If you’re like me, you’re probably sick of hearing people say “YOLO” – a slang acronym for the phrase “you only live once.” It’s applied to everything these days, from making the life-changing decision to leave a job to allowing yourself to indulge in a decadent dessert that you know is bad for you. It’s an overused term and has almost become something of an excuse or justification for throwing caution to the wind and making impulsive choices. It might be especially tempting for some to apply YOLO to their finances. Should I buy that second house? YOLO! Should I make that risky investment? YOLO! Should I save my bonus or treat myself? YOLO!
But think about it this way: it is true that you only live once, but it is also true that you only retire once—YORO. With just one shot at a long, healthy and satisfying retirement, we have to do whatever it takes to make sure we don’t waste it. If you’ve got clients who are prone to apply the YOLO method to their finances, encourage them instead to embrace the YORO mindset.