It’s been said that with age comes wisdom.
However, we’re seeing the younger generation acting wise beyond their years and making better decisions on how they spend their money and enjoy their lives.
The older generation was all about saving their money and buying things to define their status in life. Security meant owning a home with a big backyard and a garage with the newest cars parked in it. And for many people, what you owned defined your level of happiness.
Today, as the millennials come to an age where they are making their own money and have the freedom to spend it, we see that they’re not making the same choices. They’re not investing in property or buying cars.
No, they’re backpacking through foreign countries, visiting places they’ve never been, or taking up classes in something completely unrelated to their professions or college courses. They are passing on spending their money on material things and choosing to enrich themselves through experiences instead.
In fact, a study revealed that 72% of millennials prefer to spend more money on experiences than on material things.
Here are four reasons why we may feel that we’ll be happier investing in making memories rather than buying stuff:
1. You Remember the Moments More
Experiences create lifelong memories.
When you look back on your childhood, you fondly remember the experiences of trying something new or seeing something different. The moments are simply more memorable than anything you may have owned.
A cool new bike was great, but the places it took you was even better. The latest game console was awesome but what really made it fun were the friends who were there to play with you. We think about how we can still reach the same destination despite the cool bike and still have fun with our friends without video games.
2. You Bond More Over Experiences
You should question your relationships if they only exist because you possess certain material objects. Would those people who are your friends still be there if you didn’t own the fancy car, the latest gadgets, or the coolest wardrobe?
Through shared experiences, on the other hand, people build lasting friendships that leave an impact on each other’s lives. You remember the people who were there for the adventures.
3. You Are Guided Towards Your Passions with Purpose
Experiences help shape our identities.
Would you rather see your favorite band play live or own all their memorabilia? Would you rather buy a big screen tv to watch the game in 3D or actually be at the soccer match in the crowds cheering for your favorite team?
It’s easy to mislead ourselves that material possessions can take the place of going out there and truly experience our passions. However, if our purposes influence us, we recognize that we have the power to make experiences actually happen.
4. The Happiness We Feel From Owning Material Things Fades Quickly
It’s true that we can feel great excitement when we buy the freshest gadget or own new clothes. But before we knew it, those sparkly new things don’t seem so shiny anymore, and we lose interest. The joy we feel for material things is often temporary.
On the other hand, experiences become a part of us. When we travel and experience a new culture or weather unlike we’ve ever felt before, we feel enriched. Ultimately, the satisfaction we get from our experiences will last longer than the spark of joy we feel over a new purchase.
Our identities should not be defined by what we own but what we’ve done to discover our real purpose and what we have learned along the way.