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1.
A period in one's life, normally during their mid-20s (24-26), that they feel the need to impulsively make decisions, and need something to blame it on.
"I want that new sports car!"

"It's ok, I'm going through my Quater Life Crisis!"
by James McCabe July 15, 2006
 
2.
"My parents told me I can do anything with my life, be anyone I want to be and that the possibilities are endless...not like in their generation"

A new term for those born in Gen Y. It refers to the time when you have completed college or University and you have no clue whether you want to get married, be single, find a career, travel the world, invest, spend, start your own business, move to another city or country, settle in one place, go back to school, pay back debt... basically an exciting yet horrid time when you are happy one day, suicidal the next, and during it all.. all you can think about is... "If my 20's are supposed to be the best time of the life, then why I am so fucking CONFUSED?"
Girl Thinks: "Who wants a boyfriend when I can be a high profile business women making a 100 + a year, own my own place and never rely on a man... on the other hand... I really want to able to settle down in a small town, never work and be a stay at home mom... AHHH such a quater life crisis!"
by Kels! November 01, 2007