I imagine you have heard the term “YOLO.” It is common to see articles or personal finance books that explore this concept. YOLO is an acronym for You Only Live Once. The basic premise of YOLO is we’d better live for today, since tomorrow may never come.
“Memento mori” – A Latin phrase which translates to “Remember that you have to die.”
We all will eventually die and have but one chance to live our life. I don’t know about you but that sounds rather gloomy to me.
This awareness can easily manifest itself in our daily actions. It can attack us much like the flu. How does one contract this YOLO virus? What are the early symptoms and is there a cure? How do you live with this YOLO mindset?
Can we leverage this YOLO principle and turn into our own secret weapon to live our remaining time to the fullest? Let’s take a closer look at this topic to see how living this way can bring about unexpected consequences.
YOLO: You only live once
I find it interesting when I hear people make the comment, “If I die then X will happen.” What do they mean when they say “IF I die”? Here is a newsflash—there is no “if” in this equation.
Optimism refuses to believe that the road ends without options.
—ROBERT H. SCHULLER, Don’t Throw Away Tomorrow
Of course, we could explore the philosophical question of IF there is another life after this one to get a better understanding. I think it is best to leave that discussion to the theologians. Depending on your religious beliefs, perhaps there is another life for you after this one. Let us assume that we have only one life on Earth. It is time to take full advantage of the time we have.
Both my parents were disabled with health issues
I have struggled with this YOLO notion for the last decade or so. My wife and I have reached a point where we could live frugally with our nest egg for the rest of our lives. We have saved, invested, and dreamed of becoming financially independent earlier than the traditional age of 67.
Many of my family members passed away at early ages. My father died at 73 and my maternal grandfather at 65. Two years ago, my mother entered a nursing home due to her health problems. How do I watch from the sidelines as health issues affect our family, without expecting to have a similar outcome?
Is this a glimpse of my own future? Should I expect to have less than twenty years of illness-free life to pursue my passions? This is a factor that is weighing heavily on our planning and decision-making discussions about when we should retire. We fully realize that these emotions and biases are affecting our judgements, yet we cannot seem to overcome them. We have contracted the YOLO bug.
Waiting for your financial ship to arrive
There are many people hinging their dreams on the proverbial financial “ship to come in.” Maybe it will occur with an inheritance, winning the lottery, or by pure chance. Many are postponing their lives waiting for that someday to appear. Our ship has arrived, however we are delaying our own retirement.
When that special someday does come, the experience may not be like anything like we expect. A simple Internet search reveals rags-to-riches-to-rags stories about the effect money had on lottery winners. A common outcome is the mismanagement of their money, losing it in a few years, or being confronted with bankruptcy as an only option.
If one scheme of happiness fails, human nature turns to another; if the first calculation is wrong, we make a second better: we find comfort somewhere. –Jane Austen, Mansfield Park
If waiting for your ship to come in doesn’t change anything, why not start fully living your life right now?
Why continue working?
Do we have enough to live the rest of our lives and be able to feed and provide shelter for ourselves? Following the blogger community, I notice that most frugal-minded people in their twenties and thirties feel that $700K to $1M will be enough to live well for the rest of their 50-year retirement. We passed by that milestone years ago but still don’t feel that is enough.
To get away from one’s working environment is, in a sense, to get away from one’s self; and this is often the chief advantage of travel and change. –Charles Horton Cooley, Human Nature and the Social Order
We see stories of people who have abandoned their work to pursue their passions full time. The Kaderli’s are a couple that exited their careers at age 38 to pursue their shared appetite for travel. There has been no second-guessing their decision since that leap of faith. To me, that is exciting. We know that it is possible to achieve big dreams based on many of the people we read about.
Live for today. Today.
We have all heard the statement that we should live for the moment.
“Carpe diem, quam minimum credula postero.”
Seize the present; trust tomorrow e’en (even) as little as you may.
What would be wrong with committing fully to that course now, never doubting our decision or the direction we choose? If we want that dream home or car, buy or rent it now. Start planning that world cruise, the trip to Australia or Fiji.
If you want to reach out to people and make new friends, do not wait another day. If you wish to speak German or any other language fluently, start lessons today. Begin to explore your music and perform live for others.
Offer your time and money to charities that are important to you. Become a volunteer. Now is the time to tick the boxes on the bucket list.
We cannot forget that, after all, you only live once. Live every day as if it were the last. Drain your bank account to zero on a daily basis, because tomorrow may not be there for you. This is an extreme view but maybe we need to embrace it.
Living the YOLO way
For today, I am thinking about what YOLO-related changes I can make in my life (like the ones listed above) while I continue to work at my job… ” in order to reach early retirement”.
I have been exploring the YOLO concept from an extreme black and white perspective, suggesting throwing all caution to the wind.
The very act of typing these words was enjoyable and invigorating, visualizing the hope of adopting the YOLO attitude. I can embrace the idea of not working one more day in our jobs while our dreams continue to be deferred to the future.
This inevitably leads to the next progressive step in this thought process. What is the BEST thing that could happen if I left my work next month? Perhaps I would be pursuing the hobbies and interests that I have put on hold for so many years. I would continue visiting the places on my bucket list. I would spend my time living in the present moment. Opportunities would present themselves in ways I could not have imagined.
You probably can see that I struggle with this idea. There was no intention to present a balanced approach to this article by introducing work-life balance and other middle-of-the-road approaches. I merely wanted to visualize pursuing my passions with the limited time remaining. Maybe I need to do this now.
Do you struggle with YOLO and the desire to chuck everything to pursue your dreams?
Is it possible to fully live a YOLO lifestyle?
Elise Griffith says
My Pop died in his mid 60s after a decade of serious health issues that (in the end) included dialysis. He always lived for today. The week before he passed, he asked my mom if she’d like to go to Cracker Barrel for lunch. She reminded him the closest was in Phoenix, which was a 3 hour drive away. They didn’t go. And when he died, there was a lottery ticket tucked under a magnet on the fridge. I was glad he had lived so very fully while he could, he’s still the most generous person I’ve ever met, and he left a profound legacy of love and laughter. However, early retirement isn’t for everyone. When his health began to deteriorate, my Pop had a struggle with not being able to work anymore. His chosen field (construction) was a big part of his identity and self worth. Many folks take a middle ground. They retire from 50-60 hour work weeks, but still work part time as mentors, adult ed teachers, life coaches and so on… as long as health allows.
Bryan says
Elise,
I am sorry to hear about your Pop passing away in his sixties. That had to be tough on your family. It is great that he left a legacy of love and laughter. That demonstrates just how important experiences and memories are to us.
It can be tough for people to leave work behind. I know for me, in the past I had a lot of my identity wrapped up in my profession. That is not as important to me now. What is important is as you mentioned taking a middle ground. I know that I would be bored simply staying home reading or watching tv.
I am developing new friendships and interest outside of work to help me prepare for my retirement. I am hopeful that I will be healthy and be able to give back something to the community and enjoy my new interests.
Thanks for commenting and take care,
Bryan
Abigail @ipickuppennies says
I struggle with anti-YOLO. I live too much for the future and not enough in the present. One of the benefits of being married to Tim is that he drags me into the here and now. Even if it’s kicking and screaming sometimes.
So we now contribute to a vacation fund to be sure we at least indulge a little. Things like that.
I think it’s good that you’re more aware of potential health issues creeping in. Not enough people planning for retirement factor that kind of stuff in. They might know that health costs will rise, but they really have no idea what kind of impact they’re talking about.
Bryan says
You might find it hard to believe reading this article, but I actually lean more toward an anti-YOLO mindset. Writing this post for me was a way of getting in touch with my inner YOLO-self. 🙂
If left to my own devices without my wife, I would be saving and planning for everything in my future. She is the balance that helps me from getting too far out of whack! She tries to keep me in the moment.
I am definitely a work in progress trying to figure out how to achieve my own balance and happiness.
Young says
There are two types of group 1) My ex-neighbor used to say “I got to live for today cause of YOLO. Usually, these type of people don’t have two coins to rub together. 2) My response to this neighbor was “I can’t screw up my life because of YOLO.” I will allow myself to be more spoiled as I grow older, just in case, I might not be here tomorrow, at the same time I will plan for the long term, Life is not short for those dirt poor people. A compromise is in order all the time.
Bryan says
That is an interesting observation on your two groups. There probably is a strong correlation of people in poor shape financially that have the YOLO attitude. Maybe that is the reason they are in that financial position.
I think that by default we live our lives by some sort of balance, an ebb and flow. If we spent every cent we owned each day – that could lead to some serious problems. When we swing to the other side, saving at the detriment of everything else, that has its own set of consequences. Then we rinse, repeat, and start the whole cycle over again, trying to find a balance.
Holly@ClubThrifty says
I feel like we have a pretty good balance over here. We are definitely saving for tomorrow, but we’re also trying to see and do the things that we really crave in life. I plan to live a long time, so I want to have plenty of savings at the end. But I also want to have fun along the way. =)
Bryan says
I think you are doing a great job along the way and it seems like you are having fun. I have to tell you I was especially envious of your upcoming travel plans.
Where were you and Greg twenty years ago to knock some sense into me about the balance thing? 🙂
Steve @ Think Save Retire says
I have always found the “You Only Live Once” excuse to be an interesting one, especially wondering what believers of this philosophy are using that to rationalize – spending more money NOW.
Yes, it’s true that any of us could die tomorrow. But, the possibility of a catastrophe probably shouldn’t be the cause of a lifetime of stupid buying decisions that are keeping the majority of us working in an office for decades longer than we otherwise should.
Personally, I agree with the sentiment – You Only Live Once, so why not do whatever you have to do to RETIRE EARLY and enjoy the majority of your life – that you only have to experience but a single time? Life is short, why not retire early? Why spend so many additional years of your life working in an office if you believe life is short?
But, I do respect those who quit their jobs so they can accomplish one of their dreams, like travel the world, climb to the top of Everest or whatever the dream happens to be. While that is definitely delaying their retirement, they are using that time to accomplish something productive – outside of an office. Good for them.
Bryan says
Steve,
Thanks for stopping by!
You have some excellent points about doing what you want by retiring early, giving you the time to enjoy them in this lifetime. It is a dilemma trying to find the right balance. As you said, “a lifetime of stupid buying decisions” do hold the majority back.
For us FI and ER crowd, we tend place our energy and actions in to getting there quickly. The challenge for me is that finish line has moved several times and I am beginning to wonder when it will arrive. I was coming from that “place” when I wrote this article. 🙂
Good luck with your journey and take care,
Bryan
Luke Fitzgerald @ FinanciallyFitz says
This is a great post, Bryan! IMO, finding that balance is literally the key to a successful life. And I think the balance changes as time goes on.
Here’s what I mean: For the younger crowd (me included) I’m not a big fan of the Follow Your Passion mindset. Early in a career, I think it sets you up to be miserable. I think you should follow something that’s interesting and has opportunity. HOWEVER, on the other end of the spectrum, I think you SHOULD follow your passion – why else did you work and not go on a full YOLO bender? My wish for myself (and you if you want it) is that “retirement” is just a fancy word for another opportunity – and plenty of them!
Thanks!
Bryan says
Luke,
Put me down for that wish: “retirement is just a fancy word for another opportunity – and plenty of them”!
I know it is a matter of balance. Yet knowing that fact, I still swing the pendulum back and forth, not quite to the extreme of each perspective. However, I have a very sneaking feeling that there is a YOLO bender in my future. It is just a matter of having the “guts” to pull the trigger! 🙂
How many years do you think it will be for you to retire?
Take care.
Bryan
Luke Fitzgerald @ FinanciallyFitz says
Haven’t really even thought about it (is that bad?). It won’t be for a long time! 30 years? Late 50’s by then. We’ll see where opportunties take me! 🙂
For now…I’m plugging away!
Bryan says
The good news is that you have actually started and have made progress. All you have to do is save about 70% of your income and you could retire in seven years. That extreme saving method is definitely anti-YOLO for the short term.
BTW – I love your “YOLO Bender” term I plan to reuse it. Check my glossary page 🙂
Mr. Enchumbao says
Hi, my wife and I live our live with this concept in mind. We try to do something meaningful every day. Take time to be in the moment. That’s what one of the reasons why we’re on our quest to reach financial independence. So that we can have our time back and enjoy life even more. Great post!
Bryan says
Mr. Enchumbao,
Welcome and thanks for stopping by!
We too want our time to ourselves, reclaiming it, enabling us to do pursue our passions and dreams. I think you and your wife have the similar goals to position your lives financially so that you can enjoy your time left.
I have an interesting observation from this post and threads on two other websites: the frugal minded retire early group actually relate well to the YOLO principles. They are willing to do extra work, side hustles, and extreme savings to get to that spot early. 🙂
A couple other threads:
The Friday feast the 21st of August
You’re not going to get hit by a comet
Take care,
Bryan
Mr. Enchumbao says
Thanks for sharing the threads. I found this site via thinksaveretire.com.
Bryan says
Cool! Good to know….. 🙂
Dividend Mantra says
Bryan,
I actually think the YOLO crowd is on to something incredibly insightful – I mean, we do only live once. Thus, it make sense to maximize the potential and happiness of that one life.
However, I think the execution is all wrong. It’s just based in the ill-conceived notion that spending more will bring about more happiness. So the YOLO crowd might recommend living like a rock star in the here and now – work hard, play hard. Doesn’t work so well when you’re in your 50s and stressed out from working so hard to pay off the rock star lifestyle of your 20s and 30s.
I instead try to keep what I think is the true essence of YOLO in mind while I march toward financial independence by 40 years old. It was this mindset that allowed me to drop out of the work force by 32 years old. I’m now living out a dream. So I think it’s a powerful concept when applied correctly. Time, not money, buys us happiness. Unfortunately, time costs a lot of money. So there you go.
You’ve mentioned the finish line moving on you. But it sounds like you’re the one moving the finish line. I’m always reminded of this quote: “Nobody on his deathbed ever said, “I wish I had spent more time at the office.””
Be careful not to succumb to One More Year Syndrome for the rest of your life. 🙂
Best regards.
Bryan says
Jason,
It is people like you, Kraig, Sam, Justin, and Joe that keep me motivated. You nailed it: “Be careful not to succumb to One More Year Syndrome for the rest of your life.”
That is another reason why I started this blog. I am putting it out there to the public to call me for BS if I don’t retire in the next year! This makes it public,I see it already beginning to shape my behaviors. I can see with you, the fact that you put your income and freedom fund reports out for all to see, you are creating your own accountability.
Jason, please remind me of this comment if I am saying the same thing next year on August 21, 2016! 🙂
Have a great weekend my friend!
Bryan
Mr. SSC says
i hear you about death ages in families. For me it’s 80, if I get there. Any day past that I see as a “freebie” unless I go with the other side of my family and live to my late 90s with Alzheimer’s. I’m f’ed on both sides.
With kids, I just want the freedom to spend as much time with them and make as many memories as possible before I’m gone, they’re gone, or I can’t remember anything except for a few hrs of the day.
With my wife possibly getting laid off next month, we’re seriously contemplating her volunteering because our quality of life all around would be so much better. It makes you think though, it makes you think.
Bryan says
Mr. SSC,
Thanks for stopping by and commenting! 🙂
I understand your concerns and working on quality of life issues. It is a challenge for us to not be too focused with work, our debt snowball, and reaching early retirement. The rest of our life tends to suffer when we get into this mode. We have found volunteering to be rewarding and I would highly recommend that course if you have the time.
My company has been going through some layoffs, restructuring, and acquiring other companies. That has created an environment with a lot of fear, doubt, and uncertainty, resulting in an attrition rate of around 30% this year. One of my Houston coworkers lost his job in March of this year. I suspect we will see another restructure by the end of November so my future is uncertain.
I wish you and the Mrs. SSC success with your journey. Take care!
Bryan