Short video segment (spoken) introducing the "YOLO" fund — a dedicated account for guilt-free discretionary spending (holidays, gadgets, hobbies) funded by a fixed percentage of income and topped up by at least 1% of windfalls/bonuses; the fund's purpose is to allow enjoyment without derailing long-term financial goals.
Number seven is the YOLO fund. This is the one I enjoy as well. It's for guilt free spending. This is the account where you enjoy your life completely guilt free, whether it's holidays or new gadgets or hobbies or, you know, basically, you only live once. Your yellow phone is for indulgence to have fun. Here's my approach. You set aside the percentage of my income. I set aside percentage of my income for this account. I and also, whenever I receive a windfall, an unexpected income, or even a small bonus, I set aside at least 1% of it to top up that yellow fund. So it's my way of treating myself and my loved ones without derailing my bigger financial goals. After all, you only live once. Now, by creating a dedicated yellow account, you can enjoy your splodges without guilt or financial anxiety because you're still investing for your future.
