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There's nothing wrong with exploring your newly minted 21 status, staying up late, and hanging out with your friends as much as possible.
By trying out lots of different things — fashion styles, friend circles, jobs, etc. — you get to feel out what you like, versus what you can cut out.
Sure, some people will have found their forever lobster and started career paths they'll be on forever. But a lot of people in their early twenties get the awesome wiggle room of being able to experiment.
You realize you are, in fact, getting older. And getting older means responsibilities, and having to figure your shit out. Even if you're not totally ready to do that just yet.
A quarter-life crisis can actually be the kick in the ass you need to start moving ahead. You'll decide what's really making you happy, and start to let go of the things that aren't.
You'll start brushing off other people's bullshit, and even your own. In general, you're just going to start really sorting out what matters versus what doesn't.
You might have found your dream job, and you could be dating to form longer relationships. Regardless, you're taking life more seriously, and that's a good thing.
And you're taking active steps to get to the future you want, if you're not already there.