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Updated March 26, 2024
Give your time and money to experiences like travel and volunteer work for long-lasting memories.
Say you have an extra $1,000 and you’re deciding how to spend it. A tech gadget like a flat-screen TV may seem like the way to go, but in Happy Money: The Science of Smarter Spending, coauthor Michael Norton, a professor at Harvard Business School, explains why booking a vacation is likely a better choice. “We think that when we get a TV, we’re going to have family and friends and parties to watch the Super Bowl. But mostly we just stare at it by ourselves.” Norton adds that, while a vacation may last only a week, “you get to experience the mental vacation again and again.”
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