Menu
Menu
image from Nancy and shawn power.com

Why You Should Spend Your Money On Experiences, Not Things!

 

Today we wanted to take a step back and talk to you about something that resonates with us deeply, something we believe in wholeheartedly.

We even wrote a book about it years ago (but it needs updating so we will not be sharing that with you right now) but we found a great article on it recently that we wanted to share.

It’s a light read and something we are sure you will relate to as well.

What is it?

The title of the article is called “Why You Should Spend Your Money On Experiences, Not Things”.

Now you may be thinking “Well, you guys sell Cruises & Tauck Land Tours, of course you’re going to say that”…

…but the thing is though, we don’t just say it, WE LIVE IT!!

Most of you know us well enough now that you know this to be true as we live conservatively at home and then we travel like nobody’s business to get you those review & galleries that we send out in our newsletter and store here on our blog for your reference.

Anyways, enough from us, here is the article written by Travis Bradberry at Forbes.

Enjoy!

 

Why You Should Spend Your Money On Experiences, Not Things

 

When you work hard every single day and there’s only so much money left after your regular expenses, you have to make certain it’s well spent. Spend your limited funds on what science says will make you happy.

The Paradox Of Possessions

A 20-year study conducted by Dr. Thomas Gilovich, a psychology professor at Cornell University, reached a powerful and straightforward conclusion: Don’t spend your money on things. The trouble with things is that the happiness they provide fades quickly. There are three critical reasons for this:

• We get used to new possessions. What once seemed novel and exciting quickly becomes the norm.

• We keep raising the bar. New purchases lead to new expectations. As soon as we get used to a new possession, we look for an even better one.

• The Joneses are always lurking nearby. Possessions, by their nature, foster comparisons. We buy a new car and are thrilled with it until a friend buys a better one—and there’s always someone with a better one.

“One of the enemies of happiness is adaptation,” Gilovich said. “We buy things to make us happy, and we succeed. But only for a while. New things are exciting to us at first, but then we adapt to them.”

The paradox of possessions is that we assume that the happiness we get from buying something will last as long as the thing itself. It seems intuitive that investing in something we can see, hear, and touch on a permanent basis delivers the best value. But it’s wrong.

The Power Of Experiences

Gilovich and other researchers have found that experiences—as fleeting as they may be—deliver more-lasting happiness than things. Here’s why:

Experiences become a part of our identity. We are not our possessions, but we are the accumulation of everything we’ve seen, the things we’ve done, and the places we’ve been. Buying an Apple Watch isn’t going to change who you are; taking a break from work to hike the Appalachian Trail from start to finish most certainly will.

“Our experiences are a bigger part of ourselves than our material goods,” said Gilovich. “You can really like your material stuff. You can even think that part of your identity is connected to those things, but nonetheless they remain separate from you. In contrast, your experiences really are part of you. We are the sum total of our experiences.”

Comparisons matter little. We don’t compare experiences in the same way that we compare things. In a Harvard study, when people were asked if they’d rather have a high salary that was lower than that of their peers or a low salary that was higher than that of their peers, a lot of them weren’t sure. But when they were asked the same question about the length of a vacation, most people chose a longer vacation, even though it was shorter than that of their peers. It’s hard to quantify the relative value of any two experiences, which makes them that much more enjoyable.

Anticipation matters. Gilovich also studied anticipation and found that anticipation of an experience causes excitement and enjoyment, while anticipation of obtaining a possession causes impatience. Experiences are enjoyable from the very first moments of planning, all the way through to the memories you cherish forever.

Experiences are fleeting (which is a good thing). Have you ever bought something that wasn’t nearly as cool as you thought it would be? Once you buy it, it’s right there in your face, reminding you of your disappointment. And even if a purchase does meet your expectations, buyer’s remorse can set in: “Sure, it’s cool, but it probably wasn’t worth the money.” We don’t do that with experiences. The very fact that they last for only a short time is part of what makes us value them so much, and that value tends to increase as time passes.

Bringing It All Together

Gilovich and his colleagues aren’t the only ones who believe that experiences make us happier than things do. Dr. Elizabeth Dunn at the University of British Columbia has also studied the topic, and she attributes the temporary happiness achieved by buying things to what she calls “puddles of pleasure.” In other words, that kind of happiness evaporates quickly and leaves us wanting more. Things may last longer than experiences, but the memories that linger are what matter most.

 

There you have it, we hope you enjoyed the article as much as we did!

Now go see that Broadway or Cirque Du Soleil show, take your loved one to that fancy/expensive restaurant you’ve both been drooling over, do the hike you’ve always dreamt of, go check out an amazing sunset, take your kids or grandkids on a Memorable Cruise or Land Tour rather them give them a financial inheritance (the memories they’ll have of you will last WAAY longer then the $ you’d leave them!!), etc.

Need some more inspiration for your next Travel “experience”?

If so check out Our Cruise Pictures & Videos to help you get some ideas for your next Ocean Cruise or River Cruise Vacation or maybe a Land Tour is a better fit for your next journey? Either way, let us know anyway we can help.

Talk soon.

We Appreciate You!

Nancy & Shawn
Your Trusted Cruise Experts!

Get The Latest Update!

Sign up below to receive Nancy & Shawn’s reviews from their Personal Cruise Vacations as well as their “Cruise News” & “Top Cruise Deals” right to your email inbox. (On average you’ll get 1 email per month)

Plan Your Next Adventure.

Interested in taking a River Cruise or Ocean Cruise or Tauck Land Tour? Contact Shawn and he can help you with your planning & booking of your next great Vacation!