So you can’t decide whether to spend your hard-earned cash on the latest iPhone, that expensive new outfit or a shiny car? Well science says you’d be better off investing that money in experiences, including travel.
Although a material object will physically last longer, recent research shows that a one-off experience like a concert or a holiday will make you a happier person, according to Fast Company.
One of the reasons why experiential purchases win out over material buys is because as humans we tire more easily of the things we own.
“One of the enemies of happiness is adaptation,” said Dr Thomas Gilovich, a Cornell University professor, who has been studying money and happiness for over two decades.
“New things are exciting to us at first, but then we adapt to them.”
So Gilovich suggests you'll derive more happiness spending money on experiences like outdoor activities, going to art shows, learning new skills, or travelling, than on buying a new BMW.
“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,” says Gilovich.
“In contrast, your experiences really are part of you. We are the sum total of our experiences.”
Gilovich said another reason related to the idea of sharing experiences, Fast Company reported.
“We consume experiences directly with other people,” he said.
“And after they're gone, they're part of the stories that we tell to one another.”
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