Podcast Summary
Generation war over coolness: Despite constant generational debates over who started trends and who's cool, it's essential to remember that everyone contributes uniquely to the cultural landscape, and trends come and go.
Generations, specifically millennials and Gen Z, often find themselves in a back-and-forth battle over who started trends and who is cool. Rachel and George, the hosts of Smart Money Happy Hour, discussed this topic and shared their observations. They mentioned how Gen Zers have been making fun of millennials for their fashion choices, such as wearing ankle socks, while also being fascinated by them. Additionally, Gen Zers have been claiming ownership of trends that older generations have already started, like at-home dinner parties, which were previously called supper clubs or fellowship potlucks. This generation war over coolness can lead to insecurity and feelings of being irrelevant. However, it's essential to remember that trends come and go, and everyone contributes to the cultural landscape in their unique way.
Trends in Fashion: Fashion trends and fads cycle back, making the concept of what's 'in' or 'out' a constantly evolving and cyclical one. Examples include clock lips, choker necklaces, square cut cropped 90s t-shirts, sports jerseys, charm and beaded bracelets, hoop earrings, and Jordan's.
Trends and fads, whether it be in fashion, budgeting, or lifestyle, often come full circle. During a conversation about budgeting methods, the topic shifted to the cyclical nature of trends, particularly in fashion. The speaker shared her experience of feeling both old and young depending on the trends that are popular at different stages of life. She also mentioned the return of certain fashion trends from her childhood, such as messy hair for men and wavy, curtain bangs for women. The conversation then moved on to listing various trends that have made a comeback, including clock lips, choker necklaces, square cut cropped 90s t-shirts, sports jerseys, charm and beaded bracelets, hoop earrings, and Jordan's. The speaker also noted that some trends, like Jordan's, have always been present to some degree. Overall, the conversation highlighted the idea that trends and fads are constantly evolving and eventually return, making the concept of what's "in" or "out" a cyclical one.
Fashion trends revival: Some past fashion trends and technologies are regaining popularity, bringing nostalgia and charm to present day, while individual styles and preferences may influence the appeal of these revivals, and owning and using physical media can offer a unique experience.
Various fashion trends and technologies from the past are making a comeback in present day. Some examples discussed include butterfly clips, cargo pants, denim skirts, tall socks, polo shirts, loafers, hot rollers, and old school tech like flip phones, cassettes, and CDs. While some individuals may not be fond of these revivals, others find charm and appeal in the nostalgia they bring. The conversation also touched upon the idea that certain trends may have different effects depending on individual styles and preferences. Additionally, there was a mention of the appeal of owning and using physical media, as opposed to the instant access provided by modern technology.
Generational spending trends: Gen X spent the most in 2021, with an average expenditure of over $83,000, followed by millennials at over $69,000 and Gen Z at over $43,000. Housing was the biggest expense for all generations, making up 30% of annual spending.
Despite advancements in technology, there's a growing trend towards nostalgia and appreciation for the past. Older technologies like film cameras and vintage appliances are making a comeback, and generations are spending differently. According to a recent study, Gen X spent the most in 2021, with an average expenditure of over $83,000. They were followed by millennials, who spent over $69,000. The least spending generation was Gen Z, with an average expenditure of over $43,000. The biggest expense for all generations was housing, making up 30% of annual spending. Interestingly, boomers were the biggest givers, donating the most amount of money in cash and contributions. Millennials, on the other hand, spent the most on education. These trends could be influenced by various factors, including income levels, priorities, and cultural shifts.
Financial privacy habits across generations: Each generation has distinct financial habits and attitudes towards money and privacy. Gen Z is open about finances and tech-savvy but values confidentiality. Millennials save the most due to past experiences and awareness. Boomers share info carelessly despite tech-savviness. Protecting financial and personal info is vital for all ages to avoid identity theft and scams.
Every generation has unique financial habits and attitudes towards money and privacy. A recent discussion revealed that while Gen Z is open about discussing finances and comfortable with technology, they also prioritize keeping their information confidential. Millennials, on the other hand, save the most due to their experiences and awareness of financial instability. Boomers, despite being tech-savvy enough, are more likely to share personal information carelessly. Regardless of age, it's crucial for everyone to protect their financial and personal information from online data brokers and scams. The importance of data privacy transcends generations, and taking steps to secure it is essential for avoiding identity theft and online scams.
Financial habits: Debt freedom and setting financial goals are crucial habits for financial stability and flexibility, regardless of age or economic conditions.
Regardless of age or economic conditions, there are proven financial habits that can benefit everyone. Debt freedom is a crucial habit, as it allows individuals to have more financial margin and flexibility. Having financial goals, such as saving for emergencies or retirement, is also essential. Each generation faces unique financial challenges, but there are pros and cons to every approach to managing money. For example, Gen Z may be drawn to old-fashioned saving methods but may also be prone to instant gratification. Millennials may be disillusioned by student loan debt but are coming of age and recognizing the importance of being financially responsible. The housing market may make it challenging for younger generations to become homeowners, but it's essential to wait until they are financially ready, which means being debt-free and having an emergency fund. Overall, every generation can learn from each other and work towards financial stability and dignity, no matter the economic climate.
Financial literacy and responsibility: Regardless of generation, financial literacy and responsible money management are crucial. The Ramsey Plan is a helpful tool, and starting a budget is an essential first step. Don't blame external factors for your financial situation, take responsibility and seek advice when needed.
No matter what generation you belong to, financial literacy and responsible money management are essential. The Ramsey Plan is a valuable tool for everyone, and starting a budget is a crucial first step. While each generation has its unique characteristics, it's important to take responsibility for your financial situation and not blame outside factors. The hosts, Rachel and George, shared their preferences for different generations, but ultimately agreed on the importance of financial education. They also encouraged listeners to share their money situations and failures for advice and opinions by calling 877-306-1517 and leaving a voicemail. Lastly, they admitted to using Gen Z phrases, despite pretending to dislike them, showcasing the creativity and influence of younger generations.
Gen Z language: Staying updated with Gen Z language helps feel included and connect with peers, but it's essential to approach expressions with an open mind and sense of humor, as not all individuals use or take them seriously.
Gen Z language, also known as slang or jargon, is a unique and evolving aspect of their communication style. During our conversation, we explored various Gen Z sayings and their meanings, such as "it's giving," "it's a vibe," and "main character energy." These phrases convey emotions and ideas that can be difficult to express with traditional language. While some may find these expressions cringy or outdated, others embrace them as a way to connect and engage with their peers. The importance of staying up-to-date with these trends can be compared to keeping up with the latest fashion or music trends. It's a way to feel included and part of the community. However, it's also essential to remember that not all Gen Z individuals use these phrases, and not all of them take them seriously. As a result, it's crucial to approach these expressions with an open mind and a sense of humor. Ultimately, the goal is to understand and appreciate the unique language and culture of Gen Z, even if you don't use it yourself.
Language and societal norms: Language and societal norms change over time, and it's important to be aware of cultural differences and the potential misunderstandings that can arise from using outdated or inappropriate language.
Language and what is considered cool or acceptable changes over time. During the conversation, the speakers reminisced about words and phrases they used when they were younger that are no longer in use or considered inappropriate today. They also discussed how certain things that were once considered acceptable, such as episodes of The Office, would not fly in today's culture. The speakers also shared personal experiences of using words that were misunderstood by others due to cultural differences. Additionally, they tried a new mocktail recipe, the Juicy Julep, and shared their thoughts on it. Overall, the conversation highlighted the importance of being aware of cultural differences and the ever-changing nature of language and societal norms.