Comments on: Are you wasting your money on memories?

By: Ben

Ben — Tue, 07 Feb 2012 21:38:47 +0000

just finished Haidt’s ‘Happiness Hypothesis’. Superb book and a must read for those who have an interest in linking up investing (in the abstract) and what investing is actually for…

By: Day 23: Is Travelling Worth Your Money? « 151 Days Off

Day 23: Is Travelling Worth Your Money? « 151 Days Off — Sun, 14 Mar 2010 08:54:29 +0000

[...] Monevator wrote a thought-provoking article on this subject outlining the difference between experience and memory backed by a lecture from Daniel Kahneman, a Nobel laureate for economics. Are we spending money on memory or experience? [...]

By: youngandthrifty

youngandthrifty — Tue, 09 Mar 2010 18:34:22 +0000

Interesting thread.
I personally am a huge believer in saving up for travel experiences (I am a travel junkie)…I mean, what else are you saving up for?

Not to be morbid here, but the end of the day, if you’re lying on your death bed, and you are doing your life review, wouldn’t you want to say that you’ve experienced different cultures around the world, and that you have seen humanity everywhere?

When you’re lying on your death bed, will you be happy that you have that million dollar house, or that 56″ flat screen LCD TV, or that porsche?

Memories and experiences are so valuable. That being said, memories and experiences with loved ones of course trumps everything else.

I agree with Money Beagle- it’s all about balance.

Great discussion topic!
.-= youngandthrifty on: youngandthrifty Net Worth Update: March 2010 =-.

By: Money Beagle

Money Beagle — Tue, 09 Mar 2010 13:37:43 +0000

I think there are a lot of trips that are worth the cost. My honeymoon was expensive but the 10 days we spent in Hawaii were amazing and something I wouldn’t trade back for double or triple the money.

I think the key is just like anything else, to attain balance. Don’t spend your entire savings or every spare moment (and nickel) chasing these types of things. If you save money and save the time for special occasions, they will be more memorable.
.-= Money Beagle on: Net Worth Review: March 2010 =-.

By: Bytta@151DaysOff

Bytta@151DaysOff — Sun, 07 Mar 2010 14:25:16 +0000

I like how he distinguishes between being happy in your life and being happy about your life. The physical part and mind part of human being don’t always work in sync.

I think your personality and tendency to use either part play a big role here. Would you say someone who is more physical/athletic will have an enhanced version experiencing self? People like this will spend more on experience, which makes sense. The problem is, most of us aren’t like that, but we’d like to think that we are (memory self). In a way, we don’t need to spend too much money on bodily experience if we can “manipulate” our memory.

I have developed similar view lately, although mine will be more compromised. Hope I can write about it as well as you did.

Btw, a trip to Antartica for 3 weeks could set you back around 20 grand Aussie or more. He should spend more than 25 minutes reminiscing
.-= Bytta@151DaysOff on: Day 22: Where Do You Draw Inspiration? =-.

By: Ryan @ Planting Dollars

Ryan @ Planting Dollars — Sat, 06 Mar 2010 01:33:09 +0000

So if I have a really crappy life, then have a good last year before I die… I’ll remember having a good life while in heaven?
.-= Ryan @ Planting Dollars on: Waikiki Site – Adding WordPress and Thesis Theme via FTP to Bluehost =-.

By: Financial Samurai

Financial Samurai — Fri, 05 Mar 2010 16:44:45 +0000

Gosh, I feel so lonely Monevator is not jumping in more often lol. .-= Financial Samurai on: Sometimes Saving Money Is About Principle =-.

By: Nick1254367

Nick1254367 — Fri, 05 Mar 2010 15:07:54 +0000

Very insightful article! I believe it’s not possible to make a general statement on whether money makes people more or less happy. Money comes with a whole set of new elements that may have
good or bad impact on our happiness, and depending on how susceptible we are to every one of them, the conclusion will go one way or the other (i.e. different from
person to person).

I recently made an effort to provide a more comprehensive picture of what these ad- and disadvantages are. I invite you to have a look at Money and Happiness

and tell me what you think!

Thank you,
Nick

By: The Investor

The Investor — Fri, 05 Mar 2010 13:28:45 +0000

I think concerts are the worst. I went to dozens and dozens in college (probably near to 100) though loads of them were for free because I used to review them for the college paper and other places. It was a great lifestyle, but I doubt if I started talking now I could recount memories for more than 15 minutes from all those hundreds of hours.

I guess as Ken says it’s all about balance – dividing your money between stuff / experiences / freedom, and the savings to make sure you can have all three in the future.

By: Why This 25 Year Old Should NOT Try To Make Extra Money

Why This 25 Year Old Should NOT Try To Make Extra Money — Fri, 05 Mar 2010 11:47:14 +0000

[...] Wasting Money on Memories [...]

By: Austin

Austin — Fri, 05 Mar 2010 08:01:38 +0000

I was mulling this question over today because my freshman year of college, before I tracked any of my spending, I went to like 10 concerts over a half a year. It must’ve cost upwards of a grand.

I was thinking to myself, was it worth it? To me it is worth it. Would I be any happier with another $1,000 in my account? Maybe, but I still think about those memories I created on a semi-regular basis not to mention how fun they were when I attended.

Great discussion topic!

Austin @ Foreigner’s Finances
.-= Austin on: The 5 Books That Changed My Money Life =-.

By: Ken

Ken — Thu, 04 Mar 2010 18:33:24 +0000

I think that experiences and memories have their place in the happiness equation. I think relationships trump possessions when it comes to fun family times. Having the time freedom is something I would like more of as well.