Experiences over Possessions
I hear from a lot of people in debt.
In debt for various reasons.
Many people are in debt obviously from spending more than they earn, they over-extend themselves. This over-extension, is usually due to making purchases using credit, or using credit to supplement their income; once again, over-extending or living beyond one’s means.
And some of us have to, we do not earn or receive enough of an income to live. So we use credit.
We may use credit to buy food, pay bills, or as the term is, “borrow from Peter to pay Paul”.
But we in many instances use money or credit and find ourselves in debt, to purchase possessions. And how long do those possessions really last?
A True Story
Many years ago, in another part of the world, where the language was different, I worked as a Financial Counsellor.
A young woman came to me with tens of thousands of debt, all due to a “trip of a lifetime” her and her friend took together.
The two of them decided to travel the world, see the Seven Wonders, and spend 3 months on the road. How did they finance such a trip you may ask…..on credit cards! They each had taken out a few, more like 5 credit cards, each with fairly high credit limits.
They charged on the cards their flights, hotels, food, excursions, gifts, you name it, it all went on the credit cards.
Then the trip ended.
They came home and 30 days later, they faced the bills, the credit card statements showing they each had spent again, tens of thousands on the trip.
That is when they came to us and asked the age old question, “what to do?”.
I am not advocating for people to do this, but the facts of the story, and moral are twofold:
- Financially they were in trouble and looking at insolvency and bankruptcy.
- They did have the times and experiences of their lives.
The fact is, more and more people, younger people, are seeking experiences over possessions. Just do a Google search, experiences over possessions.
Yes, we need to buy things we need, but there are those that go that extra mile, need a TV in every room, must have the latest and greatest mobile phone, need a new car every few years, etc. And yes, these are experiences. However, they are not the same.
Memories last longer than things.