Thrifty Twenty-Somethings
I remember my early-to-mid twenties. It was a time when every bartender in town knew my name. Even on vacations, I would become a regular within the span of a weekend. I used to spend so much cash in bars, clubs and lounges that lines never existed for me. Anybody who tells you that hot girls get special treatment in the night life spotlight is a rookie. Men who spend are the stuff that V.I.P. lounges are built of.
Last week I read a U.S. News report on why Generation Y is too frugal. Honestly...I didn't know what to make of it, so I'm here to see what you guys have to say about it.
The article paints your generation of 20-somethings as afraid of debt, mommy and daddy dependent, candidates for a lifetime of frugality. Is this how you see yourselves?
I was inclined to dismiss this article as yet another page filler in a slow news day; the calm before another MENA storm or in yesterday's case, Japanese Tsunami. Something happened a few nights ago that changed my mind all together. Allow me to share:
I'm sitting in one of my favorite lounges on a slow weeknight. My Maker's Mark no longer enjoys the finely complimenting cigar it had grown accustomed to over the years. This place is perfect for me due to its dimness and plush seats. When I started coming years ago it was the hot spot for young hotties and wannabee players spending cash. Now its like a Depression era dive with only the tumbleweeds missing. This is a good thing for me as I want some quiet. Except this time, I can't have it. My waitress is making it impossible...
In the span of an hour she's been over to see if I need anything half-a-dozen times, each time attempting clumsily to engage me in some sort of conversation. I don't mind having a pretty young girl's attention, but usually her type does not hover so hard unless there's an ulterior motive. I quickly found out that there was and it came with the unsurprising aura of dollar signs around it.
Apparently, I am her best customer. Amongst the slew of faux compliments she unleashes only one makes sense. I tip really, really well. This is funny to me as I consider myself a reformed spender. But then I realize something crucial...this girl's barely 20, she missed the boom times.
Over the years, I have dated quite a few waitresses and let me tell you fellas: these chicks made bank. It was not uncommon for a girl with good looks and charisma to pull down four figures in a night. We are talking about legit bar work here, no stripping or pole sliding. As I got deeper into conversation with this chick I was shocked by what she told me about her pay. She effectively makes a little better than minimum wage. Her main complaint is that hordes of young guys come in on Friday and Saturday occupying her time with one bottle of Belvedere amongst the seventeen of them. My two bourbons and one Alexander Hamilton are the highlight of her week.
This is an isolated story, of course. I know it doesn't tell the tale of an entire generation, especially the young financier set. It is to me, however, a sign of extreme shifting values from generation to generation. Back in those years, if I had a hundred bucks in my pocket, you can bet that my local fun house was getting $95 of it. You could also bet that even with holes in my pockets at the end of the night, I was still running up and down the block seeing which girl(s) wanted to split a cab. I lived for the moment and tomorrow was a light year away. Looking at how you guys scrounge and save now makes me wonder if perhaps you are missing out on the funnest time of your lives?
Am I wrong to base my opinion on the words of an underpaid waitress and a magazine article...or is there something to this claim? Is your generation just plain cheap?
C'mon guys, I know some of you are ballin' outta control. Come out of the woodwork and tell Midas all about it.







Comments
Yeah....I'm 25 and I'm
Yeah....I'm 25 and I'm watching my parents try and sell their house. Everyone in their cul-de-sac is trying to sell at the same time so it's a complete shit show. Neighbors scheming and backstabbing to underbid each other. At least one family had to move because the husband was fired. And this is an upper middle class neighborhood.
My parents have 1/4 of their savings sunk into the house, so if they don't get a good price they may not be able to pay for their medical care as they get older.
Seriously, you're saying how terrible it is that my generation isn't dropping benjamins on bottles every weeknight? Where have you been?
I definitely agree with the
I definitely agree with the article. Our generation is much more money conscious because I think money is so much more important than past generations... I am the total opposite of frugal and believe that having a great time requires money. Enjoy your golden years while you're young.
--
"Those who say don't know, and those who know don't say."
I don't start my BB FT till
I don't start my BB FT till July. In the meantime I've taken out two no-interest-for-a-year credit cards, am going to Vegas and Europe, and been getting shit-faced 4+ days a week.
Lever up.
at least for me (23 y/o),
at least for me (23 y/o), i've just been raised that way (not overspending) coming from a blue collar background (and having student debt). Don't get me wrong, there are things that I'd really like to buy that are unnecessary (IWC watch, custom clothing), but then i come back down to earth and realize that i'm not really in a position to do that yet.
Don't get me wrong, i'm not cheap by any means, I just don't necessarily ball out or spend all my money (though I do go out to dinner with the gf quite a bit which really chips away at the wallet more than you'd think, esp in nyc)...
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BossMode
one could argue that the boom
one could argue that the boom years are the reason why our generation must live a frugal living now. thanks mom and dad
so what the past generations
so what the past generations fucked up this country by debt and we are pure evil because we dont want to make the same mistake?
Some of us value consumption
Some of us value consumption later > consumption now.
Work hard. play hard. decrease SG&A, increase CapEx
"I swear by my life and my love of it that I will never live for the sake of another man, nor ask another man to live for the sake of mine."
Live fast die young.
Live fast die young.
The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee
WSO is not your personal search function.
We don't get warnings before
We don't get warnings before we get laid off now.
MIdas, Us and many other
MIdas,
Us and many other generations after us will be paying for the superfluous ways of the earlier generations. No doubt about it. The society has been changing starting in the later 80s. This is not to say your generation did anything wrong, it's just the way the cycle runs.
Are we missing out on life? Yes and no. We spend less when we go out and we are watchful of our pockets, but we probably enjoy going out less. We find other things to do.
This isn't true for everyone, but there might be a pretty strong trend here.
Do what you want not what you can!
My mantra has always been
My mantra has always been have as much fun as the moment allows. This past weekend, I dropped over a grand in a night. However, I felt it was well worth it. Went out with two of my best friends and 6 models. While that may seem outrageous to some, I know I'll have money later so heavy consumption today doesn't bother me even if it puts me in a temporary squeeze when the cc bill comes at the end of the month.
i believe you can have a good
i believe you can have a good time without spending a lot. I find the nights out when i get drunk off 20 quid are way better than when dropping 200 in a London club, but that is just my opinion.
I have also seen my parents build up a solid amount of wealth with absolutely no debt. Granted their income is associated with a higher level of consumption in America, but I dont see that as necessary.
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Let's see. -We survived
Let's see.
-We survived September 11th in high school.
-We watched the dot-com crash.
-We watched the Iraq War and all of these warnings that the terrorists were coming again- "if you see something, say something."
-We watched as oil prices shot past the moon.
-We watched the worst recession since 1937, perhaps since the early 1930s.
-We watched as 30% of our coworkers got laid off.
ARE YOU CRAZY? WHY WOULDN'T WE BE FRUGAL AND NERVOUS ABOUT SPENDING MONEY??? :D
Work hard, play hard.
Considering our generation
Considering our generation might be marching off to WWIII we're just trying to save up a little for our orphans and widows.
Yeah, Illini this really
Yeah, Illini this really pisses me off.
"Oh dear. Henrietta, I'm afraid the plebeians are not spending as much as necessary. Without debt driven consumer spending what will ever happen to the economy?"
"It's absolutely dreadful, Alfred! Why they must all be momma's boys and pantywaists. Or, oh perish the thought, they actually think they'll be able to save enough to be filthy rich like us!"
"Henrietta! That is so rich. Let us have a good chuckle!"
"Yes, Alfred, let's!"
*chuckle*chuckle*guffah*chortle*chuckle*chuckle*
The complete disconnect from reality of the poster as well as the article makes me feel stabby.
Eat the rich.
I cannot stand all these
monkeysama wrote: Yeah,
BruceWayne wrote: monkeysama
Do what you want not what you can!
I can't speak from the IB
I think their is another
looking for that pick-me-up to power through an all-nighter?
I actually recently ripped on
"WSO is like the 300 for anti spamage. None shall pass." -happypantsmcgee
"You stop being an asshole when it sucks to be you." -IlliniProgrammer
This hasnt been talked about
I really think this opinion
"The power of accurate observation is commonly called cynicism by those who have not got it." - George Bernard Shaw
That's the hard part about
bankingftw wrote: Some of us
Virginia Tech 4ever
Do what you want not what you can!
Those ripping on their
After reading many writings
Virginia Tech 4ever
zeropower wrote: Those
zeropower wrote: Those
Mr Cheese, everyone's
I had a pretty rhetorically
I have seen many people who
IlliniProgrammer wrote: Let's
See, this is where I disagree
Virginia Tech 4ever
Work hard, play hard.
IlliniProgrammer wrote: Let's
Virginia Tech 4ever
That's true. What do they
we are frugal as shit because
Clubs in Los Angeles, New
Gambler Daily
Bondarb wrote: I have seen
Gambler Daily
My parents were/are quite
At least among the people I
Virginia Tech 4ever
I've gotta say I've done
North American's are
- Only time will tell....
koske wrote: Women on the
Gambler Daily
Only average frustrated