Many millennials have embraced the ethos of YOLO, the acronym for “you only live once.”
In many ways, the YOLO mindset is a healthy one. It sparks a sense of adventure and inspires creativity. There’s a downside, too, warns Jason Vitug in his book You Only Live Once. This way of thinking often spurs millennials to spend money on stuff they don’t need – and to take on debt that ultimately undermines their YOLO dreams. Vitug points out one obvious paradox of modern financial life: Millennials often are so loaded down with student debt that they can’t save. Yet despite all that money they spent on tuition, no one ever schooled them in the fundamentals of finance.