Every decision comes down to short-term benefit, long-term consequence. In this clip from the AMA, Mitch gives us some sage wisdom about life and trading.
When it comes to both life and trading, we are always faced with decisions. The sum total of your decisions on a daily basis is what ultimately drives your long-term consequences.
In a nutshell, you make decisions each day. You make choices. You can make choices only for the short-term, but those are likely to come at some long-term consequence.
The consequences you face in the future can be negative or positive. For example, you can choose to eat those cheese fries today but your health will be impacted in the long-term.
You can choose that short-term profitable trade today but you may miss out on the long-term bet that would make you 10x more returns.
Being aware of these nuances and how you tend to respond to them is a vital way to develop good investing habits.
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