Buy Experiences, Not Stuff

by Ryan H. Law

For most of us Summer is about half-way over. My question for you is this: What have you done this Summer to build lifelong memories with your family?

I want you to think back to your childhood for a minute and think about some of the gifts you received. How many can you remember? You probably remember a few. I remember getting a stereo one year, and a skateboard a different year. I can remember a few other items as well.

Now think back instead to some fun experiences your family had. For me that brings up many memories of camping or hiking as a family, trips to Disneyland and Sea World, family reunions and others.

Which of the two memories triggers happier thoughts? For most of us, it is the experiences. In fact, research by Thomas Gilovich of Cornell University has shown that we get greater pleasure from experiences than we do from “stuff.”

I’ll share one recent example from our family. We were up at Bear Lake in northern Utah enjoying a day on the beach with some extended family. We decided to rent a boat for an hour, and we had a blast. It was definitely worth the money we spent on it. We could have bought cheap souvenirs for the kids instead that would have been lost or broken in a week or two, but instead they built wonderful memories on the boat.

Here is how my friend and colleague Carl Richards expressed it in a great image:

DD_MoneyHappiness

 

 

 

 

 

 

 

 

 

So with just over a month of Summer left, what are you going to do to build some memories with your family?

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