Ndubuisi Egwim, a former salaried doctor, explains how he improved his finances by adopting Ramit Sethi's "money dials" framework: spend freely on what matters to you, cut ruthlessly everywhere else. He turned up spending on nuts and other priorities while dialing down the rest, saving more overall.
Before you dismiss this as voodoo economics, let me show you how I did it after leaving my salary job as a doctor. It's all based on a brilliant concept called money dials. So, after leaving my salary job as a doctor 2 years ago, I discovered how to save more by spending more. I know it sounds a bit counterintuitive, but I'll explain it in the next few minutes, so just stick around. It's not just about how much you earn, but how you handle your money. This is the essence of the concept of the money dials, which transformed my finances and how I think about spending. In this time, around those circumstances, I remembered it. This is how Ramit Sethi explains it. So money dials is an easy way to diagnose what you claim is important versus what is actually important. In a nutshell, your money dials are the things you're willing to spend extravagantly on by cutting back mercilessly or ruthlessly on things that you don't care about. Now think of it as adjusting the volume of an old radio, turning up what you love and dialing down what you don't. Let me illustrate this. Keep that picture in mind. For example, I love nuts. I'm nuts for nuts. Groundnuts, cashew nuts, all sorts of nuts, hazelnuts, almond nuts, whatever. I buy lots of it. I buy quite a bit of it. And that's one of my money dials. And for some other people, it's books. For some people, it's designers. Some people, it's art. Some people, it's wine. Whatever it is, you know what your money dial is, what you're ready to spend a lot on.
