If you’ve ever read anything written by or about the investing genius Warren Buffet, one perennial piece of advice that pops up consistently is: “invest for the long run.” It’s a simple investing tenet that unfortunately most are unable to follow. So while the advice sounds great, for most people it’s not very effective. Thinking long term, or having a long game, is the antithesis of the have-it-when-you-want-it culture that we have today. Waiting? That’s for losers. Or is it?
Of all the things that are written about Warren Buffet, what surprises me the most about the immensely successful investor is that he’s consistent; he practices what he preaches. This is a man who invested in companies that he believed were undervalued (Coca Cola, American Express, The Washington Post) and held onto them for decades. Because he had a long game vision in mind before he made the investments, Buffet was able to weather the market declines and crashes that popped up through the next three decades. (A page from his book that might be worth taking given today’s economic crisis.)
Having a long game vision is something that is touched upon in almost any self-help, career or success related book worth it’s salt. It usually comes in the form of, “Where do you see yourself in five, ten years?” This is a daunting question for most people, especially recent grads and twentysomethings. Our media culture is founded upon the philosophy of living for the moment. It emphasizes having a great short game.
Having a short game is usually easy because it requires very little commitment. There’s always room to change, alter or even drop a plan altogether if things don’t seem to be working out. Most people have short games: getting into college, getting a job, getting married or finding a girlfriend/boyfriend. It can even be as simple as thinking about what to eat next week or where to go for Christmas vacation. Most of life is made up of these short game decisions. Although it’s a vital part of life, having a short game alone will not lead to enduring success.
It is said that it takes approximately 10,000 hours to become an “expert” at something, whether it be becoming proficient in a language, a musical instrument or even a sport. This means that at the minimum, one would have to put in 10,000 hours to even come close to competing at a professional level. 10,000 hours is approximately three hours a day for ten years! How many things have you worked on where you’ve spent three hours a day for ten years? Eating, sleeping and watching TV don’t count. K
Having a long game isn’t simply about having long term goals. Anyone can have long term goals, they’re usually things you write down on a piece of paper or a notebook that may mysteriously disappear after a week or two. They tend to be as short lived as New Years resolutions, we think about them for a few minutes while we jot them down; maybe if you’re more disciplined those resolutions may stick in you mind for a few weeks or even months, but eventually they get drowned out or overpowered by all the other things in our lives.
A successful long game is founded upon a successful short games as well. If you’re long game is to become a world class pianist then you’re short game has to include a rigorous and inflexible regimen like practicing five hours a day. If you fail to succeed in your short game, then there’s really no chance that you’ll succeed with your long game. Even if your desired long game is to be financially independent, it requires that you take small steps such as saving 10% of every pay check or living within your means, each and every day.
One key to success is to having both a realistic long and short game. The two compliment each other.
So what’s your long game? What’s your short game? Jotting down a few notes for both is a worthwhile endeavor. But just keep in mind that it’s going to take time to percolate and really cement in your mind.
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