Recent changes in basic economic conditions make it harder for college students to find their way in the new economy. However, in addition to these structural changes that drive up the costs of living in society, many students are also suffering from the effects of developing an unsustainable, affluent lifestyle both before and during the pursuit of a baccalaureate degree. Paradoxically, this affluent lifestyle is often the unintended consequence of choices that initially seem to be good mechanisms for teaching students financial responsibility and the value of a dollar: earning their own spending money through part-time work and building a credit history. Educators need to understand the issues associated with students' experiences with working while attending college, and the spending habits they often develop during their college years, in order to help as many students as possible avoid becoming ensnared in a serious financial trap that can ruin their credit and limit their employability for years to come. Parents need to understand these issues as well--unless they are prepared to have their offspring living in their basements and eating out of their refrigerators for years to come! In this article, the author shares his concerns about premature affluence among college undergraduates; describes the serious, long-term problems it can cause; and offers suggestions for how higher education professionals of all types can support student financial well-being.