Hello i am a first time volvo owner, 95 850 turbo wagon.
so my generator light is blinking while my car is off and the key is out of the ignition, is this a problem? what should i do?

 

Welcome to the forum.

Moved your post to the 850 model area so hopefully you can get some help.

 

Does the light go off when you start the car??? I'd look into one of two things - the ignition switch is shorting or the Alternator's voltage regulator (ie the diodes) have shorted creating a circuit path from the battery back to dashboard... Try wiggling the key a bit when turning off the car to see if that stops it. If you have a volt-ohm meter, you should do a simple self check of the alternator as well (search for Youtube vids on the how to).