We’ve all heard the saying “money can’t buy you happiness,” and while it does have some truth to it, there are also studies that show that–up to a certain point–money can buy happiness.
Dr. Thomas Gilovich, a psychology professor at Cornell University who has been studying the question of money and happiness for over two decades, has done extensive psychological studies and research to find the reasons why exactly it is that spending our money on experiences rather than material things will improve our health and happiness in the long run. We’re not saying that you can’t be happy without money, but there are reasons that spending on things like concerts or vacations will make you happier than buying a new TV or pair of shoes.
1. Experiences are more a part of ourselves than our things are.
We are the sum total of our experiences. As Dr. Gilovich says, “our experiences are a bigger part of ourselves than our material goods.”
Although you may view your material goods as being a part of you, they’re not. They are still separate from you rather than your experiences, which are a part of you throughout your life.
2. Experiences connect you to people more than things can.
It might be a fun coincidence that you and someone you meet are wearing the same expensive sweater, but having the same taste in material goods isn’t going to connect you in the same way that sharing the same experiences will. Both of you hiking to the bottom of the Grand Canyon is way better of a conversation starter than having the same shirt.
3. You’re less likely to negatively compare experiences than you would with material things.
A study conducted by researchers Ryan Howell and Graham Hill found that it is much easier to feature-compare material goods than it is with experiences. For example, you can easily compare whose car has more features, but it’s not as easy to compare who had more fun at the concert.
4. Happiness from experiences outlasts happiness from material things.
This thinking might seem a bit backwards, but the happiness from a material object that you have for a long time does not outlast the happiness you get from a one-time experience. The science behind this is that you adapt to the material objects because they are always there and they become part of what you conceive as normal.
5. Even bad experience help us grow as people.
If you buy something and end up hating it, then that’s it. As for experiences, however, even the bad ones can teach you something in life and build your character.
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