Other generations may bash Gen Z for splurging on the latest Taylor Swift concert or a trip to Japan, but one financial behavioral expert says their status-driven spending is completely normal.

“When I was 20, I was like, if only I could have the Ferrari. If only I could have the mansion,” Morgan Housel told Fortune. “Looking back, I think the reason I wanted it so badly is because I had nothing else to offer the world.”

Today, younger Americans face greater challenges. Whether it’s grappling with high costs of living , unemployment or stagnant wages , they’re discovering those adult milestones their parents had are increasingly out of reach. While some may deem their irresponsible financial habits as “ doom spending ,” Housel thinks it’s all just part of growing up, for

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