How To Spend Money on Experiences That Provide the Best Return on Investment
According to Communications Psychology, studies have shown that greater happiness can be derived from spending money on experiences rather than material goods. After all, while that new outfit or technological gadget you pick up at the mall may give you an emotional lift at the start, that rush tends to diminish over time.
Ultimately, material goods tend to become simply utilitarian, or perhaps even disliked if enough time has passed. But events like concerts or trips can provide you with a lifetime of memories that may even strengthen over time.
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In fact, some experiences can pay dividends over time. Rather than just bringing a smile to your face when you recount the memories, you can actually earn a return on investment by choosing certain experiences. Wondering what some of those may be? Read on to find out.
Also see the five best ways to spend $500 that will boost your financial health.
Massages
A massage might seem like a luxurious, pampering experience that provides only 60 minutes or so of joy and relaxation. But the science behind massages actually says something quite different.
According to the American Massage Therapy Association (AMTA), massages can have many health benefits, including chronic pain management, behavioral health treatment and rehabilitation. In fact, a certain therapy was shown to decrease heart rate and blood pressure, and another study showed that oxygen consumption, blood pressure and cortisol levels were lower after 10 to 15 minutes of a massage, per AMTA.
In other words, getting a massage might not just be a splurge. It can also provide actual physical benefits, scientifically speaking.
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Educational Courses
Warren Buffett, the billionaire CEO of Berkshire Hathaway and one of the most admired investors in history, is often asked what the best investment is. And time and time again, Buffett has told his shareholders, news outlets and anyone who will listen that investing in yourself is the best thing you can do.
To that end, spending money on educational courses can be one of the very best ways to get a good return on your investment. If you choose a course that actually interests you, you can get the double benefit of an enjoyable experience that you will always remember and additional skills and knowledge that can help you earn more money throughout your life.
Mental Wellness Practices
The value of mental wellness has been receiving a lot more attention in recent years. This is because numerous scientific studies are proving that mental wellness practices can have significant, long-term beneficial effects.
The National Institute of Mental Health (NIMH), for example, said that mental health plays an important role in your overall health and quality of life. When it comes to important things to spend money on, those two have to rank at the very top.
In addition to more obvious activities, like using wellness, relaxation or meditation apps or programs, some of which may cost you money, the NIMH suggested a number of completely free activities that can help with mental wellness as well. These include setting goals and priorities, focusing on positivity, practicing gratitude, staying connected to friends and family members, eating healthy, and getting physical exercise.
Social Networking Events
In decades past, “social networking” events were generally boring, almost forced experiences in which you had to awkwardly ask for favors or suck up to more influential people in an obvious play to social climb. Nowadays, social networking events can actually be enjoyable adventures in relaxed environments where all you have to be is yourself.
For example, you might join a networking group on a white water rafting tour or countless other engaging social events like cooking classes, charity events, themed parties and more. The point is, you can actually go and enjoy the experience itself without feeling pressure to network — but when you’re comfortable, you may actually find yourself automatically connecting with new clients, influencers or simply friends.
This can pay off in the long run. Per Indeed, networking can lead to job opportunities and enhance career interests.
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This article originally appeared on GOBankingRates.com: How To Spend Money on Experiences That Provide the Best Return on Investment
