Not sure what type it is, but my best guess is that it's not receiving enough light. When any plant doesn't get enough light, they'll shed older leaves that they can no longer support. Just like that saying "it takes money to make money," something similar goes for plants. It takes energy to make energy. When they don't received sufficient light, then they'll conserve what energy they do get on the leaves that they can support, shedding the older ones in the process.

It's a Dracaena, not a palm. Not unusual for them to shed the lower leaves and have a lot of bare stem. I think your problem might be poorly draining soil, or just over watering.

Mm, it's not lack of light since it's located next to a window like in the picture below. Umm and I don't think I'm over watering? The guy at the shop told me to water monthly.

That looks like it is over watered. Plants don't have certain "times of the month" to be watered. Put your fingers in the soil, if it is damp don't water it. Its better to have these guys dry then damp, they don't like wet feet.

It's not a Dracaena or a palm, it's a Yucca.

Plenty of light, not much water, just remove the dying leaves.

In the spring you could try lopping a limb off back to a couple of inches above a junction.

But the key is as much light as possible!