YOLO, FoMO, and the Long Game
The 2010s gave us two acronyms that somehow defines the ideal of how most of us live. As much as “You Only Live Once” (YOLO) and “Fear of Missing Out” (FoMO) are values worth living by, there lies a caveat.
If we are going by their Wikipedia definitions, FoMO can be as simple as passing regret for not being able to attend that Coldplay concert, or it can turn into a form of psychological anxiety with the afflicted exhibiting physical manifestations. In extreme cases, it leads to obsession, regularly checking out your social media accounts every time you hear that ‘ding’ signifying a push notification.
YOLO, on the other hand, is just an update of carpe diem, a Latin phrase meaning “seize the day”. Although the message meant well, it has been misused to the point it has been utilized to justify living recklessly because – pardon for being circular – #YOLO. It became a caricature of what it is originally supposed to mean.
Etymology lessons out of the way, I would like to relate these aphorisms to handling personal finances. One thing common between these two expressions is how they emphasize on the present, without much consideration for the future. And for a licensed financial agent such as me, that is a cause for concern.
I have nothing against on trying things at least once, as long as it does not kill you or compromise your health or well-being. If you would like to follow the footsteps of Anthony Bourdain and relish what the world has to offer, go ahead. If you are the adventurous type and you want to emulate Bear Grylls, I would not stop you. That is what life is all about: continuously learning and discovering new experiences.
However, there is also something to be said on saving some for tomorrow so that you can continue living life as you want it. What is the use of splurging all your money because #FoMO and #YOLO when you are left with nothing later on? All we would be left with is nostalgia. And as much as that word evoke good memories, that is all there is to it. Memories.
Let me clarify that I am no party pooper. I like having fun as much as the next person. However, when a person’s financial standing is being put into consideration, then that is where I have to weigh in my thoughts and opinions.
Life is a marathon. You need to pace yourself and conserve your energy. In this case, you need to save up for the long term. If this is chess, you need to strategize your endgame while you are still in the opening stages or midgame.
Think of saving up for the future as a Formula 1 race. Your car needs to have adequate fuel in the tank, so that you can go all out until the final lap and have enough to be able to see the chequered flag in the end.
Now, let me ask you. Have you saved up enough fuel in order for you to be able to live life to the fullest until the final lap?
If you feel you need to rethink your strategy or if you have not started saving yet, then we are here to help you. Contact a Synergen affiliate today! Click Here
