Don’t Let #YOLO Derail Your Financial Independence/FIRE Plan

Don’t Let #YOLO Derail Your Financial Independence/FIRE Plan

hey it’s Tim and it’s amy from go with
less. welcome back to our channel. in today’s video, we’re gonna be talking
about our version of YOLO. if you don’t know what YOLO stands for – you only live
once. and often it’s done and in kind of unhealthy terms. we’re gonna be trying to
do the positive side of YOLO in today’s video. I hope that you’ll stay tuned.
every single Wednesday we come out with a new video. often it’s about early
retirement, budget travel, house-sitting, travel hacking…things like that. I hope
that you’ll subscribe over here if you haven’t already. ring the notification
Bell. give us a quick thumbs up. let’s get started Tim! so we’re gonna start today’s
video by, I guess, reintroducing ourselves. if you don’t know anything
about us, we retired about four years ago in our late 40s. and now we are in the
process of becoming full-time nomads. we’re selling all of our things,
including our home, our cars, our furniture. and we will be nomadic
starting in January, at least it’s our hope, assuming our home sells quickly. and
you see behind us on our kitchen table… things have been askew back there
for a few weeks because we are actively getting rid of all of our stuff. and
we’re going to be doing a whole video about that process because it has been
humongous. not just physically. mentally. it has mentally been so humongous for me.
I cannot wait to do that video, but I’m waiting till we’re on the other side of
it because we’re kind of still in the middle of it. and we appreciate all the
questions that we get about it and we will be answering those in that video. so
I think Amy’s really into rebranding things. so if you remember earlier, we
talked about potentially rebranding retirement. so I think we collectively
are interested in rebranding this YOLO concept. and so like Amy said, YOLO tends
to be associated with impulsiveness and making poor decisions.
we are wholeheartedly behind the concept of YOLO, the fact that you only live once.
I don’t think there is a truer phrase that could be said. so we only have this
one life to live and that’s why we made all the non-impulsive decisions years
and years ago, throughout our life, in order to get where we are, so that we can
have this life of freedom that we have now.
yeah and YOLO often is tied to consumption, over
consumption. maybe you get a nice tax refund? YOLO! spend it on a vacation. maybe
it’s kind of late and you have to go to work in the morning?
YOLO! let’s do shots. When amy said tax refund…when she said “t”, I thought
she was gonna say tattoo. maybe YOLO, you get the tattoo. so for us, this
impulsiveness, these things you might do, just in the heat of the moment…
typically, again, bad decisions. maybe tattoos are well thought out and great
decisions. but that would probably not be a good decision. I’m not talking…I’m
talking about financial overconsumption. physical overconsumption. and Tim and I
have certainly made our own YOLO mistakes, our bad YOLO. and not so much in
the finances. we have seriously over bought we haven’t overspent. we’ve bought
way too much stuff. we’ve always stayed within our budget. so we stayed to our
budget which, I don’t know, there’s like some fine line. it still wasn’t a good
idea, seeing what’s going out the door for free now. In terms of our spending. Yeah. We made plenty of
poor decisions. I don’t know they were all impulsive and that we would have put
the YOLO hashtag associated with something that we bought. but we made
lots of poor decisions along the way with our spending. but most of all we’ve
made the poor YOLO decisions with what we’re eating and maybe with what we’re
drinking. yeah, probably so. yeah and part of it is because when we’re speedy traveling and
we’re going to these fantastic new places, we’re eating the amazing foods of
these new places. we’re having the incredible langos in Budapest. we’re
having the gelato frequently in Italy. and we’re having the, I don’t know, the
chimney cake in Prague, kind of things. it’s one thing if you’re gonna
have it like every once in a while. but we travel all the time. so to be
indulging? it’s definitely catching up with us. so we’re needing to rein that
back in. in our near future we’re going to be slower traveling and we’re hoping…we’ve been trying, we’ve been talking about it on our channel for over a year…
we are trying to get our eating more in control. I don’t know. we’re having a
hard time with it because we’re never really…we don’t have a routine is, I
think, is the big one. so we have great discipline with our money,
not great discipline with our eating and drinking for that matter. there’s a
great phrase from Dave Ramsey and it goes something like… you don’t know? I don’t
know. live like no one else, so later you can live like no one else. that means
having the discipline to make the tough financial decisions upfront so that on
the other side you’re able to enjoy a full life. now here’s the problem and
here I think is where the naysayers come in. and it’s a valid ish point. what if
you don’t live in to see the fruits of your labor? we certainly understand that
but the statistics are kind of with you that you will not have an early death. I mean, certainly, some people do but I’m not gonna be banking on my life
being cut short or my health being cut short and making bad decisions at the
front end so that I don’t have the kind of freedom that I have now. we are really
happy now that they made those tough decisions back then. to save and put away
our tax refunds and things like that. something else we have to say about this, or at least I believe – these
weren’t tough decisions for us. they were decisions that we made, but they weren’t
tough. so we still had an amazing life as we were working. it’s just we had this
burden of having to have to go to work all the time. so we read something
recently about people that are frugal or in this fire space, that they live a
monastic life. and so that is far from the life we’ve led or the life that
we’re leading now. Or the life that we would recommend anyone to lead. that’s exactly right.
so it’s it’s basically if you want to be a monk, go be a monk. but you don’t
have to do that in order to have a fire lifestyle. and actually I’m going to link
that post article, it’s from the New York Post. and it talks about some hardcore
fire people. anybody who is reading this article would not have any, like 99.9% of
Americans, and really probably internationally, would read this article and
say “no way Jose, this is ridiculous. I am NOT signing up for this. I’d rather work”.
well they picked some real doozies and this is not representative in any way. so
it makes it like you have to live a sparse life. we’re saying live a full
fabulous life. we did before we retired, we do now. and we’re not saying
to not live a fabulous life but it’s…is your fabulous life really spending extra
money that you may not have? so do you take a vacation? look at your budget. can you afford it? when you have the tax refund come in,
would it make sense to pay down debts? if you have debt is your car, kind of, on its
last legs and you may need to be replacing your car? maybe you don’t spend
your tax refund on a vacation if you may be needing a car or if your emergency
fund isn’t stocked. and Amy said something earlier, I’m gonna say that
there is this perception that this kind of monastic lifestyle, this “I ain’t
spending”, rice and beans. Rice and beans! that this is a part of the fire movement and a
part of the things you have to do in order to have this lifestyle. we are here
to tell you that that is certainly not part of our purview. but there is still
there is a there is a subset of the fire movement where people think like this.
and certainly that that is not something that…we don’t believe that. however there
are plenty I think that do think like that. to think that you have to have this
lifestyle of not spending any money AT ALL in order to get to the other side
where you can still not spend any money because of whatever reasons. but
nonetheless we are here to say that there are amazing things you can do
while you’re earning money. and there are amazing things you can do after you have
the freedom to do whatever it is you want to do. and so for us YOLO means
living your best life every single day. do you have to be living so sparsely
throughout your life to get to fire? no! that’s not the YOLO we’re talking about.
do you need to make bad decisions up front because you only live once and
let’s do it the kind of with bad decisions? no, not that either.
so YOLO for us means take every single day, live the best life that you can. look
ahead toward the future so that you have financial freedom, early retirement, if
that’s something that may be in your future. but certainly financial freedom
is a great goal for anybody because it gives you options. it gives that freedom
that is worth everything. couldn’t agree more. what we want to know from our
audience today is where are you super disciplined in your life when it comes
to this YOLO concept and where could you use a little help? I have already said we
both have a problem with the unhealthy eating habits and let’s see if that
improves in 2020 because it was hard fail for most of 2019. yeah and I
think we have lots of excuses this year because our lifestyle is going
through all these changes. but maybe 2020 we’ll come up with new excuses. I don’t
know. maybe we’ll get better? let’s go with the YOLO of like “you only live once.
let’s take good care of our bodies so that they take good care of us”. let’s
give it a go. yeah so you get to see it live happening on our channel. there’s
our video. today we’re coming back at you next Wednesday. Adios! Adios!


  1. The secret to restaurant frugality is acquiring allergies. Trust me when my wife's allergy to dairy and eggs went from slight to extreme we stopped eating out, we also go thinner. There is a upside to everything.

  2. YOLO is actually a marketing ploy used in communication. Remember L'Oreal's "because I deserve it" campaign? Created by McCann Erickson ad agency. They want you to splurge and make them richer. So, are we actually making our lives or their lives better when we overspend? Life is more than consumerism.

  3. Hello, friends!! We filmed this whole video TWICE in Maui but the outdoor lighting was insane. I hoped to give you tropical scenery. 🌴🌴🌴🌴 So, back to our home studio. Side note…what's going to happen when we don't have a home studio with big lights? Anyway…where are you super-disciplined and where could you use some help? Our audience seems to be made up of superheroes so maybe you're all good. Then, how to get this message to people who actively use #YOLO to make impulsive decisions that are detrimental?

  4. LOL, you don't need to modify your eating, you need to modify your exercise routine. I eat dessert almost every time we go out to eat. I have virtually zero will power when it comes to dessert. However, I am equally dedicated to exercise so that I "age well". My wife and I work out in the gym 3-days a week, and I run on the other 3-days a week. Sunday is my day of rest. I literally am in the best shape of my life.

  5. I think a big area where YOLO comes into play is children. For myself, being frugal is easy. "I thrive on very few resources", I always say (and people laugh). However, when it comes to the kids, oh, how I spend. I always want to make sure they have everything they need, and I love being able to explore with them, and thus, frugality goes right out the door. My husband hates it. And I can't help it….but, we have made many changes this year that are starting to make a difference toward less spending on almost everything.

  6. I agree with your point. The objective is to live a rich life, not to live like a rich person. Having enough time and money to do what you truly want to do (as opposed to pursuing mindless distractions that you’re supposed to want) is what makes for a rich life.
    Keep up the good work.

  7. Haha for a brief second I thought this video was going to be about the cannabis etf YOLO! 😅😅 It is ruining my financial plan actually- I’m invested in it, and down 40%+ since I bought in! 😅😅😅 It’s ok though- I think it’ll pick up over the long term. 😊

  8. I totally "get" you guys but I wish I could fast forward through the next two years to get to where you are! My husband and I are pretty disciplined when it comes to exercise and we eat healthily but we eat out too much (because we both work full time and well….) so that's holding us back a bit. We also go on vacation travels quite frequently but that is new, we didn't go very far for 30 years while we raised the kids and paid for the house etc. but we have found ways to make it much more affordable. We'd love to start housesitting but need a bit more free time for that. Watching you downsize and get ready to become nomads does inspire me though! Maybe this weekend I'll clean out a closet and dream of Hawaii 🙂

  9. We're disciplined in not buying stuff we don't need but I have a really bad sweet tooth and can't resist yummy sweet food which drives hubby a bit crazy. Fortunately we walk every day so it's not so obvious. Best of luck getting rid of the remainder of your things and hope the house sells quickly 🙂

  10. I am extremely disciplined went comes to exercise and eating right. Having said that I was shocked myself when I sat in the UK for 3 weeks surrounded by people who constantly wanted to go to tea, get late, snack, etc. So, I feel your pain. I gained some weight (not normal for me) which I have since taken off but I realized that when traveling to a new country, I have to be even more disciplined and overall maintain my schedule while enjoying myself.

  11. I am in a state of unrest like yourselves right now. My husband finally came around to selling our business and a buyer appeared the first day we were selling it. Needless to say, everything is moving at lightning speed and we are feeling overwhelmed BUT I keep thinking of you both and realizing we are just steps away from FI and it is so exciting! The freedom to pursue our own interests, whether paying or not, is going to be like a YOLO let’s have shots in the morning kind of feeling!

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