“Wealth is the ability to fully experience life.”
— Henry David Thoreau
Recent psychological research from Cornell University in New York has confirmed that the key to happiness is through experiences rather than things.
The two decade study is led by Dr Thomas Gilovich, who says that one of the key underlying differences between our value of experiences and objects is adaptation. “We buy things to make us happy, and we succeed.
Basically, we get used to the things we own, and over time the happiness we derive from items dwindles. On the flip side, happiness that stems from things we’ve done actually goes up as time passes because those experiences become a part of us and shape our identity. (It’s why the baby pink Nintendo DS you relentlessly requested for your 20th birthday now sits buried and forgotten somewhere in a bag beneath your bed, whereas your four-month jaunt through South America is still recalled often and fondly, years later.)
Gilovich suggests that instead of saving for that plasma screen TV, a much sounder path to happiness is through spending your money on experiences like travel, or even outdoor activities, new skills or visiting exhibitions.
“You can really like your material stuff. You can even think that part of your identity is connected to those things, but nonetheless they remain separate from you,” says Gilovich. “In contrast, your experiences really are part of you. We are the sum total of our experiences.”