Why I run?

I had started running from the year 2012, and this question has always been asked – “Why do you run”?
Every runner has been asked this question, but it’s a very subjective topic.
I didn’t even think of completing a marathon when I started running. I happened to start running in the year 2010, when I was raising funds for rangde.org . Read about my first finished 10K here . I never knew the power of running until I joined the group – Hyderabad Runners. The group has completely changed me, and has shaken my views about different things. I have been very motivated because of the fellow runners and have now successfully completed my second full marathon – Standard Chartered Mumbai Marathon,2014.
And, to the question – why do I run? I am still clueless. I just run for the joy of running. I can see the difference in me between the days I run and the days I don’t.
I can however answer the question “What do you get out of your running?”
1.    A sense of achievement: During the training, I used to curse myself and ask why I am running.
Why am I pushing myself so hard? But After completing the marathon, I felt so happy and elated that the training paid off.
Although I couldn’t meet my target timing, I was happy that I could achieve my PB.
As someone said, “The more you sweat in training, the lesser you bleed in war.”  I can’t have this feeling anywhere else.
2.    Travel: I have always loved travelling, meeting new people and learning something about different cultures/cuisine.
Fortunately, running has helped me to go to new places which I otherwise would not have ventured.
3.    Networking: Through running, I have met highly inspirational people whom I wouldn’t have otherwise met.
A bonding develops among equally tired people who set mutual goals for each other and push each other.
I have learnt several things because of running which I will detail in a series of blog posts.

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How to tie your shoe lace?

When I started running around 2 years back, I always have to stop after almost every 500m. My shoe lace always kept coming out, I had to bend and start tying them again. After looking in the internet, I found almost the correct way to tie my shoes. I always used to tie my lace in granny knot because of which the lace used to untie easily.

There’s a better way to tie lace and that’s using reef knot. You can check it out here  and here. In fact, there are more than 2 ways to tie your lace. You can try out different ways to tie your lace here: http://www.fieggen.com/shoelace/knots.htm

 

Rasing money for Rangde

I am running my first full marathon this year in Airtel Hyderabad Marathon 2013 . Through this marathon, I plan to raise funds for Rangde. I have been associated with Rangde almost since its inception and I can vouch for Rangde.  Rangde is a web-based initiative providing cost effective credit to low income households. Entrepreneurship and education are two sectors close to my heart and Rangde is into both. These are the two sectors through which poverty can be alleviated. You can also check out my RangDe profile . I can say about things only when I have invested my money and time. Since I have done both, I can happily say that I understand RangDe model and believe in it. One of the reasons I believe in RangDe is RangDe just doesn’t donate money. You get the money back too with interest. It is like an FD with value attached :)

Should you have any questions regarding RangDe, please feel free to comment below. I will be more than glad to answer the queries.

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Thank you Mohit

I had signed up for Parallel Path experiment and I won a book(Choose Yourself) by one of the bloggers I have subscribed to.

This book is an incentive now to always keep writing.

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Why Running?

I’ve been running from one and a half year and this is one activity I should not stop. I started with walk and then ran my first 10K almost one and a half year back. After that, I have joined Hyderabad Runners club and have never stopped enjoying it. Why I started running was that I had time to pass away and wanted to try.

What got me into running was several factors:

– Inner Peace: I am with myself. I just enjoy the nature and listen to the people. When I started running, I always had my earphones on and enjoyed the music.  Taking the pros and cons, I have begun to realize that it’s more enjoyable to run without music.

-An excuse to travel: There are so many running events now that you would like to go there not just for running but for visiting the city. The running event just gives you an excuse to run in that place, you can always stretch your holiday and have a chill time.

-Camaraderie: HR (Hyderabad Runners) has people from all segments and I could easily relate to the group.

I had several issues when I started, such as ITB,shin splits and continue to have some.  These issues were easily ironed out because of proper stretching and strengthening.

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Did you forget what you were carrying?

I went out to shopping , had dinner in a restaurant and on my way back , I realized I forgot my baggage in restaurant

Straight from the office, I went to attend a marriage with my bag and this time, I didn’t forget my bag.

Now, this has happened to me several times- forgetting things in venues such as restaurants, marriage halls etc. But, I remember things sometimes. I tried to find out a pattern when I forgot and when I remembered two things:

1. If I have a habit of carrying that baggage, I don’t forget it. For example, if I have a habit of carrying my bag from office, I would feel something is missing.

2. If the baggage is within my visibility range, I would not forget it.  Well, if I place my shopping bag or helmet in a place which is always visible to me, I would never miss it.

I hate it when I forget something and I have to go back to collect that bag. Now, I am trying to ensure that whatever I carry is within my visibility range and I ask somebody to remind me that I have been carrying a bag. Let us see if this works for me.

If you have a better suggestion on how not to FORGET things, please comment!!

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Take notes

Until I read this post on taking notes, I always used to read the original books. I never trusted my notes, this could also be because of my illegible handwriting. I read books more than anyone’s notes even though the next day is an exam.

I have now started taking notes religiously and I have trusted Evernote more than anything else. It syncs up beautifully on all my devices. Taking notes helps me to generate ideas and list down things which I might come across as something to learn about later.The only issue I have been facing is what about my offline notes which I can’t put in Evernote. I can’t search through my written notes. Well, I have started following the ideas listed in Tim Ferris blog and whatever is important goes into my evernote. I now carry a notebook with myself whenever I go to a conference.

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What have you been doing?

Since the last year, I have been reading a lot. And, this year too I have set myself a goal of reading 15 books – which I felt is beyond my limits. But, nothing wrong in pushing yourself :) . Currently, I am reading 3 books: Run less Run faster, The Grapes of Wrath and  4-hour workweek 

Each book satisfies my different passions- Running,philosophy and productivity.  Since last year, I have been reading quite interesting stuff and each thing led me into another. I was a follower of a blog – vinayahs.com. I found this blog when I was googling for some questions regarding personal finance. I then happened to win a book contest in that blog, and received a book “I’ll teach you to be rich” by Ramit Sethi.  I then started following this blog.  Without delay, I highly recommend anyone to read the blogs – http://scottberkun.com/ and http://sethgodin.typepad.com/ 

I have become a fan of Seth Godin’s writings. These writings inspire you and prod you to do something useful.

Time to write

I have been away from blogging for quite some time. I can’t really say what I achieved during the break as there wasn’t much productive. All I could say is I have begun reading a lot and running a lot which have helped me as a person. While reading, I have come across a range of interesting writers/bloggers/designers. Now, what prodded into writing again?
The answer is this post – http://mohitpawar.com/parallel-path-experiment . What better incentive you need when might be lucky enough to win a book from one of your favorite authors -James Altucher.

I am doing this experiment and my goal is to write daily for this month. From next month onwards, I would like to maintain a schedule where I publish posts.

Investing in Recurring Deposit

After listening to the toastmaster’s speech on the advantages of recurring deposit, I then thought to invest in Recurring Deposit (hereafter, referred as RD). I logged in my banking website (icicibank.com) and was happy to see an online option to open an RD. On 28th of September, the day when I received my salary I opened my RD.  While opening the RD in ICICI, you would see a form very similar to this:

Pay attention to 10th point in the note

I chose the date of debit as 1st as every month  as I might not be lucky enough every month to receive the salary on the 28th.I chose the tenure as 9 months and my installment was immediately debited from my banking account. Later, on 1st October my 2nd instalment was made . I was somewhat surprised as my 2nd installment happened within 3 days which ideally should have been one month. I realized that the amount is being debited since I chose it to be debited on 1st of every month.  Now, I check my maturity date and was really surprised to see that the maturity date is on 28th June 2013. I thought that it should be 1st June 2013, since the money is debited from 1st of every month, the final maturity date should also be on 1st June 2013.
The amount is calculated using compound interest. In case you forgot, here’s the formula: A= P(1+r/n)^nt
where P=Principal,
r=Rate of Interest,n=number of comp0unding periods and t=time in years.

Amount invested every month: 10000
Tenure: 9 months
Interest rate: 7 percent compounded quarterly
The interest rates for recurring deposits are generally compounded quarterly.

This is how the bank calculated my maturity amount:

Month Date of Debit P r Months remaining Months remaining
in year
nt (1+ r/n)^nt Amount
1 28-Sep-12 10000 0.07 9 0.75 3 1.053424109 10534.24
2 1-Oct-12 10000 0.07 8 0.666666667 2.666667 1.047349865 10473.5
3 1-Nov-12 10000 0.07 7 0.583333333 2.333333 1.041310646 10413.11
4 1-Dec-12 10000 0.07 6 0.5 2 1.03530625 10353.06
5 1-Jan-13 10000 0.07 5 0.416666667 1.666667 1.029336477 10293.36
6 1-Feb-13 10000 0.07 4 0.333333333 1.333333 1.023401126 10234.01
7 1-Mar-13 10000 0.07 3 0.25 1 1.0175 10175
8 1-Apr-13 10000 0.07 2 0.166666667 0.666667 1.011632901 10116.33
9 1-May-13 10000 0.07 1 0.083333333 0.333333 1.005799633 10058
Total 28-Jun-13 92650.61

On researching further, I was really surprised that I am earning below my calculated amount. Since, the amount is being debited on 1st of every month and my maturity is on 28th June the total number of months should be month+27 days. Now, if I deposit on 1st October 2012 and the maturity amount is 28 June 2013, then the total number of months is 8.9 (8 months + 27/30 months). Hence, I calculated this way.

Here goes my calculation:

Month Date of Debit P r Actual Months remaining Actual Months remaining
in year
nt (1+ r/n)^nt Actual Amount
1 28-Sep-12 10000 0.07 9 0.75 3 1.053424109 10534.24
2 1-Oct-12 10000 0.07 8.9 0.742 2.97 1.0528 10528.15
3 1-Nov-12 10000 0.07 7.9 0.6583 2.633333 1.0467 10467.44
4 1-Dec-12 10000 0.07 6.9 0.575 2.3 1.0407 10407.09
5 1-Jan-13 10000 0.07 5.9 0.491 1.97 1.034 10347.08
6 1-Feb-13 10000 0.07 4.9 0.4083 1.633333 1.02874 10287.41
7 1-Mar-13 10000 0.07 3.9 0.325 1.3 1.0228 10228.09
8 1-Apr-13 10000 0.07 2.9 0.325 0.966667 1.01692 10169.12
9 1-May-13 10000 0.07 1.9 0.158333 0.633333 1.011 10110.48
Total 28-Jun-13 93079.106

Takeaway for me:  Always chose the date of debit as the same date when you open the account. In my case, I have effectively lost 429 rs (93079 – 92650)
As people say, things are learnt only the hard way. Had I opened the account on 1st and chosen the date of debit as also 1st , I would have received the same maturity amount on 1st July 13 instead of 28 July 13.

The above is just a notional loss as no amount was actually lost.
Maturity amount can be calculated using the calculator here: http://www.hdfcbank.com/RD_Calculator/rdcalculator.aspx

I am following up with ICICI bank to check why the interest is calculated this way.
[UPDATE]: Below is the email reply from ICICI bank after I had asked them. In simple words, ICICI bank calculates the interest on a monthly basis, not on a daily basis.

Interest Calculation:
Interest for the RD is computed on completion of the quarter. Quarter is computed based on the RD Creation date. Hence for a RD created on 28 September, 2012, 1st quarter shall be completed on 28th December, 2012 and so on.

ICICI Bank gives its Customer extension upto end of the month to pay the installment. Thus RD installment for the month can be paid on or before the last working day of the particular month. For example if the RD has been opened in Sept the next installments has to be paid by 30 th October. Installment may be paid in the form of cash/cheque or standing instruction.

No penalty shall be charged for delayed installment up-to the end of the month. In case the installment is not paid in the month, customer shall be liable to pay monthly interest at the rate of Rs.12 per Rs.1000 or part thereof or such other rate as may be specified by ICICI Bank for the period of delay. Fraction of a month will be treated as full month for the purpose of calculating such interest. The total interest so chargeable to the Depositor/s shall be recovered from the total amount of interest payable by ICICI Bank at the time of maturity.

Date of credit on installment shall have no bearing on the interest calculation

Maturity Amount : The maturity date of a Recurring Deposit (RD) is either the original maturity date or one month from receipt of the last installment date whichever is later.

Change in SI Date: Customer can visit any of the ICICI Bank Branch and request for change in the SI date

 

Overall, the interest rate is calculated on a monthly basis, not on a daily basis.