What do you value? Do you have a favorite moment? You may have heard that a recent trend has become spending money on experiences rather than material things. The correlation is that traveling to new places, or being immersed in a different culture, brings you prolonged happiness, while purchasing new material possessions can bring immediate happiness, but not the kind that stays with us and teaches us something new. The premise is that the excitement of that new car, iPhone, or furniture set will quickly fade into the background as they become a part of our daily lives. Experiences like traveling, attending an art exhibit, or trying a new restaurant become a part of our identity, which brings us greater satisfaction.
Interestingly, psychologist Dr. Gilovich says in a recent Entrepreneur magazine that experience becomes a part of your identity. Unlike material things, which remain separate from you, experiences define you and add to “your story.” Imagine having an experience that forever changes you and your mindset: that’s something that you will carry with you for the rest of your life. These moments are the ones that people are ultimately searching for. Do you remember your favorite concert? Your favorite foreign country? Your first time camping under the stars? Your first attempt at skiing? These are all experiences that bring you joy, excitement, and memories.
Dr. Gilovich discusses the idea that possessions don’t contribute to our relationships; experiences create bonds with the special people in our lives.
“We consume experiences directly with other people,” says Gilovich. “And after they’re gone, they’re part of the stories that we tell to one another.”
Experiences also create anticipation and something to look forward to. Think of the countdown to your favorite musician or band coming to your city; you’ve bought the tickets and you’re counting down the days. Going to this show is an entire experience, not just a singular moment.
Finally, experiences open you up to a whole new world. Through traveling and adventures, you gain new perspectives and life lessons. You’re able to find gratitude in the life you live when you experience a country that’s not like your own. You may find peace in the quiet, still forests of a place that few frequent. You may find understanding of cultural differences between the world you know and the country you’re visiting. Experiences help you grow as an individual; they help you become humble in your surroundings. Most importantly, perhaps, they help you become grateful to be willing to embark on another experience.
We at TWC cherish this way of thinking and urge clients to give this idea some thought. One of our greatest pleasures is working with a client to understand their deepest passions, then helping them see how their wealth becomes a catalyst to exploring each deep-rooted wish. The experience they gain through that liberation is quite special.