Thanks for checking out the Weekly Learning Roundup. These bite-sized, weekly posts are designed to give you a quick hit of interesting learnings and articles I came across this week.

It’s a motley assortment of tips, resources, and links that will hopefully give you a bit of inspiration for the upcoming week. Enjoy!

What I’m reading —

Just Move the Chains: Daniel Pink on the Science of Staying Motivated by Heleo

Daniel Pink shares his personal story on how he got started, how people stay motivated, what to look for in hiring salespeople, and the best thing to do when starting a new habit. Great piece if you’re a fan of Dan’s work and research.

Books, documentaries, or podcast episodes I’m enjoying —

The Relationship Episode: Sex, Love, Polyamory, Marriage, and More (with Esther Perel) on The Tim Ferriss Show

A great episode on relationships featuring psychotherapist Esther Perel. The New York Times has called her one of the most important game changers in sexuality and relational health today. After listening to this episode, I’m planning on checking out her new Audible series Where Should We Begin which features real couples in candid conversation with Esther.

A quote that’s inspiring me —

The only reason we don’t open our hearts and minds to other people is that they trigger confusion in us that we don’t feel brave enough or sane enough to deal with. To the degree that we look clearly and compassionately at ourselves, we feel confident and fearless about looking into someone else’s eyes.

— Pema Chödrön

“ah-ha!” thought of the week —

Examine and eliminate your chequing account fees.

About a year ago I decided to consolidate a few of my financial assets into my chequings account. I had a number of Tax-Free Savings Accounts (TFSAs) that I had been saving for a specific purpose (e.g. education fund, emergency fund, etc.) I did this primarily to keep my savings separate from my chequings account so that the money didn’t get mixed up. The return on investment was probably around 5% for about $1500-$2000 I had invested total. So about $80-$100 per year.

At the same time, I was paying $15 per month for my chequings account. Like most bank accounts, they had an offer to waive the monthly fee if I had a balance of $4000 in my account. However, I didn’t have a monthly balance over that limit so I was paying $180 per year in these fees.

I was basically losing $80-$100 (i.e. return on investment – chequings account fee) per year by not consolidating my assets into my chequings account.

I know that this really depends on how big your investments are so you want to make sure the math works. But for many young people building their assets in their 20s and early 30s, it’s worth watching out for these types of fees. Most banks offer to waive the account fee with a minimum asset balance so it’s good to take advantage of it and making a goal to hit to save money and build up a “buffer” in your budget.

For those curious about how I’m now handling the “mixing” of my everyday expenses and savings, I recommend checking out You Need a Budget. It’s the best budgeting tool that I believe is out there that helps you organize your savings in place and build up your financial assets. In terms of long-term savings like retirement or down payment savings, I use Wealthsimple as my low-cost asset management tool.

Featured image by Carl Heyerdahl.

As always, thanks for checking out this Weekly Learnings Roundup. Follow me on Twitter @peternakamura to see the full list of articles that I share on a daily basis.

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