I lived on the edge of broke for a long time in my 20s. Now that DH and I have a nice income, we are finding that we don't need (or in fact, want) the big cars, the huge house, the cutting edge entertainment system.
Easy credit is an evil thing. It artificially inflates the standard of living, and when the job is lost, the economy tanks, the car/AC/roof breaks/leaks, there is an accident/serious illness, the bills remain.
I have 3 months income in the bank outside of long-term investments, with a guaranteed job and health insurance. Our total debts including house and vehicles are just over a year's income. I'm feeling pretty good.