There also seems to be a pervasive cultural pressure that says, "Live for today: your 20's are the only time in your life worth living, and if you don't have it all RIGHT NOW, you'll never get it or you'll be too old to enjoy it anyway." A brilliant marketing strategy for those who are selling expensive consumer electronics, but it's lousy financial planning advice. ;)
There is a guy along my road to work - crew cab pickup with all the trimmings, boat, Porsche, remodeled house twice the size of mine, etc. Vanity plate = "LIV42DAY." Gee, I wonder if he has a second mortgage (he asked naively .... )? :P