I'm 20 and got my iPhone like two weeks after it came out. I saw my other two cousin's who had 8GB's and I told them I'd wait for the second iPhone that has 3G but I ended up buying an 8GB iPhone and ready to buy the other iPhones that come out.
It sucked too because I sold my Nokia 6110 Navigator for $530 online on eBay then paid the difference to get an 8GB iPhone and found out a day later that I got scammed. The person's eBay account got hacked into and the Paypal payment was reversed, I lost my Nokia + had to pay off $530 on Paypal to keep my credit looking good. Security Protection was ineligible (opened a dispute and lost, i had proof and everything but International sales aren't covered), I will no longer trust overseas sales. For those of you who thought I shouldn't have done it in the first place, I sent it because I trusted my International sales as a salesman, I've done many overseas deals and this time I managed to deal with a con.
All in all, it turns out that I spent $1000+ for an iPhone...isn't that something, yes I'm still hurting every time I think about it. Only a student with a part-time job but for the love of Apple, I still had to get an iPhone!