YOLO—You only live once.
Carpe diem—Seize the day.
These phrases encourage people to live for today because there is no guarantee of tomorrow. While the use of YOLO is fading, the mindset is still there. And certainly, there is some accuracy to that line of reasoning. We are not guaranteed another day or even another minute.
The Bible agrees another day of life is never guaranteed. James 4:14 says, “Yet you do not know what tomorrow will bring—what your life will be! For you are like vapor that appears for a little while, then vanishes.”
But the Bible provides balance.
The Bible always tells us the importance of preparing for the future—“Idle hands make one poor, but diligent hands bring riches. The son who gathers during summer is prudent; the son who sleeps during harvest is disgraceful” (Proverbs 10:4-5).
Live for the mission of today. But prepare for the mission of tomorrow.
So how can a YOLO mindset destroy your financial health? Here are four ways:
- Spending is encouraged. A YOLO mindset encourages using your money now. Immediate gratification usually requires immediate spending. Unfortunately, this is often followed by immediate regret and, of course, delayed savings.
- Saving is discouraged. Why would you save? Saving money is future-oriented. A concern only for the present leaves little room for concerns about the future. A YOLO mindset will leave you with the inability to cover any financial emergencies that, inevitably, will arise.
- The ramifications of debt are minimized. A YOLO mindset is not necessarily concerned with the debt they accumulate by today’s purchases. Debt is a bridge that they will cross later.
- The lack of consideration for future finances results in a lack of future finances. Of course, this only makes sense, right? If you don’t prepare for your financial future, you won’t have much prepared for your financial future. Money for retirement will not magically appear just because you hit 65 years of age. Your ability to survive without a paycheck (retirement), depends on your preparation. And YOLO doesn’t care about your preparation.
Don’t let a YOLO mindset destroy your financial health. Yes, you could die tomorrow. Or you could live for several more decades. Follow sound, biblical financial principles—Give generously, save wisely, and live appropriately. Manage your money well for today and tomorrow.