October 15, 2016
The world is changing. People want more flexibility and freedom. They subscribe.
Two generations ago, it was typical to have only two-or-three jobs, within one defined career, in an entire lifetime. Most people lived their lives in one or two homes, and rarely traveled outside their country.
Everything is speeding up. People are switching jobs every few months, and people change careers more fluidly. We roam the planet freely and visit multiple new countries every year. People want freedom, and people want flexibility. Success is defined by the experiences we gather along our journey.
Less people are buying homes. Once ‘a man’s castle’, its now a hassle, and an albatross around your neck. It’s hard to change your mind, or move country, once you’ve just bought your house.
On a more somber note, people are changing relationships more, more people live in single-households and divorce rates continue to climb.
People no longer buy music, they subscribe to it. They also subscribe to Netflix, Apple and Zipcar. And a lot of Londoners’ zip around on Boris Bikes.
People are valuing experiences more, and valuing ownership less. Boffin psychologists, from over 10 years of extensive study, have suggested in terms of happiness and a sense of well-being, spending money on new experiences is much more profitable. Here’s an article, of Tim Hamblin, exploring life’s voyage, defined by experiences.
He reckons, people opt for experiences more because:
Experiences help us make friends
We all need friends, and as a social animal, we thrive in communities. Communities are commonly defined by common interests and experiences. Further, it turns out that people/friends like hearing about the holiday you just had, but they don’t like hearing about your possessions vert much.
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Buying causes worry
The downside of a prized possession is that you are constantly fearful of losing it. IF you buy a house and fill it full of expensive items, you’ll be afraid of being robbed, or anxious about your little nephew’s sticky fingers. your fabulous new car is great, but you might flinch every time you hear a car alarm go off, and inspect it every morning for scratches.
Every purchase goes down in price over time. Virtually everything depreciates over time. Things wear out, need maintaining, and newer, shinier models are released. Of course, some assets and investments rise in value. But why do we invest? It’s so that we can buy something with that money.
An investment is effectively a deferment of an experience (buying something, eating something, holidaying somewhere etc) in the hope/expectation that you can have a better experience (return) in time.
So why buy an expensive watch? There’s loads of reasons why you shouldn’t. It’s not about the ownership, but the experience – and you severely limit your experience if you tie yourself into just one watch.
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So if you have more ideas – leave a comment.