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Buy experiences instead of material objects
Money may not buy happiness if we were to listen to a popular adage, but I think we can all agree that it can “buy” long-lasting feelings of positivity. Paying for an experience that lasts for a limited period of time might seem useless, but if you think about how that experience makes you feel, you’ll realize it’s worth all the money.
During an experiment conducted by researchers from the University of Texas, participants were asked to spend a certain amount a week on material objects or experiences. Surprisingly…or not, people who “purchased” experiences claimed they felt happier and more satisfied with their choice. “When you try to find happiness in stuff, you’re like a rat in a wheel, spending money just to keep up with the Joneses,” said Kyle Hill, a certified financial planner with Hill-Top Financial Planning. “Speaking from personal experience, a trip to Disney World buys more happiness than all the Buzz Lightyear and Woody dolls you can buy. Over a year later, our family still talks about that trip to Disney World and dreaming about going back again.”
Bottom line: a pair of new shoes is nice and all, but it eventually goes out of style while good memories last forever.
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But enjoy things if they can lead to enjoyable experiences
If buying a pair of sneakers helps you go hiking with your friends, or if a bike is your way to spend more time outdoors with family or friends, then don’t hesitate to buy it. It’s a means to an end and that end is nothing short of amazing. “Buyer’s remorse is a dreadful feeling, but I’ve never worked with anyone that regretted paying money for an experience with their family or friends,” said Matt Cooley, a certified financial planner with Inspire Wealth Partners.
