Chic Frugality

It's not unusual (cue Tom Jones) for our little group to research, write and speak to Generational Differences in the Workplace, so my antennae are already piqued for changes among my cohorts: the "Forty-Somethings."  And I am definitely sensing pre-tremors that I believe will lead to tectonic shifts within our generation--shifts that will be quite noticeable in years to come.

For lack of a less loaded phrase, let's call the primary shift Chic Frugality.  (Whereas material fruits--possessions--were once synonymous with success, they are slowly becoming hallmarks of foolishness, recklessness, garishness and waste.  Clearly, this signals a potential attitudinal sea change for consumerism in our society.  Pure & Simple = More.  Reduce, Reuse, Recycle, indeed.) 

As children of older Boomers, Forty-Somethings experienced the most prosperous childhoods since America's creation.  More prosperity = more wealth, more choices, more education, more travel...the works.  Granted, this doesn't describe the reality of everyone born in the mid-late 60's, but there is no question that the access to opportunity afforded to my generation was unparalleled in American life.  We grew up on Leave it to Beaver re-runs, watched Lassie save the Forests and reveled as Kwai Chang Caine educated unsuspecting Californians with his feet in Kung Fu.  The sacrifices of our parents and grandparents yielded many fruits; the world was our oyster and the harvest was frequently bountiful.   

"Want a great job?"  "Then get a great education."  The formula for success was not complicated.  Hunker down in school, get good grades and the rest would take care of itself.  Scholarships, financial aid, competitive tuitions...relatively easy peasy.  It was unusual to meet someone who wanted a college education but didn't get one.

< Here is one of the most powerful videos around that shows how education began--and why it is now failing. >

Wow, have times changed.  Today, all bets are off and employment is anything but formulaic.  How's this for a statistic: "Six qualified applicants exist for every available job in the United States."  It is an employer's market, not a graduate's market--and it's not unusual (there's Tom again) to hear of unemployed friends who have had >150 interviews in 2 years...with no luck.

According to the Higher Education Research Institute, an army of 1.5 MILLION students entered college last fall.  Among those interested in East and/or West coast schools, 47% applied to SIX or more universities...roughly twice the number in 2007.  According to Collegia, a consultancy that helps cities market their colleges, 250,000 FAMILIES pass through Boston each year to visit Harvard, Tufts and BU.  The University of North Carolina has seen a 24% increase in campus visits this year, primarily because they now welcome elementary-school age visitors.

In the midst of this competition, uncertainty and unemployment, expectations and confidence are eroding.  If they have not already, nearly all my demographic cohorts (those in my age range) are shedding material possessions like snakes in spring, downsizing homes and cars, stuffing limited cash under their mattresses and recalibrating expectations for their lives and the lives of their children.  The evening news is depressing, politicians are divided and the forecast calls for mostly cloudly with a chance of rain--forever.  At best, maybe we can slash our national debt by $4 to $6 TRILLION USD and hope to claw back to a debt of only >$10 TRILLION?  Oy and Oomph are right.

For grins, check out the US Debt Clock.  Be sure to squint; it'll hurt your eyes.

At the granular, individual level, allow me to share a few personal anecdotes about how I see these oppressive realities affecting many of my friends and cohorts.  Here are direct quotes folks have shared with me during conversations in the last month in three different states:

"It's real simple for me, Blake.  Faith, family, friends."

"In light of all that's happening, and particularly now that I'm getting older, simple is better."

"We tried everything: the house, the land, the car.  None of it brought happiness...and we'll never go back to living that way again."

"Three years ago, I was so driven.  Anything was possible and my wife and I were willing to hunker down and stay.  But now...now, I'm just flat-out tired.  I want off the ride.  My ego's not what it was, I don't hunger for promotions.  I've become much more contemplative and think I'd be happier living in that proverbial van down by the river."

"I am so non-committal.  We've sold virtually everything--and now I'm scared to buy anything!  If I can't lease or rent it, I won't touch it."

"It's funny--we live like we have fear of future buyer's remorse.  Everything stretches out before us, but we fear that if we pull the trigger, the bottom of the market will drop out from under us again and we'll be left holding the bag with no job to back it up."

"My husband and I live this nomadic life now.  We were fortunate enough to sell our home and hit the road.  We spent two years home-schooling in Europe and now we're heading out to the great Southwest.  We live on $1,600/month instead of $12,000."

 

From Hummer to Prius, home to travel-trailer, these comments have begun to roll in like waves.  For those who are gainfully employed in secure positions or markets, life remains their oyster.  But this reality is becoming a narrow beachhead on a shrinking strip of sand.  The foundations of our capital markets have been rocked, federal employees describe living on "borrowed time," and nothing feels as certain as the evening TV schedule of old.  Now, it's reality, reality, reality...drama, drama, drama...economic disaster after natural disaster after global climate change.

(I loved the headline on the cover of a recent Newsweek magazine, "Kate the Great: In a world gone to hell--thank God, a wedding.")

So much has changed since Princess Diana walked that long path to the altar.  And perhaps a fitting metaphor, too, as many in our generation feel an innocence lost.

But time marches on and, with time comes new opportunity.

It has always been thus, and thus it will always be.  Vanguards, harbingers and horizons.

The key (whether you've lost it all, are hanging on by your toenails or have your arms wrapped tightly around it) is to remember the transformative powers of letting go and of faith.  It was never about the things and never will be. 

Watch Instinct again, with Cuba Gooding, Jr. and Anthony Hopkins and the dialogue will crackle and resonate more than ever:  "What have I taken from you," Anthony asks.  "The illusion of control."  From here--and only here--we can begin to move forward again and envision a new and better way of living. 

 

We Can Reverse This Lie:

https://www.youtube.com/watch?v=42E2fAWM6rA