Don’t Buy That 4K TV, Vacation In Bogota Instead
Jay Cassano on the science behind why you should spend your money on experiences, not things:
One study conducted by Gilovich even showed that if people have an experience they say negatively impacted their happiness, once they have the chance to talk about it, their assessment of that experience goes up. Gilovich attributes this to the fact that something that might have been stressful or scary in the past can become a funny story to tell at a party or be looked back on as an invaluable character-building experience.
Another reason is that shared experiences connect us more to other people than shared consumption. You’re much more likely to feel connected to someone you took a vacation with in Bogotá than someone who also happens to have bought a 4K TV.
All obvious at the 10,000-foot level, but maybe not so much day-to-day.
As a family who has skipped home remodels, new cars, and probably a bunch of other things for many years to swap for family ski trips and junkets to Europe, I am on board with this.
And if the science disagrees then let’s find a different study:-)