facebookAnyone came across Ramit Sethi and his concept of money dials? Did you find your money dial? Care to share? - Seedly

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22 Sep 2020

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Anyone came across Ramit Sethi and his concept of money dials? Did you find your money dial? Care to share?

He described that he came up with 10 categories of money dials, and what you would do is to look at the category, and think what your life would be like if you increased the budget of that category by 10x or 100x.

iwillteachyoutoberich.Com/blog/money-dials

Not trying to sell into his classes, but it was a very interesting concept. The 10 categories were convenience, travel, health & fitness, experiences, freedom, relationships, generosity, luxury, social status and self-improvement.

Discussion (1)

What are your thoughts?

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I asked the question, and now documenting my own thoughts on this concept, which is supposed to highlight what turns you on or off.

Convienence I think I totally get this one. So I could learn to cook and make beer, but I pay for a nice beer at Harry's or a pub weekly because I enjoy the time to be alone, space out, think about things, and even answer seedly questions there... So I am paying for me time.

Travel I also learnt this gradually, I would pay extra for comfortable flights, and maybe an extra night for some trips, because it is to relax and I wouldn't want to end up on red eye flights, squeezy seats which would be uncomfortable to take a nap in. So I do have a certain comfort level in my expectations.

Health & Fitness I am paying for my anytime membership, because it is near home, and there are times I like the peace and quiet there. So again convienence and discipline. I can't afford weekly personal training sessions, but hmmm could I budget for once a month? Maybe I can fit that into my overall timing.

Experiences I once paid 3k for a week stay at a nice apartment in New York overlooking Statue of Liberty. It was damn expensive, but I guess that's why I wanted to try see how it was to live relatively well in New York (I couldn't afford to eat nice then though lol). Would I try that again? Could it be that I should schedule 1 week travels in countries (maybe yearly) and try how it would be like to live there?

Freedom I am investing a lot to generate dividend income that could help pay my mortgage payments, and hopefully an easier life if I choose to settle for a job with 30% less pay for less stress.

Relationships Haven't been too stingy with this one yet, I think my family is at a decent level of comfort. I think it would be good if I increase the allowance I give my parents, and I think the more important thing is carving out quality time for family. Hmmm what would it be like to pay for weekly cleaner?

Generosity / Charity I think I would like to help some kids get quality education / love. So my donations have been going towards pocket money fund / boys town, etc. Would be nice if I could help with tuition??

Luxury definitely not my area. I feel uncomfortable mingling with high ses folks. A nice good class bungalow would be cool, but I can't see that fit into my life.

social status same as luxury... Low priority.

Self improvement Been doing a lot of these, and well it would be cool to learn TCM and economics / public policy... Those are some dreams I have for retirement...

Not sure if I am doing this right though...

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