YOLO Could Leave You Broke For Worse

Giving in to instant gratification can ruin your budget and investments and can even land you in debt. Combine it with the concept of you only live once (YOLO), and the combination can become potent.

- Anuradha Mishra

The term, which became popular in the last decade or so, refers to the view that you only live once and, therefore, should make the most of it. For people who believe in the concept of YOLO, splurging and living in the moment often overrides financial planning, and that is where the trouble begins.

Take the case of Harsh Vardhan Vashishtha, 28, from Aligarh, who was working as an engineer at a multinational engineering and technology company, and quit his secure job, not to chase another opportunity, but to walk away from the corporate grind in search of spiritual clarity.

Says Harsh: "I would come home exhausted, mentally and spiritually.

The thought of doing this for the rest of my life felt unbearable. You also want to live. Not just exist, earn, and repeat." Harsh, didn't fall on tougher times, financially, immediately.

Before quitting, he took stock of his financial situation: an untouched Employees' Provident Fund (EPF), a current salary account, and a few lakh rupees in his savings account.