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Many psychological studies have shown that spending money on experiences makes us happier than spending money on things.
“The business of life is the acquisition of memories. In the end that’s all there is.”
“It is hard to teach an old household new rules.”
If you have a very low tolerance for risk—meaning you will not accept even a tiny chance of outliving your money—you will either buy an annuity or you will self-insure by leaving a huge cushion.
Scientists have known for some time that young adults who as young children receive more affection from their parents come to enjoy better personal relationships in general and to also have lower rates of substance abuse and depression.
Better health doesn’t just give you a better retirement years from now—investing in your health is investing in every single subsequent experience!
People who spend money on time-saving purchases experience greater life satisfaction, regardless of their income.
three factors that most affect your ability to enjoy your life energy: health, free time, and money.
If your ability to enjoy experiences is more constrained by time than by money or by health, think of one or two ways you can spend some money now to free up more of your time.
“No one ever regrets not having spent more time in the office.”
Being aware that your time is limited can clearly motivate you to make the most of the time you do have.
Know when to stop growing your wealth.
Invest in experiences that yield long-lasting memories, always bear in mind that everyone’s health declines with age, give your money to your children before you die instead of saving for their inheritance, and learn to balance current enjoyment with later gratification.
