When you are building your life, in order to manage your money, you may not be able to purchase everything that you want yet. But in order to stay in a mindset of prosperity, you will want to spend your money where it makes the most positive impact on your life and your goals. So should you invest money on experiences or things?
Rewarding yourself for milestones that you meet is part of the celebration that you should have to firmly mark your accomplishments. It adds to your confidence, gives you something to look forward to and is probably already part of your “whys.”
The Question
Now, when I ask other people this question, “should you spend your money on experiences or things?” the knee-jerk answer is “Experiences! No question.” But I am not sure if this is more about current trends or if it is totally true. When I talk to people on a deeper level, I find that they also really do want “things” too. Maybe not in the volume that they did before when they were younger and their popularity was determined not by character or achievements but whether they had the “coolest” trendy stuff. But in adulthood most interest in material things is admitted with a deep shame.
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Invest Your Money On Experiences Or Things?
As I have mentioned in earlier posts, I fully support buying high or mid-range quality items that you are going to use often. Poor quality doesn’t last unless you are super careful or it’s not going to be in use frequently. Also, it generally doesn’t perform as well. Now, I know there may be exceptions but I am talking generalities here, not outliers.
Therefore, in my opinion, you should spend money on quality items that you need and not just want. For example, a need would be good set of pots, pans, utensils and other kitchen items because you like to cook your meals. You need to eat to live, you need to eat well to be healthy and you will most likely use these items daily. You might invest in these instead of an expensive handbag to add to your collection, which would be in the want category. And you should always invest in good quality food.
Your Money Your Choice
However, what if you get to the point whether you can splurge on a new handbag or a nine day trip to the Greek Isles? Which would you choose? Some will take the trip, have a fabulous time and post a billion selfies on Instagram. For some buying the handbag makes sense because they are unable to take the time to go to on vacation.
And, some that would invest money on experiences or things might buy the handbag and take a shorter trip to Miami. Seriously, none of these are wrong. It’s more of a matter of not feeling guilty about your choices. The only thing I would find to be a concern is if you don’t have the funds to splurge on trips or unnecessary items and decide to spend money you don’t have. You might want to rethink your goals at that point.
Check out this article on whether you should save money or make more money to get to your goals.
An Exception
Where I think that there may be an exception is when you are a travel blogger/vlogger/writer, or make your money from travel in any other way. Travel IS your bread and butter so the more adventures you document the better. So, until those sponsorships, free stays and free travel kick in, do what you have to do.
However, I do have to mention that a lot of the travel bloggers/vloggers are minimalists due to the nature of having to lug everything around with them. So they tend to buy less but better quality items from clothing to shoes to camera equipment. So in essence they are both having experiences and buying “things.”
Things Can Make You Feel Successful
It’s okay to want things. No really. It’s Ok!
But as I mentioned before that as you build your wealth, you will want to treat yourself. In fact, besides the celebration of a milestone, a few purchases can motivate you to push yourself harder.
There is a story that Jack Canfield tells about when he was up and coming and someone suggested that he buy an expensive (for him) shirt. Jack thought, “What am I going to do with a $148 shirt?” He bought it anyway and confessed that the shirt made him FEEL successful and craved more of it. More shirts and more success. This is proof that one well placed splurge can make a real difference.
The Answer To Whether You Should Invest Your Money On Experiences Or Things
Along the way, when you have purchased the things that you’ve always wanted, and you’ve had the experiences that you dreamed of, you may get to a place where things change. I think it is a normal part of the process. So for a while, the answer will be both experiences and things.
The Greatest Treasure
I have watched a lot of interviews of self-made people. No matter their wealth level, they said that it’s not about the “stuff” that money can buy anymore. And these people have been able to buy themselves A LOT of experiences and things.
What it boils down to at the end of it all is that you may come to seek fulfillment that neither will bring you. Eventually, you may find that helping people fills your soul. Or, you may find that working with animals or the environment floods your heart with joy. You will find that your wealth is more in what you bring to the world, what fills you up and with whom you share it. And these will become your greatest treasures.
What do you think? Do experiences or material things matter more? Do you have any advice for our other readers? Leave your comments in the comments section below.
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