And the Best Gifts Are...

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No, the best gift isn't a new Dell (Nasdaq: DELL) computer. And it's not a new (or even used) BMW, either. You probably wouldn't be surprised to hear that the best gift also isn't a McDonald's (NYSE: MCD) sandwich, but would you at least raise your eyebrows to learn that a Big Mac could be part of the best gift... if it's shared with someone in a memorable way?

Enough prelude. I'm here to report on the results of a study published in the December Journal of Personality and Social Psychology, which found that while material gifts do indeed often get high marks, the most "valued, cherished, and remembered" gifts are experiences. Experiences include things such as concerts, performances, trips, and the like.

According to Shankar Vedantam in The Washington Post, the study's authors, at the University of Colorado at Boulder and Cornell University, found that, "People were more likely to report that purchases of experiences made them happier than material purchases, and were more likely to have happy memories about experiences that cost as much as material goods." The findings were consistent among many demographic segments, though they became more pronounced among the wealthy: "...the more discretionary money people had, the more likely they were to derive happiness from experiences rather than possessions."

What could explain this? Well, one explanation is that experiences tend to be social, and socializing is related to happiness. Another explanation is that experiences are more tied to our identities, though it seems that these days, our material possessions also seem to define us to some degree. The report's bottom line is clear, though: "Individuals will live happier lives if they invest in experiences more than material possessions."

How does this relate to investing? Well, in several ways. For starters, you might ask yourself what you're investing for. For many of us, the answer is a comfortable retirement. (Get a free sample of our Rule Your Retirement newsletter, which can help you save big bucks for tomorrow.) As you plan your future needs, be sure to account for experiences such as trips and perhaps season tickets to the opera or baseball games.

And as you move through your investing life, take time to enjoy the process. The journey can be as rewarding as the arrival -- in life and in investing.

Longtime Fool contributor Selena Maranjian does not own shares of the companies mentioned here.