70% of those who see this heading will automatically assume that it’s an excerpt from a book written by a Buddhist or minimalist. However, this is a mantra that is widely touted by a psychology professor. This axiom is a product of a 20-year study spearheaded by Dr. Thomas Gilovich from Cornell University. The conclusion is concise and to the point, avoid spending money on things.
Why Shouldn’t You Spend Money on Things?
Now, you’re probably asking yourself why you should just agree to a study carried out by someone who has a PhD. After all, there are many studies in the past that were proven wrong eventually. Well, this is not just any academic treatise, it reveals key insights that are experienced in our daily life.
There are three reasons why you should not spend money on things.
- Eventually, you’ll get used to the new possession and you’ll grow bored.
- Human wants are insatiable, what seemed like the height, once attained, is now just below you.
- There’s always someone better, with a more appealing object, and you will constantly try to be that person.
Why You Should Go for Experiences
The paragraph above only talks about why you should ditch material possessions and it doesn’t offer an alternative. In case you’re wondering, we also have an argument for experiences.
- Experiences make you, not possessions.
- There’s no point comparing experiences, and even in doing this, the effect is intrinsically less significant.
- The anticipation of the experience is just as thrilling as the experience itself.
- Experiences are momentary
Let’s explain some of these points in more detail.
Experiences Make You, Not Possessions
Which is a more apt description? “Here’s Mr. John, he’s climbed the Mount Everest twice, he took a year off to live in Korea, and he is a regular marathon runner.” Or “Look at Mr. James, he has that expensive brown shoe, he got his haircut for $500, and his car was custom-made.” In any case, Mr. John is definitely going to leave a lasting impression and this is because of his peculiar experience.
Buying the latest iPhone won’t automatically change or redefine you, however, partaking in a once-in-a-lifetime experience will. According to Dr. Gilovich, the experience you have as a person is what really makes you who you are. You are a sum total of your experiences.
A study was carried out in Harvard and the aim was to see whether people would rather have a high salary that was considerably lower than that of their peers, or a longer vacation that was shorter than their peers. A lot of them weren’t sure about the salary but were absolutely confident in the fact that they would take a long vacation, regardless of how it compares with their peers.
It was also observed that what causes extreme excitement was the buildup to the experience. From the planning moment to the period of waiting; it is a thoroughly enjoyable moment that is cherished forever.
Experiences Do Not Last Long
A fleeting moment is not always a bad thing. Sometimes, it is exactly what you need to forget a regrettable decision. For instance, picture someone who buys an expensive phone. He uses the phone for 2 months and all of a sudden, he realizes how bad the purchase is. According to Gilovich, this is exactly why the fleeting nature of an experience makes it perfect.
The Experience that Meets Your Need
It’s likely that you agree with the central idea of buying experiences, but you just don’t see how it applies to you. For instance, you’re not one to just take a trip to the Bahamas, or to begin a rock-climbing expedition. Look around, experiences are all around you.
When you take an Uber/Taxify to work, as opposed to jumping from one bus to another, you’re buying an experience. By purchasing a device that helps you easily connect with clients and stay ahead of your competition, you’re espousing experience. Similarly, when you utilize a reliable platform like TERAWORK to hire the best talent you need for your business without stress, outsource tasks and get things done without lifting a finger, you’re demonstrating how experience sells over material possession.
The TERAWORK Experience
Experience tells us that experience sells better than any other thing. Experience is the driving force behind Uber’s growth, it is the reason behind Apple’s ascension, and most importantly, the experience enjoyed is a factor that propels clients to TERAWORK.
Just for your information, TERAWORK is the platform that connects some of the best freelancers from around the world to clients in need of their services. it is the seamless way to hire talent for entrepreneurs all over the world. You can learn more here.