Sounds hedonistic, but spending money on experiences over things may bring you a higher level of genuine joy and longer-lasting satisfaction in life. We all have a limited amount of money to spend and want to allocate our resources for maximum results. Earning more money brings happiness – but only up to a certain point. People need a place to live, a car and food on the table, but before you buy that next new “thing,” take a moment to determine if you would be more satisfied spending money on an experience with family or friends over a new iPhone.
A new gadget or piece of technology often causes us to swell with pride in a brief moment of that “Wow” factor when showing off the new purchase. Physical products often lose their value as they become a mundane piece of your life and let’s face it – there is always something newer, better, or that has more options.
The concept of spending money on experiences over material purchases has been studied in-depth by Cornell psychology professor Thomas Gilovich. For over a decade, he has been trying to understand how and why experiential purchases are so much better than material products. Using the simple concept of conscious choice, you can create a life that is rich in its abundance by sharing experiences and connecting with the people you love.
In fact, if you have ever been at a party where you are meeting new people, it is easy to connect with someone when you realize that both of you ran the same marathon, hiked the same trail in a national park or vacationed in the same city. It doesn’t matter if they spent $10,000 and you spent $900. Both trips were equally as exciting! The shared experience bonds you as you both compare notes, relive your trip, and refresh the memories.
Summer is quickly passing, and if you have not taken the time to refresh yourself, there are still some great experiences waiting for you! Take a pass on a new car and use the one you have. Journey to a fabulous week with family or friends and make memories that will last a lifetime! Here is a great website to help you purchase an experience before the leaves begin to turn: https://www.lastminutetravel.com/PagePackageSearch.aspx
Remember to take time to stop and smell the roses!