Things, experiences, or wealth?

[Anonymous]

My spouse and I were talking about this today and curious the mindset of folks here —

Would you rather have things, experiences, or generational wealth? Now most are going to say all three so here’s the followup: what is the balance between the three?

Would you rather have a closet full of designer handbags or go on Safari to Africa? Or would you rather just save all of the money for the next generation?

For those who are savers, particularly saving above and beyond for retirement, if you were diagnosed as terminal tomorrow, would you regret not spending more on things or experiences?

[Anonymous]

Anonymous wrote:My spouse and I were talking about this today and curious the mindset of folks here —

Would you rather have things, experiences, or generational wealth? Now most are going to say all three so here’s the followup: what is the balance between the three?

Would you rather have a closet full of designer handbags or go on Safari to Africa? Or would you rather just save all of the money for the next generation?

For those who are savers, particularly saving above and beyond for retirement, if you were diagnosed as terminal tomorrow, would you regret not spending more on things or experiences?

I think regret the time I wasted doing dumb things like posting on internet forums/social media. I think experiences are more a mindset than an expense--I don't think safaris and other trips like that truly add that much value to my life. I've had to travel a lot for various reasons and don't really desire it. I will spend on hobbies that provide me value, but what I'm interested in isn't very expensive (hiking, gardening, biking). I don't care much about things though I seem to have too many of them. I do care about my security and well-being so wealth that will last me through an unknown end date through unknown situations is fairly valuable to me. That it may help out future generations/causes I donate to is nice too.

[Anonymous]

Experiences. For sure. Especially travel and education. I've paid for multiple grad degrees and am considering a PhD. Have almost never regretted travel. I spend a lot on books as well, but would kind of consider that an experience rather than a thing, even if it is technically a thing. I also love opera, and those tickets cost hella $$$. Most definitely have regretted spending on a LV purse. But YMMV.

[Anonymous]

I’m experiences - my husband is generational wealth.
So we work to find the medium!

[Anonymous]

I just want comfortable, clean safe home when it comes to things. I can get that for one million in DC.
I love just sitting at home and not having to get dressed and go to work (I call it experience). One million earning interest allows me to sit at home and/or work part time when I get bored.
I will leave my two kids 1 million each in today's money. They won't know it and don't really need any. Completely capable making their own money.

[Anonymous]

Horses!

[Anonymous]

I want a balance, but I will say this:

A few years back, I would have said "experiences" were my number one priority, both for me and my kid. But Covid altered that for me quite a bit. I still love travel and think it's great to spend money on doing things. But I realized how much happiness and fulfillment I can get out of very, very simple experiences, like spending an afternoon reading a book or baking with my kids. Just very simple pleasures that don't require a ticket or any travel.

But that experience also made me realize the enormous value of living in a pleasant, clean home that has creature comforts. It makes you realize that spending a bit of money on stuff like nice sheets, or really comfortable clothes that are appealing to wear, isn't just shallow and pointless. It really makes life better.

So yes, I think a good balance between them and I no longer think there is some kind of superiority to experiences over things, though I used to.

[Anonymous]

All of them. There are tradeoffs of course but your preferences, choices and constraints are different than other people's and change over time.

Cue the people who will unequivocally declare that their preferences and choices are more valid than others'.

[Anonymous]

Experiences
Wealth
Things

That’s my order.

[Anonymous]

I really prefer things to experiences. I feel like I get deep enjoyment out of them every time I use them. That’s everything from nice clothing, fancy handbags, high quality groceries, cozy sheets and comforters, nice furniture, a renovated kitchen, etc. I enjoy experiences, but I don’t need them all that frequently to feel good about my life. In terms of generational wealth, I plan to leave enough money behind to support my disabled child who will never live independently, but my line dies with her.

[Anonymous]

I suspect this crowd tends to have more money than time. Experiences require time but things can often offer instant gratification and less maintenance.

I would add time, relationships and meaningful engagement with loved ones in the 'experiences' bucket. This bucket used to be more abundant with people having more time than money but modern times have flipped that on its head.

[Anonymous]

Anonymous wrote:I really prefer things to experiences. I feel like I get deep enjoyment out of them every time I use them. That’s everything from nice clothing, fancy handbags, high quality groceries, cozy sheets and comforters, nice furniture, a renovated kitchen, etc. I enjoy experiences, but I don’t need them all that frequently to feel good about my life. In terms of generational wealth, I plan to leave enough money behind to support my disabled child who will never live independently, but my line dies with her.

Basic

[Anonymous]

Wealth (security for family and kids)
Experiences (highly valued but we’re in a busy season of life with toddlers)
Things (few high quality)
…
…
…
Things

[Anonymous]

Anonymous wrote:

Anonymous wrote:I really prefer things to experiences. I feel like I get deep enjoyment out of them every time I use them. That’s everything from nice clothing, fancy handbags, high quality groceries, cozy sheets and comforters, nice furniture, a renovated kitchen, etc. I enjoy experiences, but I don’t need them all that frequently to feel good about my life. In terms of generational wealth, I plan to leave enough money behind to support my disabled child who will never live independently, but my line dies with her.

Basic

You probably mean to be condescending, but I actually agree with you. I get a lot of joy out of having basic, everyday things. And I think the cumulative effect of it is in fact an experience in and of itself, though I think it’s easy to overlook that fact, especially if you become too used to it. But I grew up quite poor and I can never forget what that experience was like. So yes, climbing into a freshly made bed with sheets I love continues to be one of my favorite experiences, and I value my sheets more than the traditional experience.

[Anonymous]

The only “thing” I love is our home. I love being in it. But, otherwise, despite a high HHI we’ve never accumulated things.

I do love travel. I’ve seen most of the world and still would love to travel most of the year.

Don’t care about generational wealth at all. I’m mostly self made and have confidence my kids can do it on their own. I’m a woman and my goal is the same as my Dad’s: “die broke”.