Childhood memories…
When I think back to my childhood, I can vividly remember some awesome Xmas pressies: a mini-snooker table, a 1980s home computer, & my first ever Spurs shirt (the Clive Allen 1986-7 ‘Holsten’ classic, proudly worn to junior school!).
That said, mostly my best memories are of great experiences.
The first time we went to see Test Match cricket (New Zealand at Trent Bridge, 1983), the first time we went overseas as a family – on a claustrophobic car ferry to France – or the time we went to Buckingham Palace.
While perhaps not universally true, the academic research into the science of happier spending generally seems to indicate that experiences yield greater happiness than things over time.
Choosing experiences over things
It’s believed that choosing great experiences over material possessions can lead to greater happiness over the long run, because experiences can create lasting memories and stories, build deeper connections and relationships, and can result in personal growth.
Accumulating possessions can certainly bring some short-term joy & satisfaction, but this may erode over time, and – for some us at least – can lead to a feeling of a cluttered life, while also risking a fall into the insidious ‘comparison trap’.
The science seems to suggest that we become the sum of our accumulated life experiences, while identity is defined less by material possessions.
Come to think of it, I can recall a few experiences I regret missing – such as holidays and trips away with friends, or overseas weddings – but can’t think of any possessions that I regret not having bought.
What about property ownership?
There’s been a general shift from Millennials and younger generations towards prioritising spending on travel & dining out over material goods.
But while I’m on board with the concept of seeking experiences over things, I still think that owning nothing of value can be a route fraught with problems over the longer term.
From a life and a financial perspective, ideally we want to look after our future security, as well as making memories today.
Since an unencumbered home is typically the cornerstone of a prosperous retirement, in my opinion it makes sense to get a toehold on the property ladder as soon as one reasonably can.
Even the process of saving, buying, and then owning your first unit itself creates memories and connections.
Naturally, there’s no right or wrong with this stuff, and we all need to tread our own path…but the old adage of spending a third for today, saving a third, and investing a third for tomorrow still broadly holds true (even if not to be taken literally).
Now, back to looking at travel destinations…
