This is a great rebuke to the idea that its more worthwhile to spend money on experiences rather than objects. As it turns out, the original study was flawed because it was performed on affluent college students. Brilliant.
“When money is tight, buying material things makes us happier than buying experiences. When we’re rolling in cash, it’s the other way around.”
Another great take on lessons learnt from Lehman, from the perspective of an invesment banker. It’s the last one I’m sharing on the GFC, I promise 😉
It’s been a decade since Lehman, so I’m going to jump on the bandwagon. Here’s one from the perspective of a student studying in Stanford back in