If someone presented you with a free brand new BMW or a free trip to Europe which one would you pick? This question to some is a no-brainer because a car lasts longer than a trip that only occurs once. However, if you look at it from an economic stand point it might just be worth your time and happiness to pick the trip to Europe instead.
The cost and benefit analysis is a systematic approach to estimate the strengths and weaknesses of alternatives. So in the BMW and Europe example, the cost of picking the trip to Europe over the brand new car would be losing the experience of the trip and the cost of picking the trip to Europe would be losing the car. While a car is nice and lasts for a longer period of time an experience that can shape you and your life is worth more than any material item on this earth.
Everything you do in your life impacts you as a person. After going places, seeing concerts live or anything else you may take part in becomes your identity and alters how you think and what you choose to do next. A material item while being nice cannot define you as a person or give you the same satisfaction because no matter how hard you try items will never be connected to you. A memory is ingrained in your brain for the rest of your life even if it's something small that you don't think impacts you at the time.
Being a millennial can be tough because we don't necessarily have a ton of money to blow on experiences. However, when you spend a little less on things and a little more on enjoying life the things become meaningless. Some of the best times of my life happened in a $7.50 Walmart space cat t-shirt.
Blow all your savings on a road trip with your friends. Get the stupid tattoo that you decided to get the morning of. See your favorite artist live. Life is all about creating moments that make your adrenaline rush. People like to live by the quote that says, "Life is short buy the shoes." Well, life is short, but don't waste it on the new shoes and instead buy what you need the shoes for.
