happiness Archives | MoneyDigest.sg

Possessions vs Experiences: Where Should You Spend Your Money?

Congratulations! You have survived one of the most challenging years of your life – 2020. As a reward, you may either purchase new possessions or new experiences. Personally, I saved up enough money to purchase a Nintendo Switch Lite. My hesitations rose as January 2021 came. I realized that I want to spend this amount on experiences instead. Surely, I will spend numerous hours on playing it for the first few weeks. However, happiness attached to things fade quickly. Instead, I can invite my significant other to a fine dining restaurant or a relaxing staycation.

A study by Dr. Thomas Gilovich, a psychology professor at Cornell University showed why possessions have a fleeting effect. Our excitement fades because we get used to new things. What once seemed novel quickly becomes the norm. We adapt.

I remember purchasing my first designer bag. I started collecting lower-end bags and began to grow fond with high-end bags. As I buy more designer bags, my expectations increased. I became more particular with the brand and the price. My increased expectations led to increase expenses. We keep raising the bar with possessions. This leads to the desire of wanting new and better things.

Lastly, possessions foster comparisons. You may purchase the latest designer bag, but feel empty when you compare your collection to your friends. There will always be someone with a better item than yours. These reasons highlight why it is better to invest on experiences than on possessions.

THE POWER OF EXPERIENCES

1. Experiences help you invest on purposes and passions.

If your guiding principle in life are possessions, you may be in trouble. You will never feel fulfilled chasing after the next “must have” item. Real happiness can be reaped through experiences. Follow your purpose and passion.

2. Experiences become a part of your identity.

You are a culmination of your experiences. Buying an iPhone is not going to change who you are as a person. Completing your first triathlon will certainly change you. You were shaped by the things you have done, the places you have been, and the people you met.

3. Experiences fuel less comparison.

Our experiences are subjective. It is hard to compare the quality of vacation two people have. A person may have a short and meaningful vacation, while his peer may have a long and wasteful one. It is difficult to quantify the relative value of any two experiences, which makes them more enjoyable.

4. Experiences foster anticipation.

Anticipation of an experience is important in increasing one’s excitement and enjoyment. While, anticipation of obtaining a material possession can cause impatience and frustration. Savor the moments of planning all the way to the memories that you will cherish forever.

5. Experiences introduce you to a whole new world.

Image credits: unsplash.com

Unlike material possessions, experiences introduce you to new perspectives and moral lessons. For instance, travelling can instill gratitude and acceptance. You will begin to appreciate and understand different cultures as you travel to New York City or Manila City. Let your wallet take you to places you have never been before!

Sources: 1 & 2

10 Wonderful Treasures That Money Cannot Buy

1. RESPECT

Genuine respect from your partner, your workplace, and yourself is something that almost everyone desires to achieve. One gains respect not by paying for it, rather it is gained through humility, hard work, and nobility.

2. WISDOM AND KNOWLEDGE

Knowledge and education are acquired through time and effort. While, wisdom comes from the knowing how little you actually know. Submitting yourself to updated books and new experiences can fuel the lifelong learning process.

3. FULFILLMENT OF DREAMS

Whether you call it dreams or passions, dedicating your life to something you love and value can help you unlock happiness. However, arriving at your true calling takes a complicated and a highly personal route of self discovery.

4. GOOD HEALTH

Although we are aware of the benefits of physical activity to our health, most of us do little of it. Instead of getting consumed by earning, lead a healthy lifestyle packed with exercise and balanced diet.

5. AFFECTIONATE RELATIONSHIPS

Since our time here is limited, we must constantly put effort into making our loved ones feel that they are appreciated. Show affection by your presence, hugs, and kisses. Help one another in the time of need as this will only keep the bond stronger.

6. SECURITY

Security is defined as freedom from risks and danger. Aside from keeping piles of wealth to secure your future, prevent the harmful attacks from people and diseases by employing overall security and preventive measures.

7. INNER PEACE

The state of being mentally and spiritually at peace is achieved when one accepts everything that life has to throw at him or her. Positivism even in the most negative circumstances are attained due to knowledge and understanding of oneself. This is one thing that I personally want to attain without the help of wealth.

8. TIME

If there is something money cannot buy, it is absolutely time! Time is one of the most important commodities on Earth. It is limited. Once it is gone, you cannot take it back.

9. CLOSE-KNIT FAMILY

The true closeness of a family cannot be bought by money even if you combine all the wealth in the world. It comes from spending quality time, giving adequate attention, and pouring unconditional love to each family member.

10. STRONG WORK ETHIC

Building strong work ethic is a matter of becoming an action-oriented person that steers to the direction of self-development. Boost it by practicing hard work, wielding self-discipline, and embracing responsibility.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

Eternally Free Ways To Get Your Groove Back

If you are feeling tired, overwhelmed, stressed, bored, or lethargic then, you may have lost your groove or “mojo” (as Austin Powers calls it).

Groove refers to the energy and power to perform things easily and exceptionally. When you are in the groove, you are unstoppable at work and other areas of your life!

Losing it is unavoidable due to financial setbacks, breakups, and other unfortunate circumstances.

There will be days when you feel like you are not fully yourself. I too experience writer’s block every once in a while. But it is important to pick yourself up, shake off the past, and move on.

Reclaim what is rightfully yours by following these tips:

1. DO MORE OF WHAT MAKES YOU HAPPY

Happiness is an essential source of vigor. Begin by writing down a list of activities where you had so much fun. Re-live each moment mentally by reminiscing your happy times. Then, elevate your energy by recreating a couple or more of these activities.

2. TAKE GOOD CARE OF YOURSELF

Being in a rut does not mean that you have to look rotten too! Research suggests that if you look fabulous outside, you will feel fabulous inside. So style your hair differently, put on your favorite cosmetics, or wear clothes that make you feel stunning. Pretty soon you will realize that your groove relies on the self-confidence within.

3. TRAIN YOUR THOUGHTS

In the period of groove loss, you may experience a repetition of negative thoughts or worries. This is called rumination. Rumination can take a toll on your physical and mental well being. Solve this by training your thoughts.

Once it spirals off to the dark abyss, bring back the light by redirecting your mind to the positive memories, grateful thoughts, or anything pleasant. You may have to do this several times consciously until it comes naturally.

4. SHY AWAY FROM ELECTRONICS

It is easy to take things for granted because of how convenient everything is with modern technology. Say you are making a slogan for your ad campaign, instead of spending countless minutes browsing on your thesaurus, you just spend seconds to Google the synonyms.

I know you are tempted to drown yourself on K-Dramas or other television series when you feel low on “mojo” but it is hard to move on if you are avoiding things. Practice an electronics sabbatical by turning of the television, your laptop, tablets, and other devices for at least 3 days. Use this time to have an interesting conversation with your partner or kids. Tidy up your closet or organize your files as long as you do something productive and optimistic.

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, & 3

5 Things That Are Far More Important Than Money

Hustling through the most expensive city in the world, it is impossible not to get consumed with making money. We sacrifice our time and energy just to make sure that all the bills are taken care of. A lot of focus is really on building wealth in our society. But if we are mindful about the present, we will realize that there are far more important things than money. Start with these:

1. GOOD HEALTH

As the old saying goes: “health is wealth”. As long as the fountain of youth has not been located, our brain and body deteriorates as time goes by. Although we are aware of the benefits of physical activity to our health, most of us do little of it. So, instead of getting consumed by earning, lead a healthy lifestyle packed with exercise and balanced diet.

2. TREASURED TIME

If there is something money cannot buy, it is absolutely time! Time is one of the most important commodities on Earth. It is limited. And, once it is gone, you cannot take it back. Adding health into the equation, if you have been living with an unhealthy lifestyle then your time may be shorter than the rest. This is why you must make every second count.

3. APPRECIATED RELATIONSHIPS

4. WISDOM AND KNOWLEDGE

William Shakespeare once said: “A fool thinks himself to be wise, but a wise man knows himself to be a fool.”

Wisdom comes from the knowing how minute you actually know. Submitting yourself to updated books and new experiences can fuel the lifelong learning process. Be amazed with how much knowledge you gained, often far beyond what you had hoped. Ultimately, this will lead to personal growth – another thing that money cannot buy.

5. DAILY GRATITUDE

Thankfulness increases happiness within you and beyond you. Instead of focusing on what you do not have, be appreciative of the things that you have. Before you go to sleep or the after you wake up, think of 3 things you are thankful about. This changes your focus from your stressors to the beautiful things that you might have taken for granted.

Image Credits: Evelyn Lim via Flickr with CC License

Sources: 1, 2, 3, & 4

How To Keep Employees Happy And Efficient At The Workplace

Beyond costly monetary benefits, you can keep your employees happy and productive at the workplace by knowing the underlying factors that induce motivation. Daniel Pink, the renowned author of “Drive” book, highlighted that the three elements of motivation include purpose, autonomy, and mastery.

Applying these elements realistically, here are the three key ways to keep your employees efficient and happy:

1. HAVE A SOCIAL PURPOSE

Having a meaningful cause larger than oneself drives the deepest motivation. Generation Y employees, in particular, want to feel that their work is making a difference. This is why they are drawn to work or patronize products of TOMS. TOMS is company that equates their sales into helping people in developing countries. For example, whenever they sell a pair of shoes, a new pair of shoes will be given to a needy child.

Even if your company does not include a direct social mission in the system, you must do your best to practice altruism. Have the social responsibility to donate to charity whenever possible.

2. MAKE ROOM FOR EMPLOYEE AUTONOMY

I am sure that no one enjoys being micromanaged especially in a small business! Employees work happiest and most efficient when they have personal control over the situation as they can freely express their creativity and solve the problems by themselves. When employees feel that they are able to make tangible impact to the company through regular brainstorming, they are more likely to give their all for the company.

3. GIVE EDUCATION AND FEEDBACK

Mastery is formed when there is a comprehensive knowledge or skill built in the company. Employers can hone mastery by encouraging further training or education as well as conducting regular performance feedback. A sense of progress in oneself contributes to the inner workplace motivation. Allow your employees to grow by empowering a new responsibility. Everyone wants to feel that they are getting better at things.

Image Credits: AJC ajcann.wordpress.com via Flickr With Creative Commons License Attribution-ShareAlike

Sources: 1 & 2

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