On June 10th, it was Happy Father’s day. A day where I reflected on the three things I want to teach our kids. Read the blogpost if you missed it.
Happy Father’s Day : The Three Things I want to teach our kids
During our summer vacation I realized there is ONE IMPORTANT VALUE that I missed in that blogpost. I want to teach the kids this secret during the coming years and make sure it is ingrained in their brains.
The Secret to Happiness : Spend money on Experiences, not Things !
There are a multitude of things we, parents and our kids want to spend money on nowadays. We live in a society that is obsessed with consumption. Houses, cars, technology, etc. are all items we are pressured into purchasing. Kids pressure each other at school for not having the latest Iphone model. You can’t go anywhere, including on our personal laptops, without encountering publicity for the latest fad or technological advancement.
Why do companies and corporations push their wares on us, the consumer? What is the purpose? Are we really happier when we buy their products?
Researchers have been studying how people could allocate their money to make themselves happier. The assumption had been that spending money on material possessions would increase happiness because possessions last longer than an experience. A 20-year study by Dr. Thomas Gilovich, a psychology professor at Cornell University, found the opposite is true.
Dr. Gilovich is just one of several researchers who believe in the the Easterlin Paradox. This phenomenon simply states that after our basic needs have been met, money will only increase happiness to a certain point for the following 7 reasons:
- Happiness over material items quickly fades : I try to teach and tell the kids always….do you really need this or will the happiness over buying this thing be over in 1 hour, 1 day…?
- Experiences define your purpose and passions : I always ask the kids the question :” Has anyone of your classmates done this experience?” When they say no, they realize they are unique in telling about their experiences. Our daughter was excited when she was the only one who could say she visited the top of the Eiffel tower.
- Possessions don’t contribute to social relationships : Some kids brag about the stuff their parents buy for them. I educate the kids that possessions do not define friends relationships. It is better to have only 1 true poor friend than 4 “rich” friends.
- Moments are more memorable : I personally visited more than 20 countries. I can tell our kids many travel stories that have been memorable….that walk on the Chinese wall, the sunrise at the Taj Mahal,…many stories that are truly memorable ! I want them to understand the passion of a story and memory attached to it.
- Experiences introduce you to a whole new world : We spend two weeks in Italy, a whole new country for the kids, full of new travel experiences. The first time that they had a salamander in their beds….lol !
- Stuffocation : Having too much stuff is not healthy. That’s why we sell toys kids no longer use. A great idea for future entrepreneurship classes.
- It is no fun keeping up with Joneses : Today it is much easier to feature-compare material goods than experiences. This colleague bought a new car, this neighbour travelled to a tropical expensive luxury hotel,…I educate the kids not to envy others. Be happy with the experiences we spend money on.
Gilovich’s research has implications for individuals who want to maximize their happiness return on their financial investments, for employers who want to have a happier workforce, and policy-makers who want to have a happy citizenry. “By shifting the investments that societies make and the policies they pursue, they can steer large populations to the kinds of experiential pursuits that promote greater happiness,” write Gilovich and his coauthor, Amit Kumar, in their recent article in the academic journal Experimental Social Psychology.
If society takes their research to heart, it should mean not only a shift in how individuals spend their discretionary income, but also place an emphasis on employers giving paid vacation and governments taking care of recreational spaces. “As a society, shouldn’t we be making experiences easier for people to have?” asks Gilovich.
Although many people participate in the rat race and consumerization, I see also a minority being happy with what they have and focussing on FIRE and spending money on experiences.
The Experience I Spend Money on
So with the above key insights in mind, I researched the internet for an unforgettable experience for our family. I did find this memorable life experience on Airbnb. Here you find the link.
Final Words
So bottom line…experiences live on forever. If you spend money on experiences, as opposed to material or quantifiable items, you are going to experience much more joy and contentment in your life.
Go ahead and fill your life up with experiences. Many of them will cost you nothing. Some of them will be reasonably priced, and maybe some will be expensive from a financial standpoint, but rich with rewarding memories and life lessons. Always link these experiences with your passions and purpose if you desire complete satisfaction. You can always spend your money on more “stuff” with a limited authenticity of happiness or you can invest in purposeful experiences that will contribute to a substantive feeling of joy.
After our summer vacation, I make always a memorable picture book with size 30cm by 30cm. A lasting memory forever ! We hope you enjoyed this blogpost. Keep on following us on Twitter and Facebook. As always we end with a quote.
If you want to book Rafael, email him at [email protected] or call him at +39 339 16 96 450. Or book it with the Airbnb link and give our greetings to Rafael, Yuri and Kelly (Yuri’s wife and the girl behind the scenes 😉 You can finish the evening with a delicious dinner at the restaurant Dau Cila. Make sure you have a reservation.
Sources : Entrepreneur May 2017 FastCompany 2015
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