Yeah the author was born in 72 or 73. Pretty much prime Gen X territory (late 60s through late 70s). I'm in the 70s too...barely.
To some of the points discussed:
I grew up in "the rich end" of my hometown. I knew of one kid who got a Jaguar for his 16th birthday. Mostly though we shared cars with older siblings or with our mother.
Debt. I think Gen Xer parents were not frivolous spenders. I think most of us grew up in households where we lived comfortable but not extravagant lives. It also helped house priced weren't as out of whack as they are today...I think the house I grew up in was 20-30k in the late 60s which (I'm guessing) was likely no more that 1 year salary as opposed to the what... 6-10 years worth a house is now?
I do have friends who had crazy debt growing up and some who still do. Like pretty much all of us I applied for those 1st year university credit card offers and some people got sucked in hard to that trap. I knew people and know people today who just spend first and think later. I think I have more friends who spend more carefully or have taken care of their savings first and then spend what's left though.
I have said to many 20 somethings just graduating don't be in too much of a hurry to grow up. If you have waited tables or worked at Safeway through university and saved up some cash, there is no harm in going on a really long trip or heading off on an internship for a year where you'll get paid little. Don't feel obligated to take that O&G job if you are more interested in working for a not for profit for a year. Chances are that job will still be around or because of your experiences a better one will be.
Pay yourself first by putting some money aside every month. Pay down your debt as fast as you can (there is no more liberating feeling than not owing anyone anything). Make sure it's a balance though. Save some but also have fun while you can as you never know what life brings. I often think of a friend who was unfortunately hit by a car as he crossed the street. His life changed drastically at about 30 and he's unable to do or see many of the things I have been fortunate enough to.
As Robin Williams says in Dead Poet's Society, Carpe Diem, seize the day, and suck the marrow out of life.
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