We always dream, always try to achieve the best in you, always imagine what it could be if you can do this and that. But the fact of the matter, we still stay in reality. And the dreams would not be achieved if you don’t work for it.
I have friends who said that they are a dreamer, but question in my mind is that – if you are a dreamer, are you working hard enough to push yourself to achieve your dream. Well – this is also a self reflection that I keep reminding myself. It is easy to dream, it is easy to think about the best car in the world, but reality is reality. We need to work for what we want, and nobody is going to give you anything.
So what I am doing today that will make a difference for me to achieve my dream?
The first question should, what did I dream today that I want to achieve?
I am missing Japan to be honest – it has been almost 4 weeks since I am back from Japan. Here is one of the best photo I shot with my phone. It was shot using my iPhone X 🙂
The view is from Tokyo Tower. Its not that far from the city centre, but all things considered – it was a long journey. There are a lot of things you can do in Tokyo Tower but I guess for me given that I am on tight budget, I just do what I think I need, which is to see Tokyo from the Top.
I could not resist but do this ideating shot of “touching” the tip of the tower. Its wasn’t easy given that I was trying to adjust the camera and my hand. Clearly my hand-eye coordination is extremely bad. Very bad indeed.
The photo above is one that really making feel like pissing in my pants. I have a severe fear of height. To be honest even with the “safe” environment – I am really scared of that.
Anyway – if you do go to Japan, Tokyo specifically – do visit Tokyo Tower. On a good day, you can see Mount Fuji 🙂
According to LoanStreet – The Rule of 78 is one of the most prevalent secrets in the banking industry that is barely understood by the public. This post is about me trying to understand how it works, and hoping to share with you so that you understand and be able to figure out how you can apply it to your financial decision.
Since I got to banking I am in a learning mode. Learning how the banking system work. Being a self-professed technical person, I will try to understand things in a more technical way. Whether for good or bad.
The situation now is that I am buying a new car and deciding how many years should I take up the loan. And since I am not yet eligible for staff loan yet, I need to resort to a conventional loan from other local banks that offer Hire Purchase. So in order to calculate this – I need to understand how the settlement works. Well – fact of the matter the settlement is done by returning back to you the interest that was charge. Do understand that for typical hire purchase here is the formula:
So what this mean is that the interest are charge up front when you take the loan,
Question is now, when you terminate your loan, how do you calculate the interest that will be returned? Well – generally its calculated by “Rule of 78”. What this rule essentially says, the borrower will be paying greater part of the interest during the initial part of the loan. I.e, more interest are apportion during the first year versus in the later years. Note that this is different from the “Daily Rest” or “Monthly Rest” types loan in which the interest are always calculated based on the outstanding balance prorated to the period.
Example “Daily Rest”, the interest rate is divided by 365 days and then applied daily based on the outstanding amount that the borrower has. This should be better because as one pay earlier, the outstanding amount will be less and therefore the knocking off the principal amount is faster. Note that when you pay, interest will be the first to be paid before the principal. Principal is the original loan amount. So if one is smart, you will be able to “game the system” and able to pay less interest if you know when to pay your loan.
Back to Rule of 78. So the question is how do you calculate the weightage? Lets take an example above, 5 years loan. A lender would make a sum of all the months:
So basically what happened is this, the way the interest is calculated is in reverse. I.e. interest for the first month is based on the assumptions above:
Which make it quite interesting because if the weightage of the interest is fair, then the total interest that will be refunded will be a lot less if you were to settle earlier.
So what I did in order to calculate how long is my loan duration is for me to plot a table of the settlement price versus the depreciation of the car and eye ball for a sweet point in which I am willing to sell off the car. I will explain that in another post. But I hope you do get what I mean by Rule of 78.
You may think that this may not seem fair for the borrower, but you need to understand that for a bank, each of the loan has a lot of cost thats associated to it. From creating the infrastructure to manage the balances to hiring sales people to push the loans. And thus they need to be able to make money out of the lending that they do to their customers.
I hope the post is somewhat beneficial. Remember please do read the terms and conditions of your hire purchase or loans and see if Rule of 78 applies. They may not say specifically that they use Rule of 78, but you can see that the calculation is similar.
Note; I am not a financial advisor therefore I am not responsible for any inaccuracy of the information posted here. Please do your own research and consult professionals if you need any advice regarding your financials. I wrote this post to poke my readers curious minds 🙂
After spending time in Hiroshima – I then head to Osaka to revisit places where I used to eat – like Kuromon Market. One of the main thing that I wanted to do in Osaka is to take a day trip to Nara, which is not so far from Osaka. Apart from looking at deers (yes there were a lot of deers), and there were instances in which the deers were harassing me because I was holding some food. They were very smart I must say!
But the cool part about Nara in which I have seen many videos were the mochi making. I am definitely fascinated and I must say taking the photo below really made my trip to Nara worth it!
Timing for this was extremely perfect! The action, the faces – its just amazing. I love it. In fact to add to that, here is the video!
I must say – I did hogged the whole show, because I was sitting and observing the guys inside the window, and suddenly they decided to open the sliding door and start their show!
This was the result. It was warm and soft. Really awesome. Note that the warmness is due to the massive pounding. The taste was really brought up by the … sweat? no? who cares. It was damn good. One of the best mochi I ever had. Honestly 🙂
I also took the opportunity to eat some local Nara food in this quaint restaurant. Not sure the name, but the food was good.
The restaurant and its owner/chef
The awesome meal
I would totally recommend people to go to Nara. But to choose the right time because there were so many of Chinese tourist at that time. Note that when I was in Nara, it was a week leading to Chinese New Year, thus mainland China was about to start their long holiday! No choice “lah”, had to face the crowd. But honestly, they were so much more behaved compared to previous years.
I do want to get back into it. There’s so much of peace when I run. Hit the music and just go. Yes I am maybe a bit too heavy but the last couple of months I have managed to lost more than 15kg and I do feel a lot lighter and a lot mobile. The more I run, the faster I will lose weight (provided that I keep to my diet).
This morning when I woke up I was deciding whether to go to the gym or to walk. I decided to go walk instead because i wanted to sweat out. The weekend has been quite bad for my diet and doing weights not going to help much in removing the toxins unless I whack big time. So walking was the best. As I got to the car, then the tummy started giving me tummy issues. So I had no choice and did a stop at the other park (not arboretum) as it has a working toilet. Given the time spent in the toilet, I had no choice but to run or walk at the park. So I run lor.
I ran very slow because of my weight and fitness level. Whilst maintaining about 135BPM, I also ensure that not much impact to my knee. I remember a video that i saw about running slowly with smaller steps is much better than whacking. Well – to my benefit it works. I ran most of the track but of course extremely slow. Probably about 20% faster than my walking speed. I can obviously run faster but after 200-300 meters, I probably run out of steam and will be complaining of aching bones.
I think tomorrow I will continue running, maybe try at least three sessions this week. It’s relaxing especially if it’s outdoor. Indoor is a tad boring. And if I don’t have any shows to watch, I would probably fall asleep.
I need to think about my strategy after I get my new car. It is plug in hybrid therefore I need to charge it. The gym in the curve have a charger so maybe I need to run at the gym while waiting for the arrangement for power socket in my parking bag my apartment get sorted out. Let’s see.