Long term thinking – having a meaningful ideal and planting the seeds for that today so that the fruits will come in time.
Warren Buffet was worth $1million at the age of 30 – at that point, he had been investing in the stock market since his teens. By the age of 90 (today), he is worth an estimated $84.8billion. There is a lot we can learn from Warren Buffets outlook on life.
Successful people in any field have long term thinking. If there is a degree of success without seeds being planted in previous years, that ‘success’ is often short-lived – if you could imagine a skyscraper being built on sand, then you might get the picture.
Although patience isn’t a virtue, it is a quality that has been lost in a world addicted to instant gratification.
Why You Need Long Term Thinking
‘A society grows great when old men plant trees whose shade they know they will never sit in’ – Greek Proverb.
What you are consuming now is what you will be creating in the future. If you are consuming garbage information, then you’ll make a mind full of garbage. If you eat unhealthy food, then you’ll have a sick body. Time is the enemy and also a great gift – a double-edged sword which is indiscriminate.
Who you surround yourself with directly influences who you will become – birds of a feather flock together. If there is one thing I tell people who ask for any advice, it is to make sure you surround yourself with people who are going in the same direction as you. High-level entrepreneurs hang around with each other. People on their straight and narrow spiritual path hang around with each other. You get the point.
This is why it’s essential to be aware of where you want yourself to be in ten years and act accordingly. Rearrange your life today for your sovereign future. Discipline and dedication will pull you through the suffering it may bring.
The Compound Effect
“Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn’t, pays it.” – Albert Einstein.
Long term thinking (beyond ten years IMO) creates a foundation and kicks off the compound effect. Ten years of continual effort towards a meaningful end will change your life, whether you reach the original objective or whether it changes along the way.
The most successful people think in decades, centuries and even millennia (Elon Musk, for example). They know that power of compounded effort.
Patience is a very scarce practice. If you can overcome the ‘get rich quick’ and immediate gratification mentality of the world, you can set yourself and your family up for generations.