Look at your cell phone. If it's a few years old, try to recall when you first bought it. Remember it's shine and newness?  How excited you were to open new apps, use the new camera's more powerful features, or play some games?

And now? Be honest -- the shininess and newness has worn off. You might not be able to get through a day -- or an hour -- without it, but even if you've kept it in good shape the initial hit of dopamine is gone. 

This is due to a phenomenon that psychologists call "hedonistic adaptation." Over a very short period of time, the things we buy just become more things that we have, and that initial burst of happiness we feel when we crack open the box returns to the baseline.

On the other hand, investing in experiences tends to create more joy that sticks with us, reverberates with our loved ones, and improves Return on Life (ROL). Here are three reasons why:

1. Anticipation is its own reward. 

Yes, it can be fun to spend a few days hunting for the best TV details or comparing specs for a new laptop purchase. But the payoff for all that planning is still just another thing. And, in many cases, there's no real payoff at all. How often have you stared at a screenful of open browser tabs and just clicked on something to be done with it? Or suffered analysis paralysis and decided that what you were thinking about buying wasn't worth the hassle?

Imagining yourself trekking on Alaskan glaciers, or flying in a helicopter in the Canadian Rockies is a much more visceral thought experiment than deciding how big your next TV should be. Plus, the payoff is real: you'll be there soon enough! And as you and your family plot out the details of your next experience -- where you'll stay, where you'll eat, what activities you'll do -- your planning will build anticipation that will make the experience itself even more rewarding. 

2. Experiences can be shared. 

Planning is also just the first step in creating a shared experience with your loved ones. By involving every family member in your designing itinerary, you can create a unique experience that touches upon everyone's interests while also giving your family a chance to do more of the things you love doing together. 

And while buying stuff -- especially personal electronics -- tends to seal us off in our personal bubbles, vacations and destination activities can shake us out of our comfort zones and show us corners of the world we've never seen before. Instead of returning to your favorite theme park, what's some place your family has never been, or even considered visiting? What's a sport you've never tried, a cultural festival you've never attended, a cuisine you've never sampled? It's new experiences that often teach us the most about ourselves, the people we care about the most, and the wider world. 

3. Memories last forever. 

Of course, spending on stuff can be part of an experience as well, especially if you're hitting the road with children and/or grandchildren. Some of the souvenirs you pick up along the way are going to end up in a recycling or donation bin -- right next to that old cell phone. Others will become treasured reminders of an unforgettable experience, inseparable from the memories you planned for and shared. 

Great experiences are the kind of high-ROL investments that folks often want to keep making.