Helping You Make Better Decisions
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Naval famously said: “Play long-term games with long-term people. All returns in life, whether in wealth, relationships, or knowledge, come from compound interest.”
But what does it mean to play long-term games?
Each of us carries our own definition of what long-term means. For impulsive people, long-term means the next month or quarter. A year is long-term for those who spend more time acting in the moment than they should.
For those with low incomes, long-term is the time until the next pay packet.
There is no thought beyond then — it's too scary and too uncertain to think beyond the next four weeks.
Of course, you have the opposite extreme where the long-term doesn't have to be restricted by time. Jeff Bezos opening statement to the U.S. House Committee on the Judiciary included this: "I founded Amazon 26 years ago with the long-term mission of making it Earth’s most customer-centric company." Rob Dyrdek gave a different view, informing Sam Parr and Shaan Puri of his five hundred year legacy on the My First Million podcast.
No one else offers a better example of the value of playing long-term games than Warren Buffet — for he is the compound king.
Our challenge is to get in on the act — to start playing long-term games.
A starting point comes with the decisions we make every day. Short term decisions occur when our subconscious decides for us. Our intuition rarely lets us rationalise beyond now.
We have to take responsibility.
"If it is to be, then it should be from me." — Darren Hardy
Responsibility comes from awareness. Awareness comes when we pause; when we write — and when we allow ourselves to stew on the mess of the unknown. Critical thinking is a window — not just too rational thinking — but to the awareness of our feelings.
Total responsibility arrives when you sense and judge the situation you face.
I used to believe the more rational I could be, the more right I would be. Now, I see rationality demands perfection — a fallacy right from the heart of the imperfect world we live in.
Rationality is only one part of awareness, not the total sum of awareness.
Of course, awareness — when it embraces your thoughts and feelings gives you the opportunity to see things differently. That's the key most of us miss. It's why fail to play long-term games, and instead, fall prey to a bias towards intuition.
If you want to play long term games, take responsibility.
New for you
To Think Differently, First, You Need to Think Deliberately: To Think Differently, First, You Need to Think Deliberately. We tell ourselves we think differently without knowing how to. Read the full article here.
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Keep on making great decisions!
Founder, The Resolve Blog