Some reasons why I tend to value Experiences over Things!
We like buying things, at least we think we do. It’s bred into us. Life in the 21st century is a fast paced, consumer oriented experience where media surrounds us at all times enforcing the idea that happiness is a matter of buying the perfect house, driving the best car, wearing the trendiest clothes and posting status updates on the latest high tech devices. Everywhere we look we are inundated with the same message: “BUY, BUY, BUY your way to happiness!” While buying a new gadget or the first drive in a new car may be satisfying or thrilling for a short while, the thrill always fades and we find ourselves back in the same place seeking the next purchase to keep the feeling going. If this sounds anything like your life then rest assured there is a better way to spend your money and keep that feeling alive: Stop buying stuff and start buying experiences!
Millennials are prioritizing their cars and homes less and less, and assigning greater importance to personal experiences — and showing off pictures of them. It’s a trend that’s ultimately helping fuel growth of billion-dollar-plus start-ups like Uber, WeWork and Airbnb.
People nowadays with social media, view ownership differently than previous generations did. While young adults have traditionally placed high value in a car and home, many are now seeing them as major commitments. The trend predates millennials but is accelerating: Since 1987, Harris group found that the share of consumer spending on live experiences and events relative to total U.S. consumer spending increased 70 percent.
A lot of millennials’ motivation has to do with distributing photos of themselves on social media. The Harris Poll found that factors such as a craving for recognition (for example, how many likes someone gets on their Instagram post), and a “fear of missing out” help drive millennials’ cravings for experiences.
Facebook, Instagram and Snapchat are all visual mediums designed less around what people are wearing or driving and more about what they’re doing. There are many ways this new reality has played out in modern life. The sharing economy is booming. People are renting or borrowing products. They are hiring their neighbors to drive them to work, paint their house or rearrange their closet.
Few things provide a lasting sense of happiness and fulfillment like giving to others. There is very little you can do for yourself which will have the same effect as doing well by someone else.
One of the very best things you can do with money to maximize the happiness return on your financial investment is learning a new skill or hobby. Take a class in woodworking or skydiving etc. Buy private golf or tennis lessons. Learn to surf. Enroll in a creative writing class or learn to paint. Get yourself a camera and join a photography club. Not only is the act of learning a new skill fun and rewarding but you will broaden your horizons as a person, giving yourself fun new activities that you can participate in for a lifetime of fulfillment while expanding your social circle at the same time. Spending your time and money on the development of new skills is a fantastic way to meet new people and explore new avenues of life you may never have considered. The thrill of exploration can come from learning to tango, you don’t have to climb mountains. Expanding yourself as a person will expand the ways in which you can experience joy, there is almost no downside. So go attend that transcendental meditation weekend retreat you’ve been dreaming of, it’s money well spent!
With all things in life, there is no guarantee that you will always have a good experience. You may very well return from your epic vacation to the Brazilian rain forest with saber-toothed monkey lice, shit happens. But nine times out of 10 you’re better spending your money on experiences and other people than on yourself. You’re much more likely to have genuine, fulfilling happiness as a result. So remember: You want be happy? Stop buying things and start buying experiences!
