Are you ready to embrace the YOLO (You Only Live Once) Economy and live life to the fullest? I certainly am! I’m convinced that the YOLO Economy is here to stay for at least the next decade, following the pandemic. There’s a massive desire to spend, fueled by stronger financial positions and increased net worth since 2020. It’s time to get excited!
I was 24 when the September 11, 2001 attacks happened, and I had just relocated from Manhattan to San Francisco. The event was deeply unsettling, especially since I had been at the top of the North Tower of the World Trade Center hosting a conference earlier that year. This, along with a traumatic experience at 13 when a friend died in a car accident, reminded me of life’s fragility and unpredictability. By 22, I had decided to save and invest as much as possible to gain financial freedom, as I realized a career in finance was unsustainable due to the long hours and constant stress.
The decision to adopt the YOLO lifestyle came after a terrorist attack at the Taj Mahal Hotel and Oberoi Hotel in Mumbai, India, on November 26, 2008. Just a month earlier, I had been staying at the Oberoi Hotel for a conference. Watching the events unfold on TV, I found myself wondering if death was catching up to me. I had been reluctant to go to India that year, as I had already been there with a client a few years earlier. The long journey from San Francisco to Mumbai, and the prospect of being away from my girlfriend for so long, were unappealing. I had an engagement ring and was eager to propose. However, my boss in Hong Kong insisted I go because we were launching our new India research and banking initiative. The thought of dying in Mumbai before being able to propose was infuriating.
The 9/11 attacks, the close call in Mumbai, and the subsequent Global Financial Crisis made me want to leave finance once things recovered. I felt that spending a career trying to make money and helping institutional clients do the same wasn’t the best use of time. So, in 2012, I left.
I’ve been living a semi-YOLO lifestyle since 2012, doing exactly what I want, when I want. This lifestyle has made me feel rich, despite giving up a significant amount of money for the freedom. The freedom has been worth it.
The YOLO Economy is here to stay, and it’s clear that the daily messages of death from the media since the first quarter of 2020 have changed the way we want to live. Despite the media’s tendency to bring us down, I’ve tried to stay positive during the difficult times of COVID through my newsletters and posts.
The YOLO Economy is characterized by more flexible work locations and hours, more purposeful and interesting jobs, increased wealth due to increased savings and investments, less patience for work and social nonsense, a desire to spend more money before you die, a permanent desire to live better with the money you have, and an increased occurrence of highly speculative assets rising and falling.
Now could be the best time to work, given the flexibility and higher pay. Let’s discuss how you can live your best life in the YOLO Economy.
Here are some things I think you should do to live a better life. It’s now more acceptable than ever to do these things, thanks to the shared experience of the pandemic.
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If you’re bored with your job, don’t believe in the company’s purpose, or don’t like your colleagues, find a new job! The economy is rebounding, and companies will eventually struggle to find high-quality talent, leading to more work perks. Be bold in your job hunt and in your demands!
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Calculate your "Boot" and spend it. Your Boot is the extra money you’ve made thanks to the pandemic. Calculate your investment and net worth returns since January 1, 2020, and subtract 13.4% from those gains. The difference is the Boot. This bonus can and should be used guilt-free to pay for a better life.
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Build an online platform to make money and share your voice. This is a key part of the YOLO Economy, as it allows you to work in more flexible locations thanks to the internet.
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Be properly invested in the YOLO Economy. If there’s going to be a boom for years to come, you want to be properly invested in the YOLO Economy so that your net worth continues to grow.
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Find the right, leveraged YOLO job. The first step to benefiting from the YOLO Economy is changing jobs if you’re not happy. However, to fully take advantage of the YOLO Economy, you also want the right job to gain the most amount of wealth.
Finally, get back in shape. Being able to run a 7-minute mile should do it, regardless of your weight. The fitter we are, the healthier we will feel, and the greater our endurance and self-esteem will be.
Most of us have decided to live it up with the one life we’ve got. We’ve made sacrifices to achieve financial independence, now we should enjoy the wealth we’ve accumulated. We will spend our Boot, do more meaningful work, and find ways to help others along the way.
My hope is that all of us reprioritize the things that mean the most to us during the YOLO Economy. Chasing prestige and status is a low priority in the YOLO Economy. Instead, we should work on improving our health, our relationships, and our purpose.
Having enough money to do what you want will always be a necessity. Therefore, we must continue to save and invest wisely to develop that valuable passive income. However, there will come a point where we have to ask ourselves how much money do we need to truly be happy. I found my enough back in 2012 before I had children. Today, I have found my enough again with a family.
The goal is not to win a financial argument or have the most amount of adoration. The goal is to live a wonderful life! Only you can decide whether you are living one or heading towards one. At least consider taking a well-deserved sabbatical to reassess your life.
2020 derailed my YOLO lifestyle. But at least I’m wealthier and my family is safe. I’m not letting the next few years screw things up any more! Instead, I will focus on doing what I want for the rest of my life.
