How Waiting Longer for Experiences Helps Your Money Buy You Happiness
While money can't ultimately buy happiness, it does provide us with little bursts of good feeling, and the duration of that good feeling can vary depending on what kind of purchases we make.
While money can't ultimately buy happiness, it does provide us with little bursts of good feeling, and the duration of that good feeling can vary depending on what kind of purchases we make. A study out of Cornell University recently concluded that spending your money on experiences, such as a vacation or dinner at a fine restaurant, give us more happiness than a new outfit or iPad. Researchers speculate this is because material goods are a known quantity whose value depreciates over time while experiences are less predictable and can help build long term relationships.
The study also offers guidance on how to derive the most pleasure from purchasing experiences. In brief, delay the purchase as long possible, or make a reservation long before the date arrives. The time between deciding to have an experience and actually having it is filled with imagination and anticipation, allowing us to enjoy the experience before it happens.
"It might make sense for consumers to delay their consumption of some experiential purchases to take advantage of the relatively more exciting anticipatory period that comes with experiential consumption. That is, it might be a good idea to make that restaurant reservation well in advance, to buy the tickets to the show beforehand, to start planning that vacation ahead of time."
Being smart about your purchases can make you happier. As Founding Director of the Pew Research Center Andrew Kohut confirms, wealthy people are generally the happiest on the planet.
Read more at New York Magazine
Photo credit: Shutterstock
These modern-day hermits can sometimes spend decades without ever leaving their apartments.
- A hikikomori is a type of person in Japan who locks themselves away in their bedrooms, sometimes for years.
- This is a relatively new phenomenon in Japan, likely due to rigid social customs and high expectations for academic and business success.
- Many believe hikikomori to be a result of how Japan interprets and handles mental health issues.
How a cataclysm worse than what killed the dinosaurs destroyed 90 percent of all life on Earth.
While the demise of the dinosaurs gets more attention as far as mass extinctions go, an even more disastrous event called "the Great Dying” or the “End-Permian Extinction” happened on Earth prior to that. Now scientists discovered how this cataclysm, which took place about 250 million years ago, managed to kill off more than 90 percent of all life on the planet.
A new study discovers the “liking gap” — the difference between how we view others we’re meeting for the first time, and the way we think they’re seeing us.
We tend to be defensive socially. When we meet new people, we’re often concerned with how we’re coming off. Our anxiety causes us to be so concerned with the impression we’re creating that we fail to notice that the same is true of the other person as well. A new study led by Erica J. Boothby, published on September 5 in Psychological Science, reveals how people tend to like us more in first encounters than we’d ever suspect.
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.