The YOLO Budget by Jason Vitug

Author:Jason Vitug
Language: eng
Format: epub
ISBN: 9781119267423
Publisher: Wiley
Published: 2016-05-10T00:00:00+00:00

The YOLO Budget

As stated earlier, most personal finance books focus on identifying your financial goals and then providing a plan to achieve them. In this book, I’ve used a great deal of time to talk to you about your mindset and dreams. I can’t reiterate enough the importance of cultivating a healthy money mindset, because it will change how you work toward your dreams. But dreams can only manifest if you have a plan to achieve them.

The YOLO budget is a framework for building your plan and helping you enjoy your money today, while still progressing toward your financial goals. It combines everything I’ve talked about: your mindset, your awareness of your values, and your vision for your life. You’re now at the point at which you need to create the plan that allows you to live your life today while making progress toward your vision.

If you only live once, why not spend it doing things you enjoy most of the time, rather than just some of the time? YOLO means using your money in the way that most effectively maximizes your enjoyment.

During my road trip I had a conversation with a personal-finance blogger. At one point in her life she, too, had lived a YOLO lifestyle.

“YOLO? Isn’t that a bad motto when it comes to spending?” asked the blogger.

“It certainly has been used to excuse spending mindlessly, but I use YOLO in a new context. If this is indeed the only life we have to live, then we should make it as enjoyable as possible,” I replied.

“That’s reckless. You’re telling people to spend on whatever it is they want,” she continued.

“You’re absolutely right. There’s no purpose in spending my hard-earned money on what other people want. It should be what I want,” I said.

“You’re steering people the wrong way,” she stated.

I had to disagree, because telling people what they should be doing with money has been the problem all along. We can continue to force people into boxes and conformity, but that has only led to our society’s obsession with consumerism and mindless consumption. We all have the opportunity to define what living once means, and with the right money mindset and a budget framework we’ll live a far better life working toward our own goals instead of stressing over goals that were set by others.

I continued the conversation with the personal-finance blogger, offering my experience.

“That’s the beauty of the YOLO budget. It takes into consideration your time and values and how you choose to define your life,” I stated and then asked, “Why should I tell someone he must own a home? Why should I tell someone that her retirement should be planned like everyone else’s?”

Maybe you feel exactly the same way as the blogger. Or maybe you’ve come to understand that this is, in fact, your life, and the lifestyle you’re living is a result of your decisions. You have the power to make choices more reflective of your values. That is the essence of the YOLO budget.

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