When I was a kid I had a red yo-yo. In fact, I still have it and every once in a while, when the mood strikes me, I wrap the string around my finger and give it a whirl.
It gives me no small amount of joy every time I do. It’s just a simple and quick return to childhood. And while the humble yo-yo may not be as common as it was, a “YO” that we hear a lot about these days is the acronym YOLO.
YOLO (You Only Live Once)
This saying is often accompanied by it’s similar brethren FOMO or “Fear Of Missing Out”. The YOLO lifestyle is about living live to its fullest today, without any regard for the cost tomorrow.
Live now! Live large! Tomorrow may never come!
The problem of course, is that tomorrow does come, and with it often comes a big pile of debt that is contributing to Canadians ever-increasing record levels of indebtedness. Ironically, that debt can prevent people from doing the many things they want to do in the future.
Result: the YOLO philosophy can become self defeating pretty quickly.
Peer Pressure is Real
Social media plays a substantial role in the YOLO – FOMO phenomenon today. We see celebrities and our friends and family enjoying the good life with fancy cars, expensive dinners, and elaborate home renovations.
I don’t want to go too far down the acronym rabbit hole, but the letters HGTV should be avoided at all cost if you want to avoid YOLO – FOMO fever.
We think “Hey! I want a piece of the action too, if they can do it, why can’t I?” But that Facebook post only showed the resort your cousin was staying at. It didn’t show the balance on his credit card bill, which is probably a good thing, because it’s probably a scary sight,
Who is Affected by FOMO?
Millennials are the generation most associated with FOMO fever but I think it’s both unfair and inaccurate to paint everyone in a certain age group with the same judgmental brush.
I know lots of boomers who are subject to call what I call Facebook Envy and are trying to keep up with their own generational Joneses.
Regardless of what year we were born in, all of us need to be aware of the pitfalls of living beyond our means. Living only for today can make for a very challenging tomorrow.