As an online company in the financial advice niche, founded by physician and entrepreneur Fraser Henderson, Fire The Boss is as creative about all things money as its brand name. Founded in June 2018 and based in New York, the company enjoys a stunning reputation in one of the world’s most competitive and cutthroat industries—finance. So, when such a high-profile and experienced company runs a value comparison between experiences and tangible purchases, it sure pays to take notes.
Tangible purchases have a limited shelf life and depreciate.
Wherever you go, you will find companies and brands pushing you to make tangible purchases. In a consumer and consumable-oriented society such as ours, Fire The Boss confesses that it is indeed difficult to restrain yourself from spending on that new gadget, a new car, or a new house. From targeted advertising to unbelievable offers on just about every product, the science that works behind it lures us all in, and before we know it, we are an integral part of the consumer grid. But buying your way to happiness has its limitations, both in terms of value as well as satisfaction. We often find it’s the chase that’s exciting. When we wish to buy a new house and do all we can to make that dream come true, we love the effort and the hard work that goes into the plan. But once we fulfil the dream, we often discover that it fails to give us the same satisfaction we once thought it would.
Experiences last a lifetime and appreciate in value.
On the other hand, when you invest your resources in experiences, they provide a lot more value, as per Fire The Boss. The company of friends, family, or even colleagues and strangers, the experience of doing something you love, and the joy of learning something new—all these experiences add value to our lives and not just to our garage or wardrobe. Moreover, in the long run, these memories and experiences even increase in value. Experiences dipped in nostalgia seem even more magical later in life, and people even tag them as memories they would pay anything to relive. There are a few exceptions to this rule, though, and Fire The Boss tells us that social class is one of the most prominent ones.
The exception: When social class is a determinant.
In cases where individuals or families earn insufficiently and struggle in daily life, even tangible purchases can offer the same amount of happiness as non-tangible ones. With fewer resources at hand, this class of society would rather have economic stability for a while than an experience that soon gives way to the usual unstable conditions.
Even so, Fire The Boss points out that as far as the majority goes, investing in experiences that last a lifetime is a sure winner against tangible buys.