""When I was 20, I was like, if only I could have the Ferrari. If only I could have the mansion," Morgan Housel told Fortune. "Looking back, I think the reason I wanted it so badly is because I had nothing else to offer the world.""
"On the flip side, Gen Z's frustrations revolve around not having the money to achieve milestones like settling down and starting a family. Instead, many are finding comfort in smaller luxuries, like pampering their pets and spending their Sundays waiting in line for a Starbucks Bearista cup."
"Housel says spending is not about getting things down to a science; rather, it's an art that shouldn't have a "one size fits all" approach."
Younger Americans often prioritize status-driven purchases and small comforts as traditional adult milestones become harder to attain due to high costs, unemployment, and stagnant wages. Those short-term expenditures can serve as identity signals and emotional relief when long-term goals like homeownership or starting a family feel out of reach. Desire for material goods tends to diminish when individuals find purpose through relationships or responsibilities, shifting priorities away from conspicuous consumption. Spending choices vary by motive and allocation, and effective financial decisions depend on personal purpose rather than a single universal prescription.
Read at Fortune
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