It is better to spend more on experiences than things. Here is why
We work for countless hours and after paying all the bills and some savings, we are often left with a certain amount of money which we want to spend in the best way possible. As per our middle-class logic, the limited funds which we have should be spent on buying a thing that we will happily use for a foreseeable future. Then why you should spend more on experiences and less on things?
For how long we stay happy for our prized possessions?
Okay, let's check it. Are you still as happy with your overpriced smartphone as you were the moment you unboxed it? Are you still as happy about your car as you were the moment you drove it out of the showroom? The answer to both the questions is no. Because things simply tend to get old and unattractive over time.
What seemed new and exciting then, simply becomes the new normal as we adapt to them real fast. And it is a human tendency to always look for better and we are constantly upgrading things from gadgets to furniture and clothes to jewelry. The quest for better is never satisfied.
We are always in an illusion that the joy which we get from buying something will last as long as the thing. From our parents to friends, the common logic which we get is that investing in a thing that can be seen, touched, and used delivers greater value than experiences.
Experiences are better
Buying a brand new iPhone is not going to change you as a person but taking a bike trip to Leh or driving in the barrens of Thar desert will certainly change you as a person.
We are not what we have. We are what we have experienced in life. Experiences contribute to our identity.
And this is backed by a 20-year study conducted by a psychology professor at Cornell University, Dr. Thomas Gilovich. He reached a powerful and straightforward conclusion: Don’t spend your money on things. Happiness caused by things diminished very quickly.
Experience is something that we start enjoying from the time we start planning it. The expectation of fun while taking a much-needed break from work causes excitement and enjoyment. And the joy of cherishing memories of your trips is priceless.
There is no comparison between experience and things. The joys of cherishing your high school match, the first live music concert you attended, and the first international trip are greater than your old possessions. So, it is better to earn experiences in life instead of running after materialistic things which whether out with time.