Episode 980: Does YOLO Mean Overspending?

[00:00:00] Scott Maderer: Thanks for joining me on episode 980 of the inspired stewardship podcast. I'm ()

[00:00:07] Joe Saul-Sehy: Joe Saul-Sehy from the stacking Benjamins podcast. I encourage you to find ways to be inspired, to find financial freedom. And one way I do that is to listen to this, the inspired stewardship podcast with my friends.

[00:00:21] Scott Maderer: I'm not afraid to say yes to spending money on something that is really in alignment with my values that I love to do as. Because at the end of the day, it's okay to spend money. It's just not okay to spend money that you don't have on things that you don't really want, because it gives you a momentary moment of joy.

[00:00:44] Welcome. And thank you for joining us on the inspired stewardship. If you truly desire to become the person who God wants you to be, then you must learn to use your time, your talent and your treasures for your true color. In the [00:01:00] inspired stewardship podcast. We'll learn to invest in yourself, invest in others and develop your influence so that you can impact the world.

[00:01:10] And today's episode about investing in yourself through stewarding your treasures. I talk with you about the Yolo or you only live once philosophy and how we often think it affects our money. I share why it doesn't have to be that way. And I also share why Yolo can co-exist with being. As we talk about stewarding your treasures.

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[00:02:00] This week I've been talking. Bunch about the, you only live once philosophy. And one thing that I've seen people talk about when they talk about Yolo is that everyone who lives with this philosophy tends to overspend. They're not able to delay gratification. They spend too much money. They spend money, they don't have to impress people that they don't like.

[00:02:22] And they end up deeply in. And I've certainly seen that. I've certainly seen people use this. You only live once philosophy as an excuse for going out and doing things that would be madness or damage their long-term future for pleasure today. But believe it or not, I've often also seen people use this.

[00:02:48] You only live once philosophy as a reason. For investing in the future, and yet also paying attention to the experiences [00:03:00] that bring them joy today and not sacrificing the future for pleasure. Yolo can indeed affect our money in a negative way. It can cause us to end up spending everything we have and then some going deeply into debt because the thought is, you can't take it with you.

[00:03:20] You can only live once. So why not enjoy everything that you have now? What's more, you deserve it. You've worked hard. You deserve to get everything you want to do. I see this sort of philosophy a lot out there, whether it's in advertising for certain businesses that turn out to be, get rich, quick schemes, whether it's spending time and money and effort to do something today, that just gets you pleasure.

[00:03:52] Whether it's overspending on things that really, and truly 10 days after you've gotten it, you don't need. Really [00:04:00] recognize that you still have it. It's the lack of gratitude. It's the lack of recognizing the blessings that you have that often causes Yolo to cause us to do things with our money, that damage us in the long term, but it doesn't have to be that way.

[00:04:18] You can actually recognize and look at yourself and say, where is it that my priorities and my values actually. What are the things that are worth spending some money on? For me, I'm an experience driven person. I like spending money on experiences. I don't necessarily like spending a lot of money on material goods, but I will spend extra money on things that are very important to me.

[00:04:48] I'll spend more on my computer that I will on my car because I value. The computer that gives me more joy. I'll spend more money on gifts for people that I love [00:05:00] than I will on things for myself, because I'm driven by that relationship. And that experience sitting down and really thinking about what are the things that you value?

[00:05:11] What are you joyful for? What are you gratitude for? What do you have a sense of connection to? And when you do that, then you can actually spend money without. On things that bring you joy today. I'm a little bit of a closet foodie. I love great food and I will go to a very expensive restaurant or I will buy really good ingredients so that we can cook something of quality.

[00:05:38] I like buying things that have good quality and lasts a long time. I will spend twice as much for an item if I'm convinced that it will last 10 times as long. I've got a pair of boots that I spent eight or $900 for almost 20 years ago. And I still wear them today. [00:06:00] At the time, it was a very expensive purchase for me, but because I knew the quality of them and I had talked to other people that own them, and I had done the research and I knew that they would last me for decades.

[00:06:13] If I took care of them, I went ahead and spent that. See, it's not about not spending money. It's about recognizing where do you want to be frugal. And where do you want to spend? Where do you want to sacrifice so that you can have more in the future? You can invest in yourself, you can take trainings, you can actually invest in some sort of investment for the future.

[00:06:42] You can put money aside and you can get out of debt. You could have an emergency fund, you can use cash, you can do all of these things that so many of us want to do, and you can not overspend by going and finding ways to a do things that you already love to [00:07:00] do cheaper. So for instance, a lot of conferences that I go to, I applied to speak.

[00:07:05] Why? Because oftentimes I'll get a free conference pass. If I get to speak. And that works for me. I find ways to do free activities or movies at the matinee, because I love going to the movies. I find ways to be able to do what I want to do, but do it a little cheaper. Also at the same time, I'm not afraid to say yes to spending money on something that is really in alignment with my values that I love to do as well.

[00:07:37] Because at the end of the day, it's okay to spend money. It's just not okay to spend money that you don't have on things that you don't really want, because it gives you a momentary moment of joy and sacrifice your future to do that, to sacrifice your relationships, to do that, to sacrifice the things that are [00:08:00] really important to you to do that.

[00:08:02] That's really a true, you only live once philosophy focusing on the blessings and the gratitude that you have focusing on the things that are most important to you both today and in the future. And when you do that, you can't have everything. You can't have everything you want and you can't have everything out there, but you can get the things that are most important to you.

[00:08:29] And still live a life of joy and contentment and recognize that you only do live once and you should have some joy in your life, but you also need to not sacrifice your future and your relationships to do it. Thanks for this.

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