How Americans are Getting Extorted by the Soft Life
Today the crew discusses extravagant events and super soft life. A lot of Americans are getting extorted by the Soft Life and Treat Culture. Quick definition run down:
A soft life is a lifestyle that involves comfort, relaxation, and minimal stress or challenges. It can also refer to a lifestyle that involves wealth and luxury, or a simplified life without stress or responsibilities
Treat culture is the act of treating yourself to small, affordable pleasures. It’s about the emotional experience of purchasing and having the treat. The phrase “little treat” reflects a sense of cuteness. Popular with millennials and Gen Z, it’s a way to cope with economic malaise and daily escapism. Some say that treating yourself can boost your self-esteem.
Doom spending is a financial term that refers to spending money despite economic and geopolitical concerns. It’s a way to cope with stress.
According to a Credit Karma survey, Americans are almost unanimously concerned about the economy (96 percent). It’s likely one of the few things we agree on nowadays. A report by Intuit Credit Karma found that 35% of Gen Z and 43% of millennials are spending despite their economic concerns. This kind of doom spending can prevent people from saving money and sink them deeper into debt, creating a vicious cycle of financial stress.
And shocker, social media is not helping.
Table of Contents
The Power of Media and Extorting Hard Earned Dollars:
The hard definition of extortion is a crime that involves obtaining money, property, or services from someone through threats or intimidation. But in this instance, we are getting extorted by social media and the fear of missing out (FOMO).
If everyone else is doing it, why shouldn’t you?
Millennials and Gen Z want the soft life but it’s merely at the cost of their future. It’s not cheap nor budget-friendly, instead, the movement encourages you to spend on impulse. Most of these instant gratification are merely filters over low self-esteem, anxiety, lack of purpose, and general dysfunction.
If you can break the algorithm, you too may become an influencer. Rest assured, that even influencers are caught in a spending-debt spiral. To create content, you have to accumulate. You end up hoarding more to create more content. The modern urban lifestyle cost at least $60,000 to maintain. What started as a profound way to minimize your fiscal footprint, turns into a not stop event until you run out of credit.
Millennials and Genz collective have 5.75 million debtors who owe on average $20,000 to $60,000 excluding mortgages. Should we be concerned? Hell yes. Mounting debt stagnates the economy and freezes young adults.
TiTalks gives a full breakdown on her YouTube channel. Click play to tune in.
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The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don’t. Stories about growth, opportunity, and embracing changes. Beyond that, we talk about Finances. Specifically, how to become Financially literate, incorporate actionable steps, and ultimately build generational wealth.
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Connect with the TFG Crew Hosts:
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lawrence Delva-Gonzalez, Financial Foodie and Blogger @theneighborhoodfinanceguy
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
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