How to Balance YOLO With a Comprehensive Financial Plan
Date: August 9, 2021

How to Balance YOLO With a Comprehensive Financial Plan

Most people in their teens, 20s, and 30s know what YOLO means and why social media influencers believe it is so important.  However, most members of the Baby Boomer age cohort and even some younger people who are not immersed in popular culture don’t understand the significance of this acronym.  


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YOLO is short for “You only live once!”  Those who swear by the YOLO mantra sacrifice the future for the present, choosing to live in the moment rather than working hard with the hope of enjoying better days ahead.  In the context of financial planning, there is a delicate balance to be achieved between YOLO and amassing an ever-growing nest egg that sets the stage for easy living as a senior citizen or even sooner.

Find the Happy Medium Between YOLO and Living for the Future

If you had a time machine and could travel a couple of decades into the future, you would find those who live the “YOLO life” may become quite miserable later in their lives.  YOLO is certainly fun in the moment yet this line of thinking is flawed in that it may significantly reduce the quality of life in the decades that follow.  Greeneville, TN pre-retirees in the millennial, Generation X, and even the back end of the Baby Boomer age cohort should strive to achieve a balance between living in the moment and living for the future.

Though there is always the potential for your next breath to be your last, chances are you will likely live into your 80s or even reach your 90s.  Keep in mind, medical industry advances and health-enhancing technologies are improving with each passing day.  Take care of yourself by eating properly and exercising with regularity and you might even live into your 100s.  In other words, splurging on expensive material possessions and fun experiences in your 20s, 30s, 40s, and 50s does not make financial sense.  

There is also an argument to be made that going to work five days a week and heading directly home to watch TV, play video games, read a book, or segue to the “second shift” while moonlighting at another job is a waste of your best years.  The solution is to enjoy yourself to a certain extent prior to retirement while saving and investing enough to retire in your 60s and live comfortably during those golden years.  Plan accordingly and you will be able to enjoy life as a young and middle-aged adult and also as a retiree.

A Greeneville CERTIFIED FINANCIAL PLANNER® Professional Can Help With Comprehensive Financial Planning

You don’t have to do all the planning on your own.  Lean on a fee-only fiduciary CERTIFIED FINANCIAL PLANNER® Professional in Greeneville, TN to spearhead your personal financial planning and you will have a roadmap to financial success.  This professional’s insight and experience can empower you to create a sound financial plan and strategically pivot as necessary in the years ahead, with the goal of you outliving your money. 

Your Greeneville CERTIFIED FINANCIAL PLANNER® Professional’s assistance provides the financial clarity you need to understand exactly how much money you can spend while working to YOLO it up to a certain extent without compromising your metaphorical financial nest egg.  At Sapiat Asset Management we have helped high-income prospects in the Generation X age cohort and other age cohorts including those who have little-to-no savings or investments.  Even if you don’t have much money available for investing, we can help you create a logical financial plan that balances having fun in the present with preparing for an enjoyable retirement.

To Spend or Not to Spend, That is the Question

The most common deathbed regret is working too many hours and failing to enjoy life.  However, no one wants to be working full-time in their late 60s, 70s, or 80s.  The United States Social Security system might reach insolvency within the next couple of decades, meaning even some members of the Baby Boomer age cohort might have to turn to personal savings and investments to fund their retirements.  Members of the Generation Z and millennial age cohorts in Greeneville may want to start planning for retirement now as there is no guarantee the financial safety net of Social Security will be around in 2040, 2050, or beyond.  

Restricting spending is inherently challenging as most people have been somewhat brainwashed by commercials and other advertisements to spend.  However, no one wants to go to work five days a week and put the entirety of their discretionary income into savings and investments.  After all, if you are living for the future, you aren’t really living much at all.  The question is how much money you can spend in the present and the short term without sabotaging your financial future.  A Greeneville, TN CERTIFIED FINANCIAL PLANNER® Professional has the answer to this question.  

Meet with a Greeneville CERTIFIED FINANCIAL PLANNER® Professional, let this number cruncher analyze your unique budget and he or she can create a financial roadmap to a timely and rewarding retirement.  This roadmap will detail exactly how much money you can spend in the short term, liberating you to have some fun in the moment while preparing for an even better future.  If you make enough money, you might even be able to retire early as this professional will help you create a plan for saving and investing that generates passive income, ultimately making your money work just as hard for you as you did to earn it in the first place.  

A Little bit of YOLO, a lot of Passive Income

The moral of the story is to think twice before splurging on lavish luxury items, expensive vacations, and even unnecessary everyday delights such as gourmet coffee.  Resist the temptation to YOLO it up, keep an eye on the future with the assistance of a fee-only fiduciary such as the professional advisors at Sapiat Asset Management in Greeneville and you just might amass enough passive income for early retirement.  The worst-case scenario after developing a comprehensive financial plan with the assistance of your financial advisor is an on-time retirement followed by golden years that prove that much more enjoyable than anything you could have splurged on during your career.

At Sapiat Asset Management, we use a personalized process to identify the financial and retirement planning strategies that meet the needs of our clients. Our knowledge of your financial situation is a big part of the foundation that drives our relationship with you. Contact us today for a complimentary consultation.

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Sapiat Asset Management is a Fee-Only, Independent, Registered Investment Advisor (RIA), specializing in goal-oriented financial planning and investment management for Gen X Individuals & Families, their Businesses, & the Trusts that benefit them and their heirs.

Steve Dick