Morgan Housel

They don't have the morals.

They don't have the work ethic.

They're adrift.

I think the truth is no matter the generation, no generation handles their 20s with a lot of

Grace and dignity.

It's a very difficult period because you're still trying to figure out who you are.

You are technically an adult.

You are technically on your own and kind of, you know, out of the cradle and trying to figure yourself out.

But very few people do.

And I think that's true at a generational level, which is why it is so easy and almost inevitable that the older generation criticizes whoever the current crop of 20-year-olds are.

I told this story once before, but I hadn't really thought about it very much.

I grew up with a guy.

I worked with a guy.

I was probably 18 or 19, and he was probably 28, let's say.

So he was a little bit older than me.

I worked with him at a ski resort.

And we worked in the ski rental shop together.

His name was Kip Gar, really cool guy.

And Kip, at the time, I knew when we worked together, he had $25,000 in credit card debt.

from ski trips that he had taken.