The Two Americas - Throwing Money at Whatever and the No-Buy Trend

The American way of doing business - throwing money at a project or at talent - has become uncool. At least among a growing number of tribes, including the ones on Wall Street. 

SO MUCH FOR WEALTH

What we now know:

Instead of being financed through billions of dollars, the Chinese version of generative AI DeepSeek had been developed in two months for $6 million. American Big Tech has been disrupted. One of my coaching clients is considering what to short.

With a decline in demand predicted for the US law sector the high compensation for star talent at firms like Kirkland & Ellis and Paul Weiss might not be sustainable. Already that's being questioned in the UK.

The natives are restless at Goldman Sachs as the top dog David Solomon received $39 million in 2024 compensation. At the same time in the lower ranks there's been a haircut on the usual amount of bonuses.

Billionaires like Bill Gates and Elon Musk don't seem content with their wealth. They appear to struggle for more and more attention. So that's what getting "there" gets you? They come across to be so needy - and foolish. 

SEARCHING

In contrast is the meme hammered in the blockbuster film "Nomadland." Capitalism has been cruel to Fern. Her industry collapsed and she is aging with no hope of getting work in that small town. Life has been equally unkind. Her husband had died. The Ah-Ha Moment of hope is to pull out of nowheresville in a non-retrofitted van. 

Along her journey she meets up with others also down on their financial luck. Survival and even a new kind of contentment come in the form of Bob Wells. He is featured in the movie as himself - a man who had lost his money in a divorce and his old life after the suicide of his son. Wells teaches everything from how to fix a tire to how to build a community. 

NO-SPEND

A version of that meme of making it on little has popped up on TikTok and in locations like Fern's hometown which has seen better days. That's the No-Spend ethos. 

There's pride in living with not only less. But also there is prestige in having the savvy to uncover the bargains for what has to be purchased. For example, a jacket for the cold weather.

This used Calvin Klein went for less than $20 at the The Clothing Exchange an hour from the border of Mexico. 

HUSTLE

An extension of that is how to hustle to make a buck outside the usual boundaries of the full-time job. As we know, there are fewer and fewer of those for white-collars. 

By the dumpster was this cubby. On Craigslist it went for $10. The enterprising couple also sells their finds at farmers' markets and flea sales. They do okay but make it their business to live below their means. Recently they did treat themselves to an anniversary breakfast at Denny's.

OLD-FASHIONED MINIMALISM

That value system isn't new, of course. 

In the old days before it was necessary or acceptable to take out six-figure loans to finance matriculating for academic degrees we basked happily in genteel poverty. 

Later, to not have roommates as we got the hang of getting ahead on the job we sucked up the basics of how adults did minimalist living. To invest in a future we didn't hesitate to take on tradeoffs. For my first house - a duplex in Pittsburgh, Pennsyvania - I sold my car. I got around jolly fine.

BETRAYAL

Some of the current frugality is needed. Another aspect is the result of feeling betrayed by the America ethos of success in a professional life. 

My generation of Boomers, who made all the right moves, were tossed out on the street during corporate downsizing in the late 1980s. 

FAILURE TO LAUNCH

The latest generation who is supposed to be getting launched in the work world can't find entry jobs or even the needed internships. 

After all that investment in law school law students and new graduates have been locked out of the opportunities they thought they had in federal government. For new lawyers getting that first job has always been hard. Now it could be impossible. What will happen to that generation of law school graduates in the second half of the second decade of the 21st century? 

AGING

In the middle - Generation X whom I coach - are aging and have to figure out how to make ends meet for the next 30 years. Should they risk leaving the potential of well-paid work in HCOL (high cost of living) areas for half the living expenses in LCOL (low cost of living) ones? Here is my published article in O'Dwyer Public Relations on that. 

PEACE OF MIND

Those who had embraced minimalism and socked away the surplus in the stock market are having peace of mind right now. There's no need to live paycheck to paycheck. And there's the current discipline not to use all that income from working on a lifestyle. 

WHAT A HUMAN BEING REALLY NEEDS

Then there are others whom I'm guiding to be able to approach life very differently than the expectation of purchasing what a human being really needs.  Interestingly, some of their children had already been following the video teachings of Bob Wells. 

Low on hope about finding, holding, or moving on to better work?  Getting that back is the first step. Then you and I, as your career coach, move on to diagnosing what's in the way, trying out the solutions and creating the communications you need. Free consultation. No pressure. After that, fees custom-made for your budget. Please contact for an appointment Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com).