4 Quotes Tagged: short-term

Because we’re disconnected from our Future Selves, we opt for near immediate goals or dopamine hits. This short-term seeking ends up costing our Future Selves big.

[Example of this, from comedian Jerry Seinfeld]
Late at night, I think, “Well, it’s night, I’m having a good time, I don’t want to go to sleep. I’m Night Guy. Getting up after five hours’ sleep? That’s Morning Guy’s problem. Let him worry about that. I’m Night Guy, I’ve got to party.”
Then you get up after five hours of sleep, you’re cranky, you’re exhausted.
Night Guy always screws Morning Guy.

As a species, we haven’t evolved to plan 20 years into the future. As a rule, our decision-making is myopic, shortsighted, and lacks imagination. We’re heavily incentivized to seek rewards in the present, which can greatly cost our long-term Future Selves.

[If you don't] think and strategize long term, [you'll be distracted by the short-term.]
You’ll be caught up by endless distractions throughout your day.
Your decisions will be myopic.
You’ll cost your Future Self greatly, putting them deeper in debt in all ways.

We are more fascinated today by statistical predictions of what the country will be thinking in a few weeks’ time than by visionary predictions of what the country will look like in 10 or 20 years from now.

Our favorite holding period is forever. We are just the opposite of those who hurry to sell and book profits when companies perform well but who tenaciously hang on to businesses that disappoint. Peter Lynch aptly likens such behavior to cutting the flowers and watering the weeds.