Author Topic: 'Psychologically scarred' millennials are killing dozens of industries  (Read 12573 times)

bebegirl

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Just read this article recently:

'Psychologically scarred' millennials are killing dozens of industries — and it's their parents' fault

http://www.businessinsider.com/baby-boomers-caused-millennials-destructive-spending-habits-2017-6

I liked this extract: ))

"They don't buy napkins. They won't play golf. They aren't buying homes or cars. And they're not even eating at Buffalo Wild Wings"

bacchi

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AppleBee's? Good riddance.

dmac680chi

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Of course it mentions avocado toast!


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Felicity

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AppleBee's? Good riddance.

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I never understood how they stay in business...
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Mr. Green

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From a statistics standpoint, I find the argument that "Millennials don't have the same spending habits as their parents and it's a bad thing" to be humorous. Marketing has only been around for 3 generations, at best, and "experts" are claiming that a change in taste between generations is bad? Perhaps this is actually normal, and we simply haven't experienced enough cycles to know that. Big business makes big money because it has big risks. Dealing with changes in the marketplace is one of them.
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RocketSurgeon

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 I like Applebee's. I am the world's least interesting man.

BlueHouse

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And they're not even eating at Buffalo Wild Wings"
I tasted BWW at a party this weekend and all I can say is they are insane.  I can't wait for an excuse to pick up some wings because those were fantastic!
Sometimes nothing can be a real cool hand

solon

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And they're not even eating at Buffalo Wild Wings"
I tasted BWW at a party this weekend and all I can say is they are insane.  I can't wait for an excuse to pick up some wings because those were fantastic!

You don't need an excuse to pick up wings! What are you, some kind of millennial?

MrMoogle

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And they're not even eating at Buffalo Wild Wings"
I tasted BWW at a party this weekend and all I can say is they are insane.  I can't wait for an excuse to pick up some wings because those were fantastic!
I love BWW's food.  My problem is their service and their cleanliness.  A few friends and I used to go every week or every other week, and the service kept getting worse and worse.  The last time, it took me an hour to get a beer, and two hours to get wings, and I got food poisoning.  Never been back.

This article is funny.  It's like no company ever failed before millennials existed. 

domo

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So long, suckers! I hate that these articles are all framed like millennials are stingy. Never that they're making smart financial choices. We're experiencing a housing bubble. If I didn't already have a house, I sure as hell wouldn't buy one now. I didn't have a diamond in my engagement ring, we don't eat out, and my most recent wardrobe additions came from a clothing swap at a friend's house. I guess we're millennials!

Hotstreak

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And they're not even eating at Buffalo Wild Wings"
I tasted BWW at a party this weekend and all I can say is they are insane.  I can't wait for an excuse to pick up some wings because those were fantastic!
I love BWW's food.  My problem is their service and their cleanliness.  A few friends and I used to go every week or every other week, and the service kept getting worse and worse.  The last time, it took me an hour to get a beer, and two hours to get wings, and I got food poisoning.  Never been back.

This article is funny.  It's like no company ever failed before millennials existed.


They get away with it by being the only Wing place in town.  The options around here are BWW or a dive bar, and as bad of service as BWW gives, the food can be pretty good.

Abe

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So we're overcoming our psychologic scars to destroy terrible restaurants? That'd be a good thing.

Ocinfo

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When in college, 10 years ago now, I ate BWWs weekly. Would meet friends on Tuesday for 25 cent wings. Now I believe they are more than twice the price and over $1 each regular price, which is crazy. I've eaten there 3 times in the last 5 years, wings were smaller, service was bad, but it did taste good...


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crimwell

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Here's a different take on the avocado toast thing from a millennial economist who usually writes about migration and immigration data

https://medium.com/migration-issues/avocado-toast-is-ruining-this-country-44fa82afd248

Quote
So if you phrase it as “For $6.75 a week you can add a year’s worth of income to your retirement savings,” our avocado-toast-hating-old-person suddenly sounds pretty rational .


A Definite Beta Guy

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Here's a different take on the avocado toast thing from a millennial economist who usually writes about migration and immigration data

https://medium.com/migration-issues/avocado-toast-is-ruining-this-country-44fa82afd248

Quote
So if you phrase it as “For $6.75 a week you can add a year’s worth of income to your retirement savings,” our avocado-toast-hating-old-person suddenly sounds pretty rational .
I think a major point is that it's hard to make rational choices, so we need to have certain social norms/rules of thumbs to enforce good behavior. I think MMM mentions that he never actually budgets out his total household expenses, he just sort of auto-pilots and naturally saves money. He does analyze, but usually optimizing specific things like cutting electric, rather than plotting out the whole budget.

I've gotten better at cutting out eating out and coffee expenses. Coffee habit used to be $60/month. Eliminating that nets a nominal pre-tax value of around $11,000 in 10 years, real value $8400 or so. But that's coffee 2/3 times a week at Starbucks or something, which most people think is totally normal. Had to really disabuse myself of "normal" on that.

Most people aren't thinking "I could buy a boat for this in 10 years" or "a year's worth of mustachian living expenses saved!"

dougules

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It has to be psychological scarring that makes young people avoid unhealthy chain food, wasting land with sprawl and golf courses, wasting forests on paper napkins, blowing money, energy, and exercise on expensive transportation, buying new clothes when the world is full of old clothes, etc. etc. 

batemama

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AppleBee's? Good riddance.

PREACH

I never understood how they stay in business...

It's called a blondie, and it's a gift from the gods for those of us who never understood the whole chocolate obsession.

FireLane

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AppleBee's? Good riddance.

PREACH

I never understood how they stay in business...

My friends and I used to go to Applebee's almost every weekend when we were undergraduates in college, lo these many years ago. It's a decent hangout spot if you're too young to get into bars.

Now I'm grossed out by the thought. All that sugar, fat and salt! And their food isn't even prepared on-site, but in giant industrial kitchens and shipped frozen. All they do at their outlets is heat it up.

I don't know why my tastes have changed so much. Either my palate has gotten better, now that I know what real food is, or else I've just gotten crankier in my middle age.

ketchup

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I don't understand why "killing" some industry is somehow a sin.  That's what happens with the passage of time.  Stuff changes.  What people want changes.

26 year old millennial checking in.  I don't buy paper napkins or fabric softener.  I don't eat at AppleBees, McDonald's, or Buffalo Wild Wings.  I don't buy fancy new clothes.  I don't play golf.  I don't have a landline phone. 

Though I've never had avocado toast.  I do shop at Home Depot (does anyone really think they're going anywhere?).

"New" industries/companies that do see some of my money that come to mind: Amazon, Uber, Apple, Microsoft, Netflix, Adobe, Google, Dell, eBay, PayPal, etc.

Dicey

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Well, I'm no millennial (snort) but last week, I made avocado toast for brunch. It was okay, but how is this different than ordering ANY thing for breakfast that could be made at home? This is just a bunch of words strung together to get people's attention. Meh.

As to you millennials: you'll be fine. Don't let this crap get to you.
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marty998

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Gah... bloody old people.

It has to be smashed avocado.

And you have to pay $22 for it.

You guys just don't understand at all. Do you.

doublethinkmoney

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Burn baby burn....


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WhiteTrashCash

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"Millennial" is just a code word for young upper-middle class college-educated white people. That's what I get from most of these articles.

brooklynmoney

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I'm 43 and don't eat at any of these (gross) chains or use paper napkins or stupid chemicals like fabric softener either. Millennials sound pretty smart to me!

redbird

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Eh. I think millennials are used to being accused of causing all of the bad things in the world. It's been happening ever since we were born.

I'm 43 and don't eat at any of these (gross) chains or use paper napkins or stupid chemicals like fabric softener either. Millennials sound pretty smart to me!

I'm a very early Millennial, sometimes GenXer depending on where the article of the day draws the line. I've NEVER gotten fabric softener. You're paying to have your clothes beaten up faster?

But I have a strong dislike for fabric softener after buying this house I live in now. The people who owned this house before me used a lot of fabric softener and I had to practically take apart the washing machine to clean all of that blue goop out that was stuck inside the fabric softener dispenser area.
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dcamnc

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I'm in the Gen X camp at 42. I have alot of millennial traits myself. I will say I've never had avocado toast, and don't really plan to (unless it's free).

ptobeast

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I love avocado toast (also avocado bagels), as avocados are the Fruit of the Gods. Cream cheese, avocado, salt, pepper, squirt of lime - so good! Never paid $$ for it though. Was making it long before it became A Thing, and will continue eating it long after it has ceased to be A Thing.

Napkins, or rather "paper products designed to wipe things" are a funny thing. Buying toilet paper AND tissues AND napkins AND paper towels is a high number of very similar products to have to keep up with. So I use a short paper towel if I really need a napkin, and I use toilet paper if I really need a tissue.

Barely eat any fast food (though there is a weak spot in my heart for Chick-fil-a). I can go to a local diner or happy hour at a bar and get a far more satisfying burger at a cheaper price than McDonalds/BK/etc..

ketchup

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Napkins, or rather "paper products designed to wipe things" are a funny thing. Buying toilet paper AND tissues AND napkins AND paper towels is a high number of very similar products to have to keep up with. So I use a short paper towel if I really need a napkin, and I use toilet paper if I really need a tissue.
This is my (millennial) household too.  We buy toilet paper and paper towels and that's it.  My parents always buy Kleenex and napkins and whatnot too.  It's really quite silly.

dougules

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Napkins, or rather "paper products designed to wipe things" are a funny thing. Buying toilet paper AND tissues AND napkins AND paper towels is a high number of very similar products to have to keep up with. So I use a short paper towel if I really need a napkin, and I use toilet paper if I really need a tissue.
This is my (millennial) household too.  We buy toilet paper and paper towels and that's it.  My parents always buy Kleenex and napkins and whatnot too.  It's really quite silly.

I'm closer to Gen X than millennial, but we use cloth napkins and dish rags a bit more than paper towels.  Using all that paper is just wasteful.  Plus cloth napkins make us look fancy when friends come over. 

ketchup

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Napkins, or rather "paper products designed to wipe things" are a funny thing. Buying toilet paper AND tissues AND napkins AND paper towels is a high number of very similar products to have to keep up with. So I use a short paper towel if I really need a napkin, and I use toilet paper if I really need a tissue.
This is my (millennial) household too.  We buy toilet paper and paper towels and that's it.  My parents always buy Kleenex and napkins and whatnot too.  It's really quite silly.

I'm closer to Gen X than millennial, but we use cloth napkins and dish rags a bit more than paper towels.  Using all that paper is just wasteful.  Plus cloth napkins make us look fancy when friends come over.
I suppose I should have clarified.  I use that sort of thing too to minimize waste, but the paper products we do use/buy are only paper towels and toilet paper.  I'm not quite willing to stop buying paper towels.  Some things are not appropriate for reusable cloth napkins/rags/etc.

v8rx7guy

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They need to put another perforation in paper towels right down the center so you can also make square napkins from the roll.  Boom!  Million dollar idea of it isn't done already.

Oh yes... and those damn millenials and their avocado toast!!!

EricL

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My takeaway is that millennials are smarter and/or better informed than previous generations.  Now 'scuse me while I go weep some crocodile tears over Applebee's. 
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dougules

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Napkins, or rather "paper products designed to wipe things" are a funny thing. Buying toilet paper AND tissues AND napkins AND paper towels is a high number of very similar products to have to keep up with. So I use a short paper towel if I really need a napkin, and I use toilet paper if I really need a tissue.
This is my (millennial) household too.  We buy toilet paper and paper towels and that's it.  My parents always buy Kleenex and napkins and whatnot too.  It's really quite silly.

I'm closer to Gen X than millennial, but we use cloth napkins and dish rags a bit more than paper towels.  Using all that paper is just wasteful.  Plus cloth napkins make us look fancy when friends come over.
I suppose I should have clarified.  I use that sort of thing too to minimize waste, but the paper products we do use/buy are only paper towels and toilet paper.  I'm not quite willing to stop buying paper towels.  Some things are not appropriate for reusable cloth napkins/rags/etc.

I wasn't trying to judge.  I was more saying there's a reason paper sales are declining.  We still use paper towels, too.  I just try to minimize.  They are definitely good for things that are health hazards like cat poo. 

bridget

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I don't understand why "killing" some industry is somehow a sin.  That's what happens with the passage of time.  Stuff changes.  What people want changes.

26 year old millennial checking in.  I don't buy paper napkins or fabric softener.  I don't eat at AppleBees, McDonald's, or Buffalo Wild Wings.  I don't buy fancy new clothes.  I don't play golf.  I don't have a landline phone. 

Though I've never had avocado toast.  I do shop at Home Depot (does anyone really think they're going anywhere?).

"New" industries/companies that do see some of my money that come to mind: Amazon, Uber, Apple, Microsoft, Netflix, Adobe, Google, Dell, eBay, PayPal, etc.

Right? Millennials have "killed" a bunch of industries that are basically just not perceived as trendy or useful anymore. We've also "birthed" a bunch of industries that didn't exist previously - cold-pressed juice, blowout bars, subscription boxes, craft cocktails. We'll "kill" cable but make Netflix a behemoth, until somebody else comes up with something way more convenient or interesting than Netflix and it will either evolve or go the way of the passenger pigeon like the cable providers before it.

All it means is that we're spending our money on different stuff because tastes change over time. BFD. That happens constantly.

ptobeast

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They need to put another perforation in paper towels right down the center so you can also make square napkins from the roll.  Boom!  Million dollar idea of it isn't done already.

I'd totally buy those.

As it is, I'm annoyed that the last 6 pack of paper towel rolls I bought were not the ones with the perforation to make narrow pieces, so all of my paper towel napkins have ragged edges from me ripping a full piece in half.

dougules

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I don't understand why "killing" some industry is somehow a sin.  That's what happens with the passage of time.  Stuff changes.  What people want changes.

26 year old millennial checking in.  I don't buy paper napkins or fabric softener.  I don't eat at AppleBees, McDonald's, or Buffalo Wild Wings.  I don't buy fancy new clothes.  I don't play golf.  I don't have a landline phone. 

Though I've never had avocado toast.  I do shop at Home Depot (does anyone really think they're going anywhere?).

"New" industries/companies that do see some of my money that come to mind: Amazon, Uber, Apple, Microsoft, Netflix, Adobe, Google, Dell, eBay, PayPal, etc.

Right? Millennials have "killed" a bunch of industries that are basically just not perceived as trendy or useful anymore. We've also "birthed" a bunch of industries that didn't exist previously - cold-pressed juice, blowout bars, subscription boxes, craft cocktails. We'll "kill" cable but make Netflix a behemoth, until somebody else comes up with something way more convenient or interesting than Netflix and it will either evolve or go the way of the passenger pigeon like the cable providers before it.

All it means is that we're spending our money on different stuff because tastes change over time. BFD. That happens constantly.

I imagine local produce, thrift stores, phone apps, Youtube stars, and anything artisanal are doing pretty well right now.

WhiteTrashCash

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I don't understand why "killing" some industry is somehow a sin.  That's what happens with the passage of time.  Stuff changes.  What people want changes.

26 year old millennial checking in.  I don't buy paper napkins or fabric softener.  I don't eat at AppleBees, McDonald's, or Buffalo Wild Wings.  I don't buy fancy new clothes.  I don't play golf.  I don't have a landline phone. 

Though I've never had avocado toast.  I do shop at Home Depot (does anyone really think they're going anywhere?).

"New" industries/companies that do see some of my money that come to mind: Amazon, Uber, Apple, Microsoft, Netflix, Adobe, Google, Dell, eBay, PayPal, etc.

Right? Millennials have "killed" a bunch of industries that are basically just not perceived as trendy or useful anymore. We've also "birthed" a bunch of industries that didn't exist previously - cold-pressed juice, blowout bars, subscription boxes, craft cocktails. We'll "kill" cable but make Netflix a behemoth, until somebody else comes up with something way more convenient or interesting than Netflix and it will either evolve or go the way of the passenger pigeon like the cable providers before it.

All it means is that we're spending our money on different stuff because tastes change over time. BFD. That happens constantly.

I imagine local produce, thrift stores, phone apps, Youtube stars, and anything artisanal are doing pretty well right now.

Not to mention plastic glasses frames and cassette tape manufacturers, as well as Pabst Blue Ribbon's brewery and scarf knitters with Etsy shops.

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rothnroll

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All of those restaurants are gross. I am not a millennial either. WHen I eat out, which is very infrequently, I eat awesome food that isn't prepared by a teenager.
Forget about avocado toast. You can make that at home for 2 dollars.

dougules

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I'm starting to think it's actually a good thing that Gen X is forgotten and ignored as usual. 

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What gets me is the same people screaming at millennials for mass industry manslaughter are very likely the same ones screaming about how we should leave everything (particularly health care) in the tender loving hands of the "free market."
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mm1970

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I'm starting to think it's actually a good thing that Gen X is forgotten and ignored as usual.

ha ha me too.

Though I did read an interesting article in the local free rag about real estate.  About how boomers are starting to be "stuck".  They want to downsize, but
- millenials don't want their McMansions
- millenials cannot afford their McMansions - they still have college loans.
- millenials want what boomers want - to live near cool stuff that they want to do, not out in the burbs

Then they mentioned the forgotten ones
- Xers lived through the recession in what should have been their prime earning years.  Now they have kids' college to save for, and aging parents to help, and they often cannot afford to trade up out of the starter home - nor do they want the hassle of the McMansion, if they can afford it.

dougules

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I'm starting to think it's actually a good thing that Gen X is forgotten and ignored as usual.

ha ha me too.

Though I did read an interesting article in the local free rag about real estate.  About how boomers are starting to be "stuck".  They want to downsize, but
- millenials don't want their McMansions
- millenials cannot afford their McMansions - they still have college loans.
- millenials want what boomers want - to live near cool stuff that they want to do, not out in the burbs

Then they mentioned the forgotten ones
- Xers lived through the recession in what should have been their prime earning years.  Now they have kids' college to save for, and aging parents to help, and they often cannot afford to trade up out of the starter home - nor do they want the hassle of the McMansion, if they can afford it.

Plus gen X was the baby bust, so there aren't enough of us to buy the McMansions if we even if we could or wanted to.  Plus I would guess gen X is the most frugal cohort under 70.

Playing with Fire UK

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I'm starting to think it's actually a good thing that Gen X is forgotten and ignored as usual.

Gen X'ers killed both the BetaMax and VHS. They destroy industry. And contributed to mass manufacturing in China.

Feeling better Dougules?

dougules

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I'm starting to think it's actually a good thing that Gen X is forgotten and ignored as usual.

Gen X'ers killed both the BetaMax and VHS. They destroy industry. And contributed to mass manufacturing in China.

Feeling better Dougules?

Sure.  I think I'll go back to being ignored now :)

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iowajes

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"Millennial" is just a code word for young upper-middle class college-educated white people. That's what I get from most of these articles.

I'm a millennial, but only barely.
I'm not sure I meet your definition (is 35 young?)

I have never had avocado toast.

I don't buy napkins, I won't play golf. I haven't been to Buffalo Wild Wings in 10 years (I used to like it, but now I rarely eat out, and when I do I go to restaurants with difficult to cook foods- like Indian). But I have bought 2 houses, and 1 car since I graduated college. So I don't fit that part of the article.

Quote
As a result, Greenberger says, millennials don't spend as freely as previous generations.

They'll avoid paying full price for clothing, something that is wreaking havoc on retailers like Macy's and Sears. They'll avoid investing in the stock market, having seen how investments can go wrong. If they're going to spend on a nice dinner, it is more likely to be at an independent restaurant that can provide a special experience than at the predictable Applebee's or Buffalo Wild Wings.

I'd say all that is pretty true about me.

But no effing way is my splurge $10 toast. 

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This is great! But what's a diamond in the void?

thesvenster

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This is great! But what's a diamond in the void?

Fast food restaurants and diamonds are in the void. But diamonds in the void sounds cool. Like an album name

Cassie

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I am a BB and never understood fabric softener either. I actually hate it.  The smell is nasty. My kids don't like antique furniture and don't collect anything. I think that is common now for young people. Now us BB's are getting rid of crap we should have never collected and no one wants it:))