Young People Are Broke, Not Greedy: Generation 2.0's Supposed Greediness is Just a Desire for a Better Life

I keep hearing that the young generation - "Generation Y" or "Generation 2.0" or the "Millennials", those born from around 1976 to 2000, are obsessed with money. We spend it as soon as we get our hands on it, we dream about having tons of it, and if we have some to spare, we buy things to show off status rather than save or invest it.

While it's true that greedy young stars like Paris Hilton and Lindsay Lohan are known for excesses and vanity, no one seems to focus on the idea that my generation dreams about having money because most of us are broke.

In truth, I feel like I have a lot more in common with Generation X, which can run the scope of those born between 1965 to 1981, and seems that this group is paired with Generation 2.0's lack of financial funds. Young and broke go hand in hand for us like rock and roll. Money expert Suze Orman even has a book titled The Money Book for the Young, Fabulous and Broke for "Generation Broke", people in their 20s and 30s who are over their heads in student loans, credit card debt, and lack of savings or investments.

Earlier this year in February, MSNBC published a story about a stu">http://today.msnbc.msn.com/id/17349066/">MSNBC published a story about a study called the Narcissistic Personality Inventory for college students and found that almost three quarters felt that wealth was important in life. Compare that to 62.5% in 1980 who agreed and 42% in 1966 and you can see why someone could conclude that we're obsessed with money.

It's obvious that wealth as a status symbol is in vogue right now, with designer everything and bling all over (even teeth). Still, the scholars and older generations seem to forget that most of us can't afford those things, and some of us don't even want them. The grunge movement of the 90's was about eschewing style in favor of substance, but after pop music made a huge comeback and spoiled heiresses became famous for being famous, that spirit seems to be more underground than prominent now.

Also, those of us who do want those things know they'll have to adjust their budget if they want to go on a shopping spree. I don't know any people around my age (I'm twenty-seven) who can afford Prada bags AND groceries that will last a month. If you want those cute shoes, be ready to eat cereal and soup for dinner for two weeks.

The breakdown of spoiled starlets - Britney Spears' apparent mental breakdown, Lindsay Lohan's addictions, Nicole Ritchie facing the possibility of being pregnant in jail, and Paris Hilton arrested - is already resulting in a backlash against the snotty wealthy upperclass in young Hollywood. Actors and actresses are quick to point out the differences between themselves and these blond messes in interviews, and the public, notably those who can't afford new clothes, let alone a publicist at their beck and call every time they do something stupid, are tired of them.

Therefore, the "bling culture" will inevitably weaken and may even fall. No one who is in debt wants to hear how Lindsay spends her money on exclusive bags, or how these women flaunt diamond jewelry after the term "conflict diamonds" came into public knowledge. Also, shows like MTV's "Sweet 16" are just unbearable to watch.

I can barely pay my bills, but these girls throw tantrums when they don't get the exact car/decorations/celebrity performer they want at their birthday party. It's so ridiculous that South Park even parodied in an episode in which Satan threw himself such a party and had a hissy fit when instead of getting a Ferrari cake, he got an Acura cake.

When people outside our generation sees young people flaunting wealth and acting like spoiled brats, it seems obvious that they don't take the time to realize that this isn't a representation of all people born after 1965. We want to be well off financially because it means our freedom: we could travel, invest, live where we want and how we want. We could donate to charities, or even found one if we wanted to, and give to political causes, which we are all passionate about.

We wouldn't have to play musical chairs with our bills and even have the bills automatically paid for without having to wonder how we'll manage to pay for food. We could spend money on our children, our parents, our friends, and yes, ourselves. It's time that those who conduct the studies understand that for most of us, we're not looking for bling - we're looking for a lifeline out of crippling debt.