As we near and enter retirement chances are that we have as much financial wealth as we have had in our working lives. If we have a well-planned, financially secure retirement to look forward to, we may also have some spare cash to splash on nice things that we think we want. The dopamine hits we get from accumulating these things can give a lot of pleasure but unfortunately those good vibes don’t always last as long as we would like.
After a while we have all the stuff and toys we could want and more. Our yards, garages and storage facilities are full of clutter, and yet our happiness bank balance is not necessarily any higher? Kind of disappointing, isn’t it? What’s the answer?
The research is clear
The research is clear, the joy we get from buying things drops faster than our willpower on a new year’s resolution. Experiences, on the other hand, age better than a single malt Scottish Whisky. The memory dividend grows, compounds, and pays out long after the moment has passed.
It’s difficult to let go of stuff that we have accumulated over our lifetimes, but the risk we run if we don’t clear out a bit is that with too many options we end up procrastinating and doing nothing. Boredom and indecision can be paralysing if we don’t get on top of things.
Short Term Highs
We are naturally social beings so spending time with family and the people who bring joy to our lives garantees lasting happiness. This doesn’t mean we stop buying things, but buying our stuff with real purpose to make those interactions more comfortable or fun, can give both short term highs and long term memories.
That new driver or hybrid that makes up for the distance you used to be able to hit off the teebox, the ebike that means you can ride with your mates and not need to sleep the rest of the day. These things make life more fun, healthier and happier.
So I’m not saying stop spending, just spend with purpose. After all, we can’t take it with us?
Dirk Groeneveld, Certified Financial Planner
t. 083 261 9287
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Previous Columns:
- How Many Good Summers Do You Have Left?
- Retire With A Plan. Then Tear It Up.
- It May Be Time to Reconsider What Retirement Means to You
- We Love A Sale, Except When Investing
- The difference between saving and investing
- Where is our focus?
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