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#642 - Bill Perkins - Why You Should Spend All Of Your Money Before You Die
Modern Wisdom
Investing in Experiences: The Memory Dividend
Investing in experiences early, whether it be ski trips, travel, birthday presents, or charity, allows you to save up memories that provide fulfillment throughout your life. Just like compound interest in the bank, experiences also have a 'memory dividend.' This means that not only do you derive pleasure from the actual experience, but you also get fulfillment from recalling and discussing the experience. Each time you tell the story, bond with someone over it, or create new experiences related to it, the fulfillment compounds. Just as Warren Buffett advises starting early to take advantage of compounding interest, starting early with experiences allows you to benefit from the compounding memory dividend. This understanding can also help guide decisions about whether to save money for future experiences or to enjoy them now and reap the associated memory dividends for a more fulfilling life.
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