You make every decision by negotiating between short term benefits and the long term gains.
For example, when you spend money, you believe that it provides more value right now as compared to the future.
When you buy stocks, or invest in a cryptocurrency, you believe that it is undervalued and will be far more valuable in the future.
Similarly, when you decide to sell, to get out of a cryptocurrency, you believe that it is the most value you could get out from it. At least in the short term.
People are more focused on short term rewards because they can see the immediate gains. They can see it's value more clearly.
A 30% increase in the value of a cryptocurrency, and you decide to sell. It's because you can clearly see the short term benefits.
You don't know much about the long term benefit. So, it's difficult to hold. At least for most people.
Holding something is a tough decision. All tough decisions in your life are usually about how much you value things.
Investing in a stock is about how much you value that particular stock. The more you value it, the longer you will hold it.
People know that bitcoin changed a lot of things. It revolutionized the way we all looked at money.
So, it's value is more than other cryptocurrencies.
Similarly, when we make decisions about our time, we think about what we value over what.
If you value health and fitness more, you will workout more.
If you value entertainment more, you will watch T.V while relaxing at your home.
The problem starts when you overvalue wrong things.
When you overvalue wrong things → You get stuck in a phase of bad decisions
It's easy to get obsessed with a short term setback. After all, setbacks are real. Your long term plans are imaginary.
Think about a person working in a wrong career. When you have worked in something for years, maybe decades, you get attached to it.
You don't want to look outside to find better opportunities. You overvalue your old choices.
So, you are stuck in a phase where you think everything is going to end badly. But you are just overvaluing small hurdles.
Similarly, a person holding a shitcoin bag, that has pumped multiple times in the past, gets obsessed with its value. It becomes difficult to accept that you were wrong for so long. It becomes difficult to get out of it.
Failures and setbacks are there to teach you a lesson. Not to stop you. You can always find something to do, to move forward.
It does not matter how slowly you go so long as you do not stop. — Confucius
The key is to move forward. If you can solve it, good. If you can't, then move on.
The value of having a long term view is that you will not take small setbacks too seriously. If you have enough patience, time will take care of most of your problems.
Look at a long enough time interval, things will get more clear. You can have a more clear picture about your decisions.
Make multiple bets
Future could be unpredictable at times. No one knows how awesome or painful it can be. No one knows what future holds.
No one could have imagined that there would be a world pandemic, and to that level. There would be a severe lockdown, for that long.(except a few conspiracy obsessed people)
We can make it better by building better habits, learning new skills and focusing on a long term view. By simply making multiple bets.
We have to make multiple bets because we don't know which one will work.
Most things will fail. And we learn by failing.
People don't like failing often, so they focus on things that they are sure will work. But that limits the opportunities.
It's okay to fail in the short term, in small things, if you can win big in the long term.
For example, you will be able to write only 3-5 good articles in a month, and that too if you write daily.
If you invest, you will be able to only win in half or less of your bets. But if you are patient enough, those bets will pay off enough.
The downside is limited, and the upside is quite high.
Similarly, if you read 100's of books, most of them will be good enough. But one or two will change you forever.
When you think about it, most people are invested in multiple things.
They have their jobs/businesses for fixed income. They have invested money in stocks, bonds, cryptos, NFT's.
Anyone who doesn't rely on multiple things, is relying on his luck.
Not everything will give exponential results. Some will fail. But a few will work. And the results will be mind blowing.
On hive, you can make multiple bets by writing content, by getting involved in games and communities. All are different bets.
Recent splinterlands event was eye-opening.
Anyone who was invested in it, doubled or tripled his investments.
I missed that opportunity, but I am making multiple bets by investing in other games. Like dcity, dcrops etc.
I am looking to add other community tokens too like leo, pob.
Some of them might fail in the future. But only if a few will succeed, the efforts would be worth it.