Dealing With Stuff
  • Dealing With Stuff
  • About
  • Contact

You Only Live Once

3/8/2019

 
Picture
I found this book originally under the title The YOLO Budget. Jason Vitug reminds us that living a life of meaning and purpose involves money. This perspective might help to make financial education more appealing, especially for Millennials, whose economic reality is different than that of previous generations. What’s true for them is true for all of us: We’ve lived through the financial meltdown of 2008, we need to plan further in advance for longer lifespans and longer retirements, we’re overwhelmed with information overload, and we’re learning that experiences are more fulfilling than material things. It’s time to adjust our attitude toward money.

Why aren’t people able to apply simple financial advice to their own lives?

It starts with awareness. Vitug gives the example of a man who claimed to check his bank balance every day, yet believed, incorrectly, that he wasn’t paying any fees on his account. Another man claimed that he knew exactly where his money was going, but admitted that he didn’t actually track his expenses. Another said he was “on a budget” but turned out not to have one in place. Specific terminology can mask vagueness. It’s possible to have a high degree of certainty without it being based on reality. This can be amplified by being organized, in the sense of paying bills online, checking account balances, and other activities without any real strategy behind the efficiency.

Why don’t people like budgets? Vitug says they can be reminders of past mistakes, that they can reveal there isn’t enough money for current spending habits, and that ultimately people feel that they aren’t necessary. I would have guessed (based on my own life) that the main reasons might be feeling too busy, not being all that great at math, and feeling annoyed at the “preachy” aspects that make budgeting feel similar to dieting. The difference is that Vitug actually traveled around and talked to people about their emotional connections with money, so his work is based on data, not guesswork or intuition.

Vitug saved $35,000 and took two years off to backpack around the world. The realizations and habit changes that paid for his trip are what inspired him to try to help others fund their own dreams. A big part of this comes from challenging people’s perceptions of their situation and whether they are really fulfilled by their choices. We can make emotional choices that make us happier when we are more aware of what it is that we really want. After all, You Only Live Once, and if you do it right, once is enough.

Here are some key questions from the many in the book:

  1. What is my relationship with money?
  2. How is my spending contributing to my life?
  3. How am I using my time?

Favorite quote:

We should prioritize spending on things that contribute to our quality of life and help us progress toward our goals.

Comments are closed.
    New podcast!
    Clutter of the Day

    Author

    I've been working with chronic disorganization, squalor, and hoarding for over 20 years.  I'm also a marathon runner who was diagnosed with fibromyalgia and thyroid disease 17 years ago.

    I have a BA in History.

    I live in Southern California with my husband and our pets, an African Gray parrot and a rat terrier.

    #Questioner
    #ENTP

    This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies.

    Opt Out of Cookies

    Archives

    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015

    Categories

    All
    ADHD
    Birdwatching
    Body Image
    Book Reviews
    Books
    Cleaning
    Clutter
    COVID 19
    COVID-19
    COVID 19 Chronicles
    Fibromyalgia
    Filks
    Fitness
    Food
    Future Self
    Futurism
    Goals
    Habits
    Humor
    Languages
    Martial Arts
    Mindset
    Minimalism
    Money
    Motivation
    Movie Reviews
    Moving
    Organization
    Past Self
    Pets
    Preparedness
    Procrastination
    Public Speaking
    Quests
    Relationships
    Resolutions
    Running
    Sleep
    Technology
    The-woowoo
    The-woo-woo
    Thyroid Disease
    Timemanagement
    Time Management
    Tiny Houses
    Travel
    Weight
    Work
    Writing

    RSS Feed

Proudly powered by Weebly
  • Dealing With Stuff
  • About
  • Contact