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Carrigg Wealth Advisors






YOLO! or You Only Live Once has become a popular refrain in the last decade to justify a “seize the day” or “live in the now” mentality. The COVID-19 pandemic has only accelerated this trend.  Don’t believe me?  Try to buy a bicycle, go for a hike or even make a tee time at your local golf course.  2020 has reminded us that life is (sometimes) short and fleeting.  We need to enjoy life now because we never know what the future may hold.  While I fully believe this, I also believe it is a slippery slope between enjoy life now and don’t give any thought to the future.  While possibly fun, a YOLO! mentality can potentially have a devastating impact on your personal finances.  


“You only live once” is a clearly a widely held factual belief.  While this may be true, YOLO! does not necessarily justify a DWYWWAC! – or Do Whatever You Want Without Any Consequences, reality.  Yes, impulse buys or exhilarating stunts can be exciting and to some, make life worth living, but there are consequences to our actions.  On the other hand, delaying gratification by planning and savings for the future may feel boring.  You know what’s not boring?  Having enough money to maintain your standard of living in retirement, making large donations to a worthy charity or paying for your kids or grandkids to attend a prestigious educational institution.  


Don’t get me wrong.  Life is short.  Some of us, myself included, should probably “Carpe Diem” a little more.  But, that doesn’t justify an endless string of irrational and irresponsible behavior with potentially catastrophic long-term financial implications.  If you ask me, I say take your family on that African safari,  take that cruise or go helicopter skiing but at the same time, make some decisions that you will appreciate if the life “you only live once”, turns out to be long and filled with surprises.  


Robert F. Carrigg, Jr., CFP®


Any opinions are those of Rob Carrigg, Jr., CFP® and not necessarily those of Raymond James. Keep in mind that there is no assurance that any strategy will ultimately be successful or profitable nor protect against a loss. Rebalancing a non-retirement account could be a taxable event that may increase your tax liability. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Adtrax 3350288






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