Money can’t buy you happiness.

It is something that has been said over and over. But is this scientific fact or just a saying that caught on and won’t let go?

Well, it might be a little bit of both.

Overall, money can bring happiness but once basic human needs are met, it actually won’t make you much happier. Experiences, on the other hand, whether a one-time experience or several of them, actually have an everlasting effect on us.

Dr. Thomas Gilovich, a psychology professor at Cornell University has been studying the effects of money and happiness for over two decades.

“One of the enemies of happiness is adaptation,” he told Fast Company in 2015. “We buy things to make us happy, and we succeed. But only for a while. New things are exciting to us at first, but then we adapt to them.”

1) Experiences become a part of who we are

Many people view material things as a part of them when in reality, experiences are. Experiences will always be a part of who we are. Dr. Gilovich said, “Our experiences are a bigger part of ourselves than our material goods.”

2) Experiences connect you to other people

We’re more likely to connect with someone who has experienced something that we have versus someone who, say, has the same color car that we have. Meeting someone who has hiked the same mountain as you is going to create a stronger bond (and better conversation) than discussing the color of your cars.

3) You’re less likely to compare your own negative experiences to someone else’s

In a study conducted by researchers Ryan Howell and Graham Hill, they found that it is much easier to feature-compare material items than it is to compare experiences. Feature compare is comparing the features of an item. For example, the number of carats in a ring.

You’re less likely to compare who had more fun during an outing or an event.

4) Happiness from experiences last longer than happiness from material things

This goes back to adaptation. Once we’ve become used to a material item, we no longer feel as excited about it. Therefore, instead of buying the newest phone, invest in a cruise or learning a new skill. Over time, material items just become part of the norm.

5) Bad experiences help us grow

Everything we go through shapes who we are. Negative experiences are often character-building experiences. Once you are able to express how the experience impacted you or made you feel, you’re more likely to feel upset about it and even open up the possibility to view it as a learning experience. It might even turn into something you look back on and laugh at.

On the other hand, if you purchase something and don’t like it, that’s pretty much it. Of course, it can be returned or exchanged but it isn’t the same as experiencing something.

There you have it. Invest in experiences! Put money into things that you can look back on and remember fondly. Material things don’t last forever which is why it’s best not to invest so much into them. If you purchase an expensive camera and it breaks on a trip, you’ll always have the experience of the trip in your mind and in your heart. It’s a part of you.

Now, go out and experience life!

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Sources: Fast Company, Relieved