YOLO vs. delayed gratification

MooMoo2 · 2021-05-26, 19:09

A friend of a friend is very "into" (for lack of a better term) delayed gratification. Buy that new car? No, that's money that could be saved for retirement. Go on an overseas trip? Sure, but only after achieving financial independence. Eat at a fancy restaurant? No, that's money that can be invested and/or put in an emergency fund.

He follows the news fairly regularly, but what often makes the news is death - deaths from mass shootings, car crashes, the pandemic, police brutality, terrorrism, extreme weather, and so on. The very real possibility of dying before reaching his early 60s never seems to cross his mind. He's like a wartime infantry soldier who refuses to smoke not because he doesn't enjoy it or can't afford it, but because he might get lung cancer 30 years later.

With that said, which motto/philosophy is more similar to yours? Are you more like the YOLO guy with hang gliding injuries and no retirement savings at 60? Or are you more like the delayed gratification dude who might die before he can really enjoy the things he's been postponing?

I know that those are two extremes, but which of those lifestyles do you more closely identify with?

VBCurtis · 2021-05-26, 21:18

I chose mostly delayed:
I'm just a few years away from retiring from teaching at age 50. I was really frugal in my 20s figuring I'd save until I had kids and then I forgot to have kids.

Small sacrifices when young prevent large sacrifices when old. Saving 10% of salary at age 22 is worth a year of labor at age 62 (assumption of doubling investments every ~10 years, so 4 doublings in 40 yrs= ~15x money). Save when you're 22 so you don't have to work after 62.

The "mostly" is due to a car habit that is fairly serious- the denizens of my garage cost me more than I paid for my house.

LaurV · 2021-05-27, 05:17

Haha, I love the "I am not telling you yet" option. Brilliant, in the context of the topic.

Not that it would be the one to chose, but it is funny.

For me, the pool sounds like "gratification procrastination", and I am half of both... I always did my money "easy" in my life, without working hard like digging holes or splitting wood, and without cheating people or taking advantages of them. Maybe I was just privileged, but I never was so serious about saving today to have more tomorrow, or saving today because you don't know what tomorrow brings. Wealth accumulates slowly if you don't waste/scatter (don't know the right word) in excess. I am also an incurable optimist, I see the future of humanity, and my future, in very bright colors. I don't own much savings, and I don't have a pension fund, as long as I can think I will be able to make a decent living. After that, bye bye birdie. On the other hand, I always agreed with losing a bit now to gain more later, or losing a battle to win the war. This helped me countless times in life.

Didn't vote yet. Still thinking...

Xyzzy · 2021-05-27, 12:41

Quote:

Originally Posted by VBCurtis

The "mostly" is due to a car habit that is fairly serious- the denizens of my garage cost me more than I paid for my house.

That sounds interesting! Maybe tell us more?

VBCurtis · 2021-05-27, 16:45

When I fell into my career, I found I saved by accident more than I needed. So, I set a plan to save for a "dream car" as a way to give purpose to the money I wasn't spending. Used exotic cars aren't too expensive to buy, partly because maintenance is sometimes unpleasant on the wallet and partly because really rich people seem to change their minds a lot about their cars.

The first dream car was a Lotus Elise, the ideal track-toy car. Problem: I was so scared of it that it took me 5 years to get it on track! I've been racing it in autocross and track-practice-days for 8 years after I got over that fear.

Dream car #2 was an Aston Martin Vantage. My ideal GT car, perfect for weekend trips and date nights. A rare stick-shift, it has turned slightly collectible in that it is now gently rising in value.

Dream car #3 just happened a few months ago- a 911 GT3RS. A race car for the street, but cheap (by exotic car standards) to drive and maintain.
I still have all 3 cars, plus an EV commuter powered mostly by the solar panels on my roof.

Xyzzy · 2021-05-27, 22:34

Our dream motorcycle was/is a Ducati.

We finally bought one a week ago. We had to travel to Florida to buy it and we rode it home 500 miles.

The day after, at roughly 650 miles on the odometer, a dog darted out from some tall grass into the road and we hit it at 60MPH and killed it instantly.

We skidded and tumbled on the pavement for what seemed forever and the bike went into a ditch.

We don't know how our insurance will handle the situation but we are too sore to think/move right now.

Uncwilly · 2021-05-27, 22:42

Quote:

Originally Posted by Xyzzy

We skidded and tumbled on the pavement for what seemed forever and the bike went into a ditch.

AtGAtT? Or do you have a rash?

Xyzzy · 2021-05-27, 22:50

We had a real expensive helmet and jacket on, but we were wearing jeans and cheap gloves.

So some parts of our body got rashed up pretty good.

We have hundreds of thousands of miles on motorcycles (and we used to be a medic) so we know what the risks are.

It is difficult to balance comfort and protection with gear. (They always say to dress for the crash.)

Probably we will buy better gloves and some sort of abrasion-resistant pants.

We have had four fairly serious accidents thus far on two wheels. Two were caused by animals, one by a faulty ABS brake system and one by gravel in the road.

YOLO?

retina · 2021-05-27, 22:52

Quote:

Originally Posted by Xyzzy

YOLO?

YODO also.

Quote:

Originally Posted by Xyzzy

... and the bike went into a ditch.

I blame the ditches.

Dr Sardonicus · 2021-05-28, 01:09

Quote:

Originally Posted by Xyzzy

Our dream motorcycle was/is a Ducati.

We finally bought one a week ago. We had to travel to Florida to buy it and we rode it home 500 miles.

The day after, at roughly 650 miles on the odometer, a dog darted out from some tall grass into the road and we hit it at 60MPH and killed it instantly.

We skidded and tumbled on the pavement for what seemed forever and the bike went into a ditch.

We don't know how our insurance will handle the situation but we are too sore to think/move right now.

They should find out whose dog it was, and have a little chat with their homeowners insurance carrier. If that doesn't work, sue the dog's owners for all the money in the world.

Meanwhile, hope you're healing up OK. From the previous experience you mentioned, I'm sure you know what I can only imagine, "It could have been a whole lot worse."

Xyzzy · 2021-05-28, 10:50

Quote:

Originally Posted by Dr Sardonicus

They should find out whose dog it was, and have a little chat with their homeowners insurance carrier. If that doesn't work, sue the dog's owners for all the money in the world.

Things don't work like that here.

View Poll Results: For me, it's...
Pure YOLO, baby!	2	8.70%
Mainly YOLO	2	8.70%
A roughly equal mix of both	5	21.74%
Mainly delayed gratification	10	43.48%
All in for delayed gratification	1	4.35%
I'm not telling you yet	1	4.35%
I delay or eliminate my gratification for others' benefit	2	8.70%
Voters: 23. You may not vote on this poll

2021-05-26, 19:09	#1
MooMoo2 Aug 2010 2×11×29 Posts	YOLO vs. delayed gratification A friend of a friend is very "into" (for lack of a better term) delayed gratification. Buy that new car? No, that's money that could be saved for retirement. Go on an overseas trip? Sure, but only after achieving financial independence. Eat at a fancy restaurant? No, that's money that can be invested and/or put in an emergency fund. He follows the news fairly regularly, but what often makes the news is death - deaths from mass shootings, car crashes, the pandemic, police brutality, terrorrism, extreme weather, and so on. The very real possibility of dying before reaching his early 60s never seems to cross his mind. He's like a wartime infantry soldier who refuses to smoke not because he doesn't enjoy it or can't afford it, but because he might get lung cancer 30 years later. With that said, which motto/philosophy is more similar to yours? Are you more like the YOLO guy with hang gliding injuries and no retirement savings at 60? Or are you more like the delayed gratification dude who might die before he can really enjoy the things he's been postponing? I know that those are two extremes, but which of those lifestyles do you more closely identify with?

2021-05-27, 22:34	#6
Xyzzy "Mike" Aug 2002 2⁵·257 Posts	Our dream motorcycle was/is a Ducati. We finally bought one a week ago. We had to travel to Florida to buy it and we rode it home 500 miles. The day after, at roughly 650 miles on the odometer, a dog darted out from some tall grass into the road and we hit it at 60MPH and killed it instantly. We skidded and tumbled on the pavement for what seemed forever and the bike went into a ditch. We don't know how our insurance will handle the situation but we are too sore to think/move right now. Attached Thumbnails

2021-05-27, 22:50	#8
Xyzzy "Mike" Aug 2002 2⁵×257 Posts	We had a real expensive helmet and jacket on, but we were wearing jeans and cheap gloves. So some parts of our body got rashed up pretty good. We have hundreds of thousands of miles on motorcycles (and we used to be a medic) so we know what the risks are. It is difficult to balance comfort and protection with gear. (They always say to dress for the crash.) Probably we will buy better gloves and some sort of abrasion-resistant pants. We have had four fairly serious accidents thus far on two wheels. Two were caused by animals, one by a faulty ABS brake system and one by gravel in the road. YOLO? Attached Thumbnails

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2021-05-26, 21:18	#2
VBCurtis "Curtis" Feb 2005 Riverside, CA 4,861 Posts	I chose mostly delayed: I'm just a few years away from retiring from teaching at age 50. I was really frugal in my 20s figuring I'd save until I had kids and then I forgot to have kids. Small sacrifices when young prevent large sacrifices when old. Saving 10% of salary at age 22 is worth a year of labor at age 62 (assumption of doubling investments every ~10 years, so 4 doublings in 40 yrs= ~15x money). Save when you're 22 so you don't have to work after 62. The "mostly" is due to a car habit that is fairly serious- the denizens of my garage cost me more than I paid for my house.

2021-05-27, 05:17	#3
LaurV Romulan Interpreter Jun 2011 Thailand 7×1,373 Posts	Haha, I love the "I am not telling you yet" option. Brilliant, in the context of the topic. Not that it would be the one to chose, but it is funny. For me, the pool sounds like "gratification procrastination", and I am half of both... I always did my money "easy" in my life, without working hard like digging holes or splitting wood, and without cheating people or taking advantages of them. Maybe I was just privileged, but I never was so serious about saving today to have more tomorrow, or saving today because you don't know what tomorrow brings. Wealth accumulates slowly if you don't waste/scatter (don't know the right word) in excess. I am also an incurable optimist, I see the future of humanity, and my future, in very bright colors. I don't own much savings, and I don't have a pension fund, as long as I can think I will be able to make a decent living. After that, bye bye birdie. On the other hand, I always agreed with losing a bit now to gain more later, or losing a battle to win the war. This helped me countless times in life. Didn't vote yet. Still thinking... Last fiddled with by LaurV on 2021-05-27 at 05:22

2021-05-27, 16:45	#5
VBCurtis "Curtis" Feb 2005 Riverside, CA 4,861 Posts	When I fell into my career, I found I saved by accident more than I needed. So, I set a plan to save for a "dream car" as a way to give purpose to the money I wasn't spending. Used exotic cars aren't too expensive to buy, partly because maintenance is sometimes unpleasant on the wallet and partly because really rich people seem to change their minds a lot about their cars. The first dream car was a Lotus Elise, the ideal track-toy car. Problem: I was so scared of it that it took me 5 years to get it on track! I've been racing it in autocross and track-practice-days for 8 years after I got over that fear. Dream car #2 was an Aston Martin Vantage. My ideal GT car, perfect for weekend trips and date nights. A rare stick-shift, it has turned slightly collectible in that it is now gently rising in value. Dream car #3 just happened a few months ago- a 911 GT3RS. A race car for the street, but cheap (by exotic car standards) to drive and maintain. I still have all 3 cars, plus an EV commuter powered mostly by the solar panels on my roof.