet the past two weeks…

From a Few International Bloggers

Time Is Money, Spend It Wisely
People like to say time is money, but they tend to forget that when they procrastinate. Here are some ways to overcome that:

Give Every Moment a Job – if you’re intentional with your time—if you give every moment a job—then you’ll win the time management game.
One Inbox to Rule Them All – get those distractions out of your head, and put them all in one place. Go through your email and list down everything that needs to acted on.
Context Is the Cure for Chaos – break your to do list down to when or where you should be doing them (a list of things to do at home, at work, during the morning, etc)
You Only Have to Remember One Thing – all you have to remember is to write down any new things you need to do. The author uses the app todoist

This is actually a huge time and brain saver for me. By having everything I need to get done written somewhere, I free my brain from all this and allow it to focus on tackling bigger problems (like skill development, or business opportunities).

College Students: Here are The Biggest Financial Mistakes You Need to Avoid
Not keeping a budget – Knowing where your money is going could be enough to change your behavior and establish better spending habits.
Giving into peer pressure – we learn about not giving into peer pressure to avoid alcohol or drugs, but nothing about spending habits. If you gave into the pressure to eat with all different groups of people every time, you’ll quickly run out of money.
Not applying for more scholarships – if you think it’s too much work applying for a $500 scholarship, think about the amount of time it’d take to make that much money
Avoiding credit – credit history takes time to build so getting a credit card early can really set you up for a good credit score when you need it to purchase a house or a car.

Keep Your Budget Simple & Avoid Decision Fatigue
A lot of us tend to over-complicate things, especially our finances. If you make some complex budget tracker, you’ll subconsciously avoid doing it That’s why it’s a good idea to pare your budget down to just the essentials. What categories, goals and accounts do you really need?

Although I completely agree with keeping it simple, I believe the first step is to understand how you spend. That’s why I’m a big proponent of spending only cash the first 2 – 3 months and after that, you will have a rough idea as to where your money goes and how you are doing against your budget without thinking about it.

The Negatives Of Early Retirement Life Nobody Likes Talking About
1) You will suffer an identity crisis for an unknown period of time – if you have been known in your company and industry for something, you will feel like that part of you has disappeared once you stop working.
2) You will be stuck in your head – when you suddenly have an extra 10 – 14 hours a day of free time, it’s very difficult to optimize your time wisely.
3) People will treat you like a weird misfit – Having a job means you are a productive member of society. If you retire at a young age, people will assume you are simply slacking off and not paying any taxes.
4) You’ll be disappointed that you aren’t much happier – so many people think that once they achieve financial freedom or leave a job they dislike, they’ll suddenly be permanently happier.

Although I do not know what it is actually like to retire, I do think that many of these negatives are true for someone who has not built an identity outside of work. This is also why I wrote a piece on why saving for retirement is bad advice (and what to do instead).

How to get rich and stay rich
This is a review of the book How to get rich and stay rich. There are a few different key lessons, but the main ones in my opinion are:
Anyone can get rich if they want it badly enough – why isn’t everyone rich? Because many people either are not aware that it is possible or they are not willing to make the sacrifices
All riches involve a sacrifice – “Most people who [try to get rich] will go along for a year or two spending less than they earn and then decide that they are not really getting anywhere, that they might as well get a new car.” Getting rich generally requires years decades of spending less than you earn.
You can never get rich from your salary alone – salary is important insofar as it determines your standard of living,” but you need to do more with your money than put it under your mattress

If you want to read the rest of the advice on getting rich, take a read through the blog piece!