YOLO! A simple word created by Toronto-born rapper Drake has become the word for my generation justifying their over indulgence and over spending habits. That’s right, we only live once so naturally you have to YOLO! For those of you who are unfamiliar with the word, its stands for You Only Live Once (YOLO). Drake’s estimated net worth is somewhere in the neighborhood of 60 million dollars. So when he says YOLO, I for one would probably be saying the same thing with that amount of money.
But all joking aside, most millennials (including me) can only dream of reaching such a net worth in our lifetime. As such it’s important to live in the moment but also be mindful of the need to plan for the future. Enjoying life today shouldn’t come at the expense of your future. Our lives aren’t only good when we are between the ages of 20-30 but also wonderful well beyond those ages.
I understand for those you who are below 30 years of age, it’s sometimes hard to imagine living to age 60 and actually enjoying life. But given our health care advances, chances are pretty good you will live past 30. That being the case, it’s important you strike a balance when it comes to your spending and saving habits. If you only spend money when you’re in your 20s or 30s you’re likely to have a lower standard of life or be poor when you’re older.
Putting away more money today is an investment in the future you and not a punishment. If you’re able to save a little today it could do wonders for the future you with the help of compounding interest. The future you will also be able to YOLO as well; perhaps even do it better than the younger you. I encourage you to live in the moment because ultimately life is short but do not make it even shorter by failing to save and invest for the future you.