YOLO – and other reasons why you are broke
YOLO (You Only Live Once), Treat Yourself, Live for today, etc. are all great sayings to make you feel less guilty about spending money freely.
Though I agree whole-heartedly that you should live every day with the thought it could be your last, it makes sense to plan to live your life to the fullest, every day until one-hundred. Money can be stressful, and cause stress, especially when you don’t feel as though you have enough of it, or you haven’t saved as much as you may actually need. (Did you know that if you plan to retire at 55 and live to be 90, living on $55,000/year you need to have saved $1,633,620.00 to have your funds last through retirement???)
One of my favourite quotes by American writer/philosopher Henry David Thoreau is “Wealth is the ability to fully experience life.” While this quote may be interpreted a number of ways, I believe you cannot fully experience life slaving away at a job, paying for unnecessary purchases and living beyond your means. Modern life is a cycle of earning and spending and earning enough to pay for what you have already spent.
By “paying yourself first” through savings in an RRSP or TFSA you may relieve yourself of the burden of stress. By examining your expenses, evaluating your values and what is important to you, and saving first before spending, you may fully experience the joy of having enough.
What is ENOUGH for you, and can I help you achieve it?
Brooklyn Scott is a Financial Advisor/Mutual Funds Representative for Lewis & Jones Group/Desjardins Financial Group/Desjardins Financial Security Investments Inc. in Killarney, Manitoba.
Mutual funds are distributed through Desjardins Financial Security Investments Inc. For insurance products, Desjardins Financial Security Investments Inc. acts as a national insurance brokerage agency.