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Studies Show That People Who Buy Experiences, Not Things, Are Happier

Studies Show That People Who Buy Experiences, Not Things, Are Happier

Let’s say that you recently came into a bit of money. What would you do with it? Would you rather buy a bunch of high quality gadgets and products, or go on an expensive vacation to a unique and exciting locale?

Personally, I’ve wavered between the two. I like my gadgets more than most, so I’ve probably spent more on electronics than your average person. That said, I’ve been on trips taking me all across the United States, and I definitely think I am better off for it.

Luckily, the question of whether to spend your money on products or experiences has been answered by science, and thus you’ll no longer have to worry about whether you should choose one over the other in the future. So what is the verdict? According to San Francisco State University, people are far more satisfied when they purchase experiences, than they are when they buy material objects.

And yet, most people, including myself, are prone to spending our hard earned money on things like clothes, shoes, gadgets, jewelry, cars, and the like. We do this because these things are tangible: we can hold them, use them, etc. When we buy experiences, all we have are the memories, and thus, it seems like we’re getting less out of our purchase.

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What that study reveals, however, is that in the long run, we cherish our memories and experiences far more than the things that we buy. And it makes sense. Decades from now, will you remember your cross country trip that took you to the Grand Canyon, or that Xbox you waited in line for all night? Probably the former.

Let’s break it down into simpler points. Why exactly are people who buy experiences, rather than objects, happier?

1. They have plenty of memories to fall back on.

Professor Thomas Gilovich out of Cornell made a point of saying that while new things are “exciting to us at first,” they quickly become blasé as time passes. Soon enough, they’re a mundane part of our daily existence that adds little if anything to the amount of joy we feel on a daily basis.

We’ve all felt this with our smartphone purchases. For the first few weeks, they’re so amazing that you just can’t stop using them. You do everything on them: text, e-mail, web browsing, e-reading, and more. In about a month, though, you get used to it. You start treating it like a “thing,” rather than something that actively brings you happiness.

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I’ve often asked myself why so many people have smartphones with cracked screens. Is it because so many folks are simply that clumsy? After doing the research for this article, I’d have to say no. It’s because people stop seeing their smartphone as “valuable” over time, and thus, they’ll treat what was once an expensive purchase with the kind of reckless abandon that leads to drops, scratches, and inevitably, cracks.

Those who spend the majority of their income on experiences, however, don’t have this problem. While they may not have the latest smartphone, they are likely more well-traveled, and thus have far more life experience. While others need to keep buying new products to keep their spirits up, those who buy experiences can always fall back on their good memories when they need to. It’s much like comparing a sugar rush to a good nap. One is more instantaneous, but the other has more lasting benefits.

2. They reap the long-term benefits.

With over 79 million millenials in the United States (three million more than the amount of Baby Boomers), we are bound to change the way that things work.

One part of this comes from the fact that we’ve grown up during an economic recession. As such, we haven’t had the luxury of being able to spend what little money we have on objects with fleeting value. Instead, we’ve been focusing on long-term investments like higher education and travel.

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Indeed, when I was in college, I noticed how many of my peers chose to save their money for traveling abroad, or to make student loan payments, rather than splurge on alcohol or other purchases typical of young adults.

Not only does this save resources in the long run, but it allows us to forge an identity in a world where it’s becoming harder and harder to find one’s place. And doing so, according to researchers, is a crucial aspect of growing up in today’s world.

3. They share their experiences with others.

As introverted as I am, I must still admit that I am happier when I have a bit of social interaction now and then. Additionally, conversing with others is always more fun when you get to recount some kind of unique experience to them. Indeed, Peter Caprariello and Harry Reis examined this phenomenon in a 2013 study published in the Journal of Personality and Social Psychology. What it found, essentially, was that experiences make us happier because we get to share our memories with others. Buying objects leaves us feeling more hollow because they are normally things that we use by ourselves.

It’s probably why, in one study, researchers found that those anticipating an experience (like waiting in line to see a play), rather than the purchase of an object (like waiting in line to buy an iPhone), were found to be much happier. It’s because they knew they were going to experience something that they could share with other people. Something that will help them connect with others in a particularly unique manner. As nice as a new iPhone is, in the end, it’s just one smartphone in what’s likely to be a long line of smartphone purchases in your lifetime.

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This kind of happiness-related research is already having a major effect. Indeed, you can find several articles (like this one) detailing the lives of those who traded in their material-based lifestyle for one centered around things that are more substantial, such as travel and education.

While it’s obviously impossible to completely stop buying material objects, we can stop basing our happiness in terms of how many nice things we own. As these studies show, what truly brings us enjoyment and fulfillment in the end are our experiences, and the resulting memories that we get to share with our family and friends.

Featured photo credit: Couple/Mo Riza via flic.kr

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Last Updated on November 15, 2018

Success In Reaching Goals Is Determined By Mindset

Success In Reaching Goals Is Determined By Mindset

What do you think it takes to achieve your goals? Hard work? Lots of actions? While these are paramount to becoming successful in reaching our goals, neither of these are possible without a positive mindset.

As humans, we naturally tend to lean towards a negative outlook when it comes to our hopes and dreams. We are prone to believing that we have limitations either from within ourselves or from external forces keeping us from truly getting to where we want to be in life. Our tendency to think that we’ll “believe it when we see it” suggests that our mindsets are focused on our goals not really being attainable until they’ve been achieved. The problem with this is that this common mindset fuels our limiting beliefs and shows a lack of faith in ourselves.

The Success Mindset

Success in achieving our goals comes down to a ‘success mindset’. Successful mindsets are those focused on victory, based on positive mental attitudes, empowering inclinations and good habits. Acquiring a success mindset is the sure-fire way to dramatically increase your chance to achieve your goals.

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The idea that achieving our goals comes down to our habits and actions is actually a typical type of mindset that misses a crucial point; that our mindset is, in fact, the determiner of our energy and what actions we take. A negative mindset will tend to create negative actions and similarly if we have a mindset that will only set into action once we see ‘proof’ that our goals are achievable, then the road will be much longer and arduous. This is why, instead of thinking “I’ll believe it when I see it”, a success mindset will think “I’ll see it when I believe it.”

The Placebo Effect and What It Shows Us About The Power of Mindset

The placebo effect is a perfect example of how mindset really can be powerful. In scientific trials, a group of participants were told they received medication that will heal an ailment but were actually given a sugar pill that does nothing (the placebo). Yet after the trial the participants believed it’s had a positive effect – sometimes even cured their ailment even though nothing has changed. This is the power of mindset.

How do we apply this to our goals? Well, when we set goals and dreams how often do we really believe they’ll come to fruition? Have absolute faith that they can be achieved? Have a complete unwavering expectation? Most of us don’t because we hold on to negative mindsets and limiting beliefs about ourselves that stop us from fully believing we are capable or that it’s at all possible. We tend to listen to the opinions of others despite them misaligning with our own or bow to societal pressures that make us believe we should think and act a certain way. There are many reasons why we possess these types of mindsets but a success mindset can be achieved.

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How To Create a Success Mindset

People with success mindsets have a particular way of perceiving things. They have positive outlooks and are able to put faith fully in their ability to succeed. With that in mind, here are a few ways that can turn a negative mindset into a successful one.

1. A Success Mindset Comes From a Growth Mindset

How does a mindset even manifest itself? It comes from the way you talk to yourself in the privacy of your own head. Realising this will go a long way towards noticing how you speak to yourself and others around you. If it’s mainly negative language you use when you talk about your goals and aspirations then this is an example of a fixed mindset.

A negative mindset brings with it a huge number of limiting beliefs. It creates a fixed mindset – one that can’t see beyond it’s own limitations. A growth mindset sees these limitations and looks beyond them – it finds ways to overcome obstacles and believes that this will result in success. When you think of your goal, a fixed mindset may think “what if I fail?” A growth mindset would look at the same goal and think “failures happen but that doesn’t mean I won’t be successful.”

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There’s a lot of power in changing your perspective.

2. Look For The Successes

It’s really important to get your mind focused on positive aspects of your goal. Finding inspiration through others can be really uplifting and keep you on track with developing your success mindset; reinforcing your belief that your dreams can be achieved. Find people that you can talk with about how they achieved their goals and seek out and surround yourself with positive people. This is crucial if you’re learning to develop a positive mindset.

3. Eliminate Negativity

You can come up against a lot of negativity sometimes either through other people or within yourself. Understanding that other people’s negative opinions are created through their own fears and limiting beliefs will go a long way in sustaining your success mindset. But for a lot of us, negative chatter can come from within and these usually manifest as negative words such as can’t, won’t, shouldn’t. Sometimes, when we think of how we’re going to achieve our goals, statements in our minds come out as negative absolutes: ‘It never works out for me’ or ‘I always fail.’

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When you notice these coming up you need to turn them around with ‘It always works out for me!’ and ‘I never fail!’ The trick is to believe it no matter what’s happened in the past. Remember that every new day is a clean slate and for you to adjust your mindset.

4. Create a Vision

Envisioning your end goal and seeing it in your mind is an important trait of a success mindset. Allowing ourselves to imagine our success creates a powerful excitement that shouldn’t be underestimated. When our brain becomes excited at the thought of achieving our goals, we become more committed, work harder towards achieving it and more likely to do whatever it takes to make it happen.

If this involves creating a vision board that you can look at to remind yourself every day then go for it. Small techniques like this go a long way in sustaining your success mindset and shouldn’t be dismissed.

An Inspirational Story…

For centuries experts said that running a mile in under 4 minutes was humanly impossible. On the 6th May 1954, Rodger Bannister did just that. As part of his training, Bannister relentlessly visualised the achievement, believing he could accomplish what everyone said wasn’t possible…and he did it.

What’s more amazing is that, as soon as Bannister achieved the 4-minute mile, more and more people also achieved it. How was this possible after so many years of no one achieving it? Because in people’s minds it was suddenly possible – once people knew that it was achievable it created a mindset of success and now, after over fifty years since Bannister did the ‘impossible’, his record has been lowered by 17 seconds – the power of the success mindset!

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