We all have that one friend who insists on dragging you to any event regardless of your own plans. Be it a shopping spree, a wedding in the Caribbean, a night out with the girls or expensive holiday. To them, FOMO (Fear of Missing Out) is the greatest tragedy in life and always use YOLO (you only live once) to justify their behavior. This leaves you feeling bad about your decision to say NO.
YOLO (you only live once) is something we can all relate to, after all no one knows tomorrow. After the hit Drake song I find myself always using YOLO a way to justify my daily decisions. However, there is someone or something who can care less about your YOLO justification, your student loan, credit card debt, future responsibilities and investment are some of the issues that you need to think about as you spend your money like there is no tomorrow. Most people live and die poor due to making wrong judgment about life and money, especially in early 20’s when you have money to spend, freedom and no responsibilities. Instead of saving and investing during this peak period, they would rather pay to visit exotic places, buy an expensive fuel guzzler that they don’t need or move to an expensive suburbia apartment, not that there is anything wrong with these things, it’s just a matter of priorities. I won’t lie, I definitely got caught up in this during my early twenties.
The truth is YOLO is keeping you broke. There are many ways in which YOLO is hindering you from gaining financial freedom; here are the 3 reasons why.