Dr. Noah St JohnFounder, St. John Executive Coaching · The Caveman Conversion King | Keynote Speaker: Tame the Caveman in Your Brain™ | My $3 Billion Playbook turns AI fear into peak human performance | What kind of Caveman are you? Take the Caveman Quiz

My 30-Day Experiment with Money Management Changed Everything!

13 Dec 2024 · 1 min

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In this interview excerpt, the host asks Dr. Noah St John about a common, unnoticed money trap. Dr. Noah explains that many people fall into the habit of spending on short‑term items that quickly lose value, such as material goods, instead of investing in experiences. He argues that purchases of tangible items depreciate, whereas shared experiences—like trips or time spent with friends and family—appreciate over time, providing lasting happiness. He advises listeners to prioritize spending on experiences rather than short‑term gains to avoid this trap.

Hey, Dr. Noah, what's the one money trap that most people don't realize they're falling into?
The one money trap that people don't realize they're falling into? It's really spending on short-term things that really don't produce long-term happiness. You know, I was asked on an interview one time what I collect, you know, if I collect things and cars or whatever, and I said I collect experiences. Because have you ever noticed that when you buy things, the value tends to fall fall over time. But when you invest in experiences, that actually— it grows over time. So when you go on trips or when you go have shared experiences with your friends, your family, that actually grows over time. So those are the kind of experiences you want to invest in rather than short-term gains. So that's a big money trap you want to make sure you do not fall into.
That is well said. Thank you.