[Mikolaj]

March 26, 2007 — When you think of a midlife crisis, you probably don't think of someone in their 20s.

But, according to a new documentary, a "quarter-life crisis" comes with the territory for modern-day 20-something women, especially when it comes to finances.

In "Spotlight 25," a new documentary that appears on Lifetime tonight, journalist Willow Bay, who is also the wife of Disney President Bob Iger, examines the trials that 20-somethings face.

A primary concern for women in their 20s tends to be money. According to the American Institute of Certified Public Accountants, people age 25 to 35 spend 24 percent of their income on debt payments.

"To live in Manhattan, where I live, just to get by day to day, I built up a credit card debt," one woman said in the documentary.

Sidebar: What are you, fucking stupid? Why the hell are you living in Manhattan, which has the most expensive real estate in the United States-with an entry-level salary? I can't feel sorry for wanktards who feel they just have to plunk down $3,000 a month for a 600 square foot hole in the wall. I pay a mere fraction of that living across the East River and can get to the same destinations and amenities within a 30 minute subway ride

Bay was surprised by the young women's lack of financial knowledge.

"That's part of the equation. They don't calculate. They have taken A.P. [advanced placement] calculus, but last time I checked, there were no college courses managing credit card interest rates," Bay said. "It just doesn't compute, and nobody has taught them this."

Sidebar: What's so complicated here? If you don't have the money, don't fucking rack up credit card debt! All of your petty expenses-most expenses-are OPTIONAL!

Despite her incredulity, Bay acknowledged that 20-something women faced a different financial world than their older counterparts.

"Starting salaries are lower. Housing costs are significantly higher and more than half of graduating seniors leave college with student loans. So all that adds up to a challenging economic picture," she said.

Sidebar: So live at home with your parents and save up thousands of dollars. Maybe you shouldn't have gone to that really expensive private UNDERGRADUATE school for a fucking teaching degree! College is an investment-not a popularity contest! You dug your grave, now sleep in it! That's the new strategy for 20somethings. So quit bitching!

The current financial climate and these women's sense of entitlement make a disastrous combination. Bay attributes that entitlement to a culture that lionizes celebrity.

Sidebar: I blame Sex in the City and all those programs that encourage hedonism, materialism, and superficiality. To hell with people like you.

"We grow up in a media-obsessed, celebrity-saturated universe. That is what these young people grew up with," Bay said. "It's not about keeping up with the Joneses anymore. It's about keeping up with the Jessica Albas, Jennifer Anistons."

Sidebar: You realise this now?

"I'm so stunned they're not panicked. They said to me, 'Well, debt's normal. You're supposed to have debt,'" she said. "They confuse establishing a credit history, which you do if you got a car loan and you paid it off every month, with racking up what is unmanageable debt."

Sidebar: Well, good luck with your unecessary serfdom. I shall be debt-free 2 years at the very most after I get my Masters because I have common sense.

source

See article for my side comments.

[Adrien]

I blame Sex in the City and all those programs that encourage hedonism, materialism, and superficiality.

Hey!

You know my thoughts on blaming Sex & the City (don't do it!), but what is wrong with hedonism? Is it a crime to have fun in this life? It doesn't necessarily involve badly managing your money you know.

[Gnote]

Sidebar: What are you, fucking stupid? Why the hell are you living in Manhattan, which has the most expensive real estate in the United States-with an entry-level salary? I can't feel sorry for wanktards who feel they just have to plunk down $3,000 a month for a 600 square foot hole in the wall. I pay a mere fraction of that and can get to the same destinations and amenities within a 30 minute subway ride

But if you don't live in Manhattan, how can you feel good about yourself? And the subway? Nobody who wears Prada rides a subway, boyfriend.

Sidebar: What's so complicated here? If you don't have the money, don't fucking rack up credit card debt! All of your petty expenses-most expenses-are OPTIONAL!

Again, how can someone show that they're a quality person - that they're worth something - if they don't buy a bunch of stuff!?


The answer is a collective inferiority complex. We judge ourselves and each other on how many things we own. The more expensive your clothes, car, and house, the better you ar as a person. I can't count the number of times I've said "Man, [so and so] is an idiot," only to hear the response, "yeah, but [he/she/it] is making way more money than you ever will."

Don't identify a hole in the market. Don't make things people NEED. Make whatever useless peice of shit product you feel like, then advertise and convince people that they need it!

Fucking retarded.

[Kylie]

"That's part of the equation. They don't calculate. They have taken A.P. [advanced placement] calculus, but last time I checked, there were no college courses managing credit card interest rates," Bay said. "It just doesn't compute, and nobody has taught them this."

Bah! There shouldn't be a fecking class on how to properly manage money. I'm willing to bet she had a 'wonderful' example at home, where she got everything she ever wanted, and as a result, she feels she can do the same now that she's on her own.


That lil guy is playing her teeny, tiny pity party. . .he's screeching while she's doing it to. Boohoo!

[Mikolaj]

The answer is a collective inferiority complex. We judge ourselves and each other on how many things we own. The more expensive your clothes, car, and house, the better you ar as a person. I can't count the number of times I've said "Man, [so and so] is an idiot," only to hear the response, "yeah, but [he/she/it] is making way more money than you ever will."

I dunno, I mean, I have trouble interacting with people, whereas to most people it's easy. On the other hand, some things that everyone has trouble understanding, I have no problem with. This is one of them. I have no doubt that buying a bunch of worthless crap does not make one's self worth. I buy next to nothing. I can easily live on $10,000 a year.

And yet...

Applebees is calling me.

"Mik, have the appitizer sampler and the babyback ribs! Washing it down with a $7 cocktail! We love you, Mik!"

Oh man, I can't wait!

[Gnote]

This is because you are confused.

Eating at Applebees isn't going to make you happier - it's going to make you fatter.

[Mikolaj]

No, don't you see...

I have lived below my means, slumming it in Queens, battling cockroaches, eating nothing but ramen, not buying clothes, dvds, cds, books, a car, a tv, cable, not going anywhere that costs money. Basically being miserable.

Why?

So that, after the storm of graduate school clears, the sunshine of next to no debt and new disposable income will shine! So I can finally rejoin the ranks of middle class society and stronger than ever!

Think of it:

Living in a clean apartment-your own apartment-with no cockroaches-in a nice neighborhood. Being able to go to the doctors when something is wrong. Wearing new clothes without holes in them. Being able to eat a from a diverse selection of healthy foods...the quantity...Not worrying how tyo stretch every single dollar, being able to go to a nice restuarant when you are sad, driving a car instead of freezing in the winter and melting in the summer at the bus stop.

See, these wanktards didn't pace themselves in the race. They went out of the stall at full steam. now they are struggling. I, on the other hand, wisely endured some pain so I can enjoy myself later...And my boy, it's approaching-it's approaching!

[Gnote]

No, don't you see...

I have lived below my means, slumming it in Queens, battling cockroaches, eating nothing but ramen, not buying clothes, dvds, cds, books, a car, a tv, cable, not going anywhere that costs money. Basically being miserable.

What is it that makes you think not spending money equals being miserable?

So that, after the storm of graduate school clears, the sunshine of next to no debt and new disposable income will shine! So I can finally rejoin the ranks of middle class society and stronger than ever!

You're living in a dream world. You have no clue what is to come.

[Mikolaj]

What is it that makes you think not spending money equals being miserable?

When you're not spending money on basic things such as a decent shelter, healthcare, food, clothing, and socialization (which does cost money!). Look at it this way: would you be happy with those things? I'm not even talking about extras like tv, online purchases, etc.

You're living in a dream world. You have no clue what is to come.

In terms of what?

[Gnote]

When you're not spending money on basic things such as a decent shelter, healthcare, food, clothing, and socialization (which does cost money!). Look at it this way: would you be happy with those things? I'm not even talking about extras like tv, online purchases, etc.

Basic things are understandable, but one doesn't need an astronomical income to support most of what you've listed.

[Mikolaj]

Basic things are understandable, but one doesn't need an astronomical income to support most of what you've listed.

True...I think what it is is that I appreciate them now that I don't really have them.

Hell, even when I had my first real office job after my bachelor's degree, I literally was making just enough to be "apartment poor."

...But nao-with a Masters degree, my starting salary will jump increase over $20K/yr. This means I will be able to afford the necessities ...and then some!

And after you've lived without any kind of pleasure for a couple years, you really look forward to it.

[Gnote]

Sure, all of that is reasonable.

I don't think, however, that 'necessities' are what is casting young people into debt. This is a function of that other behaviour. People are 'shelter-poor' because of the ways they spend their money. Here, they buy $100 sweatpants and $500 jeans. I'm sure you can think of countless parallels to your own context. I've begun to throw up in my mouth a little whenever I see someone wearing a peice of clothing with the brand name or logo clearly visible.

[Mikolaj]

I'm sure you can think of countless parallels to your own context. I've begun to throw up in my mouth a little whenever I see someone wearing a peice of clothing with the brand name or logo clearly visible.

I remember, back in middle school, the big thing to have were "Jnco" brand jeans. I insisted that my jeans must be Jncos (and 2 sizes larger) or else they just were not cool enough to be worn. Also, I had to wear "Vans" brand sneakers, or else I would be considered fashionally-inept.

However, by the time I got to undergraduate school, I realized how stupid this was. Logos are retarded-looking. Last week a saw this 40 year old guy at the laundromat fold clothes that all had logos on them. None of my clothes have a single logo.

[Maxim Litvinov]

You should have spent the money on socialisation.

[Blake]

That's because debt is so FUN! I love telling creditors to fuck right the hell off. "Yeah...ass hole...I don't have a traceable income...sue me..."

[Boondock Saint]

This is me!

I've been drinking, heavily, every night this week because of debt.

Why?

Because I feel it, I sense it, it's like a huge weight on my shoulders and my business tanked. Did I mention that? Belly up, dead fish in the water, file chapter 11 and go home. Go apply for an entry level position with Cablevision taking customer complaints. Thank you for playing, you've failed.

What's that? A bachelors in health sciences? Oh, I see. So, can you flip these burgers or not?

[Potemkin]

Because I feel it, I sense it, it's like a huge weight on my shoulders and my business tanked. Did I mention that? Belly up, dead fish in the water, file chapter 11 and go home. Go apply for an entry level position with Cablevision taking customer complaints. Thank you for playing, you've failed.

What's that? A bachelors in health sciences? Oh, I see. So, can you flip these burgers or not?

Capitalism - ya gotta love it!

[Boondock Saint]

I had a melt down this week, I even went and applied for a data entry position. So there I am at the interview and the guy is reading my resume and I'm totally thinking he hates me and he says "Why are you here?" and I'm like "I want the job" and he's like "No, I mean why are you here?"

And I was like ... I dunno.

So I got up and left.

[Potemkin]

You'll come through it, Boondock. At the moment, you're still reeling in shock. You'll get over it, pick yourself up, and start again. Richard Branson, the British billionaire, went bankrupt when he was 18. His parents had to re-mortgage their house to bail him out. Now look at him. The fact is, about 70% of all new business go bust within the first two years. Just think of it as a learning experience.

[Oblisk]

You know my thoughts on blaming Sex & the City (don't do it!), but what is wrong with hedonism? Is it a crime to have fun in this life? It doesn't necessarily involve badly managing your money you know.

Problem comes with 90% of people who put hedonism first before necessities.