A recent article in The New York Times challenges what many of us think about smart spending habits. As put succinctly by the article’s title, sometimes, spending brings a bigger return than saving. To be sure, the author of the article explains that experience in life provide you with a “incalculable return on invest.” So why do we feel guilty every time we spend?
You’ve Learned that Saving Is Key
For most people, saving money is an idea that is reinforced from an early age. No, you cannot book that once-in-a-lifetime trip – how do you plan on saving for retirement? Most of us are of the belief that putting away at least 10 percent of our income each month into savings, and when we have extra, investing in something that will yield a return in 30+ years, is smart.
But is there a time when saving isn’t the best idea?
When You Should Invest in Experiences
Saving for tomorrow is important, but so is spending your savings. Don’t blow your money on useless, frivolous, or material items, but do spend money on the important things in life: experiences. When you reach old age, you will need retirement funds, but you will also need memories of the wonderful life you’ve had.
When do you think that spending on experiences trumps saving?
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